Five Minute Finance

Ep 7: Which account should I save money next?


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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 first
  • Saving for Emergencies
  • Finding free money (401k match and 529 state-tax deductions)
  • Health Savings Accounts (HSA)
  • Roth IRA and backdoor Roth contributions
  • 457 deferred compensation plans
  • SEP IRA, 529s and more

Resources:

  • Traditional vs. Roth IRAs
  • Health 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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Five Minute FinanceBy Mike Morton, CFP®, RLP®, ChFC®

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