Kumiko Love Instagram – This is called velocity banking, a budgeting strategy that utilizes a home equity line of credit to focus on cash flow more effectively. This video has been going viral as a solution to pay off your mortgage early. Please, please, please remember that there is NOT a one-size-fits-all answer or solution for everyone! I’m not saying @myrongolden is completely wrong, but it’s not entirely realistic, either. The velocity banking budgeting strategy can quickly spiral and lead to more debt. In my opinion, it’s a slippery slope, and in order for it to really work, you have to not only know how to navigate that slope but also have the discipline and disposable income to make it work. It’s also important to remember that home equity lines of credit do not offer fixed rates, and you will have to deal with adjustable interest rates, which can really make this strategy useless. The same can be said if your income changes or you suffer from a job loss. In my opinion, learning about your relationship with money, healing past money traumas, figuring out your spending habits, and learning how to consistently, effectively, and realistically budget leads to a more guaranteed lasting change. If you want to pay off your mortgage earlier, make an extra principal payment every month. #velocitybanking #mortgageadvice #budgettips #thebudgetmom #debtfreegoals #mortgagefree #debtfreecommunity #debtfreejourney #budgetingtips