Speaker 1: If you look at the way that debt works, whether
it be credit cards, mortgages, whatever, You got the terms
of repayment set by the lender, and like you said,
a thirty year mortgage. You know that's just the bare minimum.
That's what you're signed up for, but the bank's not
telling you it's going to take you thirty years.
Speaker 2: You were listening to Carrie Lutz's Financial Survival Network, where
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Speaker 3: And welcome. You are listening to and watching the Financial
Survival Network.
Speaker 4: I'm your host, Carrie Lutz.
Speaker 3: Well, I first came across this person about ten years ago.
Bill Westrom has the unique ability to enable you to
pay off your mortgage in five to seven years, without
a lot of pain, without digging into your savings, without
borrowing the money from somebody else, Peter to pay Paul.
He's been doing it for nineteen years now, and well,
it's it's quite an interesting story. You find him at
truthinequity dot com. And if you've got a question for
Bill or myself, shoot me an email kl at Carrie
LUTs dot com. Bill, great to connect with you again, So.
Speaker 4: Thank you, Thank you, Carry it's pleasure to be back.
Speaker 3: So your system here. How can you pay off your
mortgage in five to seven years when you know the
mortgage is designed to be paid off in fifteen or
thirty in old likelihood you'll probably sell the house before
you actually pay off the mortgage.
Speaker 4: Well, it's all a matter of leverage, Palp.
Speaker 1: And if you look at the way that debt works,
whether it be credit cards, mortgages, whatever, you got the
terms of repayment set by the lender. And like you said,
a thirty year mortgage, you know that's just the bare minimum.
That's what you signed up for. But the bank's not
telling you it's going to take you thirty years. All
you got to do is, you know, if you want
to make it, pay it off in ten years and
make a ten year payment. And so it's again it's
the terms of repayment that are killing everybody versus the
amount they owe or the interest rate.
Speaker 4: And that's what my.
Speaker 1: Program is all about, is just to leverage more of
your income against that debt and through the process that
debt melts away like an ice cube under a hair dryer.
But it is just a matter of leverage. You just
leverage more income against the debt.
Speaker 4: So how do you do it? And it sounds good?
But how do you do it? How is it done?
What's the magic behind? How's it done?
Speaker 1: The magic behind it is a line of credit, a
revolving line of credit. And then whether it be a
home quit you line of credit unsecured or even on
a credit card. And the reason that it works that
way and it's so special is because you got the
evolving door, which means you can get everything you've got
income wise, paycheck wise to the line of credit as
a payment, but you don't lose liquidity to go pay
your bills. And as I describe it to people, the
line of credit basically becomes a vault. You still receive
income into checking account, you still pay bills from a
checking account, but in the middle of that you deposit
transfer your money in toto that line of credit. Because
your paycheck acts like a big payment. So if you
got a.
Speaker 3: Five hundred dollars payment regularly or a five thousand dollars
pay check.
Speaker 4: That five thousand dollars paycheck.
Speaker 1: Is going to push that balance is to its lowest level,
which means you're paying the lowest amount of interest because
you got that low balance. And so that's really how
it works. Leverage your income through that line of credit
to save interest and accelerate the repayment.
Speaker 4: It's a very simple concept. It's a very simple process. Really.
Speaker 1: What I can get paid to do is untangle people
from the conventional world getting that income from whatever checking
account it's received, getting it into the line of credit.
The most special thing I do though, as far as
the acceleration process and saving interest, is I help people
establish a bill pay day. So if you take all
those transactions, all your bills for the month, believe it
or not, you can get it and moved to one day.
Now one hundred percent of your vendors and merchants and
all that they may not play ball with us, so
we can deal with those outliers. But that's probably the
most important thing I do do is establish a bill
pay day, so the income can save interest for twenty
nine days.
Speaker 4: You pay your bills on one day m hm, okay,
So to chief.
Speaker 1: That's an examp maximum efficiency in my program credit a linement.
Speaker 4: Give us an example how this work?
Speaker 3: Right?
Speaker 1: All right, now, I'm going to use a number, say
twenty thousand dollars. If we had a twenty thousand dollars
debt in a line of credit, and if you're in,
I'm set in, you're checking account, you're going to pay
interest on twenty grand.
Speaker 4: Now trance.
Speaker 1: So let's assume we got a ten thousand dollars monthly income.
Now when you push that into the line of credit,
it's going to be treated like a payment. So that
twenty grand minus the ten thousand income is going to
drop the balance down to ten grand.
Speaker 4: Does that make sense right? So is it treated like
a payment?
Speaker 3: So you took twenty thousand off your credit line and
you paid down your mortgage with that twenty It could be.
Speaker 1: The mortgage, it could be a vehicle, could be credit cards,
loan debt, the line of credit, or I I don't
care where the money goes. I mean, I've got people
using this to take vacations, to buy cars, to buy
real estate. So whatever you want to use the money for,
you use the money. But now we've got a twenty
thousand dollars ballance, and that's what they're going to use.
That's the number they're going to use. The charge interest.
Regardless of the rate ten to twenty percent, you're still
being charged. Now when that paycheck sits in the checking account,
the bank gets access to that money, and that's how
they make their money. They go take our deposits and
leverage them into some asset whatever.
Speaker 4: That being a loan is an asset to the bank.
Speaker 1: That's what they're that's why they lend money to create
assets I either promise or not, and they go make
money with it. Well, under credit line banking, you're taking
the money out of their hands, leveraging it for your
own financial gain in the form of interest savings. And
it's all your money. The bank can't go in there
and get it. And so again it's just leverage. It's
the best word I can use describe what's happening in
this process is just leverage your money against that balance.
It's trying to steal money out of your pocket in
the form of interest, all right, so to me. And
so once you have your money in there, it sits there. Yeah,
bill payday comes along and you pull your expenses out
of it. Now a lot of people think, oh, I'm
borrowing money to pay my bills because it's coming out
of a credit instrument. But you're not borrowing money to
pay your bills. You're going to get your income because
that's where you put it. It's been residing in that
line of credit, saving you interest. So naturally, with it
being credit, when you pull your expenses out, that balance
is going to come up, which is okay, let's expect it.
And if we reconcile at the end of the month,
you have an opening balance and an ending balance unless
for evample, we pulled eight grand out for our expenses.
And so if we look at the numbers twenty thousand
to ten, if we put our income into it, ten
turns to eighteen after we make our bill payments, and
so we've got twenty thousand at the beginning of the
month eighteen at the end of the month. There's a
two thousand dollars difference. Where did that come from? Well,
we had ten thousand in income minus eight thousand in expenses.
That left us the dollar surplus for the month, and
that's the payment for the month. We can see that
I twenty went to eighteen ten thousand minus eight, there's
two thousand right across the board. And so if that
month we paid back two thousand. Now, if you can
average two thousand a month, then it's pretty easily to
calculate how quickly you could pay off. You just take
the balance twenty grand divided by an average two thousand
dollars surplus, and you've got twenty grand paid off in
ten months, which is a beautiful thing. This happens every
month every year with all the people I've been working with.
And so at the end of that ten months, you
got the twenty grand paid off, and the twenty grand
is sitting there right in your line of credit. You
get to go recycle and reuse that line of credit
for as long as you want to. A line of
credit actually is an endless supply of working capital when
you run credit line banking, because you're continually borrowing and
paying back.
Speaker 4: So I want to listen to do some thing I've
ever seen.
Speaker 3: Do I want to get a cash advance for my
bank here or because then they charge you no interest
safe for a year, but then you're paying a three
percent or four percent service George for the advance.
Speaker 1: YEP, I don't call that interest, call it anything you want, right,
whether it's taxes, pair of fee, these interest it's all
just costs. Yeah, bottom line, no now zero percent thing. Yeah,
it looks good on paper. These companies are really good
at getting people focused on an interest rate. But the
interest rate doesn't cost you the money. The balance does.
And that's one thing that people need to understand because
the example I just gave you, if we take it
from twenty to ten, we cut the balance in half,
which means we cut the interest in half. We didn't
have to chase the interest rate to lower interest. We
chase the balance. And when you focus and chase the balance,
things just melt away faster than you ever thought. And
when it comes to interest and all that, I get
my people, my students, to not worry about it. You know,
if you don't want to pay interest, don't borrow money.
It's just like taxes. If you don't want to pay taxes,
don't earn any money. But that's not reality in our
society anymore. I mean, debt is a constant. It's not
going away. And that's why I'm so adamant about what
I do, because if you look at the government, we
owe thirty six trillion. But the government's got tariffs and taxes.
They can sell guns and Ammo to get rid of
that debt. And if you slide over the consumer side,
we owe eighteen trillion. But when it comes to getting
rid of that debt, we have no options except to
earn more, to spend less, chase interest rates, and play
this traditional game that the traditional bankers and lenders and
you know, the traditional model of capitalism in this country.
I mean, that's the end result is eighteen trillion to
the public, but we don't have a relief and our
debts grown by approximately eight trillion since twenty twelve after
the bubble popped. Interest rates have gone up continually over
the last ten twelve years, but it didn't stop people
from borrowing money.
Speaker 4: People are going to if.
Speaker 1: They need it, they're going to go borrow the money,
and they're going to go buy it. And why I'm
doing what I'm doing is because we need a better
model of banking and borrowing. Otherwise that eighteen trillion is
going to become twenty twenty five thirty. There's no hope
for us or our children in the next generation if
we don't get a better handle on our own personal.
Speaker 4: Debt, because it just can't be. It's a cradle to
grave such.
Speaker 3: So I guess at nineteen years lation right now, I
guess it's nine injurious for the country as a whole. Sure,
So nineteen years of doing this bill tell us a
couple of success stories.
Speaker 4: Well I got a little a lot of success story
as well.
Speaker 1: Well, it's just people paying off debt, you know, I've had.
One of my greatest stories was a young couple. They
were only twenty eight years old when they joined me,
and they had over two hundred grand and credit card
debt and car payments, et cetera. And they got rid
of all their credit or all their student loan debt
excuse me, in matter five years. And they paid their
mortgage off three years after that. So by the time
they were not even forty, they were totally one hundred
percent debt free. One recent gal that I'm working with,
the scro seventy seven, she owns twenty twenty two pieces
of real estate, with three of them with mortgages. There's
a woman that you wouldn't think would need my help.
She didn't need my help, but she did, yeah, need
somebody to teach her how to unload this stuff, asked,
And one thing she just recently did, she didn't want
to tell me.
Speaker 4: She pulled forty.
Speaker 1: Grand out of her line of credit and she bought
a four plex. Yeah, and so she's got another piece
of real estate. And again the forty grand that you
borrowed out of the line of credit. With her cash flow,
it'll be paid off within the first first year. And
then she'll just keep doing the same run the same
strategy credit line banking to pay off the rest of it.
So there's just a couple. I could spend an hour
with you with all sorts of fun stuff.
Speaker 4: All right.
Speaker 1: But I do get people too that come back three
to five years later, you know, they said, Hey, I
heard about this.
Speaker 4: I wish I would have done it sooner.
Speaker 3: I'm sure, I'm sure, all right, So Bill, just tell
us how we find you on the web, how we
connect with you, and to find out more about credit
line banking.
Speaker 1: Okay, go to truth inequity dot com and you'll find
the contact link up in the upper right hand corner.
You'll find my cell number, email address, and link to
my calendar. If you want to take my number down now,
I'll take any and every phone call three five two
two three two one seven five one, and it all
starts with a conversation just to get to know each other.
There's no real sales process here. It's just a matter
of getting to know each other, educating you on how
this works, and.
Speaker 4: Seeing if you're a good candidate.
Speaker 3: All right, sounds fascinating and we definitely want to find
out more about it. Hey, Bill, appreciate you coming on.
If you've got a question for Bill or myself, shoot
me an email kl at Carrie LUTs dot com. You'll
find a link in the show notes this interview on
Financial Survival Network. It'll take you right to Bill's site
treuthonequity dot com.
Speaker 4: And Bill, we'll.
Speaker 3: Talk to you again soon. Thanks for coming by.
Speaker 4: Thanks Gerry appreciate it.
Speaker 2: Thanks for listening to Carrie. Let's this Financial Survival Network
your solution to today's trying times. For the latest, go
to Financial Survivalnetwork dot com. Financial Survival Network now more
than ever,