This page consists of blog posts that discuss the topics of saving money, budgeting, earning more interest, and paying less interest. You will find information on banking, borrowing, budgeting, and creative ideas on saving.
Back on December 28th, 2020, I published one of my first posts on FinanceThrottle.com. It was titled "How much did I make after 5 years with a Betterment Roth IRA?" I started my Roth IRA at 25 years old after I had just finished paying off my student loans. At the time I was already a real estate investor renting out each bedroom in my house. After some research, I decided to open my account with Betterment. Betterment is a…
The three main types of Retirement Accounts are the 401k, Traditional IRA, and Roth IRA. If you are or ever were employed in a full time salaried job, there is a good chance you already have a 401k account. But what about IRA, or Individual Retirement Accounts? Let's start off by seeing how similar these three accounts are. Similarities All of them allow you to withdraw money penalty-free at 591/2 years old. If you withdraw earnings before 591/2, all of…
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…
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…
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…
In 2020 I heard about the $1000 challenge between the online Finance community. It is a 1-year challenge where you invest $1000 in any way you want to see who makes the most money. Since the $1000 challenge has been around for a while, no one has done this challenge in recent times. I thought it would be an interesting experiment to try during the Pandemic. Because I run a personal finance blog, I decided to expand my experiment. I…
The Backdoor Mega Roth Conversion is a process used to build after-tax wealth in your Roth IRA. With the small $6,000 annual limit ($7,000 catch up limit) of the Roth IRA, it is difficult for investors to reach more than $1 million in their Roth IRA account. In addition, those who make a certain amount of money can no longer contribute to a Roth IRA. If you are filing single and your modified adjusted gross income is more than $139,999.99…
Getting a new job can be a scary, crucial, and challenging choice, especially if you decide to change careers. It is a huge personal, professional, and financial choice. The most popular and sometimes only way to boost your pay or improve your benefits is to get a new job. Let's discuss. WHAT IS YOUR COMPANY'S MERIT INCREASE STRUCTURE? Consider your current employer. Do you get annual raises? If yes, how much? If no, why not? Are your raises based on…
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…
My father-in-law is 65 and is just learning about Medicare, the Federal Health Insurance. As I did the research for him I thought, why not write a blog post about it? I was surprised to learn that there are specific times for signing up and penalties for late sign ups or not signing up at all. When you sign up for Medicare, you have two options. You can sign up for the original Medicare Plan or Medicare Advantage, but more…
