What's the Best Strategy for Your HSA?

Money Guy Show

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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 9 February 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

What exactly is an HSA, and how are you supposed to use them in your investing portfolio? We'll walk you through that question and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Get our Net Worth Tool Now! Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:06.8	investing, taxing. You've got financial questions. He's got financial answers. It's Brian Preston,
0:14.0	the money guy. All right, Brian. This next question is from Dr. G.
0:19.6	Dr. G said, I have a question about term life insurance. My wife and I are 26.
0:25.8	We're recently married. We have no kids. We do have a mortgage and we do have student loans.
0:32.7	How do we pick a term life insurance policy? So what's the way? Let's say it's the question.
0:37.8	First, Brian, do the need term life insurance or the need life insurance question one?
0:43.0	Second question is term insurance the right kind of insurance? Third question, how they decide
0:49.1	how much to buy and where to buy and all that kind of stuff? Yeah, we like term insurance.
0:54.2	If you look at what we do in our own personal lives, I have a ton of term insurance.
1:02.1	Truthfully, this is the good thing. You don't have to get all right on the first try.
1:07.5	Because life evolve, life changes. For Dr. G, specifically, 26, married, have a house.
1:16.2	You always have to ask yourself the question with insurance because first, what is insurance for?
1:21.0	It's to essentially fulfill the obligations if you're unable to do so. It's to protect you from
1:26.8	the dangerous stuff. I think for a 26-year-old who's married, you're worried if you somehow got
1:33.9	prematurely killed or died. You got sick or something. You would feel horrible if you leave your
1:41.0	spouse with a mortgage and other financial obligations where they're unable to fulfill and do that
1:47.6	just because you're not able to earn an income and pay for it. That's for a 26-year-old. Think
1:53.2	about a 65-year-old who a few years ahead, now this same person has a multiple seven-figure portfolio.
2:02.8	Their house is paid off. If this person passes away, yeah, financially, it's probably not as a
2:10.4	big of a shock and awe moment as it is an emotional, you love this person. You don't want them to leave.
2:16.6	But it's financially not going to destroy the life of the surviving spouse. Now you can start to get
	...

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