MINISODE: Hurricane Hiatus - An Update on the Wealth by Design Podcast
Wealth by Design
Hello, loyal listeners! We wanted to let you know that we have a quick update on the podcast and a few things that are happening over at Toujours Planning right now. As you may know, we are a Lake Charles-based business and family, and our community, homes, and offices were devastated by Hurricane Laura in August.
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MINISODE: Do You Need a Financial Advisor or a Certified Financial Planner™?
Wealth by Design
Do you need a financial planner? A financial advisor? An investment professional? A money coach? And what are those initials after their names?!
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MINISODE: Are You Falling into This Stock Market Trap?
Wealth by Design
In this minisode, Dustin breaks down the Sir Templeton’s quote: “Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.”. He also discusses timing the stock market, why it’s a bad idea, and what you should do instead.
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MINISODE: Should You Have a Joint Account with Your Partner?
Wealth by Design
We’ll keep the intrigue to a minimum. In our opinion, the answer to this question is a resounding yes. Sharing your finances with your partner builds trust. Keeping them separate can breed suspicion and worry.
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MINISODE: When Stock Markets Dip and Bounce Back
Wealth by Design
In this minisode, Dustin recaps what a stock actually is and how stocks are bought and sold. He discusses how people’s emotions cause those peaks and valleys in the stock market, and how you can avoid that dangerous herd mentality when it comes to your own investing.
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112: Growing a Business & Wealth with Katell and Jon of Reverielane
Wealth by Design
Katell and Jon, a husband and wife design team, are founders of Reverielane, a purpose-driven brand and web design firm.
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[Summer Remix] 102: Net Worth is King
Wealth by Design
We talk about fear a lot on our podcast. Fear is natural and, TBH, necessary. But fear can also make you focus on the wrong thing when it comes to your net worth. Paying down debt rather than building up your assets, to be specific. And that’s what we discuss in this week’s episode: where our fear of the “debt boogeyman” comes from, our three-step strategy on how to overcome it, and what part of your finances you should be focusing on instead.
info_outline![[Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy? show art](https://assets.libsyn.com/content/78672425?height=50&width=50)
[Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy?
Wealth by Design
The robots have taken over. Just kidding. But, they have taken over a major chunk of the financial industry in the form of robo-advisors. But the truth is, we think robo-advisors are actually pretty useful. Of course, there’s a time and a place to use them, which is exactly what we cover in this episode of Wealth by Design.
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[Summer Remix] 100: High Yield Savings vs. Stocks: Who Wins?
Wealth by Design
There are a lot of misconceptions about investing in the stock market, thanks to fear-mongering in the news, horror stories from family and friends, and a lack of education about the stock market in general. Your fears may also be why high yield savings seems like the better option for your money. In this episode, we talked about the differences between high yield savings and stocks. We know you’re probably a big fan of saving because it’s “safe,” right? Well, we’re about to rock your world.
info_outline![[Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset show art](https://assets.libsyn.com/content/77653853?height=50&width=50)
[Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset
Wealth by Design
The concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn’t have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.
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Have you ever wondered what a health savings account is? Or maybe you know what it is, but you’re not sure if you need one. Perhaps you already have an HSA, but you’re not sure what’s so great about it. On episode 48 we discuss everything you need to know about HSA’s. A listener recently asked if they should contribute to a health savings account, and we are glad she did because this gives us the opportunity to share everything we know about HSA’s. Listen to this episode of Worth It to hear how to maximize your health savings account.
Here’s What You’ll Learn
- [2:42] What is a health savings account?
- [5:08] Why are HSA’s considered crown jewels of savings plans?
- [7:17] What are more benefits to HSA’s?
- [14:28] You can pay for medical expenses at a later date
- [17:23] What is something HSA’s can’t do?
- [19:55] What else can you use an HSA for?
What is a health savings account or HSA?
A health savings account or, HSA, is a savings account used only for medical expenses. There are a couple of ways that you can set one up. Health savings accounts began in 2003 to help Americans with their medical costs. Individuals can add $3400 a year to their HSA and families can add $6900. One of the requirements of an HSA is that you have to have a high deductible health insurance policy. After you set up an account you’ll receive a debit card in which you can pay your health expenses. Listen to this episode to hear all about HSA’s and how you can make the most of your HSA.
Why are HSA’s considered crown jewels of savings plans?
All savings accounts aspire to be like the HSA. Health savings accounts are a diamond in the rough. They are the only type of savings account that has triple tax benefits. This account escapes payroll taxes as well as regular income taxes. When you pull money out of it you also don’t have to pay taxes. Another benefit is that while your money is in the health savings account you can invest it tax-free. Are you intrigued yet? Hear about all of the benefits of HSA’s on this episode of Worth It.
How can you set up an HSA?
There are a couple of different ways you can set up an HSA. You can have it deducted through your paycheck if your employer offers this benefit or you can set one up manually. HSA’s can only be used if you have a high deductible health insurance plan. If you are in the sign-up period it is a good idea to consider how much you spent on medical expenses during the last year to decide how much you would like to contribute. If you are able you should contribute the maximum amount possible to receive the largest tax benefits. Listen to this episode to hear how you can open your own health savings account.
What are more benefits to HSA’s?
With an IRA you get tax benefits either going into it or pulling money out of it. The HSA is the only type of account where you can receive tax benefits on both sides of the equation. Another benefit is if you can open an HSA up with your employer through a payroll deduction you receive added savings of not having to pay payroll taxes on that money. In addition to the triple tax benefits, you can use your HSA to cover many types of healthcare costs. Health savings accounts can be used for dental expenses and even eye exams. Listen to this episode of Worth It to hear about all of the benefits to HSA’s.
Resources & People Mentioned
Connect With Danielle and Dustin
- Connect with Dustin on Twitter: @DRGranger