What is hyper accumulation and pre paid future expenses?
What is hyper accumulation and pre paid future expenses?
"Save as much as you can" and "save for big purchases and/or healthcare/nursing home care" kind of stuff.What is hyper accumulation and pre paid future expenses?
I'm not a financial advisor so there might be better options. but I use Robinhood. They let you buy partial shares so I invest a little bit each week (can literally set a time to auto buy each week) in Apple, Microsoft and a couple ETFs. I can sell and get the money out in a few days if needed. No fees or anything like that to worry about. It is all money I hope I don't have to touch for a long time so not too worried about ups and downs (also invested in ETFs to reduce risk).This is all so new to me. Didn’t really start making investable money until 2021. Have been putting Monday into the traditional IRA, as well as an individual account getting traded the same way.
Currently 34, 35 in August. Make six figures in a commission based job, and only have rent, and monthly insurance on car as set in stone bills. Car is paid off, student loans paid off, as well. I don’t buy a lot of things except groceries, out to eat every so often, and things like concerts, trips, etc.
I just want to be able to put as much away somewhere as I possibly can while maintaining some liquidity for emergencies but no more than 20,000 I would think. I’ve talked to a lot of friends to see what they do, and none of this makes much sense to me. I don’t want to work longer than I have to, and while the money I am making is very good for my situation I want to be able to start investing for down the road to make not working sooner a possibility.
*forgot to mention we do not have an employer match retirement account. Just started our company 3 years ago and not quite at that point to do so yet.
Are you eligible for a Health Spending Account? I am not because my work insurance doesn't meet the guidelines, but many experts recommend using an HSA as an investment vehicle instead of saving for health care expenses. If you have a high deductible insurance, it may be another option for you. Watch some youtube videos on the subject.This is all so new to me. Didn’t really start making investable money until 2021. Have been putting Monday into the traditional IRA, as well as an individual account getting traded the same way.
Currently 34, 35 in August. Make six figures in a commission based job, and only have rent, and monthly insurance on car as set in stone bills. Car is paid off, student loans paid off, as well. I don’t buy a lot of things except groceries, out to eat every so often, and things like concerts, trips, etc.
I just want to be able to put as much away somewhere as I possibly can while maintaining some liquidity for emergencies but no more than 20,000 I would think. I’ve talked to a lot of friends to see what they do, and none of this makes much sense to me. I don’t want to work longer than I have to, and while the money I am making is very good for my situation I want to be able to start investing for down the road to make not working sooner a possibility.
*forgot to mention we do not have an employer match retirement account. Just started our company 3 years ago and not quite at that point to do so yet.
I've had an HSA since I was originally given the option. Up until last year I was lucky enough to only need to use it a couple of times. Since August I've taken about 6k out of it for medical. I still have about 60k in it.Are you eligible for a Health Spending Account? I am not because my work insurance doesn't meet the guidelines, but many experts recommend using an HSA as an investment vehicle instead of saving for health care expenses. If you have a high deductible insurance, it may be another option for you. Watch some youtube videos on the subject.
CD rates and High Yield Money Market rates are ok right now too if you are looking for options outside the market.
Hyper accumulation is getting into more advanced saving & investing vehicles (like after-tax brokerage accts, real estate, etc) as well as savvy tax planning.What is hyper accumulation and pre paid future expenses?
I wish I had the option of a HSA. It is my understanding that if you retire before age 65 and you aren’t yet eligible for Medicare, you can use money in your HSA to pay your medical coverage premiums.I've had an HSA since I was originally given the option. Up until last year I was lucky enough to only need to use it a couple of times. Since August I've taken about 6k out of it for medical. I still have about 60k in it.
They have some strange rules around HSAs. I do know that you can use it to reimburse yourself for you Medicare part B payments. But you can't use it for your part B supplemental insurance.I wish I had the option of a HSA. It is my understanding that if you retire before age 65 and you aren’t yet eligible for Medicare, you can use money in your HSA to pay your medical coverage premiums.
Everyone has very different ideas of how to invest as it’s a very personal thing based on a number of factors including risk plus the psychological element as well.This is all so new to me. Didn’t really start making investable money until 2021. Have been putting Monday into the traditional IRA, as well as an individual account getting traded the same way.
Currently 34, 35 in August. Make six figures in a commission based job, and only have rent, and monthly insurance on car as set in stone bills. Car is paid off, student loans paid off, as well. I don’t buy a lot of things except groceries, out to eat every so often, and things like concerts, trips, etc.
I just want to be able to put as much away somewhere as I possibly can while maintaining some liquidity for emergencies but no more than 20,000 I would think. I’ve talked to a lot of friends to see what they do, and none of this makes much sense to me. I don’t want to work longer than I have to, and while the money I am making is very good for my situation I want to be able to start investing for down the road to make not working sooner a possibility.
*forgot to mention we do not have an employer match retirement account. Just started our company 3 years ago and not quite at that point to do so yet.
Hyper accumulation is getting into more advanced saving & investing vehicles (like after-tax brokerage accts, real estate, etc) as well as savvy tax planning.
Pre-paid future expenses are like kids' college, weddings, vehicles, etc.
The structure of the FOO really speaks to me for prioritizing in which optimized sequence each level of financial independence should be achieved.
MoneyGuy.com
A policyholder should have a plan to pay back the loan from the policy's cash value.This is correct. In most policies, u have a fixed rate, as long as u are current, that u can borrow from the life insurance company at a low fixed rate. The Company will then take your cash value as collateral.
People who blindly follow Ramsey are idiots, some of the advice is solid but a lot of it is absolute trashThe Moneyguy show is awesome. It's like Dave Ramsey, but for people who aren't idiots.
Not that Ramsey followers are idiots, but if you're out of debt or understand basic budgeting, the Money Guy Show is probably more your speed.
People who blindly follow Ramsey are idiots, some of the advice is solid but a lot of it is absolute trash
Sure you can. If the prevailing car loan rate is 8 or 9% and you can borrow from yourself at 5%, then borrow from yourself at 5%.A policyholder should have a plan to pay back the loan from the policy's cash value.
This is the correct answer +1 gold star.
Where do you all keep you emergency fund. I've looked into hysa, but using a vanguard money market settlement fund or similar seems popular too.
Pensions especially insurance coverage are wonderfulRetired at 60 with 1.8M I have a great pension, HSA, an income annuity and SS. won’t have to touch my IRAs for many years. I always wanted to RV travel and lucky to do it now while I am healthy.