Hsa Enrollment Form Template: Fill & Download for Free

Great question and I wished someone had given me this advice when I was a 20 year old and was just starting my career. Let me answer this question in a holistic manner and I will touch on all aspects of money and finance.For a 20 year old the first thing he/she needs is a steady income for atleast the next 30–40 years. To generate strong income you need to atleast have a college degree.1. College Education:Decide on a subject which has good return of investment. Good examples are finance, accounting, engineering etc. Of course it should match your interests as well. Since I liked and was good in mathematics and physics I decided to go for engineeringDo not go for a school with very high tuition at least for your undergraduate education. Rather chose a good strong instate school so that you do not have to pay for out of state expenses. In this way you will save your parents’ money if they have a college fund for you or if you have taken out a student loan.While in college always look out for options of making some extra money by doing side gigs such as delivering pizzas, working in school cafeteria, helping out in the library, tutoring junior students. Believe me there are hundreds of employment opportunities which in some cases such as a research assistantship can even pay for your tuitionAlways look out for internship opportunities during summer holidays to boost your income as well as enhancing your options for full time employment.At the end of your senior year you need to make a call whether you want to go for a graduate school or take a job. Obviously you can always revisit your decision and work for some years and then get back to graduate studies. I have seen many students do this and they make the transition very seamlessly.In order to facilitate this decision making lets look at some numbers. On an average, an undergraduate degree would land you an annual salary in $50K-60K. At the same time jobs with graduate degree can pay you in between $70K-$80K. Typical graduate school requires two years, so you tend to lose out on about $40K in income for the two years if you had joined work force right after undergraduate. But think of the options a graduate degree provides. You have the potential to make up for the $40K difference in two years due to your extra income and once you break even for the rest of your career you will be making extra money by spending 2 more years in graduate school. Having worked in a top notch tech. company I have seen the difference in job opportunities and job types between an undergraduate and a graduate degree. I believe very soon graduate degree will be the minimum qualification.But you should not go to graduate school unless you can cash flow your degree or get a scholarship. For this reason, it is good if you work for a couple of years after you complete your undergraduate degree and stack up enough money to pay for grad school.2. Money ManagementOnce you are armed with a college degree you should pat yourself on a job well done because 60% of college students in USA don’t complete their degrees and are drop outs.As you step out of school in to real life you also enter the most important phase of your life where your financial habits can make or break your future. You have worked hard to get started on a good income but if you do not manage your finances well you could be on path of self destruction. A very good resource in this regard is “The Total Money Makeover” by Dave Ramsey. Check out the book at daveramsey.comThe first thing that you need to do once you start earning is to set up an emergency fund for your self. You can determine the amount based on your convenience. Dave Ramsey calls this as the first baby step.The next thing you need to do is to get rid of debt. At this stage the most debt you would have is from student loan but if you had followed the blueprint I had laid out in the previous section, you should have graduated debt free. Do not rake up debts at such early stage in your career. In words of Dave Ramsey the borrower is a slave to the lender.Enroll your self and your spouse in long term life insurance with total value being 10 times of annual income in each case. The reason being that if you or your spouse die then the insurance payout can be invested at 10% yearly return which can make up for the lost income. You should not look upon life insurance as an investment option and stay clear of whole life insurance policy.Start saving for your retirement by maximizing your retirement contributions and getting your employer match. I will come to the choice of 401K option in the next section. Starting early provides you the advantage of compounding over a long period of time which will leave you with a very healthy retirement amount by the time you retire. Lets say if you max. out your contribution of $18K every year starting at 25 years then at the age of 60 you will end up with a whopping $3.6 million dollars on annual 8% return. I haven’t even taken into account your employer’s match. Now lets say you went to a medical school and were a late bloomer and started retirement savings when you were 35 years, then you will end up with only $1.5 million dollars. Did you see how a difference of 10 years slashed your retirement savings by 2 million dollars. That’s the reason why you should sensibly pick and chose your profession and college and not get saddled by large student loans and not enough time to recover lost ground.Start saving money for a down payment on your home. In the next section, I have a comparative analysis of owning a home v/s renting and also different mortgage options.Start your family early and be mindful that your soulmate has the same financial vision as you. The number one reason of divorce in North America is due to financial troubles. A divorce is very hard not only emotionally but also financially.3. Owning a home v/s RentingIt is undisputed that owning a home has long term benefits over renting due toRent will increase over time whereas once you are locked into a mortgage rate for a certain time period your monthly payment is fixed.Rent is sunk cost where as for mortgage you will get a tax deduction on the interest paid.For most of the metro areas you can own a large property for the same price at which you rent an apartment.Typically houses will go up in value if you are willing to ride the ups and downs of real estate world. I recently made 25% profit on the sale of house within 3.5 years of purchasing.Any real estate gains are not taxed as compared to capital gains tax levied on stock market investments.Once your house is completely paid for, you can rent out the property with the rent being your extra income. Thus a 300K paid off house can generate monthly 1500$ in rent which translates to a 6% income at the end of the year. At the same time your house price could have appreciated by another 5% in that one year. In other words, you got a 6% dividend on an investment which itself grew by 5%. Needless to say the effect of compounding will stand you in good stead if you own a house.Typical house mortgages are for 15 years or 30 years, The difference being that in the former your rate of interest is lower but principal is higher. The opposite is true for a 30 year mortgage. Obviously a 15 year mortgage has a higher dent on your take home pay but you will save a lot of money in taxes. A common rule of thumb is to put atleast a 20% down payment at the time of home purchase to avoid being hit by what is called monthly mortgage insurance. In other words it is an insurance you pay to the lender against a short sale or a foreclosure of the property. A middle ground between 15 and 30 years of mortgage is to take out a 30 year mortgage but keep making extra payments as if it were a 15 year mortgage and pay off the house way early.4. InvestingIf you have followed the template that I laid out in the previous sections then you should be set on your retirement and well on the way to having a paid of home before you retire. This section talks about investing and how you create a legacy for your next generation.Maximize your HSA contribution every year.You can only have HSA account if you are enrolled in the High Deductible High Pay (HDHP) plan. The copay and the deductible amounts are different if you sign up as single, with spouse or as a family.If you are enrolled into the High Deductible Health Plan (HDHP) you can contribute max. of $6500 towards the HSA account. The HSA account grows tax-deferred and can be withdrawn tax-free to pay unreimbursed medical expenses, including your deductible and health costs that aren't covered by your plan.You can always reimburse yourself from your HSA but if you can afford to shell out the extra money then I would recommend using HSA as an investment option. I max out my HSA contribution and at the same time invest it in good mutual funds with proven track record of success so that when I retire I can use that pool of money for my medical expenses.Difference between Roth 401k/IRA and Traditional 401k/IRAAccording 2015–16 IRS rules you can contribute 5500$ towards your Roth account if your modified adjusted gross salary is less than $116,000 . So theoretically you can open a Roth IRA on top of having a pre-tax 401K if you have not hit the income limits. The difference between a traditional 401k or IRA and Roth IRA is that the later grows tax free vs the former which grows tax deferred. In other words when you plan to liquidate the IRA or Roth at age of 59.5 years you do not pay any taxes on Roth but you do for the IRA based on tax bracket of your retiring income. Typically your salary will grow from now till you retire so there is a good chance of you being in the higher tax bracket compared to your current situation and as such tax free growth is beneficial.Another advantage of the Roth is that yes your initial contribution is after tax but over a long period as is in your case, due to the effect of compounding and time, the growth is much more than the invested 5.5K so your tax savings would be much more.Typically I select traditional 401K to reduce my taxable income at the end of year. Till last year I was able to get to my house hold income below the Roth Income limits but starting this year I cannot. Given an option I think it is always better to switch to Roth 401K if your employer gives you that option, else you can open a separate Roth IRA account with any brokerage firm.Other investment optionsOnce you have kids open a 529 savings plan for their college education and keep it well funded. The annual limit is $10K, but if your kid goes to college at age of 18 then you should have $445K in college savings fund if you were to max out college contributions every year.If you have money still left after these contributions then invest your savings in the stock market either in shares or good growth mutual funds with a proven track record. However, with stock markets, one needs to be patient. It is not the place for a feeble heart or impatient people. If you stay invested for a long time (at least for a period of 10 -15 years), there are many funds which can double your money.5. Simple lifestyle hacks of saving more moneyGet rid of cable and stop wasting time on television. TV makes you believe what they show which most of the times are usualStop upgrading smartphones with every new release of Iphone or Galaxy. Most of the hardware upgrades are not even noticeable for the extra amount of money that you will shell out every month. Keep updating the software and then your two generations old phone will work as good as the latest oneDo not buy new cars unless you are a millionaire. Cars depreciate in value exponentially in the first couple of years. So let some one else pay for the depreciation and buy used cars 2–3 years old. Similar to iphones every year the hardware upgrades in cars are pretty minimalStop eating out side for lunch or drinking coffee at Starbucks. Starbucks is the most over priced drink in this country. Brew coffee from home and prepare your own lunches. On an average you will save 300$ by cutting down on coffee and dining out which amounts to 3600$ over a year. For an average American with a $60K household income this is 6% of your yearly salary. Over a period of 10 years at an average 8% return you would have made $64000 by investing this money every yearUse grocery coupons as much as possible and use fuel points for filling gasTurn off the air conditioner both at home and in the car. HVAC systems are most energy consuming appliances so turning them off or atleast setting them to an optimal temperature would increase your savingsUse public library for free classes and books. I have never bought any books for my kids since they have started going to the library.Use the Acorns app (acorns.com) to invest your changesTry to pay your mortgage twice a month or increase the principal pay out so that you can pay out your mortgage faster.Always look for deals on websites and buy stuff wholesale.Do not leave money in your checking or savings account over and beyond your rainy day fund. Banks give you near 0 interest and in some cases negative interest rates. So always look out for the options to roll your money. Even in case of emergency funds have them saved in online banks which are FDIC approved. Typically you will get 1% interest rate on your online checking account.Use credit cards judiciously signing up for the ones which provide good cashback values.For example last year I signed up for a Citi credit card which gives 50000 bonus points after you spend $3000 in the first 3 months. I calculated that I could hit that mark in 3 months and thus got the bonus points which I converted into 500$ worth of Amazon gift cards. I obviously look for cards with 0 annual fees or if the fees are waived for the first year and then cancel the card at the end of the year.But the caveat to the above explanation is that you have a good credit history and most importantly are financially responsible to pay off the amount due at the end of each month. Else you do not get the points and are hit by high rates of interest.In conclusion the above is a well documented guide to responsible handling of money and finances which I would like to share with my kids when they grow up. The bottomline is live way below your means, invest your savings and let compound interest and time take you way beyond your retirement goal.Comments and feedback are welcome.

You can achieve wealth and financial freedom in your future, no matter what your situation looks like today. You just need some sound financial advice and that’s what I’m about to give you!Everything you do in life starts with steps. When you’re a baby, you need to take your first few steps to walk and then soon after you’re walking on your own, and eventually running wild.With your finances, you have to take that first step as well, and then the next, and eventually you keep growing financially.Start by reading this post and immediately after implement at least one point on this list.Also, new laws passed that will allow American’s a chance to save more for retirement. The details of these law changes will also get revealed.The author of this post, Paul J Paquin, is an entrepreneur and the CEO at Golden Financial Services.Mr. Paquin provides his best financial tips inside this post, to prepare consumers for a prosperous new year.Tip 1: New Law Change: IRA Contributions IncreaseAs of 2019, you can invest up to $6,000 per year into an IRA.Before 2019, you could only invest up to $5,500 per year into an IRA.Tip 2: Invest Weekly, Not Once Per YearDollar–cost averaging (DCA) is an investment strategy, where you buy a fixed dollar amount of a particular investment on a regular schedule (like weekly, or bi-weekly), regardless of the share price. By using dollar-cost averaging, you’ll end up buying more shares when prices are low and fewer shares when prices are high, minimizing your chances of losing money.Invest $125 per week, which will get you to the $6,000 limit for 2019Set up autopay so that automatically $125 per week goes into your Roth or Traditional IRATip 3: What’s better, a Roth or Traditional IRA?I prefer the Roth IRA because I would rather pay the taxes now, when the funds are at their smallest, and not have to worry about paying taxes later in life. However, you will also need a Traditional IRA set up through your employer, to benefit from a SEP or 401(k).Why open a Roth IRA?You pay the taxes when the funds are at their smallest, right when you initially invest the money, allowing you to pay the least amount of taxes.Watch your money grow, TAX-FREE, and withdraw it without having to pay taxes when you’re retired.FLEXIBILITY: “Roth contributions can be withdrawn penalty-free at any time”, according to Maria Bruno, CFP professional and senior investment analyst with Vanguard’s Investment Strategy Group. You can make withdrawals from your Roth IRA prior to retirement and without a penalty, if you are using the funds to pay for certain “emergency-related expenses”, like disability-related, or for a first time home purchase of up to $10,000, and postsecondary education, and there are a few other exceptions that you can read about here.Why open a Traditional IRA?Since you’re investing before the taxes come out, more of your money gets put to work. When you’re ready to use the funds during retirement, you will have to pay the taxes at that point.A business offers either a 401(k) or SEP-IRA to their employees. Both of these types of retirement accounts are connected to a Traditional IRA, allowing your employer to invest your money before the taxes come out.Most people are in a higher income-bracket when they are younger, so would rather pay the taxes later in life when they anticipate being in a lower tax bracket. In this case, the traditional IRA would benefit you more than the Roth.Tip 4: The Power of Compound InterestWhat is “compound interest”? Compound interest is when you earn interest on your total accumulated funds. (i.e., Regarding investing in a Roth IRA, your first year you are only receiving 10% on $6,000, which is $600, but the following year you’ll earn 10% off $12,600, giving you $1,260 in tax-free earnings. The third year you’ll make $1,860 off your investment, and so forth!According to Wikipedia: “Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. Compound interest is standard in finance and economics.”Thanks to compounding interest, if you are 28-years-old and invest $6,000 per year into a mutual fund that earns 10% per year on average, you will be a millionaire by the time you reach 60 years of age.Tip 5: Credit Card Debt (3 Points You Need to Know)Never carry a balance on your credit cards.First of all, if your balance is over 35% of what your credit limit is, your credit score will be negatively affected. As your balance grows on a credit card, your credit score goes down.Second: when you carry a balance on a credit card, you pay interest every month.If you have $20,000 in credit card debt, with a 29% interest rate, when paying $500 per month towards this debt it would take you 11 years and 11 months to pay the debt in full. And, you’d end up paying $71,218 in total (including interest). Here is the debt calculator that we used for this calculation if you want to try it yourself.Wow, that’s well over double what your debt was worth in the first place!You would be just as well-off, by flushing your money down the toilet, as you are when carrying a balance on your credit cards and paying interest every month – it’s a complete waste of money.By paying your credit card balance in full every month, you avoid 100% of interest.Third: for the savvy financial wizards out there, by paying your balance in full every single month, you can increase your income by earning cash-back from your purchases that month.Make sure you have a card that pays you at least 2% cash-back on all purchases, especially including gas and groceries, and at all of your favorite stores that you shop at most often – it’s free money, why not take it!You may need to have 4-6 credit cards in total, to earn cash-back on all of your purchases. But that’s free money, so get it!Tip 6: Increase Your Credit Limits & ScoreIncrease your credit limit at least once per year on each of your credit cards.As your available credit increases, your credit score goes up.As you pay down your credit card balances, the reason that your credit score goes up is that your credit utilization ratio improves simultaneously.Your credit utilization ratio is “how much credit you have.”Tip 7: Hire a Competent AccountantHire a competent accountant who knows how to write off expenses to reduce a person’s tax liability. Having one child can offer lots of tax reductions. If you have two children, you have twice as many write-offs.So many people pay more in taxes than what they need to pay if they only hired an accountant who had a better understanding of the tax laws.Do you have any mutual funds that took a loss this year? If so, you can use what’s called “tax harvesting.” Tax harvesting is selling off your losing stocks and mutual funds that took a loss this year, and you can then use these losses to offset gains from the sale of winning investments.Tip 8: New Law Change: 401(k) Contributions IncreaseAsk your employer about how you can invest in a company 401(K). Most employers will match your investment.As of 2019, you will be able to invest up to $19,000 per year into a 401(K).Tip 9: New Law Change: For Seniors With an IRAIf you are older than fifty years of age, you can now invest an additional $6,000 per year into your IRA. The IRS lets you play catch-up for past years that you forgot to contribute.Tip 10: Own a Business?A lot of small business owners never open a 401(k) because it’s complicated and expensive. A SEP-IRA is an alternative to a 401(k) for a small business owner, and it’s easy to open, plus free!The limits are even higher than a 401(k), and a SEP is much easier and quicker to set up.With a SEP-IRA you can invest up to $54,000, or 25% of your qualifying income, per year.Tip 11: Max-Out a 529 Plan For RetirementWith a 529 plan, each parent and grandparent can contribute up to $14,000 per year. The funds invested in a 529 plan are tax-free if used for educational purposes.You can also make additional gifts for medical, dental, and tuition expenses that do not count toward the $14,000 limit as long as you make those payments directly to the provider.In addition to federal tax savings, 34 states offer state income tax deductions for 529 contributions. If you’ve had a bunch of money blown your way this year, you can also take advantage of up to five years of gift tax exclusions to set aside up to $70,000 in a 529 plan in a single year.It costs over $60,000 per year to send your child to college (on average).It’s never too early to start saving for college.Tip 12: Buying Delinquent Property Tax Liens (to Make $$$)Imagine being able to buy a $300K house, for $10,000.You can.Even if you can’t afford to buy a house, have you considered buying delinquent property tax liens? You will have to first read about your state’s laws before investing in delinquent property tax lien, but in many cases, you could pay $10,000 or less and walk away with a house. All you are paying for is the property taxes!In New Jersey, if you don’t pay your property taxes, they become a tax lien. The different counties in New Jersey then sell these tax liens at a county auction once per year.You can buy someone’s delinquent property taxes, and they will then have to pay you back, at up to 18% interest, plus attorney fees and any other related fees.What if a mortgage and credit card judgment is attached to the home and it’s not only property taxes that are owed?Will you get stuck having to pay all this debt?Nope, you are in the clear!A property tax lien is the senior debt with all priority. Any debt under this senior debt gets eliminated by the property tax lien, which is why this type of investment is an investor’s dream come true.Tip 13: Make a Budget and Pay Off DebtMake a budget analysis to get a clear visual of your expenses. There are many apps that you can use or even a Google Spreadsheet Template to make your budget for free.Once you make a budget, now start lowering your expenses. Your goal is to increase your available cash-flow (how much extra money you have each month). Scroll down through your budget and find ways to reduce your expenses, like by lowering your grocery bill. You can start using coupons and doing whatever it takes to achieve your cash flow goals.Once you find extra money, now use either the debt snowball or avalanche method and pay off all of your credit card debtsas a starting point.After paying off your debt, now start putting this extra money into an IRA or one of your retirement accounts.If you can’t afford to pay off your debt on your own, here you can explore debt relief programs.Tip 14: How to Setup & Manage All My Investment Accounts?Do I need to hire an expensive financial advisor to set up all of these retirement accounts and manage them?No, you can set up an account at Vanguard and invest on your own for free. It’s not that hard.Vanguard offers Target Retirement Mutual Funds, which are age specific.Vanguard manages what stocks these funds are made up of, so it’s kind of like having a financial advisor for free. Call Vanguard, and they will walk you through setting it up.The older you are, the more conservative the investments will be, primarily consisting of bonds, instead of stocks. If you are young, Vanguard will invest more aggressively in stocks because they know that you have a longer time to achieve your financial goals.The problem with having a financial advisor manage your funds is that they are usually very conservative in their investments, ensuring they play it safe to avoid losing money.Keep in mind; financial advisors usually get around 1% of the total amount that they are managing as “their fee.” Financial advisors don’t get paid based on how much money they make you. Therefore, their objective is to keep your money safe and bring you a positive return.In a firing market like today when interest rates are at a near all-time-high, you want to have your money in stocks. Stocks are where you can make the most money.It’s easy to find out which mutual funds are performing best. Simply click on Vanguard’s page that says “all mutual funds” and voila! From there, sort the list by Year to Date (YTD) and start investing in the funds that have been making the most money over the last year.Dive into what specific stocks make up each fund. You do this by clicking on any fund and then click on “portfolio and management.”Once you get the list of stocks (companies), you can research each company to ensure it’s a safe investment.Financial advisors will often allocate most of your budget into bonds, which are very safe, but you’ll be lucky to get a 5% return on your investment, which isn’t that great if you ask me.Tip 15: Open a Health Savings Account (HSA)A Health Savings Account (HSA) offers you a way to save for medical expenses and avoid paying federal income taxes on the money you invest.Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent.Like the Roth IRA, after you receive your paycheck and the taxes are taken out, now you can invest this money into an HSA. But as the money grows with compound interest, you won’t have to pay a single cent in taxes on that growth; it’s tax-free.With most retirement accounts you will need to start taking distributions at around seventy-in-a-half years of age, but with HSA’s you don’t have to.If your contribution goes into an HSA (via payroll deduction), it is not subject to FICA rules and regulations. FICA, short for Federal Insurance Contributions Act, is the federal income tax that goes toward Social Security and Medicare.Why this is important is because you can save an additional 7.65% with an HSA, compared to what you can save through your 401(k) and IRA. Just invest the funds from your bank account, into an HSA, and let your accountant figure out the math and how to document the details!In 2018, the yearly limit that a person could invest into an HSA was $3,400, but for a family, that limit is $6,750. To qualify, you must be enrolled in a high-deductible health insurance plan (HDHP).The IRS defines an HDHP for an individual as a plan with an out-of-pocket maximum of $6,550 and a minimum deductible of $1,300. For a family plan in 2017, the out-of-pocket maximum is $13,100, and the minimum deductible is $2,600.You will receive a debit card or checks linked to your HSA balance, and you can use the funds on eligible medical expenses.HSA’s do come with some restrictions and not every related medical expense is covered. For example, over-the-counter medicine is not covered by an HSA.Also be aware that insurance premiums usually cannot be paid for with HSA funds.Taxes and penalties. If you withdraw funds for non-qualified expenses before you turn 65, you’ll owe taxes on the money plus a 20% penalty. After age 65, you’ll owe taxes but not the penalty.Most people have no idea about how to set up an HSA, but it’s relatively simple. All you need to do is ask your insurance company about it, and they will direct you on how to set it up, whether that be through them or if they use a third-party like a bank, credit union or financial advisor.One of the most significant downsides to an HSA is if you don’t save enough to cover your medical expenses.Tip 16: Start an LLC or Corporation if Running (ANY TYPE) of BusinessStart a corporation or a limited liability company so that you can write off items including depreciation on your car, miles to and from work, office lunch, office supplies and much more!If you are running any small business from your home, a limited liability company (LLC) protects you and your assets, just in case someone tries to sue you.Here’s some additional information on how to set up an LLC and some of its benefits, from an article in entrepreneur.com:Tip 17: Say Good-Bye to Student Loan DebtIf your income has been reduced this year, or even over the last few months, it’s time to consolidate your federal student loans and get on an affordable monthly payment. To consolidate your federal student loans, here are step by step instructions.Once you consolidate your federal student loans, you can then get on an income-driven repayment plan that offers loan forgiveness. You only want to consolidate student loan debt and get on an income-driven plan, If you have a reduced income and strategically can come up with a plan to use the loan forgiveness laws to cut your debt down significantly.When you get on a low payment through an income-driven student loan relief plan, the downside is that interest is still accumulating.However, if you know that more than half your balance is going to end up getting forgiven at some point, then strategically, income-driven repayment plans can be your best solution.Your monthly payment can be as low as zero dollars per month. And what’s best is that after 10-25 years, your remaining balance would get forgiven.There are many cases where consumers will end up getting more than half of their debt forgiven. Plus, by consolidating you stay current on your monthly payments, and this is good for your credit score.Teachers and police officers, and anyone working in a public service job can qualify for the Public Service Loan Forgiveness Program (PSLF). On the PSLF program, your student loan balance gets forgiven after only ten years.If you have private student loans, refinance these with a low-interest loan. Or, you can contact a private student loan relief company to help you reduce your student loan debt.As of 2018, new rules are being enforced regarding student loan relief. If you attended a college that is now shut down, you could be eligible to have your student loan debt discharged.Where can I get financial advice?Golden Financial Services offers debt relief for credit cards and student loans. We can get you a credit report, and if you have debt, we can provide you with options to get out of debt.Call now for a free consultation at 866-376-9846.You can talk with an IAPDA certified debt expert and get free financial advice today.Keep in mind; Golden Financial Services is not a licensed financial advisor that charges a compensation. We can only help you with your unsecured debt, like with credit cards and student loans, but not with investing in the stock market. If you need a licensed financial advisor, contact one of the investment firms like Vanguard or Merrill Lynch, and many other reputable financial advisors can help you invest.If you’ve enjoyed this post, check out 31 ways to get rid of credit card debt next:Sources:Investopedia, Investopedia - Sharper Insight. Smarter Investing.The Balance, The 8 Best Budgeting Apps to Download in 2018Wikipedia, Compound interest - WikipediaGet more from your money, What is an HSA?Entrepreneur - Start, run and grow your business., The Many Benefits of Forming an LLCBankrate, Roth IRA - 6 Benefits You Should Know About | Bankrate.com