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☆ A FIRE blogger decided to test the benefits of the popular triple-tax advantaged HSA. He explains why it wasn't worth the hassle and wants to switch health insurance plans in 2025.
▼ + stars: | 2024-11-20 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

AdvertisementAndre Nader switched from an EPO health insurance plan to an HDHP to get access to an HSA. He plans to switch back to an EPO plan in 2025 for simplicity. AdvertisementIn 2024, he decided to put the popular, triple tax-advantaged health savings account (HSA) to the test. You can invest your HSA funds (the investment options vary by provider), and your contributions and earnings grow tax-free. Not touching your HSA funds means covering your medical expenses out of pocket, which is what Nader did throughout 2024.

Persons: Andre Nader, Nader, Nader didn't, he'd, isn't, he'll, HSA Organizations: FIRE, IRA Locations: San Francisco

☆ A 37-year-old who built a seven-figure net worth and considers himself 'semi-FIRE'd' explains how his investment strategy has evolved since picking stocks and 'gambling' money in his 20s
▼ + stars: | 2024-11-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

AdvertisementAndre Nader found himself in a financial hole after losing money trading options. He shifted his investment strategy and started buying low-cost index funds. He owns various Fidelity and Vanguard index funds, including VTI and VXUS. Andre Nader lost a good chunk of money in the stock market in his early 20s. Nader, who considers himself "semi-FIRE'd" since his wife still works, owns various Fidelity and Vanguard index funds.

Persons: Andre Nader, VXUS, Nader, Nader —, —, I've Organizations: Fidelity, Vanguard, Bogleheads, Meta, Market, Index Fund Locations: San Francisco

☆ An ex-Meta employee calculated that his family of 3 needs $5.6 million to retire in San Francisco. Here's the formula he used and how he plans to hit his 'enough number.'
▼ + stars: | 2024-11-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

When Andre Nader got laid off, he and his wife had enough in savings that he didn't have to job search. To go from 'semi FIRE' to 'full FIRE,' he calculated his family of 3 would need $5.6 million. He and his wife were living and working full-time in tech in San Francisco, raising a toddler, and loosely planning on eventually leaving the expensive Bay Area. His "enough number" is also different — it's closer to $5.6 million, he told Business Insider. His "enough number" is constantly shifting, but here's how he came up with $5.6 million for a family of three living in San Francisco.

Persons: Andre Nader, doesn't, —, Meta, Nader, They'd, I'm, I've, outsized, he's, Roth Organizations: Service, FIRE, Affordable, UC, Social Security, Vanguard, Market, Index Fund Locations: San Francisco, Meta, California

☆ 3 individuals who turned their reselling side hustles into full-time gigs share their strategies for finding profitable products
▼ + stars: | 2024-11-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

BI has spoken with entrepreneurs who make money buying and reselling items on sites like eBay. AdvertisementBusiness Insider has spoken with a handful of individuals who have had so much success reselling items as a side hustle that they quit their day jobs to do it full-time. Richard S. advises looking at what is selling well by browsing the "sold items" section of your category on eBay for 30 minutes a day. In the reselling business, "it doesn't matter what I think is cool," he said. Richard S. inside his vintage clothing store, The Spot, in Coral Springs, Florida.

Persons: —, Richard S, curating, Kendall VanGilder, Antonia Wade He, Val Zapata, VanGilder, Zapata, Val Zapata Richard S, Ralph Lauren, he's, Roger Federer, Rafael Nadal, she'll, I'd, He's Organizations: eBay, Service, Nike Locations: Lululemon, Germany, Coral Springs , Florida

☆ A full-time eBay reseller who spent no money upfront explains how to start on a budget — and 2 worthwhile purchases for any reseller
▼ + stars: | 2024-11-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Kendall VanGilder turned her eBay side hustle into a full-time business in 2024. She's made several strategic purchases that have helped her grow her business, including LED lights. Kendall VanGilder, who started listing apparel on eBay in 2022, turned the side hustle into a full-time business in 2024. As for inventory, "you can go into your closet or other places throughout your house and list things, and as long as you're making money on what you're listing, then you can take that money and reinvest it." Worthwhile purchases for a reseller: LED lights and a thermal printerVanGilder says two business-related purchases have been completely worth the money: LED lights and a thermal printer.

Persons: Kendall VanGilder, She's, —, I've, VanGilder, that's Organizations: eBay, Service, Salvation Army, Urban, The Salvation Army, USPS Locations: TikTok, Cheapskate

☆ A 29-year-old thrifter who replaced her 9-to-5 income reselling clothes on eBay shares the strategies she uses to find profitable items
▼ + stars: | 2024-11-07 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Kendall VanGilder turned thrifting into a full-time reselling business in 2024. The hobby grew on her with time, and one particular trip to Goodwill "changed my viewpoint on thrifting," she recalled. The majority of her income comes from her eBay store, Style Secondhand. Sometimes it's not, but a lot of times the combination of those things I look for make it a really good item." Advertisement"Those are out there and waiting to be found at a thrift store or a buy-sell-trade store," she said.

Persons: Kendall VanGilder, —, thrifting, I've, VanGilder, Lululemon, she's, it's, she'll, I'd, Tom Ford hoodie Organizations: eBay, Service, Business, Urban Outfitters, BI, Salvation Army, Goodwill Locations: Lululemon, That's, Cheapskate, reselling, Italy

☆ Months into launching a pickleball eCommerce company with $10,000, I'm already over budget. Here are all of my startup costs, including a surprise $2,095 expense.
▼ + stars: | 2024-11-05 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

My friend and I budgeted $10,000 to launch a pickleball paddle company. Our product, pickleball paddles, would be more expensive to produce. Keeping our business money separate from our personal funds seemed like a smart bookkeeping move — and it made us feel more legit. We're working with a product sourcing company, 330 Trading, which helps eCommerce businesses connect with factories to manufacture their product. Between prototypes and a shipment of 20 of our final product paddles (seven of which went to USAP for testing), we've spent about $1,475.

Persons: —, I'd, we'd, hemming, hawing, USAP, we've, Kathleen Elkins Organizations: Service, Mercury, Shipping Locations: eCommerce, LA

☆ A finance professional who wound up in credit card debt after 'doom spending' explains how she got out of the red and changed her money mindset
▼ + stars: | 2024-10-30 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Despite a solid financial background, Alejandra Rojas found herself in five-figure credit card debt. "I graduated as a finance professional, so I knew every strategy in the book on how to save, how to get out of debt," said Rojas. After landing a job as a financial officer in Washington DC, she started spending more than she was earning and found herself in a $10,000 hole. "I got into credit card debt from mindless spending — what you would now call 'doom spending,'" said Rojas. AdvertisementRojas, now 29, said it took her six to seven months to pay off her credit card debt.

Persons: Alejandra Rojas, —, Rojas, Alejandra Rojas Rojas, overspending, Rojas didn't, I'm Organizations: Service, Washington DC, DC Locations: Cali , Colombia, Washington, Maryland, Amsterdam

☆ A real-estate investor says he's cracked the code to producing 'at least $1,000 of positive cash flow every month,' but his rent-by-the-room strategy isn't for everyone
▼ + stars: | 2024-10-29 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Peter Keane-Rivera owns single-family homes that he rents by the room to maximize cash flow. He's shopping around for a third home, as his rent-by-the-room strategy has generated healthy cash flow. Advertisement"I know how to upgrade properties to make them produce at least $1,000 of positive cash flow every month," said Keane-Rivera. Renting by the room is more hands-on and not for everyone, but can create more cash flow and lower your overall risk. "You diversify your cash flow by having four tenants under one roof instead of one," said Keane-Rivera.

Persons: Peter Keane, Rivera, —, " Keane, Keane, I'd, it's Organizations: Service, Business, Facebook Locations: Seattle, Roomster

☆ My friend and I pooled $10,000 to start an eCommerce company. After months of brainstorming products, we chose pickleball paddles.
▼ + stars: | 2024-10-26 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

My friend and I decided to start an eCommerce company on a $10,000 budget. After consulting experts and using data from Helium 10, we chose pickleball paddles. AdvertisementAfter pinpointing our category, the next step was listing specific product ideas. Here's the data we pulled on "tennis shock absorbers," "tennis grip tape," and "pickleball paddles." We ultimately narrowed the list down to overgrips (a cloth-like tape that you wrap around the grip of a racket) and pickleball paddles.

Persons: —, eCommerce, Joe Reeves, Tyler Walter, recreationally, Reeves, Kathleen Elkins, they'd, Walter, nix Organizations: Service

☆ Real-estate investors agree: Short-term rentals bring in more money but cause headaches. Here's the 'sweet spot' some are shifting to.
▼ + stars: | 2024-10-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Investors agree: Short-term rentals are more lucrative but require more time than long-term rentals. Grant puts up with the occasional blow-up because her Airbnb units bring in a lot more money than her long-term rentals. Especially with higher interest rates, which increase your monthly mortgage payment, "long-term rentals are just hard," said seasoned real-estate investor Zeona McIntyre. Courtesy of Amberly GrantFull-time real-estate investor Avery Heilbron categorizes short-term and long-term rentals as "two completely different things." AdvertisementThe 'sweet spot' of real-estate investing: Mid-term rentalsShort- and long-term rentals aren't the only options for real-estate investors.

Persons: —, Amberly Grant, Grant, Zeona McIntyre, Avery Heilbron, There's, McIntyre, Covid, Airbnb, she'd, Heilbron, Peter Keane, Rivera, he's, Keane Organizations: Service Locations: Colorado, Boulder, Seattle

☆ I started an e-commerce business with $5,000 up front after writing about financially independent Amazon sellers. Here's how I doubled my budget.
▼ + stars: | 2024-10-23 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Inspired by successful e-commerce entrepreneurs, I decided to try my hand at selling on Amazon. I set a budget of $5,000, enough to launch something basic and an amount I was comfortable losing. These conversations got me thinking: Is starting a profitable Amazon business … simple? We'd been toying with the idea of starting an e-commerce business since the spring of 2023, when I mentioned one of the Amazon stories I was working on. Double the founders would mean not only double the budget but double the skillset and the network.

Persons: —, Shan Shan Fu, Joe Reeves, Fu, Reeves, I'd, wasn't, we'd, We'd Organizations: Service, Venice Locations: Los Angeles, New York City

☆ A 29-year-old built a cash-flowing real estate portfolio that gave him the option to leave his day job. He explains how he got started and scaled to 14 units.
▼ + stars: | 2024-10-20 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Avery Heilbron left his corporate job in 2024 to pursue real estate full-time. He wanted "the next thing" to be real estate, specifically, selling homes. To maximize rental income, he found a roommate to fill the second bedroom in his unit. Courtesy of Avery HeilbronMostly thanks to his rental income, he felt financially prepared to walk away from a steady paycheck. He works for a real estate agency, but "it feels like I'm doing my own thing.

Persons: Avery Heilbron, Heilbron, —, didn't, Avery, It's, I've Organizations: Service, BI Locations: Boston, Durham, North Carolina, Pinehurst

☆ 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

☆ Millennials on track to retire early are maxing out HSAs to supplement their savings. Here's who's eligible, and how you can 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. "I decided to get a high deductible health plan because I was young, healthy, and I didn't expect my medical expenses to be too high," she said. 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 33-year-old self-made millionaire shares the 2-part 'financial freedom road map' that helped him build wealth
▼ + stars: | 2024-10-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Erik Smolinski shares the 'road map' he used to build wealth and achieve financial independence. He also provides steps anyone can take to build wealth, starting with opening a brokerage account. Part 1: Understand 3 'wealth levers'According to Smolinski, there are three "wealth levers" that you have to use in order to build wealth. Next, link your bank account to your brokerage account and initiate your first transfer. Over time, you'll learn to live without the chunk of money you're setting aside for your future.

Persons: Erik Smolinski, —, Smolinski, that's, you've, I'm Organizations: Service, Marine Corps

☆ 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

☆ After multiple layoffs, one entrepreneur went all-in on her pet portrait side hustle. She took a pay cut but has more freedom and isn't 'bound by meetings from 9-to-5.'
▼ + stars: | 2024-10-05 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

After several layoffs, Emma Sadler decided to go all-in on her side hustle: custom pet portraits. She took a pay cut, but doesn't have to worry about layoffs and enjoys more freedom with her days. AdvertisementEmma Sadler was working in hospitality in early 2020 when the Covid pandemic first swept the nation. "I really wanted another outlet where I could make something physical and not just something digital." I don't want to really pay myself right now if I can avoid it."

Persons: Emma Sadler, Taleology, —, Danny Meyer, Sadler, I'd, she'd, I've, couldn't, it's Organizations: Service, BI Locations: New York City, Brooklyn, New York, Taleology

☆ Entrepreneurs who bring in millions flipping clothes and sneakers explain how they find profitable products, including 'home run items'
▼ + stars: | 2024-10-03 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

As for home run items, don't expect to find them daily but, 'they are out there.' AdvertisementBuying and reselling items can be an effective way to bring in extra cash — and can even be your ticket to financial independence. Richard S., who prefers not to share his last name for privacy reasons, started reselling items from his closet on eBay after losing his job in 2008. I didn't sell the Nike SB until maybe six months ago because I didn't understand what a Nike SB really was. In the reselling business, "it doesn't matter what I think is cool," said Richard.

Persons: —, Val Zapata, Richard S, that's, Zapata, Richard, Ralph Lauren, I'm, Gucci, Louis Vuitton, she's, he's Organizations: Service, eBay, Business, Nike, Louis, GAP, Adidas Locations: Coral Springs , Florida, Boston

☆ A 27-year-old has sold over $4 million worth of sneakers in 2024 by shifting to 'live selling.' She explains how it works and why every store owner should learn the skill.
▼ + stars: | 2024-09-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Shifting to live selling changed everything. She shadowed a friend who was also starting to do live Whatnot shows. After just one month on Whatnot, Zapata says she did enough in sales to quit her insurance job in September 2022. Her advice to any online or brick-and-mortar store owner is to develop the skill of live selling. They're doing intros, they're interacting, they're really getting creative with the things that they're giving to their community.

Persons: Val Zapata, Zapata, —, We've, We're, they're, They're, She's, Holly, Kobe Bryant Organizations: Service, Facebook, Business, YouTube, Twitter, eBay, Zapata's, BI, Kobe Locations: Houston, Nevada

☆ A 27-year-old who runs a 7-figure sneaker business made a costly mistake with fake Yeezys. It taught her an invaluable lesson about reselling.
▼ + stars: | 2024-09-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +3 min

Before Val Zapata built a seven-figure reselling business, she almost lost it all. "I got caught early in the game with like 50 pairs of fake Yeezys that I had to swallow," the 27-year-old entrepreneur told Business Insider. For the rest of the pairs, "I'm like, 'I don't want to run them all. About four weeks after the sale, the buyer attends Sneaker Con and learns that the slides are, in fact, not authentic. The $2,500 lesson reinforced the importance of trusting but verifying, especially if you're buying from a seller you've never worked with.

Persons: Val Zapata, Zapata, Sneaker Con, I'm Organizations: Service, Business, Sneaker Locations: Colombia

☆ A 27-year-old who quit her job to resell sneakers online explains how she got her start and sourced profitable products
▼ + stars: | 2024-09-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Her business, The Shoe Game Co., started as a hobby before evolving into a side hustle and, eventually, a full-time gig. Sneakers didn't reappear on her radar until the Covid pandemic when work became stressful and her girlfriend encouraged her to reconnect with her childhood hobby as a way to decompress. It was a once-in-a-blue-moon deal that wouldn't have been possible if Zapata didn't know her niche as well as she does. AdvertisementFor a while, however, she says she stuck to what she knew best, which were retro Jordan sneakers: "We didn't veer off. I didn't sell the Nike SB until maybe six months ago because I didn't understand what a Nike SB really was.

Persons: —, Val Zapata, Zapata, Everything's, I'm, Zapata didn't, She's, Holly, Kobe Bryant Organizations: Service, Business, Facebook, GAP, Adidas, Nike, Kobe Locations: Colombia, New York, Texas, Las Vegas, Boston

☆ How a Gen Z immigrant went from paycheck to paycheck to financial independence by turning her shoe collection hobby into a 7-figure business
▼ + stars: | 2024-09-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

So you would find these really, really high-end sneakers — like, $1,000 sneakers — on there for $150." Related stories"We started selling five or 10 sneakers a day, and then I just started doing basic math," said Zapata. She shadowed a friend who was also starting to do live Whatnot shows. Courtesy of Val ZapataThe majority of her sales now come from live Whatnot shows. After just one month on Whatnot, Zapata says she did enough in sales to quit her insurance job in September 2022.

Persons: —, Val Zapata, Zapata, couldn't, Val Zapata Zapata, didn't, We've, we're gunning Organizations: Service, Business, Facebook, YouTube, Twitter, eBay, BI Locations: Houston, Texas, Colombia, New York, Nevada, Las Vegas, Vegas

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