Should I Pay Off Student Loans OR Start Investing NOW?! - Money Q&A
Jul 15, 2024
auto_awesome
The podcast discusses whether to pay off student loans or start investing, using a 401(k) for buying a business, and using FSA and HSA on different health plans. It also covers strategies for debt payoff, wealth building with student loans, financial planning, business growth, and retirement fund usage for business ventures.
41:31
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Consider utilizing the SAVE plan to balance student loan repayment and investment growth.
Evaluate the risks and benefits of using retirement funds for business ventures.
Understand the disparities between HSAs and FSAs for optimal health plan management.
Deep dives
Investing in Real Estate via Fundrise
Fundrise provides an accessible way to invest in real estate through its flagship fund, aiming to expand its billion-dollar real estate portfolio amidst dropping demand and falling prices. Investors can add the Fundrise flagship fund, starting from $10, to their portfolios conveniently in minutes, while being mindful of investment objectives and risks.
Student Loans vs. Investing
A listener inquired about strategies for managing student loans versus investing. The SAVE plan was discussed, outlining how it helps borrowers manage student loans by subsidizing accrued interest, with potential forgiveness after 20-25 years. The importance of weighing between aggressively paying off loans and leveraging compound interest for investment growth was highlighted.
Using Retirement Funds for Business Ventures
The podcast addressed the complexity of using retirement funds for business ventures, emphasizing the risks and benefits. It compared self-directed IRAs with Rollover for Business Startups (ROBS), cautioning against compromising retirement savings for entrepreneurial endeavors. The pros and cons of utilizing retirement funds for starting or buying a business were thoroughly explored.
Navigating Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)
Differences between HSAs and FSAs were explained, with a focus on eligibility criteria and tax benefits. The discussion revolved around managing these accounts when transitioning to a non-high deductible health plan, highlighting the importance of understanding overlapping coverage, tax advantages, and considerations for utilizing existing funds.
Conclusion and Audience Appreciation
The episode concluded by expressing gratitude to the audience for investing in personal finance education. Emphasis was placed on the belief that every individual can build wealth by taking incremental steps towards financial independence, encouraging listeners to continue their journey of self-improvement and wealth building.
In this episode of the Personal Finance Podcast, we're going to do a Money Q&A about should I pay off student loans or start investing now?
Today we are going to answer these questions:
Question 1: Should I Pay Off Student Loans OR Start Investing NOW?
Question 2: Should I Use MY 401(k) To Buy A Business?! (Pros & Cons)
Question 3: Can I Use an FSA and HSA on Different Health Plans?
How Andrew Can Help You:
Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count!
Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here!
Learn to invest by joining Index Fund Pro! This is Andrew’s course teaching you how to invest!