Crypto is a volatile asset that can be difficult to understand. With the IRS and SEC doubling down on crypto, you are now required to enter your social security number when joining a crypto brokerage like Coinbase. The IRS knows how much money you are making in the crypto space, therefore it is absolutely important to file your crypto capital gains and losses. If you have traded more than $20,000 within the tax year, you will probably receive a 1099-K…
When it comes to tracking the health of your personal finance, the net worth statement is the best way to measure your financial situation. This easy calculation can help you determine if you are on track with your financial goals, or if you are in trouble and need to tackle your debt. Download the Finance Throttle Net Worth Tracker or consider spending the time to create your own. WHAT IS A GOOD NET WORTH? Every person is different. Your net…
With both the current state of the economy and the holiday season quickly approaching, it's important to save and budget. Just a short few months ago, we were earning 0.01 to 0.5% APY on our savings accounts. It made much more sense to invest that money rather than save. With the market continuing to fall and rates continuing to rise, you can have more peace of mind that your money is safe and steadily growing. Today's savings rates are back…
If you are new to the blog, Velocity Banking is the strategy I am using to pay off my home in 7 years or less. I started off with a new house and a mortgage of $282,000 due January 1st, 2019. Using Velocity Banking, I paid off over $115,000 and saved over $60,000 in interest payments in just 3 years. Now I owe $165,000. You can follow my velocity banking journey on this page. Increasing Costs With the rising costs…
I recently found out I need to lose weight fast to avoid a certain health condition. In my experience, health-themed restaurants are expensive compared to fast food restaurants, organic fruits and veggies are more expensive than non-organic, healthy nuts are very expensive, and multi-grain or rye breads are more expensive than white breads. Is it possible to eat healthy without breaking the bank? Subscribe below to follow my diet progress and food costs. Subscribe to our newsletter! Initial State: My…
Imagine shopping for your next home with your spouse. You drive around nice neighborhoods you can't afford just to browse. All of a sudden you find a home for sale with overgrown weeds and rough exterior. It's in a great neighborhood with great schools and it is the cheapest house on the street. Should you buy it? This is a situation that is common in America. If you watch HGTV, you may be familiar with Chip and Joanna's Fixer Upper…
Have you ever heard of the phrase "The rich get richer and the poor get poorer"? I am talking about the self-made millionaires, not the famous actors and athletes who lose all of their money the moment they fall out of the spotlight. The rich spend money in a very different way. Their purchases have purpose or potential to make even more money. They don't buy fancy cars or extravagant homes unless they can claim them as business expenses or…
In the past year, much of the real estate landscape as changed. Becoming a real estate investor is harder than ever in this market. With inflated real estate prices, high mortgage interest rates, and the rising costs of PMI, home insurance, utilities, and home contractors, can you still make money as a real estate investor? Here are 8 ways you can maximize your earnings. Do Your Research & Calculate The ROI The ROI is your return on investment. Thousands of…
If you don't know, an HSA is a Health Savings Account that lets you set aside, invest, and grow your money tax free as long as you spend that money on medical expenses. You only pay taxes on your distributions if you use the money for non-medical expenses. If you use your HSA funds to pay for medical expenses, you don't need to pay taxes on your distributions at all. Click Here to learn more about how an HSA compares…
The past few weeks of the stock market performance has been worrisome. The last 48 hours have been gut wrenching. All stocks and crypto's have been crashing down to pre-COVID levels or even lower. Tech companies have fared the worst by far, including Fin-Tech. In the past 2 months, my investment portfolio decreased by $40,000. While all of this is happening, my net worth has remained the same. How? Real Estate & Cars. The values of real estate and cars…
