The 5 BEST Tax-Advantaged Investment Accounts (MUST KNOW)

This video covers The 5 BEST Tax-Advantaged Investment Accounts that you MUST KNOW about. By understanding these accounts and taking further action, you could save tens to even hundreds of thousands of dollars in taxes. - Enjoy!

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⏰ Timestamps ⏰
00:00 Intro
00:13 1. Roth IRA
03:31 2. Roth 401k
05:37 3. HSA
08:14 4. 529 Plan
10:58 5. Solo Roth 401k

📝 What is a Roth IRA and why is it beneficial?
A Roth IRA is a retirement account where your investments grow tax-free, and withdrawals after age 59.5 are also tax-free, making it a great option for long-term wealth building.

How does a Roth 401(k) differ from a traditional 401(k)?
In a Roth 401(k), contributions are taxed upfront, but investments grow tax-free, and withdrawals at retirement are tax-free, unlike a traditional 401(k) where you pay taxes upon withdrawal.

What is an HSA and how can it benefit you?
An HSA is a triple tax-advantaged account for medical expenses, allowing you to contribute pre-tax dollars, grow investments tax-free, and withdraw tax-free for qualified medical costs.

What is a 529 College Savings Plan?
A 529 plan is a tax-advantaged investment account for education expenses, where contributions grow tax-free, and withdrawals for qualified education expenses are also tax-free.

What is a Solo Roth 401(k) and who can use it?
A Solo Roth 401(k) is designed for self-employed individuals without employees, allowing high contribution limits with tax-free growth and withdrawals in retirement.

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This content is for entertainment only and does not constitute legal, tax, or financial advice. It is for general informational purposes. The presenter is not a licensed professional. Viewers should consult their attorney, accountant, or financial advisor for advice on specific legal, tax, or financial issues.

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