Velocity Banking Strategy is often a scam. It's supposedly a way to pay off your debt faster - maybe your mortgage - by doing debt consolidation and debt snowball using a revolving credit line like a Home Equity Line of Credit (HELOC) or a credit card. However, in many cases, the Velocity Banking strategy doesn't work. This video is velocity banking explained: I explain and demonstrate why using velocity banking could take longer to pay off your debt and cost you more in interest expenses. Velocity banking almost certainly will not work to pay down debt faster when you are using a higher interest rate revolving loan to pay down a lower interest rate term loan. It might work if you can use a lower interest rate revolving loan to pay down higher interest rate term loan. However, it is less common for someone who is burdened by a high rate term loan to be able to get a lower rate revolving loan.... which is why I make the general statement that Velocity Banking Doesn't Work. This is an important topic in personal finance. Watch the video to see the actual math for several scenarios. People interested in the debt snowball method and the debt avalanche method will find this useful, too. Check out some of the videos from Vanntastic finance, Velocity Channel, Suze Ormon and Dave Ramsey for other opinions on the topic. Some agree with me, some don't. I showed my math in full detail.
Your host in this video has been the CFO of several software companies and offers a lifetime of business experience to his audience. Will has an undergraduate degree in Economics, an MBA in finance from Cornell University, earned the CFA charter (Chartered Financial Analyst), and has worked as an equity research analyst at top Wall Street firms in addition to his experience running entrepreneurial companies.
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