09.12.23 Open Enrollment & The New HSA / WARNING: The Many Faces of Private Placement Investing

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Yet another company promising to help you make big money in real estate, has flown the coop with all its investors' money, just gone with the wind. So, healthcare is so hard for us. Truth be told, those of us that have health insurance from an employer are really privileged to have that. Because the employers subsidize so heavily the premiums for the insurance we get. You, as an employee, see that deduction from your paycheck every pay period and you're like, wow, well, how much my paycheck is going to healthcare? And the reality is, that may be only 10 or 25% or 50% of the actual cost the employer picking up the rest. The premiums are really, really high. But the funny thing is you and I, with the portions we pay, most of us are paying more than we should because the truth is we would save more money, most of us, in an HSA eligible high deductible plan than in the traditional insurance plan, PPO or whatever they call it, that is the normal alternative that people have in a plan at work. Look closely at what you've spent as an individual or as a couple or as a family in your employer health plan, what you've had to go, how many times you've been to the doctor, what you've had done or all that, what did all that cost? And you'll find that quite often you're overpaying for the health coverage you have, for the amount of medical services you're actually using in a typical year. Because with an HSA plan, you're eligible for the negotiated discounts that the insurer has negotiated with providers. But you're paying that negotiated discount level out of your pocket, which is what terrifies people because of the what if. That's why you got to look and see how much or how little you've used medical services because with an HSA eligible plan, a high deductible plan that's HSA eligible, I guess I should say, it triggers you being able to open the best savings plan offered in America, the HSA account, health savings account that allows you to put money aside pre-tax, have it build up tax-free all through the years, if you avoid having to pull it to pay medical expenses currently and you can let it grow, you can invest, grows tax-free and wait a minute, remember, you use pre-tax dollars going into it, it grows tax-free and then it is spent tax-free. So that makes it vastly superior to let's say a traditional 401k or a Roth 401k. When you get a tax benefit up front but pay tax on everything later, the other you get a tax benefit up, no tax benefit up front but you avoid taxes later and HSA you get a tax benefit up front and you never pay tax on the money. I mean what a deal and the amount that couples are going to be eligible to put in an HSA in 24 could be as high as over 10 grand. I mean this is money you can have growing as essentially an alternative retirement account that you use later in life when medical expenses can end up taking typically as much as a fourth of your budget that comes out of your pocket, you can use this money to pay those expenses tax-free. So you got to look at how much you use medical services and people use medical services a lot or a little benefit from HSA eligible, high deductible plans. People kind of in the mushy middle where you go to the doctor often enough that you know the name of the receptionist working at the front desk then you may in fact be better off in a traditional plan that the employer offers but just something for you to think about because the the take-up rate for high deductible HSA eligible plans is teensy tiny in spite of the overwhelming financial benefit for many people and at larger employers the employers often will see you money for the out of pockets you'd have each year as part of getting you to sign up for an HSA eligible plan. DJ in Georgia has a question about health care. My wife and I recently found out that we're expecting our first child. Congratulations to you. We're very excited in feeling a full range of emotions at the moment. Our expected due date is mid-March of next year. My question is about which health care plan I should sign up for in November. For the past several years I've chosen the high deductible health care plan with an HSA that my employer offers. I have seven thousand dollars invested in my HSA at the moment and I do not touch that money treating as a second retirement account. My employer contributes a thousand dollars into my HSA every year. Our deductible is thirty five hundred dollars. In November I'm uncertain whether I should sign up for the consolidated PPO plan offered by my employer with a seventeen hundred dollar deductible or stick with the HDHP. All the office visits are eighty percent after deductible with the HDHP and a twenty five to fifty dollar copay for most visits with the PPO. Which plan will be the best choice for my wallet next year? This is hard. There's no perfect crystal ball with the birth of a child.ides overwhelmingly you're going to have a very healthy bundle of joy with normal doctor visits and no potential complications. The odds favor you staying in the HSA eligible plan. You already have a cushion of money saved. You get the thousand from the employer. I think you could go through twenty four with the HSA eligible plan and if it turned out that any of you in the household developed an ongoing condition that might make it a better idea maybe when you hit twenty five to go into the employer's traditional plan. You could do so then but remember the odds favor you so heavily to continue doing what you're doing because as you mentioned your deductible is not extremely high on your high deductible plan. So I would roll the dice here for at least twenty four and then you'll know what to do beyond in twenty five and after that. Julian Virginia says is raisin.com a legitimate place to go through to invest in CDs, savings accounts, etc. Yeah and we have a new review on raisin at Clark dot com because so many people have asked us questions about raisin. Raisin is a non bank that acts kind of like a custodian for the money you put on deposit with them putting it in different FDIC insured banks that are paying in theory the highest rates on savings like right now with them as with many others you're earning five plus percent on your savings. The issues that have come up with raisin have been from people who've had customer service issues that they've had trouble when they've needed access to their money getting it and a timely way from whatever bank is holding those funds through raisin because your relationship is indirect with the bank that has your money and so if you have money sitting there that you might need on a moment's notice and there's no room for a hiccup with getting access to the money I'd say that's where the question mark is surrounding raisin as far as the money being FDIC insured and all that it is the money's safe in these raisin accounts. Ryan in Florida says this one should be called a Ryan Stinks for not listening to your advice my 2005 Buick Lucere finally gave out a few weeks ago and I took the wait wait wait wait wait wait 2005 vehicle and you're saying you stink do you realize how fantastic that is you kept the vehicle 18 years I took the EV plunge taken delivery of my new Tesla model X on Thursday August 31st despite reading your recent warning about Tesla's being overpriced and Tesla being guilty of customer no service well not even 24 hours later Tesla slash the price of my car by 12 000 dollars overnight. Oh and Ryan I don't know if you want to know this they just cut the price of the X again to a new entry price of 79 000 which is 41 000 dollars less than it was earlier this year. I contacted them on the customer service chat and visited the local store but as expected they basically said tough luck. Fortunately I did follow your 48 month auto loan rule and I will be fine but man does it stink I wanted to share my experience to reiterate to your other listeners that when Clark says his crystal ball is clear he'd his advice thank you for all you do well okay so Ryan first of all there are times I'll say I have a clear crystal ball on something and I'll still be wrong it was clear to me that the electric vehicle market was way overpriced not just Tesla but other companies and that's why we're seeing now the average electric vehicle non Tesla is sitting rotting on dealer lots with just a few model exceptions because the manufacturers price them way too high thinking they had a hot thing there and now people aren't even looking at them because they were priced too high electric vehicle price trends are headed steadily lower the cost of the batteries has been going down down down down the range getting better reliability better all those things so electric vehicles are not far at all away from being cheaper to buy than an equivalent gas engine vehicle but that's not how they've been priced to this point and so it's a market that is still developing and I hope that that X gives you 18 years of wonderful service you're going to save a fortune on the cost of energy not having to buy gasoline since the electricity for an electric vehicle so much cheaper and I'm really sorry about the price cut and Tesla not giving money back to people who bought like in the last even 30 days is just hardhearted and long term that's a stupid play to treat customers so badly but as I've said Tesla's customer service is in the dictionary when you look at customer no service you see a picture of Tesla at the same time the American customer satisfaction index gives Tesla I think it's second highest rating for customer satisfaction of luxury vehicles so the vehicle is what people love the Tesla experience if you have an oops people generally hate coming ahead I want to talk about something that if I had a dime for every dollar people put into something that I kept telling you not to go into gosh I'd have a lot of money and unfortunately the people put in their dollars many of them have lost them all in these various goofy real estate ventures we're going to talk about straight ahead hi I'm Don McDonnell from the Talking Real Money podcast simple honest financial advice is hard to find because there are too many people in the financial services industry and even the media who will do or say anything to get your money well for decades my co-host Tom and I have been trying to help people better manage money on the radio TV and in our podcast about five times a week we share simple low-cost advice on building the wealth you need to enjoy a better future without making your broker richer and ironically you broker listening to talking real money could not be easier because you're already listening to a podcast just search for talking real money on your podcast service or ask your smart speaker give us a try you have absolutely nothing to lose except a few minutes of time and you might just discover something to help you enjoy a more prosperous and secure future along with a simpler present just visit talking real money dot com or search for talking real money in this podcast service it's that easy apple card is the perfect credit card for every purchase it has cashback rewards unlike others you are an unlimited daily cashback on every purchase receive it daily and can grow it at 4.15% annual percentage year when you open a high-yield savings account apply for apple card in the wallet apple on iphone and start earning and growing your daily cash with savings today apple card subject to credit approval savings is available to apple card owners subject to eligibility requirements savings accounts provided by Goldman Sachsbank USA member FDIC terms apply it's been such a thing over the last oh I guess like the seven eight years that people are pitched going into these private real estate placements not traded on any public exchanges and because of a weird law and regulation not requiring true full disclosure about the expenses involved the risks involved and where your money actually is going with the added bonus that if your life circumstances change and you need your funds you may not be able to get them this has been a very heavily pitched and pushed item with very high commission salespeople pushing you going into these various private real estate things that have gone under the general tone of crowdfunding and we've had so many questions about this over the years and people have been pitched and they're coming to me truthfully they're coming from me just to say yeah that's a great idea they don't want to hear from me no that's a bad idea but that is what they've heard from me and the reasons are when I glossed over a minute ago not good disclosure very high fees upfront no real clear thing of what expenses are ongoing and no ability to get your money back when you want it back but there's another element that I implied but didn't say and that is there could be a high fatality rate with these things that crowd street which is when people used to ask me about raised billions of dollars from individuals promising big returns like all these were and now guess what money's missing lots of it's missing maybe gone forever there've been multiple stories in the media about this and the financial press if you are an investor in this one in crowd street there's a really thorough right up in the Wall Street Journal that you should go read to see what is going on with your money that's in crowd street but I want to draw a clear contrast with you if you buy a real estate exchange traded fund or a real estate mutual fund or a real estate index fund you don't face any of these big massive commissions and ongoing fees second everything they're doing is disclosed to you you know what they own where it is what their objectives are what kind of real estate investing they do and the value of it is established by the marketplace every single day with a real estate ETF exchange traded fund the value changes even within a day you know you can go in you can go out and you can buy in commission free you can sell out commission free you have true access to your funds true liquidity with your money i freak out at private placements why do i freak out because of all those things i've said no true disclosure a lot of fees on top of fees on top of fees and a very high risk that you're going to lose your money and the reality is there are lots of bright people who can make money in investments lose money in investments real estate certain sectors imagine you bought into a fund that is investing in office buildings office buildings looked like a great thing in February of 2020 and then what happened March 2020 COVID the office market is dead dead dead foreclosures happening all over the country so it wouldn't matter where you went into a real estate fund investing in office buildings you're hurting for certain but the reality is you wouldn't know what you were in and if you wanted to bail you could have bailed at whatever the market price was in a publicly traded real estate fund in a crowdfunded real estate thing you're their prisoner and you get out when they say you can get out you pay the fees they tell you have to pay and this same theme you'll hear from me with private placements of all different types not just real estate christia alright this questions from michael in new york i recently attempted to close out a helok from a credit union as clerk often recommends while i paid off the balance noting confirmation of zero dollars left i was told that if i wanted to close the loan i would have to pay the credit union over four hundred dollars for municipality fees associated with removing the potential property lean that secured the helok this seems inordinate is it something i have to do or should i just let the account stay at zero dollars thanks carcane team for all you do so i don't really understand the four hundred dollar junk fee but i don't want you closing the helok anyway the fact that this put a yellow flashing light in front of you is actually good in this case having that open and available line is good for a number of reasons one it shows active credit line that is aging with good payment history on it that's really good for your credit score there are certain situations where having a stand-by-home equity line of credit if something went wrong with your house or something like that that you have access to funds that are there to improve your home so the home equity line of credit i'm guessing since it's a credit union has no ongoing annual fees or administrative fees other than this junk fee to close it i would leave it open it's to your benefit this is a follow-up you were talking about car warranty extended warranty the other day Joe and florida says i have a tip carc mentioned if you purchase a car warranty you should purchase the manufacturer's warranty what he did not say is that not all dealerships sell the manufacturer's warranty for the same price i've purchased both Toyota and Honda warranties from dealerships that sell it at a lower price than the dealerships i purchased the car from i recently purchased a new Toyota Corolla the dealership wanted to sell me their most complete no deductible manufacturers warranty for twenty four hundred dollars plus tax i did a google search found a couple of dealerships through some Toyota blogs that sell the warranty to discount with no tax i purchased it for less than fifteen hundred dollars another saving nine hundred dollars plus yep another tip for purchasing cars is to do a google search for the brand and no dealer fees i live in florida i found a Toyota dealership four hours from my home that sold me a car for MSRP and charged no dealer fees and sold me the car with only the features i wanted i know these tips work for honda and kia and this works all over america this idea that there are dealers charging what are called packs when you buy a vehicle all kinds of dealer add-on fees and then there are other dealers that run an honest ethical business and don't charge packs and the vehicle market has changed with new vehicles that it's become much easier to find a vehicle available by shopping around the country instead of just local as far as your pain point is to bring a vehicle back that you'll pay no dealer junk fees known as packs and you also will buy the vehicle at a good discount from manufacturer suggested retail price is for the first time in two years the average vehicle is now selling at a discount to manufacturer suggested retail price the era of dealers adding ten twenty thirty fifty thousand on to the manufacturer suggested retail price that's so over steven georgia says i'm very fortunate to work for a fortune five hundred company that provides me with fifteen thousand dollars and rs use every year this is added up to quite the nest egg over time that's restricted stock units right that's what that stands for with my company being part of the dividend aristocrat stock group and my okay leaving everything where it is or should i consider diversifying this into an index fund in addition to the rs use i max out my four one k and my hs annually and they're both invested in index funds okay so there are employers that still employ golden handcuffs they may do it for specific group of employees or key employees where they offer them a preferential ability to have options to buy company stock the stock is restricted a number of ways is required either by that corporation or under law and this is an opportunity for people who are considered to be valuable to the company to get a deal from the employer on the stock and what the employer is getting in return is there if you might have had nchi feet to go somewhere else maybe you stay because you want to have this aversion of a stock option for you to have the restricted stock units so the question that you asked really depends on how much of your investment pool is now in these exercise restricted stock units you say you've got your four one k max you're doing the hsa you're investing in index funds so you're well diversified if though the company stock represents too much of your overall investment assets which would i say in a case of restricted stock units or stock options would be 25% would be the ceiling of what you should own if in fact you're well above 25% of your overall pool of investment then it would make sense for you to move some of that money from the company stock into widely diversified index funds because you don't want all your eggs too heavily in one basket and what can happen a lot of times with stock issued as incentives to people is everything they're in is in that and so if that company's fortunes even though it's a big dividend payer now i could talk about a number of companies that have shown AT&T that the long-term value of owning that stock is not necessarily there even though at one time it was considered to be as safe as anything you could go in so that's why diversifying away from being too heavily in the company's stock and the company you work for is a key safety strategy for long-term financial security and i hope you've enjoyed today's podcast i hope you will check out our other content available man we work so hard in everything we do to give you advice information guidance that you can put to work in your life that's actionable to improve your personal financial picture i want you to be able to make smart decisions with your wallet we're in so many places newsletters clark.com clarkdeals.com youtube our youtube content growing growing growing as is our audience on youtube tiktok facebook instagram i mean think about on tiktok i give you absolutely fantastic financial advice in three seconds not really but the idea is wherever you want to be reached we're going to be there to serve you and i hope you have a great day