***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 investments you could ever make. This is especially true for anyone pursuing Financial Independence Retire Early. The HSA gives you the chance to invest your money tax-free, let your money grow tax-free, and you can even withdraw your money tax-free. In this video, I'll show you how to turn your HSA (Health Savings Account) into one of the best retirement accounts you've ever had. Car Hacking Strategy To Get Free Cars FOREVER: The Best Bash Back Credit Cards: Accepted 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: 💸 Side Hustle Playlist To Help You Make More Money: 💵 All Things Investing Playlist: 📈 M1 Finance Playlist: 📕 Learn How To Budget Playlist: 📲 Follow me on Instagram: 📧 Business Inquiries: JarradMorrowYT@gmail.com Do NOT contact me about promoting anything related to cryptocurrency, NFT's, or online games. You will immediately be flagged as "spam" if you don't follow these simple instructions. 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 #FinancialIndependence...(read more)
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HSA Is The Best Investment For Financial Independence Retire Early - The FIRE Movement The Financial Independence Retire Early (FIRE) movement has gained significant traction in recent years, with individuals seeking to escape the daily grind of employment and achieve financial freedom sooner rather than later. While FIRE strategies often revolve around maximizing savings and investing in traditional retirement accounts such as 401(k)s and IRAs, one investment vehicle that has been gaining attention is the Health Savings Account (HSA). An HSA is a tax-advantaged savings account that individuals and families can utilize to save for qualified medical expenses. It is only available to individuals who have high-deductible health insurance plans, making it an attractive option for those who prioritize low premiums over comprehensive coverage. While the primary purpose of an HSA is to cover medical costs, it can also be an incredibly powerful tool for building wealth and achieving financial independence. There are several reasons why HSA contributions can be advantageous for those pursuing FIRE. Firstly, HSAs offer a triple tax advantage. Contributions to an HSA are tax-deductible, meaning they reduce your taxable income. The money in the account grows tax-free, and withdrawals for qualified medical expenses are also tax-free. In comparison, 401(k)s and IRAs are subject to taxes upon withdrawal in retirement. Secondly, HSA funds can be invested in various financial instruments such as mutual funds and stocks, allowing them to potentially grow at a higher rate than traditional savings accounts. This means that individuals can harness the power of compound interest and grow their HSA funds over time. Furthermore, HSAs are portable and have no "use it or lose it" provision. Unlike Flexible Spending Accounts (FSAs), which require individuals to spend their funds within a specific time frame, HSAs allow for continuous contributions and the ability to carry over unused funds from year to year. This flexibility makes HSAs an excellent long-term savings vehicle, particularly for those aiming for early retirement. One feature of HSAs that sets them apart from other retirement accounts is that they can be used as a retirement savings vehicle in addition to covering medical expenses. After age 65, individuals can withdraw funds from their HSA for any reason without penalty, although income taxes may apply if the withdrawals are not used for qualified medical expenses. This makes HSAs an attractive option for individuals seeking an efficient way to save for both healthcare costs and retirement. Moreover, HSAs can act as a hedge against unforeseen medical expenses. Many individuals, especially as they near retirement, worry about the rising costs of healthcare and its potential to derail their financial plans. With an HSA, individuals are better equipped to handle unexpected medical bills, reducing the risk of a financial setback that could jeopardize their FIRE aspirations. In conclusion, while traditional retirement accounts play a crucial role in achieving financial independence, it is essential to explore alternative investment vehicles like Health Savings Accounts. HSAs provide unique tax advantages, the ability to invest in growth-oriented assets, and flexibility in spending. By leveraging the benefits of HSAs, individuals can maximize their savings, secure their healthcare needs, and ultimately accelerate their FIRE journey towards financial independence and early retirement. https://inflationprotection.org/the-fire-movement-hsa-as-the-optimal-investment-for-financial-independence-and-early-retirement/?feed_id=130166&_unique_id=64e5850e6a935 #Inflation #Retirement #GoldIRA #Wealth #Investing #Bogleheads #daveramseyshow #FinancialIndependence #FinancialIndependenceRetireEarly #FIREmovement #HealthCare #healthinsurance #healthsavingsaccount #healthsavingsaccounthsa #HealthSavingsAccounts #highdeductible #highdeductiblehealthplan #howtousehealthsavingsaccount #HSA #hsaaccounts #hsaexplained #hsainvestment #hsainvestmentoptions #jarradmorrow #maximalmoney #retireearly #retirementinvesting #savings #thebestinvestment #whatisanhsa #FidelityIRA #Bogleheads #daveramseyshow #FinancialIndependence #FinancialIndependenceRetireEarly #FIREmovement #HealthCare #healthinsurance #healthsavingsaccount #healthsavingsaccounthsa #HealthSavingsAccounts #highdeductible #highdeductiblehealthplan #howtousehealthsavingsaccount #HSA #hsaaccounts #hsaexplained #hsainvestment #hsainvestmentoptions #jarradmorrow #maximalmoney #retireearly #retirementinvesting #savings #thebestinvestment #whatisanhsa
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