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Speaker 1: Hey, ba Fam, I am back. It's Nandy. I am

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Speaker 1: here with another episode of Brown Ambition and this week

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Speaker 1: is all about your questions. Yes, the BAQ and A

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Speaker 1: is back. Thank you so much for sending your questions y'all.

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Speaker 1: If you want to get a question on the air,

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Speaker 1: go to Brannibisson podcast dot com. That is our homepage

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Speaker 1: and from there you can submit a question through our website. Also,

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Speaker 1: you can hit us up on Instagram. We are at

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Speaker 1: Brand Ambition Podcast. Just slide into our DM send us

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Speaker 1: your question. Make sure that you are clear and concise,

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Speaker 1: and if you want to be anonymous, just let me

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Speaker 1: know otherwise I'm gonna put your entire name out here

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Speaker 1: and I don't want to get anyone in trouble. Okay,

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Speaker 1: And while you're at it, if y'all want to be

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Speaker 1: featured in our new series on Instagram, we are doing

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Speaker 1: a ba Fam Fans spotlight on Fridays where we actually

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Speaker 1: go to iTunes see who's left us a review, and

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Speaker 1: then spotlight one of y'all. Head to iTunes right now

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Speaker 1: leave us a five star review. If you've been rocking

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Speaker 1: with our show for all these years and you haven't

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Speaker 1: left us review yet, come on now Like you don't

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Speaker 1: pay for this, go leave.

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Speaker 2: Us a review.

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Speaker 1: It is so helpful and having other people find our show.

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Speaker 1: It also helps us move up the rankings on iTunes

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Speaker 1: and listen numbers are important, okay, and I would love

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Speaker 1: to hit the top ten again for top ten business podcasts.

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Speaker 1: So send us a review, take a screenshot of the

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Speaker 1: show and share it on social media. Tag us at

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Speaker 1: Branda Mission podcast. On ig you can tag me at

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Speaker 1: Mandy Money and just let everyone know that you are

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Speaker 1: a part of the BA Fam. Okay, So that's my

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Speaker 1: sales pitch over. Let me get into this mail bag

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Speaker 1: and thank y'all again for your patience. As I have

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Speaker 1: been learning how to just sit here and talk to myself.

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Speaker 2: I'm having a good time.

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Speaker 1: We still send our love and virtual hugs to our

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Speaker 1: girl Tiffany and wish her lots of happy, healing and

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Speaker 1: good health as she, yeah, is just taking her time

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Speaker 1: until she feels ready to come back to the show.

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Speaker 1: So I love you, TIF, we all love you, and

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Speaker 1: the BA fam sends you lots and lots of love. Okay.

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Speaker 1: First question is from Anonymous. Anonymous wants to know Mandy

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Speaker 1: when does it make sense to use credit unions. I

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Speaker 1: combined finances with my spouse this year, and I'm more

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Speaker 1: bothered when it comes to debt. I'm only comfortable carrying

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Speaker 1: my student loan debt, which I've got about sixteen thousand

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Speaker 1: dollars of. My partner is also trying to pay off

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Speaker 1: about nine thousand dollars of personal consumer debt that has

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Speaker 1: skyrocketed since he's been unemployed through the pandemic. This year,

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Speaker 1: we've managed to also rack up an additional four thousand

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Speaker 1: dollars in credit card debt low interest to no interest

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Speaker 1: because we've taken advantage of a zero percent financing offer

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Speaker 1: pre tax. This year, will have made about eighty five K,

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Speaker 1: and my credit score is seven twenty. Okay, So you

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Speaker 1: want to know when it makes sense to use credit unions,

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Speaker 1: I'm going to have to do a little bit of

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Speaker 1: mental gymnastics to figure out specifically what you're wanting to

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Speaker 1: do with a credit union. So I'm thinking based on

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Speaker 1: the fact that you guys have got let me see

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Speaker 1: da DA Math is easy, Math is fun nine thousand

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Speaker 1: dollars plus four. So you got about thirteen thousand dollars

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Speaker 1: of credit card and personal loan debt and you're probably wondering,

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Speaker 1: you know, should we go to a credit union and

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Speaker 1: potentially take out like a debt consolidation loan that we

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Speaker 1: could use to pay down this consumer high interest consumer

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Speaker 1: debt and then you're just left with one loan payment

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Speaker 1: after that. With your credit score seven to twenty, you know,

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Speaker 1: you're probably really likely to get a pretty decent rate

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Speaker 1: on a debt consolidation loan, and a credit union is

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Speaker 1: a perfectly fine place to go for that kind of loan.

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Speaker 1: You can also use online lenders too, you know, online lenders,

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Speaker 1: because they don't have all the expenses of brick and

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Speaker 1: mortar banks, they tend to offer lower fees. But my

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Speaker 1: best advice when it comes to shopping for debt consolidation

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Speaker 1: loans is to get quotes, you know, actually run your numbers,

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Speaker 1: get a quote for how much you need, and see

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Speaker 1: who's going to offer you the best terms. So your

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Speaker 1: interest rate obviously is number one, but are they going

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Speaker 1: to attack on any other fees on top of that?

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Speaker 1: You know, are they gonna are they going to give

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Speaker 1: you a penalty if you prepay your loan, which means

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Speaker 1: you pay it off sooner than what your term dictates.

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Speaker 1: So definitely get some loan options and lay them out

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Speaker 1: next to each other and just make the best decision

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Speaker 1: based on the options that you get. Now, listen, what's

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Speaker 1: interesting about your question is, you know, so I hear

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Speaker 1: you're married, your partner's got some debt, you've racked up

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Speaker 1: some debt together, but you're talking about your credit score,

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Speaker 1: and that tells me that you're looking to take on

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Speaker 1: this debt consolidation loan potentially on your own. Just be

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Speaker 1: aware that, you know, whatever happens in your relationship, that

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Speaker 1: loan is going to be in your name, so it's

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Speaker 1: going to be your responsibility to pay it down. Obviously,

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Speaker 1: your partner can help. I hope that he's been able

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Speaker 1: to get work. I know you said he was unemployed

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Speaker 1: during the pandemic.

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Speaker 2: I hope that. I'm hoping that he's working.

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Speaker 1: Again and he can help contribute to that consumer debt.

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Speaker 1: But yeah, it is going to be ultimately your name

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Speaker 1: on the paperwork, so you want to be sure that

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Speaker 1: you can handle those payments independently. And I would just

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Speaker 1: aggressively go after that credit card debt. You know, you

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Speaker 1: say that you've got student loan debt, which is about

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Speaker 1: sixteen K it's not that bad, right. Plus, I think

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Speaker 1: at least until the spring, you won't have to make

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Speaker 1: any more payments or make any payments on federal student

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Speaker 1: loan debt thanks to the relief that was given during

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Speaker 1: the pandemic to federal student loan borrowers. So hopefully that

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Speaker 1: gives y'all some time where you could really attack this

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Speaker 1: personal consumer debt that you've got, especially the high interest debt.

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Speaker 1: So that four thousand dollars of debt that you guys

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Speaker 1: have accrued, you said that was on like a zero

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Speaker 1: percent financing plan. That's maybe not your top priority right now.

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Speaker 1: Maybe you want to tackle that nine thousand dollars that

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Speaker 1: you said has skyrocketed because your partner's been out out

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Speaker 1: of work for so long, you know, So tackle the

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Speaker 1: high interest debt first, but really be aware again of

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Speaker 1: take on that responsibility with your credit score. You know,

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Speaker 1: if you're not able to make those payments, obviously, that

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Speaker 1: would hurt your credit score, and that's who the banks

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Speaker 1: would be coming to for payment if you guys can't pay.

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Speaker 1: When it comes to managing debt, well, actually I don't

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Speaker 1: know if I say this yet, but when it comes

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Speaker 1: to managing debt as a couple, I think teamwork makes

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Speaker 1: a dream work. I think, at least in my relationship,

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Speaker 1: it helped me to start thinking of his debt as

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Speaker 1: my debt from an early time in our relationship, and

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Speaker 1: not that he had a lot of debt, just as

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Speaker 1: an example. And the same thing with my savings, my income,

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Speaker 1: you know, just thinking of it as one pot. It

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Speaker 1: just made it easier to kind of tackle those goals together.

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Speaker 1: So as long as your partner is working and you

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Speaker 1: guys are bringing an extra income and you feel like

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Speaker 1: you are capable of making a debt consolidation loan payment,

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Speaker 1: you know, month after month and making that a consistent

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Speaker 1: part of your budget, then I think it could work

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Speaker 1: for you guys to go to a credit union or

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Speaker 1: any other lender and get a debt consolidation loan as

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Speaker 1: long as it's a lower rate than the cost of

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Speaker 1: your consumer debt right now and just paying that down aggressively,

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Speaker 1: and then once that's paid off, then you can move

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Speaker 1: on to that zero percent financing debt. As we've said

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Speaker 1: on the show before, when it comes to those zero

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Speaker 1: percent you know, credit card offers or any kind of

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Speaker 1: like zero percent financing, which is an introductory rate. Really

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Speaker 1: pay attention to the fine print because what you don't

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Speaker 1: want to happen is that you're left after that promotional.

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Speaker 2: Period is over.

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Speaker 1: If you've even got one dollar of money or one

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Speaker 1: dollar of debt still on that line of credit or

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Speaker 1: that loan, they may have something called the deferred interest clause,

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Speaker 1: which basically says, even if you've got one dollar left,

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Speaker 1: we're actually going to go back to the beginning of

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Speaker 1: this loan and we're going to pretend like you were

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Speaker 1: paying interest this entire time, and they're going to tack

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Speaker 1: all that interest back onto your balance. So it could

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Speaker 1: actually increase how much you owe, which really sucks, right,

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Speaker 1: So just be conscious of that. But I think together

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Speaker 1: you guys can definitely tackle this. It's definitely not the

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Speaker 1: worst debt story that we've gotten here on Brown Ambition.

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Speaker 1: That I hope that helped. And good luck as you

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Speaker 1: guys get back and you know, get back on your feet,

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Speaker 1: you know, financially, and I mean, honestly, don't beat yourself

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Speaker 1: up too bad, because the pandemic is is and was

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Speaker 1: a huge burden too, so many households and the fact

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Speaker 1: that you had to rack up some consumer debt does

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Speaker 1: not mean that you are bad with money. It just

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Speaker 1: means you did what you had to do to survive

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Speaker 1: during unprecedented times, right, and now you just kind of

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Speaker 1: got to pick yourself back up and get on the

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Speaker 1: right track, which I feel really confident that you guys

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Speaker 1: will be able to do. All right.

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Speaker 2: I hope that helped.

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Speaker 1: Thank you again for your question, and let me see

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Speaker 1: what's next. All right, So we've got a question this week.

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Speaker 2: Oh, repeat a repeat.

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Speaker 1: Be a questioner, Amelia. Amelia's got an interesting question. She says,

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Speaker 1: I'm currently in the process of adopting a family member's child.

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Speaker 1: I was previously child free at almost thirty years old,

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Speaker 1: and now I'm thirty two with a three year old.

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Speaker 1: I've now become a government employee and a single parent

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Speaker 1: all at once, and I'm trying to pay down debt.

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Speaker 1: I recently enrolled in school and I'm using my military

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Speaker 1: GI bill to pay for it. So now I have

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Speaker 1: an additional twelve thousand dollars tax free coming in over

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Speaker 1: the next six months. My question is this, considering I

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Speaker 1: don't have much saved after the pandemic wiped us out,

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Speaker 1: and I'm planning a move from southern California to make

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Speaker 1: in Georgia. Should I pay all my credit card debt

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Speaker 1: off or pay it down to about the thirty percent

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Speaker 1: mark and save the rest? Also some additional info, my

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Speaker 1: dad is helping me pay for my cross country move. Okay,

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Speaker 1: it's a lot to unpack here. First of all, I mean,

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Speaker 1: it's amazing that you are taking on responsibility for a child,

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Speaker 1: you know, at the goodness of your heart. And I

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Speaker 1: think that is just a really selfless and amazing thing

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Speaker 1: that you've done. And it sounds like, you know, you've

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Speaker 1: got your you've got a go job, you're enrolling in school,

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Speaker 1: you're using your military GI bill to pay for it,

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Speaker 1: which is amazing, and you've got that income coming in

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Speaker 1: to pay for it.

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Speaker 2: But like a lot of.

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Speaker 1: Families, you know, you don't have a lot saved after

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Speaker 1: the pandemic, and you're wondering, you know, before I make

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Speaker 1: this move, should I pay all my credit card debt off?

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Speaker 1: Potentially I'm wondering if you're thinking about using that twelve

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Speaker 1: thousand dollars you've got from your GI bill to pay

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Speaker 1: it off and then save the rest. Okay, a couple things,

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Speaker 1: think thing, thing, thing, Think I wouldn't want you to

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Speaker 1: blow your GI bill on debt. I mean, technically that

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Speaker 1: money is earmark for school, and you're supposed to use

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Speaker 1: it for school. Now, anyone who knows who's ever gotten

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Speaker 1: a student loan refund check knows that you could use

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Speaker 1: that money for just about anything once you get that

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Speaker 1: refund check in the mill, right, But look, I wouldn't

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Speaker 1: want you to miss out and on this great benefit

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Speaker 1: that you've earned, you know, being a service member, to

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Speaker 1: be able to pay for your school and be student

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Speaker 1: loan debt free. Now, I would actually ask can your

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Speaker 1: dad help you with your credit card debt instead of

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Speaker 1: the cross country move, so that you can feel like

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Speaker 1: you're getting you know, a good chunk of that debt

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Speaker 1: paid down before you're making that move, and then just

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Speaker 1: try to do the move as cost consciously as possible.

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Speaker 1: I'm not entirely sure where it is that you're working,

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Speaker 1: but they may offer some sort of relocation benefit. That's

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Speaker 1: something that's worth asking for. If you've got credit card debt,

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Speaker 1: you don't tell me how much you've got, so it's

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Speaker 1: hard for me to tell. You know, is this something

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Speaker 1: that is really weighing down on you? That you have

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Speaker 1: to pay off right away. You know, why not just

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Speaker 1: pay it off slow and steady after you guys move

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Speaker 1: down there and you get settled, and then just make

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Speaker 1: a goal to pay that down slow and steady, you know,

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Speaker 1: as you get settled in your new job and you

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Speaker 1: guys make your.

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Speaker 2: New home down and make in Georgia.

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Speaker 1: I mean, it may feel like it's weighing on you

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Speaker 1: and like you've to pay it off right away, but

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Speaker 1: take the time that you need. I mean, I wouldn't

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Speaker 1: want to put you in a precarious financial situation and

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Speaker 1: you blow the money that should be going towards your

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Speaker 1: school on debt that you could potentially just be paying

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Speaker 1: down slow and steady. So before you use that GI

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Speaker 1: bill on credit card debt, I would say, you know,

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Speaker 1: get in school, use a bill to pay for that tuition,

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Speaker 1: get settled, and then start to budget or start to

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Speaker 1: look at your budget and your cash flow and say,

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Speaker 1: how much will I actually have leftover that I could

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Speaker 1: use to pay down this credit card debt? And is

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Speaker 1: there anything that potentially your dad, for example, could help

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Speaker 1: you subsidized by like giving you a little bit extra

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Speaker 1: to make that card payment, or is there another lever

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Speaker 1: that you could pull. For example, could you take out

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Speaker 1: a zero percent interest balance transfer, you know, credit card

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Speaker 1: and transfer that balance onto another credit card that has

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Speaker 1: zero percent interest, just to buy yourself some time. We

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Speaker 1: were just talking about that in the last question, and

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Speaker 1: it's an option, you know, especially if you've got decent credit.

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Speaker 1: And I don't know anything else about your financial history

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Speaker 1: than what you've said here, so I'm just going to

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Speaker 1: assume that you've got decent credit, you may qualify for

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Speaker 1: a good zero percent offer and be able to move

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Speaker 1: that over. Maybe there's even an option if you're a

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Speaker 1: military member, you may have They have great they have

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Speaker 1: some financial institutions, like one of the banks that comes

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Speaker 1: to mind is USAA, But I know there's others that,

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Speaker 1: you know, work with military service members and may be

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Speaker 1: able to give you a low interest debt consolidation loan

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Speaker 1: that you can use to pay down that debt. But yeah,

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Speaker 1: that's where I'm going. I'm not feeling so good about using,

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Speaker 1: you know, school funds to pay off debt. But at

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Speaker 1: the same time, I see what you're saying. You know,

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Speaker 1: you're wanting to pay down debt and start saving. You

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Speaker 1: just may be feeling like you have to do everything

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Speaker 1: you know all at the same time. Just break it

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Speaker 1: down into small measurable, you know, doable, and it won't

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Speaker 1: feel quite as overwhelming, I hope. All Right, Amelia, thank

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Speaker 1: you again for your question. I'm going to take a

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Speaker 1: quick little break. It's some more of this coffee, and

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Speaker 1: I'll be right back with another of your questions. All right, y'all,

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Speaker 1: I am back. It's Bandy with Brown Ambition, and I'm

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Speaker 1: here for our third and final question from listener Cherish.

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Speaker 2: What a beautiful name.

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Speaker 1: Cherish says, I enrolled in a high deductible insurance plan

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Speaker 1: so that I could get an HSA and invest the

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Speaker 1: money after hearing about the benefits on your interview with

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Speaker 1: the Journey.

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Speaker 2: To Launch couple.

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Speaker 1: Oh you guys, if you haven't listened to our interview

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Speaker 1: with Journey to Launch Christina and Aman, go back and

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Speaker 1: listen to it. It's so good. All right. Back to

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Speaker 1: Cherish's question, Cherish says, but I try to limit going

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Speaker 1: to the doctor unless it's covered, because I worry my

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Speaker 1: cost will be really high since I don't have a

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Speaker 1: copey and I'm young, twenty eight years old and healthy.

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Speaker 1: If I want to start going to the doctor more,

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Speaker 1: but I don't want to pay a lot. Should I

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Speaker 1: switch to a healthcare plan, a new healthcare plan? Or

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Speaker 1: am I being overly cautious? I think I'm still anxious

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Speaker 1: from a time when I got two thousand dollars bill

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Speaker 1: for a simple lab test because they sent it to

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Speaker 1: an out of network lab. It happened to me too before,

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Speaker 1: so I get it. Chaer says, how can I know

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Speaker 1: how much more I'll pay for a high deductible health

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Speaker 1: plan versus a health plan that has a copay And

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Speaker 1: if I do switch to a copay plan, will my

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Speaker 1: HSA continue to grow? And if I switch to a

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Speaker 1: high deductible plan in the future, can I continue contributing

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Speaker 1: to it again? Alrighty, this is a really cool question.

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Speaker 1: I love it why because it sort of brings the

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Speaker 1: real world into a situation. It brings the real world

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Speaker 1: to like one of these pieces of financial advice that's

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Speaker 1: becoming more and more common. So Christina and Ammon, they

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Speaker 1: are part of this financial independence retire early movement. So

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Speaker 1: they were able to retire at thirty nine, I believe,

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Speaker 1: and they moved to Portugal and it was all amazing

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Speaker 1: and one of the strategies they talk about where they

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Speaker 1: were able to invest and save enough to retire that

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Speaker 1: early was they invested heavily in index funds, but they

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Speaker 1: also opened a high an HSA, a health savings account.

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Speaker 1: And in order to get access to an HSA, you

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Speaker 1: have to enroll in a high deductible health care plan.

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Speaker 1: So you have to have a high deductible in order

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Speaker 1: to get this HSA. And the whole point of the

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Speaker 1: HSA is that you were putting pre tax dollars into

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Speaker 1: an account to set aside for your health care expenses. Because,

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Speaker 1: as we all may know, with a high deductible plan,

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Speaker 1: it means you've got to come out of pocket before

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Speaker 1: your insurance are going to pick up the tab. So,

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Speaker 1: if you've got a high deductible health care plan, and

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Speaker 1: let's say the deductible is like five thousand dollars, you'll

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Speaker 1: want to have money set aside because you will be

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Speaker 1: on the hook for making any payments toward health care

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Speaker 1: needs before that deductible is met. So there's a bit

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Speaker 1: of risk there, right. I mean, they were young and healthy,

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Speaker 1: the same as you cherish when they when they decided

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Speaker 1: to opt in to the high deductible health care plan.

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Speaker 1: So they said, eh, probably you were not going to

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Speaker 1: have to go the doctor that often, and if we do,

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Speaker 1: we'll have money set aside to actually pay for that.

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Speaker 1: And when you have an HSA, what helps supercharge your

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Speaker 1: retirement savings is that you can actually invest through your HSA,

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Speaker 1: which is a cool benefit because you're putting money in

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Speaker 1: it before taxes, and then the money is growing tax

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Speaker 1: free while you're investing. And then the third and why

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Speaker 1: they call it a triple tax benefit, is that you

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Speaker 1: can withdraw that money tax free so long as you're

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Speaker 1: using it for medical expenses. So it is a great

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Speaker 1: tool that you potentially could use to invest for retirement,

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Speaker 1: especially because when we retire, you know we're going to

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Speaker 1: be older, you may have more health care concerns, and

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Speaker 1: then you'll actually have a pot of money through HSA

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Speaker 1: that you can withdraw and use for those those healthcare

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Speaker 1: expenses in retirement. So it sounds like a good idea, right,

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Speaker 1: sounds solid. But here's where Cherish's questions interesting because the

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Speaker 1: fact of the matter is that when you enroll in

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Speaker 1: a high deductible insurance plan, you have to pay more

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Speaker 1: out of pocket along the way, and you may act

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Speaker 1: actually not have the funds to cover those kinds of expenses.

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Speaker 1: And if you anticipate that you're going to have more

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Speaker 1: medical expenses, you will have to think carefully about whether

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Speaker 1: a high deductible plan makes sense for you. It still

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Speaker 1: can make sense, you know, it can make sense if

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Speaker 1: you've got money set aside. You know that you're setting

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Speaker 1: aside through your HSA or other ways so that you

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Speaker 1: can pay for those copays out of pocket or pay

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Speaker 1: for any expenses out of pocket. And I think everyone

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Speaker 1: when you're on a medical plan like cherish this nightmare

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Speaker 1: where you've got a two thousand dollars bill for a

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Speaker 1: lab test because they send it to an out of

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Speaker 1: network lab. Those types of things happen all the time,

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Speaker 1: and you have to be really diligent and reading all

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Speaker 1: of your bills really carefully and triple triple quadruple checking

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Speaker 1: where they are sending certain lab work, or you know,

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Speaker 1: making sure if they're going to refer you to a

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Speaker 1: physician that you have done your due diligence and triple

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Speaker 1: dipple quadruple checked yourself to make sure they're in network.

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Speaker 1: Because I mean, at the end of the day, like

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Speaker 1: you're going to be the one who cares most about

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Speaker 1: your money, right and in a rush at the medical office,

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Speaker 1: they may just send you to a doctor that they

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Speaker 1: think is in your network, but come to find out

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Speaker 1: they've left your network last week, you know. So you've

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Speaker 1: got to be really diligent, and it takes it takes

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Speaker 1: some babysitting, I feel like, of your medical your medical

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Speaker 1: bills and all that kind of stuff to be sure

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Speaker 1: that you're not going to find yourself in that situation.

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Speaker 1: But yeah, HSA can be a good tool to use

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Speaker 1: for retirement, but it does come with that reality that

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Speaker 1: you will have to pay a little bit more out

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Speaker 1: of pocket then you might have liked to. And if

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Speaker 1: you're not feeling financially capable of doing that, then yes,

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Speaker 1: it could make more sense to enroll in a different

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Speaker 1: health care plan, a healthcare plan that is probably going

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Speaker 1: to cost you a little bit more out of.

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Speaker 2: Your paycheck each pay period.

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Speaker 1: But at least you'll have the peace of mind knowing

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Speaker 1: if I do need to go to the doctor, I'm

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Speaker 1: only going to have that twenty five dollars or that

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Speaker 1: thirty five dollars copay. You ask how much you ask here?

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Speaker 1: How can I know how much more I'll pay on

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Speaker 1: a high deductible plan versus a copay plan. So this

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Speaker 1: is where you can do some homework and when you

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Speaker 1: go to your enrollment page. Now, open enrollment is typically

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Speaker 1: around November, so you may have to wait until the

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Speaker 1: fall of this year to make a big make a

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Speaker 1: change like this. But when it comes time for open enrollment,

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Speaker 1: what you want to do, and a lot of plan

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Speaker 1: pages will actually let you do this online is do

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Speaker 1: a side by side comparison and they should be able

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Speaker 1: to tell you here's what your here's what your deduction

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Speaker 1: is going to be from your paycheck for this plan,

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Speaker 1: so here's what your premium is going to cost, and

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Speaker 1: here's what your copay is going to be. And then

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Speaker 1: you've just got to make that, you know, make the

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Speaker 1: decision based on your best guess of how much healthcare

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Speaker 1: you're going to need in the year to come. I know,

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Speaker 1: it's kind of it's annoying and it's a little overwhelming,

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Speaker 1: like how can I predict what kind of health care

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Speaker 1: I'm going to need? But that's what you got to do.

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Speaker 1: I mean, you just got to kind of make the

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Speaker 1: best decision based on what you know and if you anticipate,

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Speaker 1: like like I said, if you anticipate having some medical

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Speaker 1: expenses or having some procedures done that will be more costly,

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Speaker 1: then you may want to, at least for the next

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Speaker 1: year or however long it'll take, you know, change to

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Speaker 1: a plan that costs you a little bit more out

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Speaker 1: of pocket for your premium, but actually gives you better

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Speaker 1: benefits because it pays for a lot more of those

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Speaker 1: services upfront versus a high deductible plan, you know, where

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Speaker 1: you're maybe paying a lower premium, but you're coming out

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Speaker 1: of pocket a lot more often when you go the doctor. Okay,

435
00:21:41,920 --> 00:21:44,200
Speaker 1: So another question you had is if I do switch

436
00:21:44,240 --> 00:21:46,960
Speaker 1: to a copay plan, will my HSA continue to grow?

437
00:21:47,240 --> 00:21:47,520
Speaker 2: Yes.

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00:21:47,640 --> 00:21:49,640
Speaker 1: The beauty of an HSA is you can actually take

439
00:21:49,680 --> 00:21:52,200
Speaker 1: it with you, even if you leave your job. It

440
00:21:52,240 --> 00:21:54,800
Speaker 1: goes with you. And yes, it will continue to grow.

441
00:21:54,840 --> 00:21:56,719
Speaker 1: It's not going to go anywhere. You won't lose it.

442
00:21:57,680 --> 00:21:59,440
Speaker 1: And if you decide to go back to a high

443
00:21:59,440 --> 00:22:02,800
Speaker 1: deductible plan in the future, I don't know if that particular.

444
00:22:03,280 --> 00:22:05,800
Speaker 1: It depends on if you switched companies at that point,

445
00:22:05,920 --> 00:22:08,479
Speaker 1: or if it's the same insurance company. They may have

446
00:22:08,560 --> 00:22:13,800
Speaker 1: you open an HSA at a different a different financial service.

447
00:22:14,000 --> 00:22:16,959
Speaker 1: But yes, you can contribute to your HSA again at

448
00:22:16,960 --> 00:22:20,040
Speaker 1: that point. Just maybe I just may be contributing to

449
00:22:20,080 --> 00:22:23,800
Speaker 1: a new HSCA account somewhere else. But if it's the

450
00:22:23,840 --> 00:22:27,679
Speaker 1: same insurer and the same employer, I would imagine that

451
00:22:27,720 --> 00:22:30,399
Speaker 1: you could probably just start contributing again to that HSA

452
00:22:30,520 --> 00:22:33,159
Speaker 1: directly through the same HSA that you had kind of

453
00:22:33,200 --> 00:22:35,640
Speaker 1: put on pause for a while while you switch to.

454
00:22:35,600 --> 00:22:39,359
Speaker 2: A different health care plan. Okay, yay.

455
00:22:39,440 --> 00:22:41,480
Speaker 1: I don't know why I get excited talking about hsas,

456
00:22:41,520 --> 00:22:44,400
Speaker 1: but I love this question, Cherish. And it's another reminder

457
00:22:44,440 --> 00:22:47,680
Speaker 1: too that as much as we see, you know, stories

458
00:22:47,720 --> 00:22:51,159
Speaker 1: of other people on their own financial journeys and you know,

459
00:22:51,240 --> 00:22:53,600
Speaker 1: making decisions about the types of health care that they're

460
00:22:53,600 --> 00:22:55,879
Speaker 1: going to pay for, in types of investment accounts that

461
00:22:55,880 --> 00:22:58,000
Speaker 1: they're going to open, at the end of the day,

462
00:22:58,119 --> 00:23:00,280
Speaker 1: all they're doing is telling you a story about what

463
00:23:00,640 --> 00:23:04,720
Speaker 1: served them, you know, in their journey. And I just

464
00:23:04,760 --> 00:23:06,480
Speaker 1: want everyone to be aware of that at the end

465
00:23:06,480 --> 00:23:07,960
Speaker 1: of the day, like you've got to do what's best

466
00:23:07,960 --> 00:23:11,480
Speaker 1: for you and your financial situation situation, and just because

467
00:23:11,480 --> 00:23:14,480
Speaker 1: something was the right decision for other people does not

468
00:23:14,560 --> 00:23:16,400
Speaker 1: mean it's going to be the right decision for you.

469
00:23:16,760 --> 00:23:20,399
Speaker 1: These things are complex, Our lives are complex. Everyone is

470
00:23:20,440 --> 00:23:22,840
Speaker 1: so different, So just make peace with the fact that

471
00:23:22,920 --> 00:23:26,119
Speaker 1: your financial journey is going to look different than everyone else's,

472
00:23:26,160 --> 00:23:28,040
Speaker 1: you know, and you can definitely like take ideas from

473
00:23:28,080 --> 00:23:30,600
Speaker 1: other people, but you've got to do what's best for

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00:23:30,640 --> 00:23:33,280
Speaker 1: you financially. And I'm really glad that you are taking

475
00:23:33,280 --> 00:23:35,520
Speaker 1: a step back here and saying, Okay, maybe it worked

476
00:23:35,520 --> 00:23:38,040
Speaker 1: for Journey to launch, but I don't know if I'm

477
00:23:38,160 --> 00:23:40,240
Speaker 1: actually going to be the right this will be the

478
00:23:40,320 --> 00:23:42,760
Speaker 1: right path for me, and being willing to kind of

479
00:23:43,080 --> 00:23:46,360
Speaker 1: be critical and think about that before you just kind

480
00:23:46,359 --> 00:23:50,119
Speaker 1: of jump and dive into something just because you know

481
00:23:50,200 --> 00:23:53,320
Speaker 1: someone else said it worked for them. All right, Cherish,

482
00:23:53,440 --> 00:23:55,840
Speaker 1: thank you so much for your question. That was a good,

483
00:23:55,920 --> 00:23:58,440
Speaker 1: juicy one for the end of the show. Thank y'all again.

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00:23:58,640 --> 00:24:01,119
Speaker 1: I'm Mandy with Brand and if you want to send

485
00:24:01,200 --> 00:24:04,080
Speaker 1: us your question, hit us up at Brown Ambition podcast

486
00:24:04,160 --> 00:24:06,320
Speaker 1: dot com. You can send us a question, droke it

487
00:24:06,320 --> 00:24:09,359
Speaker 1: through our website or go to ig We are at

488
00:24:09,400 --> 00:24:12,439
Speaker 1: Brown Ambition Podcast and you can leave us a question

489
00:24:12,640 --> 00:24:15,439
Speaker 1: right there, slide into our DMS. I can't wait to

490
00:24:15,440 --> 00:24:18,240
Speaker 1: get more questions from y'all, and I will see y'all

491
00:24:18,240 --> 00:24:20,359
Speaker 1: next week. Thank y'all so much for listening. This is

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00:24:20,400 --> 00:24:21,040
Speaker 1: Brown ambition.