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☆ How I'm setting my daughters up to have $1 million each by the time they turn 30
▼ + stars: | 2024-11-30 | by ( Jane Zhang | ) www.businessinsider.com time to read: +7 min

Their goal is to leave each daughter with over $1 million by the time they are 30. Related storiesI want my kids to be trust fund babies who see money as a toolI'm not of the belief that you should just hand your kids money. Taxable brokerage accountThe second type of account we have for both of our daughters is a taxable brokerage account. AdvertisementWe want to let the money that's being invested for them grow for quite some time, so they probably won't touch the brokerage account money until they're 22 and fully in the adult world. AdvertisementI'd rather give my kids now than wait until I dieI think it's silly to wait to give our kids money.

Persons: Brennan Schlagbaum, Roth, Budgetdog, — Logan, Ellie, —, that's, Logan, I'd, They're, we'll, we're, Jane Zhang Organizations: Deloitte Locations: Dallas, Fort Worth, Logan

☆ A 31-year-old CPA who has built a 7-figure net worth keeps about $5,000 in cash reserves and invests the rest of his money: 'I try to get rid of my cash ASAP'
▼ + stars: | 2023-07-18 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

That means having very little money in cash accounts and even foregoing an emergency fund. Brennan Schlagbaum doesn't like to keep much of his net worth in cash accounts. Schlagbaum has the luxury of not needing to keep a lot of money in an emergency fund. "We have the ability to pull that money tax-free at any point in the future," he noted. He doesn't consider it an emergency fund.

Persons: Brennan Schlagbaum, Schlagbaum, Erin didn't, Erin, they're, they've, I've, he's, I'm, Brennan Schlagbaum Schlagbaum Organizations: CPA Locations: Cincinnati, Arlington , Texas

☆ A 31-year-old millionaire who has 7 different types of investment accounts says that his HSA is 'my favorite by far' — and explains how he's using it to build long-term wealth
▼ + stars: | 2023-07-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Of all of his different types of accounts, his favorite is his health savings account (HSA). He and Erin, who own their primary residence in Texas outright, owe $12,000 in property taxes each year, so they send $1,000 a month to a high-yield savings account to cover that expense. High-yield savings accounts, which earn multiple times more than a traditional savings account, typically return between 3.40% APY and 4.25% APY. (That's if you're under 65; after 65, you can use your HSA money to cover any expense without incurring a penalty.) HSA accounts, unlike FSAs (flexible spending accounts, which are another type of account that can help with health care costs) don't have a "use it or lose it" policy.

Persons: Brennan Schlagbaum, Erin, Brennan, Schlagbaum, Erin Schlagbaum, Dravet, It's Locations: IRAs, Texas

☆ A couple in their 30s that hit a net worth of $1 million have more than 95% of their stock portfolio invested in 3 index funds and the rest in one individual stock. Take a look at their portfolio.
▼ + stars: | 2023-07-13 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Once they were debt-free, they went all-in on index funds. But once they were debt-free and in the position to start investing, they went all-in on index funds. He selected three specific index funds to invest in: the Vanguard Total Stock Market Index Fund (VTSAX), the Vanguard Total International Stock Index Fund (VTIAX), and the Vanguard Emerging Markets Stock Index Fund (VEMAX). Courtesy of Brennan and Erin SchlagbaumMore than 95% of his and Erin's stock market money is in one of these three funds. There are three things that wealthy people invest in: the stock market, business, and real estate.

Persons: Brennan, Erin Schlagbaum, That's, He's, Brennan Schlagbaum, Schlagbaum, it's, Crypto, Brennan Schlagbaum Schlagbaum Organizations: CPA, Market Index, Vanguard, Index, SEC Locations: Arlington , Texas, Texas

☆ A couple in their 30s that paid off their $234,000 mortgage in 5 years and hit a net worth of over $1 million explain how they invest their money and why they only keep $10,000 in their checking accou
▼ + stars: | 2023-02-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Brennan and Erin Schlagbaum went from being deep in debt to a net worth of over $1 million. They also have two health savings accounts (HSAs), which let them contribute pre-tax dollars for health costs but can also be investment accounts and used to supplement their retirement accounts. Note that these accounts are called "taxable" because your investment income is subject to capital gains taxes. Accounts for their daughterBrennan and Erin have opened three investment accounts for their 16-month-old daughter: a Roth IRA, a brokerage account, and a 529 plan. The Schlagbaums have opened various investment accounts for their daughter.

☆ How to achieve financial freedom, according to 11 couples and individuals under 40 who've done it
▼ + stars: | 2022-09-26 | by ( Business Insider | ) www.businessinsider.com time to read: +15 min

For many people, financial freedom means being able to retire early and work only by choice. He believes that real estate is the most tried-and-true way to build wealth, but he also invests in the stock market. If you want to achieve financial freedom and retire early, put in the hours, he advised. "As long as you can live within your means, and you understand your basic necessities, then it's very possible to create financial freedom." "Entrepreneurship has really accelerated our own path to financial freedom, which I would say we have achieved."

☆ 'Super savers' share 7 strategies they use to save more than half of their income
▼ + stars: | 2022-06-21 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +10 min

'Super savers' who save more than 50% of their income track their spending and set specific goals. They also focus on increasing their income so they have more money to save. Insider rounded up seven savings tactics from "super savers," or people who are setting aside more than 50% of their income, to help you keep more of what you make. Focus on cutting the other 2 major expenses: food and transportationSuper savers will often focus on cutting "the big three expenses": housing, food, and transportation. If you're trying to save money on transportation, use public transit to get around if it's available in your area.

☆ A couple paid off their $234,000 mortgage in 5 years and are on track to be millionaires in their 30s. Here are the savings and investment strategies they use.
▼ + stars: | 2022-01-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +10 min

During that time, they also paid off Brennan's $38,500 in student loans, two cars, an engagement ring, and a bed. Brennan graduated from college in 2014 with a finance degree, a couple of major expenses, and no immediate income. Here's how the couple paid off their six-figure debt and plan to hit a net worth of $1 million in 2022. In June 2021, one of their highest-earning months with Budgetdog, they threw an extra $30,000 at the mortgage, Brennan said. "September was the first month that we didn't have a mortgage and we saved 75% of our income," said Brennan.

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