#525 3X Your HSA: The Secret To Supercharging Your Wealth

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 3 September 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this latest episode of the Main Street Business Podcast, host Mark J. Kohler explains the strategic benefits and mechanics of Health Savings Accounts (HSAs). Unpack the tax advantages, flexible contributions, and the array of investment opportunities available through HSAs. From cryptocurrencies to real estate, learn how to maximize your HSA for both health and wealth. Here are some of the highlights: Mark explains how an HSA is portable and can be set up with any employer or as an entrepr...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.1	Today, I am going to teach you a secret about the health savings account, the power
0:39.3	of being able to invest your HSA and what you know best. I've actually invested my HSA in cows,
0:47.1	a crypto mine, a rental property, and tripled the value of my health savings account with this
0:52.1	little known secret called self-directing.
0:54.7	Did you know that you could invest your health savings account when you're not using it for medical
0:58.6	expenses? Did you know you could self-direct your HSA and buy cows or rental property or
1:04.0	cryptocurrency? Well, you're going to learn how today. Now, I'm a registered CPA, attorney,
1:08.7	best-selling, author, and owned several businesses in the tax and legal industry.
1:12.1	And over the last 15 years, I've been teaching this strategy to thousands of clients, saving thousands of dollars in taxes by better deducting their medical expenses.
1:22.1	I've even been using the HSA myself.
1:24.4	And you know what's even fun?
1:25.7	I own cows and a crypto mine inside my HSA, making money tax-free to pay for my medical expenses.
1:33.3	Now let's get into it. I want to first explain what an HSA is, the benefits of an HSA, and then how you can invest your HSA to make tax-free money and pay for your medical. That's where the cows come in. All right. So, now, what is an HSA? It's a savings account. Think of it like a retirement account for your medical, but you don't have to wait until you're 69 and a half to use it. You can use it tomorrow. So it's an account that you can take with you anywhere you go, get a tax deduction to put money in it,
2:03.4	invest it in whatever you want, let it grow, and then pull it out tax-free for medical expenses.
2:09.5	Yeah.
	...

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