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Way To Wealth

 

Way To Wealth

 

Filtering by Tag: hsa

Catastrophe Strikes...

Luke DeBoer, CFP®

Ready for a not-so-fun experiment? 

Imagine something ridiculously financially awful occurs. I mean something that devastates your finances. I'm not talking about a series of bad decisions and bad luck or lack of planning that leads to a situation of financial hardship but rather a singular event that causes you to liquidate everything you own just to get by. This event could be anything really but for the sake of this exercise let's say you get sued. Not just sued but sued in an epic fashion; again, to the extent that you are required to liquidate everything. Since this is a completely made up scenario, let's take it a step further and say that you need to sell everything immediately, pay off all your debts, and then see what you have left over.

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A Tax-Free Retirement Building Block: The Taxable Investment Account

Luke DeBoer, CFP®

There are many ways to build wealth, some of them easy, some accidental, most require a lot of hard work and patience, many of the ways are worth it in the end. For all the ways to build wealth, there are also many wealth destroyers. Many of them are self-inflicted, some are not though, such as expenses, bad luck, and one of the two guarantees in life ... taxes. Though few will ever be able to completely (and legally) avoid taxes, there are ways that we can legally limit them. Some of those tactics need to be thought of years, even decades, in advance. One of these ways to limit taxation is choosing where, as in what type of account, to save and invest. 

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HSA Tips, Tricks, & How-To's

Luke DeBoer, CFP®

HSAs are simply awesome. They allow for tax savings that literally no other account type can boast. For that reason, it is a general rule that if you have access to save in one you should make nearly every effort to max it out.

With all that being said, there are other things to address regarding HSAs beyond just trying to put money into them....

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The Awesomeness of HSA's

Luke DeBoer, CFP®

...saving for retirement in any of the available options is about taxes, or at least choosing to save in one vehicle over another is about taxes. H.S.A.'s are the most tax-efficient of them all. And so this is is one of those items in financial planning that you can take to the bank. It's not a gray issue. If you have access to an H.S.A. you should absolutely seek to max it out, almost before putting money anywhere else....

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