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Money Guy Show

"I'm 28 with $120K - Can I Slow Down on Investing?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 5 February 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

Can you let your foot off the gas for investing once you reach certain financial goals?

We'll walk you through that question and more in today's Q&A episode!

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Transcript

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0:00.0

Are you ready for another question?

0:07.0

Are you ready for another question?

0:08.0

Yes, ma'am.

0:09.0

We've got a question from Jason.

0:11.0

He says, I just started to invest the funds in my HSA account.

0:15.0

He's no longer than 96% of people using it as a clearing account.

0:20.0

So, congratulations to you. That's great.

0:23.0

How do you recommend setting up allocations?

0:26.0

Do you recommend similar target funds or what should, how should he think about investing in the

0:30.1

HSA since this is a new thing for him?

0:32.1

Yeah, HSA's are of unique and I would argue it depends a little bit on where you are in your

0:39.4

financial journey and this is what I mean by that.

0:41.8

For those of you that don't know we love

0:43.0

health savings accounts because they're triple tax advantage you get a

0:46.9

deduction on the front end the money grows tax deferred if you then invest it and

0:51.5

then if you pull it out for qualified medical expenses or

0:54.0

to reimburse yourself for past qualified medical expenses then it's completely

0:57.9

tax-free so they are like super super exciting.

1:00.3

Well Brian I count a lot of young folks who say, hey, I just, I open enrollment,

1:04.8

it just hit, and I did the high deductible plan, I can do my HSA, I'm going to put money in there,

1:08.9

and I'm going to, I'm going to go invest.

1:10.7

I'm like, hey, that's a great idea.

...

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