This category is dedicated to content that teaches you ways to avoid debt and strategies in paying off credit card and loan debt including your mortgage. My favorite way to pay off debt fast is to use velocity banking. If you want to learn more about velocity banking, the 7 baby steps, or other strategies, this is the page for you.
Getting a credit card can sometimes feel like free money. Banks offer lines of credit to almost anyone, giving you the ability to spend $500, $1000, or even $10,000 before you get your next paycheck. You have two schools of thought when it comes to having a line of credit. You have the Dave Ramsey way of thinking that all debt is bad, and then you have the Graham Stephan way of thinking where, if you are responsible, you should…
Here at Finance Throttle, we often talk about the concept of Velocity Banking, a strategy used to pay off your $80,000 student loans or $300,000 mortgage in as little as a few years. To use the Velocity Banking Strategy, you need certain tools to be successful. You will need a HELOC OR a no annual fee, 0% introductory "MasterCard" credit card OR extra savings above & beyond your emergency savings account OR Plastiq. In this post, we will focus on…
Knowing your net worth is important in tracking your financial goals. To calculate your net worth, you simply add up the value of all of your assets and subtract all of your liabilities. Let's define these terms below: Assets are items of value. They include cash, crypto, personal items, and your properties. Calculating your total assets may involve adding up all of your cash on hand, cash in bank accounts, cash in investment or retirement accounts, pensions, and more. Liabilities…
Around Christmas of 2020, I decided to start my own personal finance blog Finance Throttle. My objective with this blog was to help people accelerate their net worth and learn more about personal finance along the way. Within a week, I created the blog and website through a Bluehost referral link and published the site on December 31st, 2020 for a January 1st, 2021 reveal. I started off publishing a new blog post EVERY DAY. This wasn’t easy since I had a full…
For those not subscribed, Finance Throttle started as a personal finance blog that mainly focused on the concept of Velocity Banking. Velocity Banking is a method used to pay off debt quickly and grow your net worth through investing in income properties. Using Velocity Banking, you could own up to 5 properties outright within 10 years while earning rental income on each property. It utilizes lines of credit, like a Home Equity Line of Credit (HELOC) or a Portfolio Line…
This is a question that was often brought up on Yahoo! Answers before they shut down earlier this year. It is perfectly normal for a spouse to want to stay home with the kids, work on themselves, or delve into their hobbies. However if you have been living a two-income lifestyle for some time, you will find it difficult to adjust to a one income lifestyle. In this post, I will dive into the ways you can prepare for a…
I was wondering what would it take to become a bank or a lender. In my research I found something interesting. I found Pigeon Loans. Pigeon Loans is a peer-to-peer lending platform aimed at letting you lend or borrow money from family members or friends. They currently operate in over 40 countries. Pigeon Loans facilitates by creating contracts based on the agreed loan amounts and terms. The borrower can counter offer the loan terms and the lender can choose to…
In the credit card world, the term trifecta is known as three keeper cards that compliment each other, from the same bank. The benefits of these cards are optimized when you own all three. The Chase Trifecta is the most popular trifecta out there. It usually combines the Chase Freedom Unlimited, Chase Freedom Flex, and Chase Sapphire Preferred. Some who travel often may substitute the Sapphire Preferred for the Sapphire Reserve or a speciality Chase travel card. Now that Citi…
At the start of the pandemic, it was found that credit card debt in America was decreasing. It is believed that a combination of relief checks, shut downs, and job uncertainty kept credit card spending low. Now that stimulus checks have ended and unemployment benefits have decreased, American's are seeing a rise in credit card debt. As reported by the Federal Reserve Bank of New York, its quarterly report found that credit card bills have risen by $17 billion in…
If you were lucky enough to have an economics class in high school, you may have heard of the term compound interest. Compound interest is the interest accumulated on the combined principal and interest, over time. In other words, you earn interest on your total balance including both the principal and the interest you have already earned. Earning interest on your interest is compounded interest. It's how the rich get richer. As an Industrial & Manufacturing Engineer, I had to…
