Finance Throttle

Mortgage Rates Reach 5.14% – Is It Better To Invest Or Pay Your Mortgage Off Early?

Post author:Hyder A.
Post published:May 26, 2022

Let's say that you have $500 left over each month after expenses and savings. In most cases, investing your $500 in the total stock market or S&P 500 will grow your net worth faster than paying off your home early with an extra $500 per month in principal payments. However the stock market is now projected to earn smaller returns of 4% per year and 30 year conventional mortgage rates shot up to 5.14% on April 13th, 2022. Whats more,…

You Can’t Contribute To Your HSA When On Medicare, Or Can You?

Post author:Hyder A.
Post published:May 19, 2022

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…

Dave Ramsey: Don’t Buy A House Unless You Meet Three Criteria

Post author:Hyder A.
Post published:May 12, 2022

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…

16 Ways To Save On Your Utility Bill

Post author:Hyder A.
Post published:May 5, 2022

There are hundreds of ways you can reduce your utility bills. Those who are considered "CHEAP" come up with innovative ideas such as recycling their shower water in a bucket so that they can use that bucket of waste water to flush the toilet. Without going extreme, here are 16 common ways you can reduce your utility bills. Electricity 1. LED Bulbs. Once upon a time ago, LED lights were very expensive. Times have changed and soon it will be…

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

Post author:Hyder A.
Post published:April 25, 2022

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…

Why People Say Credit Cards Should Never Be Used

Post author:Hyder A.
Post published:April 21, 2022

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…

Avoid these Zoning Mistakes when buying a Commercial, Residential, or Industrial Investment Property

Post author:Hyder A.
Post published:April 18, 2022

Let's say you are a master mechanic looking to buy land or a garage for the purpose of repairing vehicles. The commercial real estate agent and seller will tell you that the property is zoned for automotive repair. You sign the agreement and buy the property only to later find out that the property is not zoned or permitted for an automotive repair garage. The property you purchase may have technically have a garage on it, but it cannot be…

Plastiq: An Easy Way To Pay Off Debt

Post author:Hyder A.
Post published:April 14, 2022

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…

TEN WAYS TO MAKE MONEY WITH LAND

Post author:Hyder A.
Post published:April 11, 2022

With today's real estate prices, you can no longer find land for under $10,000. In fact, there are $1 million land listings out there where the land seems unusable or awkward. It may look like it does not make sense, but land could be a very good investment. Here are ten ways you can make money with land. 1. Flea Markets If you buy a plot of grass or a paved area on a busy street, you can turn your…

FIGURE: BLOCKCHAIN HELOC AND A CRYPTO MORTGAGE?

Post author:Hyder A.
Post published:April 7, 2022

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…