Retire Rich: The Ultimate Guide to IRAs, 401(k)s, & HSAs!
Earn Your Leisure
iHeartPodcasts
4.8 • 7.8K Ratings
🗓️ 22 January 2025
⏱️ 18 minutes
🧾️ Download transcript
Summary
Join us on another insightful journey with EYL Channel's where we delve deep into the financial world to bring you valuable information. In this clip, hosts Rashad Bilal and Troy Millings are joined by Chris to discuss various retirement account options, the importance of early financial planning, and tips on maximizing your contributions.
The clip starts with Rashad Bilal explaining the basics of IRAs and 401ks, focusing on Traditional and Roth IRAs, their benefits, and limitations. He highlights the significance of understanding how these retirement vehicles work and stresses the importance of making informed investment choices.
Rashad then delves into Health Savings Accounts (HSAs) - a powerful but often overlooked tool. Together with Troy, they uncover how HSAs can be utilized not only for immediate medical expenses but also as a long-term investment vehicle that can reduce taxable income and grow significantly over time.
Chris brings up the mindset shift needed to maximize allocations from an early age. The hosts emphasize the necessity of adjusting your lifestyle to accommodate higher allocation percentages, sharing personal stories to illustrate their points. They stress starting early and adjusting contributions based on life circumstances to ensure a secure financial future.
Troy provides practical advice on navigating the myriad options within retirement plans, introducing target date funds for those intimidated by the variety. He elaborates on the differences between Traditional and Roth variants, breaking down the tax implications of each and how they affect retirement savings.
Lastly, Chris and Troy touch on the importance of understanding capital gains taxes and how they impact both short-term and long-term investments. They provide crucial insights on managing profits from stock investments and underscore the necessity of staying informed about tax liabilities to avoid unwelcome surprises.
This clip is filled with actionable advice and is a must-watch for anyone looking to enhance their financial literacy and take definitive steps towards financial freedom.
*Hashtags:*
#Finance #RetirementPlanning #Investing #IRAs #401k #HSAs #FinancialLiteracy #WealthBuilding #TaxTips #EYL #RashadBilal #TroyMillings #ChrisMediumSeries
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Transcript
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| 0:00.0 | earners what's up look you know how every new year we set these big goals like saving more money |
| 0:05.8 | but somehow life just gets in the way i mean how many times have i told myself i'll stick to a budget |
| 0:12.2 | only to see random delivery fees and subscription services eating away on my wallet it's like the world |
| 0:18.3 | is designed to spend our money that's's why I love Acorns. It makes |
| 0:22.7 | saving and investing automatic so you can stick to your financial goals without even thinking |
| 0:28.2 | about it. This episode of Earn Your Leisure is sponsored by Acorns. You've probably heard me talk |
| 0:34.1 | about Acorns before and I'm excited to share more about how it can help |
| 0:37.9 | you too. Acorns makes it easy to start automatically saving and investing so your money |
| 0:43.1 | has a chance to grow for you, your kids, and your retirement. Here's the best part. You don't |
| 0:49.2 | need to be an expert. Acorns will recommend a diversified portfolio that fits you and your money goals. |
| 0:55.9 | You don't need to be rich. |
| 0:57.8 | Acorns lets you invest with the same spare money you've got right now. |
| 1:02.3 | You can start with $5 or even just your spare change. |
| 1:06.6 | You don't need a ton of time. |
| 1:09.3 | You can create your own Acorns account and start investing in just |
| 1:12.9 | five minutes. Basically, Acorns does the hard part so you can give your money a chance to grow. |
| 1:20.3 | For me, Acorns has been a game changer. I remember looking at my bank statements and realizing |
| 1:25.4 | I wasn't making any progress toward my long-term financial goals. |
| 1:29.6 | With Acorns, it was like flipping a switch. |
| 1:32.6 | Now, every little bit of spare change I spend is automatically invested. |
| 1:37.3 | Over time, those small steps have really added up. |
| 1:40.1 | And it feels good knowing I'm working toward a better future without stressing about it every day. |
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