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.
Most people don't play the credit card game, meaning they may use cash or a debit card as their primary method of payment. Some of these people may have a credit card that they rarely use just for emergencies. In this post, I will be discussing the six types of credit card users. Type 1: Passive Users These credit card users don't know much about their own credit cards. They do not actively compare or shop for new credit cards…
Many American's blame their income for their inability to save. If you have already tried to save money by spending less and budgeting, try these easy ways to make a little extra income. Work Part-Time. Sign up for one of over 100 different gig economy apps and work part-time, on your own time. Drive people around with Uber. Drive food around with DoorDash. Shop for and delivery groceries with InstaCart. Write papers on Fiver.Rent out a bedroom and get a…
If you are new to my blog, I have an entire category of blog posts on the topic of debt reduction strategies. My favorite strategy is velocity banking and I discuss how I am using velocity banking to pay off my mortgage in less than 7 years. The Debt Snowball Method is a very popular debt reduction strategy popularized by the finance guru himself, Dave Ramsey. Similar to how a snowball grows larger as it rolls down a hill, the…
Let's assume that you just bought a house and took out a 30 year conventional $250,000 mortgage at 3% interest. At closing, they showed you that you would end up paying $129,443 in interest over the life of the $250k loan. Isn't that crazy? Let's also assume that you can save up to $500 per month. Instead of putting that $500 in your savings account, you decide to pay off your 30 year mortgage early. To calculate how much you…
For those just tuning into Finance Throttle, my wife and I purchased our home with a mortgage of $282,000 @4.5% on January 1st, 2019. Just a short 2 years later, we paid off about $83,000 and now owe about $199,000. After a long 6 month process, our refinance finally closed in February of 2021. We refinanced our home for $225,604 @2.5% with no cash out option. I used my HELOC to pay for my closing costs, then scheduled a $25,000…
Door Dash has partnered with Clerkie, a debt and money assistant. As a Dasher, you have the option to join Clerkie 6 months for free. They can help manage your finances, pay off debt, negotiations and refunds, and more. They can also help build up your credit, reduce or eliminate overdraft fees, and help you gain access to emergency cash. As a member, you are assigned your own personal financial assistant. You can install Clerkie from the iOS App store…
If you need to save money fast, here are some ways you can spend less immediately. 1. Buy Generic - You can easily save up to $50 per month on groceries by buying the generic brand. In most cases, the generic brand has the same ingredients and tastes the same. 2. Eat-in, drink-in - Eating out is very expensive. A weekend of eating out is much more expensive than a week of groceries. In addition, bottled water is a waste…
The concept of Velocity Banking revolves around paying off your loans in large chunks using borrowed money from a line of credit, allowing you to save thousands in interest and many years off in paying your amortized loans. As a Velocity Banker, you take what is left over in your account each week or each month and use it to pay down your Line of Credit. When you have a bill to pay, borrow money from your low interest line…
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…
No parent is perfect. Even I admit making some of these mistakes when teaching my daughter about money. Here are 9 mistakes that parents make when teaching their children about finance. 1. Keeping Quiet The biggest financial mistake a parent can make is not teaching their children about money at all. If you want to give your children the tools to understand the concepts of money and grow their savings, you need to have frequent conversations with them. One way…
