***Lively has started charging $24 or forces you to hold a minimum of $3,000 in their HSA. Due to this change, I do NOT recommend them any longer. Please do not use this company. A Fidelity HSA is currently free at this time*** An HSA (Health Savings Account) is one of the best investment accounts available to someone pursuing Financial Independence or Early Retirement. Although the name has "health savings" in it you should treat it like a "health investment" account to get the full benefits they offer. Someone who isn't pursuing FIRE can still take advantage of the benefits as well. When you use an HSA account you get access to triple tax savings. Not only do you avoid paying taxes when the money goes into the account, but you also skip out on paying taxes on the growth of your investments and when money is withdrawn from the account. The fact that you're able to invest money within an HSA is another added bonus as well. If you instead use this account as an additional retirement account by investing the money then you could grow your account to over $300,000 as a single person or over $680,000 as a family. In this video, I'll break down everything you need to know about an HSA and how to turn it into the ultimate wealth building machine. The 5 biggest HSA mistakes too many people make: Fidelity HSA: Index Fund Investing Explained: HSA qualified medical expenses: Check Out My Recommendations (It helps support the channel): 🔥 M1 FINANCE Investing- Free $10 (once you deposit at least $100 within 30 days) Here's a video on how to use M1 Finance 📝 Empower (previously called "Personal Capital")- Free Net Worth Tracker & Retirement Planner 🔒 AURA - 14 day free trial to see if your personal information has been leaked online 💎 WEBULL - Up to 12 Free Stocks When You Deposit Any Amount Of Money 💵 ROBINHOOD - 1 Free Stock Join the Private Financial Independence Community for monthly private live streams, video calls (with myself and the community), as well as access to a discord group where we talk all things money (and a lot more): 📧 Business Inquiries: JarradMorrowYT@gmail.com YOU'LL FIND THESE PLAYLISTS HELPFUL: 🏆 Financial Independence Retire Early Playlist: 💵 All Things Investing Playlist: 📕 Learn How To Budget Playlist: 📲 Follow me on Instagram: Affiliate Disclaimer: Some of the above may affiliate links. Support the channel by signing up or purchasing through those links at no additional cost to you. I appreciate you for helping me keep this channel running Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic. #HealthSavingsAccount #HSAAccounts...(read more)
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The TRUTH About an HSA For Financial Independence - Health Savings Account Investing When it comes to achieving financial independence, there are many strategies and tools available to help you along the way. One often overlooked option is investing in a Health Savings Account (HSA). An HSA is a tax-advantaged savings account that is specifically designated for healthcare expenses. However, with a little bit of knowledge and planning, an HSA can also serve as a powerful tool for building wealth and achieving financial independence. The first and most important thing to understand about an HSA is its tax advantages. Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount contributed. Additionally, any growth within the account is tax-free, and withdrawals for qualified medical expenses are also tax-free. This triple-tax advantage makes an HSA one of the most powerful tools in the tax planning arsenal. But what sets an HSA apart from a regular savings account or even an Individual retirement account (IRA)? The beauty of an HSA lies in its unique combination of short-term benefits and long-term potential. Unlike an IRA, there are no penalties for withdrawing funds from an HSA at any age, as long as the expenses are medical in nature. This flexibility allows you to use the funds to cover medical costs as they arise, without having to worry about early withdrawal penalties. Furthermore, the unused funds in an HSA can be invested, providing the opportunity for growth and compounding over time. Many HSA providers offer a wide range of investment options, including stocks, bonds, and mutual funds. By investing your HSA funds wisely, you can take advantage of market growth and potentially outpace the rising cost of healthcare. It's important to note that not all HSA providers offer investment options, and some may have higher fees or restrictions. Researching and selecting the right HSA provider is crucial to ensure you have access to the investment opportunities you desire. Look for providers that offer low-cost investment options, such as index funds, and have a track record of strong customer service. Another key consideration when using an HSA for financial independence is planning for the future. As you build your HSA balance, you may be tempted to use it to cover current healthcare expenses. While this is a valid use of the funds, it's important to think long-term. By paying for medical expenses out-of-pocket and allowing your HSA to grow, you can create a powerful retirement healthcare fund. As healthcare costs continue to rise, having a dedicated fund to cover these expenses can provide a significant buffer in retirement. In summary, an HSA can be a valuable tool for achieving financial independence. Its tax advantages, flexibility, and potential for growth make it an excellent vehicle for building wealth while also taking care of your healthcare needs. However, it's crucial to carefully research and select the right HSA provider, as well as plan for the future by allowing your HSA to grow and using it strategically. With the right approach, an HSA can be a powerful ally on your journey to financial independence. https://inflationprotection.org/health-savings-account-investing-revealing-the-facts-for-achieving-financial-independence/?feed_id=110636&_unique_id=649650a3d7b67 #Inflation #Retirement #GoldIRA #Wealth #Investing #daveramseyshow #EarlyRetirement #FinancialIndependence #FinancialIndependenceRetireEarly #firehsa #FIREmovement #healthsavingsaccount #highdeductiblehealthplans #howtoinvesthsafunds #howtoopenhsaaccount #howtousehsaaccount #HSA #hsaaccounts #hsaaccountsforFIRE #hsabank #hsabankinvestment #hsabenefits #hsaexplained #hsainvestment #hsainvestmentoptions #investinghsafunds #jarradmorrow #jarradmorrowhsa #livelyhsa #whatisanhsa #FidelityIRA #daveramseyshow #EarlyRetirement #FinancialIndependence #FinancialIndependenceRetireEarly #firehsa #FIREmovement #healthsavingsaccount #highdeductiblehealthplans #howtoinvesthsafunds #howtoopenhsaaccount #howtousehsaaccount #HSA #hsaaccounts #hsaaccountsforFIRE #hsabank #hsabankinvestment #hsabenefits #hsaexplained #hsainvestment #hsainvestmentoptions #investinghsafunds #jarradmorrow #jarradmorrowhsa #livelyhsa #whatisanhsa
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