Finance Throttle

Door Dash – Here Is How Much Can You Earn In A Week

Post author:Hyder A.
Post published:October 18, 2021

Just last week, Door Dash sent out an email to all Dashers with the tagline: How much can you earn when dashing in your area? The email showed me how much the average dasher makes in Philadelphia, as shown below. 5 hrs/week - Dasher's earned an average of $114 10 hrs/week - Dasher's earned an average of $235 20 hrs/week - Dasher's earned an average of $479 40 hrs/week - Dasher's earned an average of $927 Data Analysis With The Dasher Tracker Shortly after I read the email, I decided to examine my Dasher…

I Just Tried the Mega Back Door Roth Conversion

Post author:Hyder A.
Post published:October 14, 2021

Roth IRA’s are powerful investment accounts that allow you to invest after-tax dollars to earn money tax-free. You can contribute to a Roth IRA for as long as you live and you can easily pass them down to your children. You are not even forced to use it since there are no minimum required distributions. The only downsides are the annual contribution limits and the income limits. The annual contribution limit is $6000 ($7000 if over age 50). If you…

Chase Trifecta vs Citi Trifecta

Post author:Hyder A.
Post published:October 11, 2021

In the credit card world, the term trifecta is known as three keeper cards that compliment each other, from the same bank. The benefits of these cards are optimized when you own all three. The Chase Trifecta is the most popular trifecta out there. It usually combines the Chase Freedom Unlimited, Chase Freedom Flex, and Chase Sapphire Preferred. Some who travel often may substitute the Sapphire Preferred for the Sapphire Reserve or a speciality Chase travel card. Now that Citi…

Credit Card Debt Is Going Up – Bad News for Americans

Post author:Hyder A.
Post published:October 7, 2021

At the start of the pandemic, it was found that credit card debt in America was decreasing. It is believed that a combination of relief checks, shut downs, and job uncertainty kept credit card spending low. Now that stimulus checks have ended and unemployment benefits have decreased, American's are seeing a rise in credit card debt. As reported by the Federal Reserve Bank of New York, its quarterly report found that credit card bills have risen by $17 billion in…

The $1000 Investment Challenge – 9 Month Update

Post author:Hyder A.
Post published:September 30, 2021

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…

9 Month Blog Update – Did I Make Money Yet?

Post author:Hyder A.
Post published:September 27, 2021

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…

We Will Run Out Of Social Security By 2033

Post author:Hyder A.
Post published:September 23, 2021

The majority of American's do not invest or save enough money for retirement. They depend on social security checks to get by. But who funds social security and what happens if we run out of money? Social Security checks are funded by the previous generation. That means the social security money coming out of your paycheck each month is paying for America's current retirees. As long as there are more working people than retirees, the concept works. COVID-19, declining birth…

How I Maximize my Credit Card Rewards

Post author:Hyder A.
Post published:September 20, 2021

It’s hard to believe that most credit card holders are not educated in the benefits they could receive with their cards. You can get points towards free travel, hotel stays, and food. You can get up to 15% cash back if you shop online through your credit card company’s app. You can get premium lounge services in airports. You can earn cash back on rotating categories or everyday purchases. Some cards even come with free insurances, discounts with partnering brands,…

The Argument of Renting VS Buying

Post author:Hyder A.
Post published:September 16, 2021

According to ipropertymanagement.com, 36% of American's households rent their homes. Approximately 41% of renters spend more than 35% of their income on rent and most renters are under 45 years old with a college degree. When asked, 1 out of 5 millennials say they feel they will never be able to afford a home. It is often argued that renting is a waste of money. You cannot sell your asset (home) to get your money back. On the other hand,…

How Compounding Interest Can Make You A Millionaire

Post author:Hyder A.
Post published:September 13, 2021

If you were lucky enough to have an economics class in high school, you may have heard of the term compound interest. Compound interest is the interest accumulated on the combined principal and interest, over time. In other words, you earn interest on your total balance including both the principal and the interest you have already earned. Earning interest on your interest is compounded interest. It's how the rich get richer. As an Industrial & Manufacturing Engineer, I had to…