‘Are we on the right track?’: As a self-employed 33-year-old with a growing family, I wonder if our current financial plan will secure our future. How can I ensure financial stability?

Hi Money Minder,

Hey there! My husband and I (both 33y) run our own business and we’re debt-free, owning our forever home with a 30yr. mortgage. We max out our IRAs at the beginning of each year and have a solid savings account. However, with a baby on the way, I’m wondering if there’s more we can do to secure our future.

I’ve heard about HSAs and I’m not sure if they’re worth looking into for us. Our monthly expenses are pretty high, especially with us being self-employed, but I’m thinking about potential changes or new strategies to make our money work better for us.

Since we might not be doing this work forever, I’m also considering other options like owning properties or opening a store in the future. Any advice on how to navigate all of this would be greatly appreciated!

Cheers,
Financially Curious

Response from THE MONEY MINDER:

Hello There,

Congratulations on expecting your first child! It sounds like you and your husband have set up a solid financial foundation with your various retirement accounts and savings. With the upcoming addition to your family, it’s natural to start thinking about potential adjustments to ensure your finances continue to work for you in the best way possible.

Given your self-employment status and concerns about high monthly expenses, it’s great that you’re considering all options for optimizing your financial situation. One potential avenue to explore is Health Savings Accounts (HSAs). HSAs can provide tax advantages and help you save for future medical expenses. Since you’re self-employed and responsible for your health insurance, this could be a valuable tool to consider for managing healthcare costs down the line.

Considering your line of work and potential plans for the future, it might be beneficial to consult with a financial advisor to discuss your long-term financial goals and explore alternative investment opportunities. A financial advisor can provide personalized advice based on your specific circumstances and help you navigate potential strategies for maximizing your wealth and building a sustainable financial future.

In terms of alternative moves such as owning properties or opening a store, these can be viable options to diversify your income streams and build additional wealth. However, it’s essential to conduct thorough research, assess the risks involved, and create a solid plan before making any major decisions.

Overall, it’s commendable that you are proactive in seeking ways to enhance your financial well-being. By exploring options like HSAs, consulting with a financial advisor, and considering alternative investment ventures, you’re taking steps in the right direction to ensure your money continues to work efficiently for you and your growing family. All the best from THE MONEY MINDER as you navigate these decisions and set yourself up for a financially secure future.