Two more advantages of the HSA that many are not aware of: 1) It is exempt from FICA (not aware of another tax advantaged account that has this) 2) You can keep receipts from medical expenses that you paid OOP and be reimbursed years later (unlimited, like in 30 years), so keep those receipts in case you need money tax free in retirement. 2020 is the first year I am maxing out the HSA, but wish we were in a position to do it earlier.
@itsasmallworld314
3 жыл бұрын
Yes, this is a crazy benefit. Keep your receipts!
@rowenagarcia5729
3 жыл бұрын
Can you make a video of how and where you set up your roth ira and 529 for your son?
@eaglefoot23
3 жыл бұрын
Awww, thank you for sharing your old pictures with us too! You were so adorable! 💖
@bethanynissen
3 жыл бұрын
I just learned that you can invest your HSA money last year and I’m very interested about it. Can you go into detail about this topic?
@stephe3318
3 жыл бұрын
I really agree with the Roth one, I’m wondering how you manage your Roth. Do you do it yourself, a website, or do you have a financial planner?
@YouAreMySunshine1
2 жыл бұрын
Great video, hello from South Africa.
@ceciliaruns72
3 жыл бұрын
Great video! One money mistake is letting my husband manage all our finances while I was busy raising our 4 kids. He ended up not paying bills and taxes and when I checked my credit we had 60k in collections and 875K in federal income tax leins on my credit (he put my name in his business and lied about paying taxes) 🤤 I have since divorced him, but that was years of financial abuse I was unaware of because I was too "busy" raising family to be involved in the families finances. 5 years later I am still working on tax issues, but debt free except for my house and car. I would recommend every woman to take 100% responsibility of their finances even if married. Know where all the money is at all times!!!!!!! Lesson learned.
@TheBudgetingWife
3 жыл бұрын
I'm so sorry you're going through that!!
@monicaleite5058
3 жыл бұрын
I would even go as far as to say have you own money in you own name. I’m a supporter of his her and our regardless of your gender
@amandaavery2118
3 жыл бұрын
I loved the photos throughout! ❤
@financegrowthjourney9002
3 жыл бұрын
Great video - loved hearing about some of successful people's errors gives all us small ones some better hope :)
@TheBudgetingWife
3 жыл бұрын
Absolutely!
@alexus3479
3 жыл бұрын
Something my fiance and I are very proud of is graduating without any student loan debt. However we could not have done this if his parents didnt pay for his college. We have made a lot of sacrifices though. We are in a public university and we are not apart of Greek life. Thank you for sharing!
@TheBudgetingWife
3 жыл бұрын
That's amazing! Setting you guys up so well!
@itsasmallworld314
3 жыл бұрын
We max out our HSA and also pay anything we do use for health costs out of pocket. Save the receipts so that once it has grown over the next XX years, you can used those receipts for reimbursement.
@stephaniealmason9100
3 жыл бұрын
One mistake was opening a ROTH IRA but not knowing I needed to invest the funds. Yikes!
@TheBudgetingWife
3 жыл бұрын
Oh yes! That's a great reminder to make sure you do that!
@volleyjasmine
3 жыл бұрын
My bank takes $200 out every 2 weeks for the ROTH I have with them. Do I need to call them to see how they are investing the funds?
@moneyonthegoe
3 жыл бұрын
This was me as well 😝🥲. I just left my money in there for a year because I was afraid to make a mistake.
@StefanieAnna
3 жыл бұрын
My biggest regret is refinancing my loans in February of 2020. Literally one month before covid and federal student loans were paused. But because I refinanced I didn’t qualify. I keep trying to remind myself that there’s no way I could have known but man does it suck!!
@TheBudgetingWife
3 жыл бұрын
So hard... But yes, there's no way you would have known!
@Random_ZZ
3 жыл бұрын
Awesome tips and thanks for sharing with us!
@marissa9625
3 жыл бұрын
Hi Marissa- can you go into more detail on the HSA on a future video? Like how you’re using as an investment tool, etc. I’m contributing a $1000 but want to know more about it before i start maxing it out
@trackourmoney5340
3 жыл бұрын
Great video. I know I've made some of these too!
@louisesimply8756
3 жыл бұрын
Great Video! Thank You!
@rachel.c.p
3 жыл бұрын
My regret is not opening a Roth IRA a long time ago. I am 36 and just learned about it a few months ago and feel like I lost so much time when I could have been contributing. I opened it on January 1st, 2021 and plan to add to 2020 as much as I can before contributions close for 2020. I also plan to max out the $6000 for 2021.
@TheBudgetingWife
3 жыл бұрын
The Roth is awesome! Wish we would have started sooner too. But now is the next best time!
@blancajrodriguez
3 жыл бұрын
I agree! Check your paystubs! I’m a teacher and sometimes give up my prep period to sub. I track all the days I subbed and make sure that it reflects on my paystub. Believe it or not more than once a few of my sub periods were not on my paycheck!
@saraibucciarelli1821
Жыл бұрын
Okay best video yo u have done!
@kristinwb
3 жыл бұрын
HSA = triple tax advantaged, woot! I was nervous to switch to a high-deductible plan (HDHP), but in preparation, I spent 2020 saving up for my deductible in a sinking fund. Now that money is just sitting there in a high-yield savings, and hopefully I won't have to use it. This year I switched to a HDHP with HSA, and I am saving and investing in my HSA with the intention to not touch that money until retirement.
@TheBudgetingWife
3 жыл бұрын
That's great! Love the HSA!
@eaglefoot23
3 жыл бұрын
When you say, “high-yield savings”roughly what percentage is it making?
@kristinwb
3 жыл бұрын
@@eaglefoot23 my actual high-yield savings is pathetic right now. :(
@thesassymom
3 жыл бұрын
Great video! My biggest money regret lately is subscriptions! I have a list of subs I'm cancelling this week, money drains!
@TheBudgetingWife
3 жыл бұрын
Those subscriptions can get tricky!
@Beautybee17
3 жыл бұрын
When getting your first job out of university - make sure that your contract is okay. My first job I had to pay for my own sick days (which is kinda agaist the law in Denmark). I didn't know that. So make sure that your employer doesn't cheat you.
@TheBudgetingWife
3 жыл бұрын
Wow! How interesting. Good to read the full offer letter!
@UghUgh1234
3 жыл бұрын
Don’t turn in your HSA receipts! Do it later in life and let that money grow!!
@livingunashamed4869
3 жыл бұрын
Yeah I'm thinking about opening up a Roth while building my emergency fund.
@abigaillee8378
3 жыл бұрын
I would have spent less on food! It’s still he area that I struggle in overspending - but I am working to be more conscious each month. 👍🏻
@TheBudgetingWife
3 жыл бұрын
That can definitely be a budget buster for many!
@blessedwifeandmama
3 жыл бұрын
Same for me till i did cash envelopes for this category worked amazing
@hannahpresley694
3 жыл бұрын
I do think if you're getting a degree you can use to get a job, the debt is sometimes worth it, although thinking through the details is important. I will say, as someone who went to a public university(graduated in 2011, master's in 2013), they are useful but have drawbacks in terms of influence. The private Christian college would be great for that. My brother did some free community college in high school and then did two years at a private Christian school and graduated with a bachelor's. I thought that was a shrewd mix of the two needs(financial and spiritual).
@thejengallo
3 жыл бұрын
Loved this!
@UghUgh1234
3 жыл бұрын
Just a heads up...There are income limits for ROTH IRA.
@vidahappy-frugalspanglishv1528
3 жыл бұрын
Hi Marissa! Is great that your husband was able to get his money back, but it sucks that you were unable to get your fees back:(. Thank you for this video as always!💕😉🌸
@taylorgoshorn5516
3 жыл бұрын
I needed this type of video, thank you!
@minnienartanaid
3 жыл бұрын
I am about to turn 26 next month,, still paying off debt. I just recently learned about HSA as well so I changed my health plan for 2021 and my employer is going to be putting $1000 into it for the year. I started my ROTH IRA last year and my priority right now is to pay off debt so I haven't maxed out 2019 or 2020 and won't be for 2021, but the balance is sitting at 4k so I'm glad I started but like you said, wish I learned about it earlier on. Never too late
@TheBudgetingWife
3 жыл бұрын
That's amazing! The second best time is to start now. :)
@mrsmcdowell02
3 жыл бұрын
Since you own your own business, figure out a way to pay Peter for something (ie modeling for pictures for advertising, etc) and then open up a Roth IRA for him. My kids are a older (15,14 and 12) and we opened ones for them after paying them for something. Check with your tax person first.
@PIC0630
3 жыл бұрын
Your husbands employer is very generous. Unfortunately my employer doesn’t allow the HSA money to roll-over year-to-year.
@beckyschnabel9433
3 жыл бұрын
Are you sure your employer isn’t offering an FSA rather than an HSA? If you have a high deductible plan, they usually offer an HSA which can roll over year to year. An FSA is offered with a regular PPO type of plan and those by law, do not roll over.
@PIC0630
3 жыл бұрын
@@beckyschnabel9433 I’ll have to triple check. I could be mistaken as insurance lingo always confuses me lol thanks for pointing it out though I really appreciate it 🙂
@beckyschnabel9433
3 жыл бұрын
@@PIC0630 learning insurance lingo can for sure be very confusing at first. 😊
@lilimcsassy1102
3 жыл бұрын
I regret letting my ex-husband take care of all of the money, now I’m 37 and starting from scratch with a bunch of debt
@TheBudgetingWife
3 жыл бұрын
I'm so sorry you're in that position!
@abbssmiles2985
3 жыл бұрын
The Roth IRA account charged me a $10 fee. I'm currently looking into another bank to transfer my money 🤑
@jefferymccauley9548
3 жыл бұрын
I would have immediately switched banks if that happened to me with those $25 fees. That's awful they did that to you.
@UghUgh1234
3 жыл бұрын
You can do a 401K Roth with your employer!
@TheBudgetingWife
3 жыл бұрын
Yup! We do that too!
@emericdavis2558
3 жыл бұрын
Ah yes the youtuber saying minimum wage jobs arent real... both are jobs deserving respect
@turtlescanfly7
3 жыл бұрын
My boyfriend and I are both in law school, both graduating in May and both have 200k in student loans. We both have jobs lined up but ya the student loan debt is going to be a big setback in buying a house. I’ll be pursuing public service loan forgiveness and my employer will give me a monthly stipend for my loans, but we will have to budget a lot to pay down my boyfriends debt ASAP
@livinwiththeedges8283
3 жыл бұрын
Follow Lo Lo Mills.
@HB-kq4zw
3 жыл бұрын
Is there a minimum you have to have to open a roth ira?
@GenZFinance
3 жыл бұрын
you can only contribute money you earned that year! so if you don't have any taxable income from that year, you can't open one. other than that, the exact amount you need to open an IRA is going to depend on the brokerage or investment company you use to open one. Common options are: Fidelity, Charles Schwab, Vanguard, M1 Finance, Wealthfront, Betterment...etc.
@manfredmiller1937
3 жыл бұрын
$$$
@thisandthatmatt6937
3 жыл бұрын
If you're paying medical expenses out of pocket, you should still save your receipts for medical expenses. There is no limit as to when you can reimburse the medical expenses from your HSA. So after you're retired, you could choose to reimburse thousands of dollars worth of 20-30 year old medical expenses and take that money out of your HSA tax free
@mrsmcdowell02
3 жыл бұрын
Since you own your own business, figure out a way to pay Peter for something (ie modeling for pictures for advertising, etc) and then open up a Roth IRA for him. My kids are a older (15,14 and 12) and we opened ones for them after paying them for something. Check with your tax person first.
@eaglefoot23
3 жыл бұрын
I’m curious what you were able to pay your kids for, if you don’t mind sharing?
@mrsmcdowell02
3 жыл бұрын
@@eaglefoot23 Sure, we bred our dog in in 2020 (and we have puppies again right now) and we paid each child for work in taking care of the puppies. I checked with a tax advisor to make sure it was legal first. We are filing taxes on all of them and report that income, etc. My parents did something similar for me when I was a teen (not with puppies).
@UghUgh1234
3 жыл бұрын
Just a heads up...There are income limits for ROTH IRA.
@lilmerv
3 жыл бұрын
THIS! I was working to become an engineer (SW Technician at the time going to school, paid for by the company) and one day got into a conversation about ROTH IRA with the engineer I shared an office with and she said open the ROTH now and max it if you can... there's an income limit on it and its not hard to get over that limit as an engineer
@beckyschnabel9433
3 жыл бұрын
@@lilmerv yes there is an income limit but you should see if you are able to do a back door Roth.
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