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HSA: How to Beat Taxes Like the Rich

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The rich have a different focus. They're not worried about saving for retirement—they’re worried about passing their wealth to heirs without paying too much in taxes.  Taxes are their biggest enemy. And they've figured out how to avoid them. For the rest of us, we don’t have millions to protect. But there’s a powerful tool we can use to save on taxes. It’s called the Health Savings Account (HSA).  Here’s how it works. True Story  I recently went to the eye doctor. Here’s what I spent: Extra test: $39 Ray-Ban frames: $375 Total cost: $414 that I paid with my HSA card. Because the money in my HSA is pre-tax, I didn’t need to earn as much to cover the cost. Pre-Tax vs. Post-Tax Spending Let’s say you're in a 24% federal tax bracket, and you also pay 5% state tax. Your total tax rate would be 29%. Without an HSA (Post-Tax): To pay $39 for the eye test, you’d need $54.93 before taxes.  To pay $375 for the frames, you’d need $528.17 before taxes.  For the total ...
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Changing the Narrative: How Insurance Empowers Your Goals

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Life is like an improv show. You get the script, but the plot twists are  unpredictable.

Life doesn’t always go as planned. Insurance is your safety net for when things go wrong.

Protect Your Health and Finances

Health insurance is essential. It keeps medical costs from overwhelming your budget, covering everything from routine check-ups to unexpected emergencies.

Without it, a hospital visit could set you back thousands. With it, you protect your wallet and focus on staying healthy.

Provide for Your Loved Ones

Life insurance isn’t just about planning for the worst. It’s about making sure your family has financial support when you’re not there.

It can cover daily expenses, mortgage payments, or education costs. It gives your loved ones stability when they need it most.

Safeguard Your Income

Your ability to work is the backbone of your finances. Disability insurance protects you if an illness or injury prevents you from earning.

It replaces lost income so you can keep paying bills and supporting your family without draining your savings.

Make Insurance Part of Your Plan

Insurance isn’t just for disasters. It’s a key part of a solid financial strategy.

Health, life, and disability insurance provide security so you can focus on your goals—whether it’s buying a home, starting a family, or saving for retirement.

Having the right coverage means you’re prepared for the unexpected. It’s not just protection; it’s a foundation for a secure future.





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Comments

  1. Alex MJuly 10, 2024 at 9:53 AM

    Great article! Life really is unpredictable!

    ReplyDelete
  2. Emily RJuly 13, 2024 at 5:55 PM

    Didn't think of it that way insurance does take care of loved ones. Good one...

    ReplyDelete
    Replies
    1. G LaBrancheJuly 13, 2024 at 5:57 PM

      I myself had a negative assumption whenever I would hear life insurance. Now, I see it as "caring for loved ones"

      Delete

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