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We have multiple investment accounts. Each of these accounts played an important role in getting us to financial independence. In this episode, we answer Madison’s question about the four different types of accounts that she has and the order in which she should fund each account.
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Write an article about 401K, Roth IRA, & HSA – Which Investment Account Is the Best Account for Growing My Wealth? – Ep. 11 in English
If I’m not eligible for ira and max out 403. Is buying stocks like index fund a good one? Or how about back door? Thanks
YouTube keeps unsubscribing me dame
For Roth IRA, should I max out at once early in the yr or monthly payments?
Good for them they should be really proud of their efforts so far! My question is is there any way around contributing to a Roth after retirement? Thank you.
I paid off two credit cards and no more Student loans would you be my laison
They can both have their own HSA if they don’t have kids and both have individual plans.
That's great. I started late but after iax my Roth out I start on my brokerage since my works 401k is matched.
I just read a new update to one of my employers 457 plan they will match up to $2000. I'm already doing 3% plus their 3% match in their 401A. So should I focus on the 457 over my separate Roth IRA ?
Can you talk about Deferred Compensation Plans? Thank you.
I am 40 years old and I have a significant amount in a traditional 401K. I decided to do a Roth 401K. Yes I do not get a tax benefit now. But I also will never have to pay taxes on earnings and withdrawals.
Do we still invest in and max out the 401k if company doesn't offer a match?
Time stamps would be lovely. Thanks
Backwards from the title. HSA, IRA, 401k in that order
I am with my employer more than 10 years, am I still eligible to convert that 401K money to IRA now ?? Or I can't do until I stick with the employer??
I’ve got several questions..
1) Do y’all have taxable accounts that are producing income for you to live off of currently?
2) Do you still contribute to IRAs or 401ks?
3) How can you reach FIRE if your investments are sitting in those tax advantaged accounts?
Thank you!
New subscriber here.. love the content
Great question and great answer thanks to the young lady asking the question and the wonderful people answering the question thanks from a beginner in the investment game
Based on my understanding, the reduction in tax liability doesn't work when you use a Roth 401K because you use after tax dollars. I think it only works for a regular 401K that uses pre-tax dollars. That reduces your taxable income. Contributions to an HSA also reduce your taxable income. Please correct me if I am wrong
Great presentation! I agree in general with your order of investing priorities. But to your point about tax brackets, I would typically recommend considering a higher priority on HSA contributions since you avoid federal, state, and FICA taxes, especially for those who are currently in a higher tax bracket than they expect to be during retirement. Love the HSA!
Thanks for sharing your knowledge! Wish I'd heard this earlier in life. We only had one Roth IRA for my husband and didn't prioritize it (I was a SAHM and didn't know I could have one). We didn't know about the income limits until 2 years ago despite seeing 3 financial advisors in our early twenties. I'm going back to work, so this is the last year we'll be eligible to contribute to our Roth IRAs. Still very blessed and in our 30s we'll make even better choices 🙂
My company 401k is 50 percent of deferrals up to 6 percent of compensation. I contribute 6 percent so I'm receiving the full match right?
I love seeing a young couple prioritizing their investments and building wealth. Stick to it, raise a good family and pass on your investment know how to your children.
Yes taxes can be your largest expense.
I also switched over my 401(k) from a former employer to an IRA in order to manage it and increased my dividends this way. I just didn’t have the control I have now. Now I’m not saying you should peak at it everyday but you should have a better view of how your IRA is working for you and this will give you piece of mind with your contributions.
The Roth IRA is powerful! I have two. One from my job and one I opened myself. I also opened one for my wife who stays home and takes care of our young children.
This is beautiful! This couple is helping others get rich by giving out good, solid, fact-filled advice. They could just quietly enjoy their beautiful life in Portugal but here they are. I love them.❤
Let’s give her max props for investing pretty heavily already. If I heard correctly, it’s 1000 a month. 100% agree with investing up to the amount of the Company match as step 1.
I focus on maxing my HSA and pumping it full of 4-5% yielding dividend stocks so i can generate monthly cash for health expenses for EVER.
I believe my employer 401k match is 5-6% but I'm contributing 15% of my paycheck because I want it to compound faster. I also max out my Roth IRA yealy ($6k) and also contribute about the same ($6k) into a brokerage account.
HOWEVER, I am not contributing ANYTHING to an HSA.
Should I reduce my paycheck contributions to equal my employer 401k match and use the extra funds to max out my HSA, even if that means contributing significantly less to my brokerage?
My employer offers a Roth 403b. Do you recommend that over a traditional (pre-tax) 403b?
Do you recommend people who have a chronic illness like an auto immune disease that requires expensive medication monthly have a hsa? Is it only beneficial for those who are healthy? I also switched from a 401k to a roth 401k last year. But was afraid to switch to a hsa from a ppo.