452: The 6 Investment Accounts You NEED for Financial Freedom

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 22 September 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’re new to personal finance, investment accounts can seem complicated. The terms, the lingo—HSA, Roth, IRA, 401(k)—these may seem like letters in an arbitrary order, but using these retirement and investment accounts can help you reach financial freedom faster, pay WAY less in taxes, and maximize your money even while you’re asleep. So, how do you get started? Tune in; we’ll show you how! Joining us is early-retired CFP (Certified Financial Planner) Kyle Mast to walk through each retirement, investment, and savings account you MUST have on your road to FIRE. In today’s episode, we’ll touch on the common accounts you’ve heard of, like the 401(k) and IRA, as well as some lesser-known investing and savings accounts that can help your money grow faster than you thought possible. And whether you’re just starting your retirement journey in your 40s, 50s, or 60s, or you’re a twinkly-eyed twenty-something-year-old ready for compound interest to run its course, you’ll get EVERYTHING you need to know about investing and retirement accounts from this episode. In This Episode We Cover Retirement accounts explained and how to lower your taxes with 401(k)s and Traditional IRAs The “triple-tax benefit” account that most Americans don’t even know exists How to turn taxable income into tax-free charitable contributions in retirement The savings account that will pay you solid interest JUST to park your money What to do if you’re a high-income earner and don’t qualify for tax-advantaged accounts Highly-advantaged niche retirement accounts like the 401a and 457(b) that you might have access to And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’ Click here to check the full show notes: https://www.biggerpockets.com/blog/money-452 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast where we deep dive into the different types
0:05.0	of accounts that we talk about on every episode.
0:08.4	This is a great refresher course for our advanced investors and a great introduction for our
0:14.2	novice investors.
0:15.9	Hello, hello, hello, my name is Mindy Jensen and joining me today is our favorite regular
0:21.0	contributor to the Bigger Pockets Money Podcast, Kyle Nast.
0:24.6	Kyle, thanks for joining me.
0:25.9	Thanks for having me again.
0:26.9	This is going to be a fun one.
0:27.9	And we'll try to keep it as exciting as accounts can be and we'll do our best.
0:33.3	Kyle and I are here to make financial independence less scary, less just for somebody else to
0:38.0	introduce you to every money story because we truly believe financial freedom is attainable
0:42.1	for everyone, no matter when or where you're starting.
0:45.0	Whether you want to retire early, travel the world, go on to make big time investments
0:48.8	in assets like real estate, start your own business, we'll help you reach your financial
0:53.1	goals and get money out of the way so you can launch yourself towards your dreams.
0:56.9	Kyle, we have a new segment on the money show called Money Moments where we share a
1:01.4	money hack tip or trick to help you on your financial journey.
1:05.8	Today's money moment is don't count on money you don't have yet.
1:10.4	Were you promised a bonus, looking at getting a raise, remember that episode of Christmas
1:14.4	Vacation where he buys the pool, he puts money on the pool and he doesn't actually have
1:19.3	any money.
	...

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