Cash-Back! My 2022 Results & What’s in My Wallet.

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In 2022, I was hard at work with my cash-back game. If you don't know, there are many credit card strategies available to you. You can focus on cash-back cards like myself to maximize your cash-back rewards on everyday expenses. You can focus on travel reward credit cards to travel for free, get airport lounge access, or upgraded airplane seats. If you are feeling lucky, you can go for crypto or investment credit cards that give you cash-back in the…

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We Are Victims of Identify Theft. Here Is How We Are Fixing It

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Normally, I would post one to two times a week on Finance Throttle. However my wife and I recently discovered that my wife's identify was stolen by someone who made over $1700 in Xbox related purchases back in 2021. Let's just say it has been a busy and stressful two weeks where I couldn't find the time to blog. Here is what happened. We were contacted by a Debt Collector We received mail from a debt collector saying we owed…

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Which Pays Debt Faster? Velocity Banking, Debt Snowball, or Debt Avalanche?

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Velocity Banking is a strategy used to pay off debt really really fast, hence the name velocity. In essence, it is the strategy of paying off your debt in large principal chunks every "x" number of months. For example, you put $5,000 extra towards principal now, then don't pay any extra principal until you save up $5,000 again. That is the simple explanation of Velocity Banking, but it involves more than just that. Debt Snowball is the process of paying…

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Why People Say Credit Cards Should Never Be Used

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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…

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Plastiq: An Easy Way To Pay Off Debt

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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…

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FIGURE: BLOCKCHAIN HELOC AND A CRYPTO MORTGAGE?

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I recently stumbled on Figure who claims they are the fastest at approving and funding for HELOC's, or Home Equity Lines of Credit. Before I continue, Finance Throttle is not sponsored by Figure. I just found them interesting as an alternative to the traditional bank. Figure's HELOC is powered by the blockchain and operates in 43 states with more coming. With a short online application, you can get approved and gain access to your home equity in as little as…

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Should You Recast Or Refinance Your Mortgage?

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Everyone with a mortgage has heard of refinancing, but did you know there is an alternative to lower your mortgage payments? While refinancing is the popular choice, recasting may be a better option depending on your circumstances. What is a Mortgage Recast? If you meet the criteria below, recasting may benefit you. You are well ahead of your loan re-payment schedule because you have made extra principal payments.Current interest rates are similar to your mortgage interest rate. Within 0.5%. You…

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Should You Use Your HELOC As Your Emergency Fund?

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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…

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Become A Personal Loan Lender With Pigeon Loans

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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…

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