Ep 7: Which account should I save money next? episode artwork

EPISODE · Mar 30, 2021 · 22 MIN

Ep 7: Which account should I save money next?

from Five Minute Finance

From savings to brokerage, 401ks, HSA, and 529 accounts: there are a lot of accounts to choose from! Where should you focus your savings? What is the "right" account to put your money to save on taxes and grow it for the future? Today we discuss the order of account funding, which accounts to focus on first, second and third. Listen as we discuss:Paying off high-interest debt firstSaving for EmergenciesFinding free money (401k match and 529 state-tax deductions)Health Savings Accounts (HSA)Roth IRA and backdoor Roth contributions457 deferred compensation plansSEP IRA, 529s and moreResources:Traditional vs. Roth IRAsHealth Savings Account (HSA)Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

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Ep 7: Which account should I save money next?

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