Become Your Own Bank
by brian mcmanus
1. Pre Reqs
1.1. Get the financials
1.1.1. Excel Budget Sheet Here
2. How to get a HELOC
2.1. Two years W2’s and Two Years Tax Returns with all schedules. 30 days of most recent consecutive paystubs. 60 days of most recent consecutive bank statements with all pages. 30 days most recent statements for any Retirement Accounts/Assets. Recent mortgage statement. Homeowner’s Insurance Declarations page. Driver’s License and Social Security Card for each applicant. Copy of Lease Agreements if you currently own investment properties. Employer’s Human Resource contact info to verify employment. Most recent Social Security Awards Letter, Pension/Annuity 1099, etc… (If you receive Social Security or any retirement income) Bankruptcy Discharge and Creditors Matrix. (If you filed for bankruptcy in the past.)
3. Which Loan to attack ?
3.1. Debt Snowbal
3.2. Debit Avalanche
3.3. Killing Interest
4. Credit Score Questions
4.1. What is the credit score
5. Debt Tools
5.1. Credit Cards
5.2. P LOC
5.3. HELOC
5.4. Infinite Banking Systems
6. Fractionial Lending
6.1. What is it
6.2. Amoritized Debt
6.2.1. InsertMortgage calculator
7. Gold Standard
7.1. Bretton Woods 1971
7.2. Nixon
8. Fund&Grow
8.1. Hard Credit Removal
8.1.1. Add Attachments
9. Chunk Payments
9.1. How to Calculate this?
9.2. When you make that chunk payment does this increase a "new payment" ?
9.2.1. Does it lower your Cashflow
9.2.2. Major shift has to take place, old model
9.3. How to pay with Credit Card
9.3.1. Bank won't allow you to pay with your credit card/ pay loans
9.3.1.1. 3. Cash Advance
9.3.1.2. 2. Plastiq
9.3.1.2.1. They will run like a normal transaction, then they cut a check to the loan
9.3.1.3. 1. Checks to yourself
9.3.1.3.1. Balance Transfer Credit Card Discover
10. What are the Credit Cards to Use?
10.1. Discover it (Transfers)
10.1.1. https://www.discover.com/credit-cards/member-benefits/cash-access-checks.html
10.2. Chase Saphire
10.3. Amex Platinum
10.4. NerdWallet
10.5. How to Apply for a Credit card
10.5.1. Why / What is the purpose of it ?
10.5.1.1. Offer for points
11. 1st vs 2nd Position HELOC's
11.1. The bank has the right to accelerate the loan at anytime
11.2. you can save and move a lot faster with 1st position
11.3. 1st position very unlikely the bank will accelerate the loan.
12. Main Principles
12.1. Cash Flow
12.2. Discipline
12.3. Understand money segriation
12.4. Consistency
13. Budget
13.1. Debt Snowball
13.1.1. Lowest debt
13.2. Debt Avalanche
13.2.1. Lowest interest rate