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millionaires by 30 - how’d you do it?
Rising Star
Point B management consulting is hiring for lots of roles across the US. Consulting or project management experience desired. Great WLB (rarely work more than 40 hrs/wk). Perks include quarterly bonuses, company stock, 401k contribution, unlimited PTO, autonomy, able to move laterally to diff areas of the org, stipends, remote-friendly for many roles. Must be based in US to be considered.
Chief
Considering two offers: Deloitte and Accenture Both for Manager in Cloud Implementations. Both similar salary ($190K and $185K) but was told that Accenture's ESPP and 401K match makes up difference. Deloitte hasn't been clear about pension structure. I'm leaning heavily toward Accenture but would love any insight on how the additional benefits stack up. Also what the respective practices are generally like?
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millionaires by 30 - how’d you do it?
Pro
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If you can contribute to an HSA that’s a nice way to save also. HSA is triple tax free - tax deductible contribution today, you grow it tax free in the market, and you spend it tax free as long as it’s on a qualified medical expense. It’s beautiful
That’s good. Honestly if you don’t itemize, there’s only so much you can do outside of capping a 401k and HSA. Be sure to pick up any foreign tax credits if any foreign taxes were paid on any holdings in your brokerage account, I guess. Can’t think of much else
1 Max your HSA, then pay all of your health expenses in cash. 2 Log all of your health expenses and save receipts. 3 As needed, pull cash from the HSA years down the road (after it's grown in the market).
If you can afford to put more in 401k, that is a good plan. Depends on tax bracket if traditional or Roth 401k is better
Pro
Fwiw, I'm in 24% territory and switched to 100% traditional this year to lower my AGI as much as I could.
What happens if you never have medical expenses to pull from your HSA? Is there any way you can use your HSA for retirement like a Roth IRA?
HSA behaves similar to a traditional IRA at 65. You can withdraw for any reason but will be taxed on it if it's not medical.
So it sounds like the HSA is great if you anticipate that you'll be in good health and not paying for a low deductible/high premium insurance policy. Is that the gist of it?
Chief
- max put tax advantaged accounts - reduce your adjusted gross income - create tax advantaged revenue streams
Chief
I’m fond of rental real estate myself. Depreciation tends to offset rental income almost exactly 100%.
Make less money? 🙃