This year, we have rolled out our financial education series. The goal of the series is to educate investors and individuals seeking to improve their finances, whether they are just starting out on their journey or are far along. We’ve covered topics such as “What Is A Dividend?” and “Who and What Is Vanguard?” and “What is the S&P 500?” Now, we wanted to cover a topic that can save individuals on their annual taxes, provide a savings account for health expenses, and the kicker, even provide investors with some additional dividend income. Sounds great, right? There are some catches. So let’s dive in an learn what a Health Savings Account is and some of the benefits that come along with it.
Taxes. Oh taxes how I loathe you. Last year in 2016 for 2015’s tax year, you got the best of me and received a nice check at the last day possible. After that moment in Mid-April of 2016, I did not want to go down that path again. I therefore, did y researched, spent time soul-searching for days, weeks and months to come to a plan. Finally, I will say this – I believe this year I kicked Uncle Sam’s ass, and I will show you how!
Now that we are entering December, it has been four full months at least since I have begun my maximization for tax-efficient investment vehicles. I have now been able to experience what it feels like to see my earned-cash be invested in the stock market on a bi-monthly basis, knowing where my end goal is. This article dawned on me when I updated my portfolio’s cost basis, share ownership and forward dividend income as I push through the last month. So what does it feel like and what have I learned from maximizing these investment accounts? Let’s find out!
Welcome back! After my first post, I am hoping things are heating up, especially due to over 12+ comments about strategy part one! I wanted a nice segway into this section, Part 2, on my trip to reduce taxes and invest MORE. This is possible everyone, VERY possible. The first portion of my strategy was to maximize my 401(k) with my employer, which will result, in this first year, a savings of OVER $5,000! However, as you guessed it, it does NOT end there.