"I'm 28 with $120K - Can I Slow Down on Investing?"
Feb 5, 2024
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In this podcast, they discuss topics such as investment strategies, maximizing contributions, benefits of informed delivery for mail, balancing investing and family, and the role of generosity in financial order of operations.
When starting to invest funds in an HSA account, consider individual financial goals and circumstances.
Opening a solo 401(k) for side hustlers can save for retirement, but contribution limits should be considered.
Deep dives
Investing in HSA Accounts
When starting to invest funds in an HSA account, it is important to consider individual financial goals and circumstances. For those in the early stages of their financial journey, it may be wise to keep a portion of the HSA in cash for emergencies, while investing the remainder. As financial situations improve, more of the HSA funds can be allocated towards investments.
Maximizing Solo 401(k) Contributions
For individuals with a side hustle or self-employment income, opening a solo 401(k) can provide an opportunity to save for retirement. It is important to consider contribution limits and not exceed them in order to avoid penalties. Additionally, the financial order of operations should be evaluated to determine if it's appropriate to focus on other savings goals first.
Balancing Investing and Changing Life Circumstances
As life circumstances change, such as having a new baby, it may be necessary to reassess investing strategies. While it is important to continue saving and investing, adjustments may need to be made to accommodate potential changes in income or expenses. It is essential to strike a balance between current and future financial goals to ensure long-term financial stability.
Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
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