Today on The Wealth Secrets Podcast, Sean Adams talks to Denzel Rodriguez, a finance geek who's passionate about helping people get their finances right. They talk about velocity banking, replacing bad debt with good debt, and how to use velocity banking to grow your wealth.
[03:34] Getting to know Denzel Rodriguez
[06:44] How Denzel Transitioned from Sales into the YouTube Space
[11:55] Denzel's Experience with Personal Finance
[18:20] What is Velocity Banking
[25:45] Misconceptions Surrounding credit and debt
[35:06] Real-life Examples of Velocity Banking
[47:50] Why Velocity Banking is More Efficient Than Traditional Debt Repayment Strategies
[53:50] How Debt-free People Can Utilize Velocity Banking
How Denzel Transitioned from Sales into The YouTube Space
After high school, Denzel got into the sales and marketing space. Unfortunately, he lost his job and his primary source of income in 2018. This is when it hit him that he had spent five years of his life working for money instead of the opposite. His friends had in the past told him that he had an excellent voice, and so he used that plus his sales experience to launch a YouTube channel. Selling is all about explaining, and that's how he managed to attract followers to his space. He explains financial literacy topics to the average person in the easiest possible way.
What is Velocity Banking
Velocity banking is how banks use money to accelerate wealth. Think of it this way, 10 years ago, a dollar could get you a slice of pizza. Fast forward to today, the same slice of pizza costs two dollars or more. We're buying the same commodity, using the same dollar, but the pizza's value has changed. Thus, you need to retain the value of your dollar or make your dollar work for you while spending it. And the way to do that is by utilizing credit and debt.
How Debt-Free People Can Utilize Velocity Banking
Banks love giving debt-free people money because they, most of the time, don't need it. On the other hand, once they realize you're in desperate need of money, they see it as an opportunity to make money off your predicament. That's why you find the same bank offering two different people the same amount of money at different interest rates.
Links and Resources
Connect With Sean:
Facebook: https://www.facebook.com/profile.php?id=100060279543976
LinkedIn: https://www.linkedin.com/in/leveraged-life/
Instagram: https://www.instagram.com/sean_adams103/
YouTube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg
For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: sean@leveraged-life.com.
All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.