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☆ Millennials on track to retire early are maxing out HSAs to supplement their savings. Here's who is eligible for this account and how to use it to grow your money.
▼ + stars: | 2024-10-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

HSAs require enrollment in a high-deductible health plan, suitable for healthy individuals. After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. You'll have to move your money from your HSA to your HSA investment account. Brent Weiss, a certified financial planner, told BI that he invests his HSA money in a target-date fund: "I'm not getting fancy. Not touching your HSA funds means covering your medical expenses out of pocket, which is what Grant and the Schlagbaums do.

Persons: —, Amberly Grant, Grant, she's maxed, Brennan, Erin Schlagbaum, HSAs, it's, it'll, Brent Weiss, I'm, you've Organizations: Service, IRA, IRS

☆ A millennial lived on $15,000 a year to retire early. She opens up about the challenges and her new approach to FIRE: 'There are going to be expensive seasons'
▼ + stars: | 2024-10-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. AdvertisementGrant figured that if she continued investing most of her income in index funds, she could retire by 40. "There are going to be expensive seasons and not-so-expensive seasons." Grant (right) says one of her main goals is building community among individuals pursuing FIRE.

Persons: Grant, She's, —, Amberly Grant, I've, I'm, she's, it's, it'll Organizations: FIRE, Service, Mr, Facebook Locations: Vegas, Colorado

☆ A 36-year-old on track to retire early didn't earn more than $15,000 a year until her late 20s. She explains how she increased her income and how she invests.
▼ + stars: | 2024-10-13 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Amberly Grant achieved 'coast FIRE' by increasing her income and investing the excess. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . She's also created an additional income stream by purchasing two investment properties and setting up long- and short-term rentals. However, once you reach age 65, you can use your HSA money to cover any expense without incurring a penalty. While Grant can use her HSA funds for medical costs right now, she chooses to pay out-of-pocket so her HSA money can continue to grow and compound.

Persons: Amberly Grant, —, she'd, Grant, it'll, she's, who's, it's, She's, I've, Roth, what's, I'm Organizations: IRA, Service, Leeds School of Business, Boulder, FIRE Locations: Portland, San Francisco

☆ A 36-year-old who hit 'coast FIRE' by maxing out 3 investment accounts explains how she saved over half her 5-figure income
▼ + stars: | 2024-10-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Amberly Grant achieved 'coast FIRE' by saving 75% of her income and investing in index funds. AdvertisementFor years, Amberly Grant didn't earn enough money to save for her future. Rather than spend money on a heating system, "we just decided to be kind of cold," said Grant. Grant refused to spend money on haircuts and manicures. Maxing out 3 investment accounts and achieving 'coast FIRE'By keeping her monthly expenses around $1,300, Grant was able to save about 75% of her pre-tax income right after graduating.

Persons: Amberly Grant, Roth, —, Amberly Grant didn't, I've, Grant, I'd, she's, it'll Organizations: Roth IRA, Service, Leeds School of Business, Reading, IRA, BI Locations: Thailand, Sydney, Denver, Portland, San Francisco, Vegas, Colorado

All told, between her properties and her retirement savings, Grant has a net worth of about $835,000. Boosting her income and supercharging her savingsDetermined to start making more money, Grant enrolled at the Community College of Denver at 25. She bounced around jobs for a bit before finding her first gig making "real" money at 29. Even though her partner, a Canadian, is waiting on a U.S. visa and can't currently work, they still manage to stash nearly 70% of Grant's income. Theoretically, Grant's real estate income alone is enough to cover her living expenses, which makes her job dispensable.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow I built $835,000 in net worth by age 34 to retire earlyAmberly Grant, 34, vowed to be a millionaire after reading her first finance book at age 15. Then, in college, she discovered the FIRE movement, which stands for financial independence, retire early, and began working toward her dream of retiring early. Living in Denver, she was hired as a full-time project manager, started investing in real estate and launched a financial education side hustle. Today, Grant has accumulated a net worth of $835,000, and recently welcomed her first child.

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