From savings to brokerage, 401ks, HSA, and 529 accounts: there are a lot of accounts to choose from! Where should you focus your savings? What is the “right” account to put your money to save on taxes and grow it for the future? Today we discuss the order of account funding, which accounts to focus on first, second and third.
Paying off high-interest debt first
Saving for Emergencies
Finding free money (401k match and 529 state-tax deductions)
Health Savings Accounts (HSA)
Roth IRA and backdoor Roth contributions
457 deferred compensation plans
SEP IRA, 529s and more