Arguably, the most important type of account you can have
This is one of the best investing tools out there.
You can invest money in the market and use this as a savings account for the future. Basically you are self-insuring.
The best part are the tax advantages.
1. What is the health savings account?
The government allows individuals to invest into a Health Savings Account.You have to enroll in a high-deductible health insurance plan. And then an individual can put money into this account in order to save for future health care expenses. It is basically a sinking fund for your health care expenses.
I believe in getting ahead of your money. This just means saving money for large purchases you are going to make in the future.
House, car, iphone etc.
Create a savings account for everything in your life that you know you are going to spend money on. Then start allocating money toward those goals. Prioritize which ones are more important. But make sure the bucket is fully funded before you make that car or iphone purchase. The idea is to help you avoid bad debt and built up wealth over time.
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