MtoM #210: Engineer Becomes a Multimillionaire with a Six Figure HSA and Finance 101: FIRE
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Feb 17, 2025
An automotive engineer shares their journey to building a six-figure Health Savings Account and attaining a net worth of over $2 million. They emphasize that financial success doesn't require a massive salary but rather a disciplined saving mindset. The discussion dives into optimizing Health Savings Accounts for tax and investment benefits. Listeners learn about the importance of financial independence and working on their own terms, with practical advice for aspiring professionals looking to achieve similar financial milestones.
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Six-Figure HSA Milestone
Ben, an automotive engineer, celebrates reaching a six-figure HSA balance.
This milestone was a long-term goal, made harder by annual contribution limits.
volunteer_activism ADVICE
Maximize HSA and Track Expenses
Maximize HSA contributions, including after-tax contributions with tax deductions.
Save HSA receipts to cover emergencies, freeing up other funds for investment.
insights INSIGHT
Multimillionaire with Modest Income
Ben reached multimillionaire status in 13 years with a household income between $75k and $220k.
He consistently maintained a high savings rate, averaging at least 50% of net income.
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Today we are talking with an Automotive Engineer who has built a 6 figure HSA and gown his net worth to over $2 million. He shows us that you do not have to make a half a million dollars or more a year to become a millionaire or to reach FIRE. He has a massive savings rate and got started right out of school. 13 years later he is well on his way to financial independence. He said it has always been important to him to have freedom and independence to choose what he wants to do without worrying about finances. He wants to be able to serve his community and maybe even teach personal finance when he is no longer working full time. After the interview we are going to talk about FIRE for Finance 101.
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