How To Get Money Out Of Your Business TAX FREE | Breaking Down The Benefits Of The Health Care Spending Account
10/24/22 • 23 min
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On this week’s episode, Darren and Christina break down the advantages business owners have when incorporating the use of the health care spending account. Unlike group insurance, this type of account has many different benefits and the two go through the different ways you can take advantage if you’re a business owner.
00:00 - Introduction
00:17 - How do we fit health care spending account in overall plan
4:25 - Is it possible for employees to set up their own plan | Breaking down insurance by class
7:05 - Advantages of the Health care spending account vs. Group Insurance
13:10 - The right type of company you need to be to take advantage of this type of account
16:35 - Additional benefits from the account
19:10 - Private medical benefits
20:50 - Being as efficient as possible | Wrap up
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TIKTOK: https://www.tiktok.com/@controlandcompound?lang=en
On this week’s episode, Darren and Christina break down the advantages business owners have when incorporating the use of the health care spending account. Unlike group insurance, this type of account has many different benefits and the two go through the different ways you can take advantage if you’re a business owner.
00:00 - Introduction
00:17 - How do we fit health care spending account in overall plan
4:25 - Is it possible for employees to set up their own plan | Breaking down insurance by class
7:05 - Advantages of the Health care spending account vs. Group Insurance
13:10 - The right type of company you need to be to take advantage of this type of account
16:35 - Additional benefits from the account
19:10 - Private medical benefits
20:50 - Being as efficient as possible | Wrap up
TAKE CONTROL OF YOUR MONEY NOW: https://www.controlandcompound.com/contact-us
FIND US ON:
INSTAGRAM: https://www.instagram.com/controlandcompound/
TIKTOK: https://www.tiktok.com/@controlandcompound?lang=en
Previous Episode
A Permission Slip To SPEND Your Money | How a Death Benefit Works in an Infinite Banking Policy
We’ve talked a lot about what the infinite banking strategy can do for you when you’re taking advantage of opportunities before retirement but on today’s episode, Darren and Christina are breaking down a strategy that comes into play in retirement: the death benefit.
Rarely a main focus, the death benefit will give you a permission slip to spend your own money in retirement. Darren and Christina use an example of two brothers who both have $1,000,000 saved for retirement where one has an expired term insurance policy and the other has a death benefit. You’ll be amazed at the difference a death benefit can provide! Tune in now to find out.
00:00 - Introduction
2:20 - Breakdown of retirement spending, one brother with expired term insurance and the other with $1,000,000 death benefit at 35% tax rate
7:15 - Same example at tax rate of 50%
9:55 - Same example but if interest earned drops 2%
13:48 - Wrap up
TAKE CONTROL OF YOUR MONEY NOW: https://www.controlandcompound.com/contact-us
FIND US ON:
INSTAGRAM: https://www.instagram.com/controlandcompound/
TIKTOK: https://www.tiktok.com/@controlandcompound?lang=en
Next Episode
Busting RRSP Myths | Get Access to YOUR Money When You Need It
On today’s episode, Darren and Christina are debunking all the RRSP myths that you’ve been told over the years including how a lot of people think they’re getting a tax deduction when they put money into an RRSP, but in reality they are tax deferrals, not deductions.
At retirement, there’s two things you can do with your money, spend it or give it away. Do your spending plan and estate plan NOW. Don’t wait until retirement. You simply can’t leave your money in an RRSP if you want to be able to take advantage of the deal of a lifetime
Show Notes:
00:00 - Introduction
1:05 - Busting the TAX myth
3:40 - Busting the myth that the whole strategy is you’ll be in a lower tax bracket when you take it out
6:10 - Taking money out of the RRSP and what that looks like when you want to start spending
12:20 - You’ve named your kids as beneficiaries so the payout will go straight to them, not true! You will still pay the taxes out on those payments
16:20 - Not having control of your money outside of RRSP, you don’t have access to it until you retire
TAKE CONTROL OF YOUR MONEY NOW: https://www.controlandcompound.com/contact-us
FIND US ON:
INSTAGRAM: https://www.instagram.com/controlandcompound/
TIKTOK: https://www.tiktok.com/@controlandcompound?lang=en
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