Wed Aug 14 2024, by Tyler Gardner

Top 5 Things to Do with Your Money Right Now

Here are the top five things that I would do with my money right now as a former financial advisor and portfolio manager. I'm Tyler, and I create financial content for free to help guide your financial decisions.

1. Contribute to Retirement and Health Accounts

I would march directly to HR and ask them to put a percentage of my paycheck towards my 401(k), Roth IRA, and HSA.

2. Maximize Employer Matches

I would ensure that this percentage is high enough to take advantage of every single penny my company might offer as a match on my 401(k) or HSA. Yup, companies match funding for HSAs now!

3. Invest in Low-Cost Index Funds

Within each of these accounts, I would invest in low-cost index funds because I know I cannot beat the market on an annual basis, and if you can, super duper! And yes, you can invest in your health savings account.

4. Obtain Term Life Insurance

If I needed insurance—meaning if I had someone in my life who relied solely on my income for their well-being—I would buy a reasonably priced term life policy. I would also ensure that this person is listed as a beneficiary on my retirement account.

5. Spend on What Brings You Joy

Finally, I would choose the three things in life that bring me the most joy and peace of mind when spending money. I would commit to never skimping on those three things. For me, that's my mental health, physical health, and my bloodhounds.

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