What’s the Smartest Way To Use My HSA? (Hour 3)
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What strategies should I use for saving for college?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios, it's the Ramsey Show. Where debt is done, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice. We help people build wealth, do work that they love. and create actual amazing relationships. Jade Warshaw, Ramsey Personality, is my co-host today. Merry Christmas, America. Open phones at 888-825-5225. We're so glad you're with us. Julie's in Akron, Ohio. Hi, Julie. Welcome to the Ramsey Show.
Hi. Merry Christmas to you all. I'm so excited to be on the show.
We're honored to have you.
How can I effectively manage my HSA for medical expenses?
How can we help?
Thank you. Okay. So I'm in the middle of my husband and I, uh, baby steps four or five and six. Uh, we just paid off all of our debt college, uh, his college loans and things like that. And what we have now is, um, a $350 or $50,000 left on our home. And then we also have two kids, uh, going to college in what one is going in the next year and a half. And the other one is going in three years. So, uh, With the money that we have at the end of the month, should I just put everything into the college funds? Right now they each have $50,000.
Yes.
So I have a total of 100, yes.
Yeah, I'm going to load up college. It's bearing down on you.
What should I do if I am facing foreclosure?
It's right in front of you. So I'm just going to load that up. It doesn't necessarily have to be in a 529 at this stage. You're not going to gain much interest or much growth that's tax-free because you're right there. um okay and uh yeah i want to i want to you know start really uh researching the cost of the schools that we're talking about and uh what it's going to take to get them through that and then lean into that and try to get that try to get that number going um okay how much of you already got saved for college
So I have $50,000 each for each. So $100,000 for both right now. That's a good start. Okay. And then I have $150,000 in our emergency fund, and I know that is high. Yeah. Why do you have it like that?
Why did you do that?
I don't know. We can change that.
How can I invest in REITs and DRIPs successfully?
It's just... It's just been sitting there, and I don't know if I should take $50,000 and put it.
Yes.
Let's change that.
You need three to six months.
You should take $100,000 and put it in mutual funds. Get it earning some money.
It's just sitting there.
So now you've got $100,000 per kid for college. Now you really need to start sitting down and going, where are they going to go to school?
Okay, which I'm pretty sure my son is going local, so I think $50,000 will cover him. But as far as my daughter, I'm not sure. She's the one that's three years away. But you never know.
Well, it doesn't happen to you.
What are the steps for transitioning between baby steps?
You happened it. So what we're doing now is we're going to start telling her where she's going to school.
Yeah, getting real numbers.
And not like waiting for her to discover it. Okay. So we're going to start talking about this is the money that we have. And this is where these are the types of things, places you can go with the money we're going to have. Now, if your son goes local, are you saying community college or there's a four year school in the area and he would live at home or what?
Yes, there's a four-year university close. There's a couple, and he wants to live at home, I think. We want him to go away to get the college experience, but I think he's more comfortable. This is what he's telling us now.
That's fine. So, you know, go to that college, and let's talk about what the actual tuition is. It's probably $8,000 or $10,000, and so four years of that, you probably do have that covered.
How can I maximize my emergency fund?
And so we may be once we kind of now let's start doing the same thing with daughter, even though she's a little bit away. OK, what are you thinking about studying? Where where can you study that? Would you go to, you know, Ohio State University? Where are you going to go? You're going to go over to Columbus. You know, what are you going to do? Let's start looking at what that actually costs. You may have enough to do both of them if he's going to stay home.
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Chapters
8 chapters
1
What strategies should I use for saving for college?
0:27–1:17
2
How can I effectively manage my HSA for medical expenses?
1:17–2:02
3
What should I do if I am facing foreclosure?
2:02–2:56
4
How can I invest in REITs and DRIPs successfully?
2:56–3:41
5
What are the steps for transitioning between baby steps?
3:41–4:33
6
How can I maximize my emergency fund?
4:33–5:07
7
What are the implications of investing in stocks versus mutual funds?
5:07–5:58
8
How can I create a sustainable budget for my financial goals?
5:58–39:32