Budgeting & Saving - Finance Throttle

The Worst Financial Advice

Post author:Hyder A.
Post published:April 7, 2024

The worst thing you can do is to blindly follow financial advice without doing your own research. I am not a financial advisor, but I can share some common mistakes in personal finance. Investing Without Research: Blindly investing in stocks or other financial instruments without understanding them or conducting thorough research can be risky. High-Risk Strategies: Pursuing high-risk investment strategies without considering one's risk tolerance or financial goals can lead to significant losses. Ignoring Emergency Fund: Some people suggest skipping…

NEW FOR 2024 – ROLLOVER 529 INTO ROTH IRA

Post author:Hyder A.
Post published:January 19, 2024

For those who do not know, a 529 account is a state offered Education Savings Investment Account that allows you to save for the costs of higher eduction. This is a triple-tax advantaged account. Your contributions are state-tax deductible, earnings grow tax-free, and your distributions are tax-free ONLY if you use the money for educational expenses ranging from tuition costs to books to your dorm room rent. Your A 529 account can be for your self, your children, or another…

Mint is Shutting Down This Month! Here are the Alternatives.

Post author:Hyder A.
Post published:December 18, 2023

Intuit's popular personal finance app Mint is shutting down by the end of 2023. One of the few free budgeting apps available, Intuit is transitioning Mint users to Credit Karma where you can still track your credit score and net worth, but you can no longer create custom budgets. Let's talk alternatives! 1. Credit Karma As the parent company of Turbo Tax, Mint, Credit Karma, Mail Chimp, and Quickbooks, Intuit recognized that Mint and Credit Karma were similar enough to…

7 Financial Gift Ideas for Children

Post author:Hyder A.
Post published:December 15, 2023

Updated 12/17/2023 A few years ago, I was playing with my then 4 year old daughter. She had a toy cash register and was charging me an insane amount of money for a plastic cup cake. That moment gave me the idea to write this post. My wife and I spoke to her about the concept of money and why we have to work. She is still having trouble understanding the term "expensive". She probably gets that from my wife.…

Why Biden’s Restrictions on Gas Furnaces will Save you Money!

Post author:Hyder A.
Post published:December 11, 2023

In case you missed the announcement late September, the U.S. Department of Energy released new efficiency regulations for residential gas furnaces that will phase out any gas furnace whose efficiency is less than 95% AFUE, affecting about a third of U.S. homes. While most argue on the increased costs of purchasing and installing 95% + AFUE gas furnaces, the U.S. Department of Energy claims it will actually save consumers money while helping to slow down our global warming problem. This…

2024’s Big Changes to Contribution Limits

Post author:Hyder A.
Post published:December 1, 2023

There are some big changes coming in 2024. Due to inflation, the contribution limits and income limits for many investment accounts will see the highest increases they have ever received from year to year. Now is the time to take advantage of these limit increases because there is a good chance they will decrease as we catch up with inflation. If you have multiple investment accounts, track your contribution limits using our Contribution Limit Tracker Spreadsheet. Check out the recently…

35 Ways to Reduce your Utility Bills

Post author:Hyder A.
Post published:June 21, 2023

Electricity The cost of electricity is quickly rising. There was a period of time in 2022 where charging an electric car was more expensive than filling up a tank of gas. Here are ten ways you can reduce your electricity bill. Use energy-efficient appliances: Switch to energy-efficient appliances, such as refrigerators, washing machines, and air conditioners, which use less energy and can significantly reduce your energy bill. Upgrade your light bulbs: Replace your traditional incandescent light bulbs with LED light…

Does Velocity Banking Make Sense In 2023?

Post author:Hyder A.
Post published:April 19, 2023

The idea behind Velocity Banking is to use the HELOC (Home Equity Line of Credit) to pay off high-interest debt, such as credit card balances, and then pay off the HELOC more quickly than you would be able to pay off the original debt. By doing this, you can potentially save money on interest charges and pay off your debt more quickly than you would have otherwise. Here's how it works in practice: Take out a HELOC on your home,…

Saving Versus Investing in 2023

Post author:Hyder A.
Post published:April 16, 2023

Whether it's better to invest or save depends on your financial goals, time horizon, risk tolerance, and current financial situation. Here are a few things to consider: Financial goals: If your financial goal is to save money for a short-term expense, such as a down payment on a house or a vacation, then a savings account may be a better option than investing. However, if your goal is to save for retirement or another long-term goal, investing may be a…

I TRY CASH APP TAXES. IS IT ANY GOOD?

Post author:Hyder A.
Post published:January 29, 2023

Block is one of my favorite fin-tech companies. Block is the parent company of Square, Cash App, and more. Cash App is one of the top finance apps in the App Store and Google Play Store. The service is similar to PayPal and Venmo. It allows you to send, spend, or invest your money. You can buy stocks or Bitcoin. You can even bank with Cash App by setting up a direct deposit and getting a free cash back debit…