FTX, before November 2022, was the second largest crypto exchange in the world with the lowest fees. Today, FTX is insolvent. If you had money in FTX, it is likely lost forever. While Finance Throttle has never promoted FTX, it was promoted by dozens of personal finance YouTubers and Bloggers alike. This whirlwind of a story has been unwinding a bit more day by day and it has been tough to keep up with. I can't explain it any better…
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…
In 2021 I joined the $1000 challenge, a 1-year challenge where you invest $1000 in any way you want to see who makes the most money. 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 started my $1000 challenge in January 2021 by investing $5000 in FIVE different securities across FOUR categories: Crypto, Real Estate, Retirement, and an Individual Brokerage Account. I…
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…
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…
With inflation, interest rates have jumped up along with home prices. Historically, home prices go down when interest rates go up. When you hear the term housing bubble, that means home prices are inflated and the bubble may soon pop. This will send home prices crashing back down. If you really need to buy a home in current market conditions, consider an ARM. An ARM, or Adjustable-Rate Mortgage is a loan with a variable interest rate that fluctuates throughout the…
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…
