5 Most Popular Money Girl Topics of 2024

Since we’re approaching the end of 2024, I’ll review the show’s top five most downloaded episodes.

This post will be a quick and dirty summary of the top five show topics of the year. Even if you have already listened to them, getting a short and sweet run-through of each show is an excellent way to reinforce your knowledge of the topics.

Most Popular Money Girl Podcast Topics of 2024

Here are the most downloaded Money Girl episodes in 2024.

Rules for Using a Health Savings Account (HSA) as a Couple, episode 807, released on January 3.

An anonymous caller inspired this topic, and the show included his voicemail audio question. He was trying to understand if he qualified for the family HSA contribution limit, which is the highest allowable amount.

Managing an HSA as a married couple can be confusing, which is likely why this show was the most downloaded Money Girl episode of the year. I explain how to use an HSA as a couple to maximize its benefits. But first, I review the unique benefits you get from an HSA, often called a “triple tax threat.”

They include receiving:

Tax-deductible contributions, which reduce your taxable income and tax liability.
Tax-deferred interest earnings and investment growth.
Tax-free withdrawals, if you spend the funds on a broad range of eligible healthcare expenses.

However, the account is only available when a high-deductible, HSA-eligible health plan covers you, you have no other primary medical insurance or Medicare, and you aren’t someone’s dependent.

Here’s a summary of the rules for couples that I cover in the show. When married, the IRS considers you a single unit for HSA purposes. So, if one or both of you qualify for a HSA, the most you can contribute as a household is the allowable family limit, which is $8,300 for 2024. It will increase to $8,550 in 2025.

If you’re married and both have individual HSA-eligible health plans, each spouse can contribute up to the annual individual limit, which is $4,150 for 2024 and will increase to $4,300 in 2025. If you’re over 55, you can contribute an additional $1,000 when you have an individual or family health plan.

Suppose one spouse has individual coverage and the other has family coverage because it includes a dependent, such as a child from a previous marriage. In that case, you’re still limited to the family limit as a married couple. You can put all of it in one spouse’s HSA or split it up in any proportion you like to both your HSAs.

When the same HSA-eligible health plan covers both spouses, you can have an HSA in one spouse’s name or opt for separate HSAs, as long as you don’t exceed the annual family contribution limit. Similar to a retirement account, you can never have a joint HSA.

However, if you’re in a domestic partnership and are not married, the HSA rules are different. I told you it was confusing! Since partners aren’t married, the IRS treats them as two separate entities for HSA purposes. That means you can’t pay your partner’s eligible medical expenses with your HSA funds. When unmarried, you can only use your HSA funds for yourself and any dependents.

Pros and Cons of Investing in a 401(k) Retirement Plan, episode 808, released on January 10, 2024.

Since 401(k)s are the most popular retirement plans, I’m not surprised this one is the second-most downloaded show of 2024. I review seven primary pros and cons of using a 401(k) at work or when self-employed with a solo 401(k).

Here’s a summary of the pros of contributing to a 401(k) through an employer or your own business.

Having federal legal protection. Workplace retirement plans are protected by the Employee Retirement Income Security Act of 1974 (ERISA), a federal law. It sets minimum standards for employers that offer retirement plans and the administrators who manage them.

ERISA provides plan participants with many benefits, but getting protection from creditors is often overlooked. However, solo 401(k)s don’t get ERISA protection because they technically aren’t an employee benefit plan–but a plan for business owners and their spouses. So, a solo 401(k) doesn’t enjoy the same legal protections as a regular 401(k).

Getting employer matching funds. Many employers match contributions, which boost your 401(k) account value. So, always contribute enough to maximize an employer’s match so you never leave free money on the table!
Having a high annual contribution limit. For 2024, you can contribute up to $23,000 or $30,500 if you’re over 50 to most workplace plans. The limit will increase to $23,500 or $31,000 in 2025. However, those aged 60 to 63 will qualify for super catch-up contributions, allowing them to contribute up to $34,750 starting in 2025.

The annual contribution limit is higher for a solo 401(k) but depends on your business income. For 2024, the maximum contribution is up to $69,000 or $76,500 if you’re over 50. It will increase to $70,000 or $77,500 for 2025.

Getting free investing advice. After you enroll in a regular or solo 401(k), most plan providers offer helpful resources and free or low-cost financial advisors.

Here’s a summary of 401(k) cons to consider.

You may have limited investment options. A 401(k) may have fewer investment choices than other retirement accounts, such as an IRA.
You may have higher account fees. Due to the legal and accounting responsibilities required by employer-sponsored retirement plans, they charge fees to administer 401(k)s. However, if you have a solo 401(k), you can shop around and compare plan options, like the fees and investment choices.
You must pay fees on early withdrawals. One of the inherent disadvantages of retirement accounts is getting penalized 10% for early withdrawals before age 59.5.

So, never put money in a retirement account that you might need for everyday living expenses. But if you avoid expensive early withdrawals, the advantages of using a regular or solo 401(k) far outweigh the downsides.

10 Rules for Successful Investing You Should Know, episode 820, released on April 3.

This show was likely the third-most-popular episode because almost everyone wants to be a successful investor. Here’s a summary of the ten rules I discuss in the show.

Know your financial big picture. Before investing, you must understand your financial situation and how investing should (or shouldn’t) fit into it. For instance, if you don’t have an emergency savings account for short-term needs, like unexpected expenses, make saving a priority before investing.
Adopt long-term thinking. Generally, you should only invest money if you plan to own the investment for at least five years, preferably a decade or more. You should save and not invest money you expect to spend within the next few years.
Create a diversified investment portfolio. Investors who want to limit risk and earn higher returns choose diversified investments, such as index, mutual, or exchange-traded funds (ETFs). They bundle investments like stocks, bonds, and other securities and aren’t likely to move in tandem when economic conditions change.

LISTEN ALSO: How to make money investing in stocks

Don’t try to beat financial markets. The historical average return of the S&P 500 has been about 10% since the 1920s. So, if you have a long time horizon, consider investing primarily in stock funds but not individual stocks. It’s almost impossible to pick the right stocks or other investment vehicles that consistently give you higher-than-average returns. Owning diversified funds is generally a better choice.
Minimize investment fees. The more you pay in transaction and ongoing investment fees, the lower your returns will be. When comparing options, consider an investment fund’s expense ratio, expressed as a percent of your investment. For example, if you have $10,000 invested in an ETF with a 0.05% expense ratio, you’ll pay the fund $5 annually.
Understand investment taxes. Knowing how investments get taxed outside of tax-sheltered accounts is essential for being prepared to pay them. I recommend using tax-advantaged investment accounts, like workplace retirement plans, IRAs, self-employed retirement accounts, and HSAs, to reduce, defer, or eliminate taxes.
Be familiar with retirement account rules. Retirement accounts have strict rules, such as early withdrawal penalties, and individual ownership, even when you’re married. However, if you’re married, file a joint tax return, and only one has earned income, a working spouse can max out a spousal IRA for a non-working spouse.
Use traditional retirement accounts for tax deductions. Traditional or regular accounts, such as a traditional IRA or 401(k), allow contributions to reduce your taxable income for the year. However, withdrawals are taxable in retirement.

ALSO READ: Is it better to have a traditional IRA or Roth IRA?

Use Roth retirement accounts for tax-free withdrawals. Roth accounts require you to pay tax upfront on contributions but allow withdrawals of contributions and earnings entirely tax-free in retirement.
Use more than one tax-advantaged account. Another overlooked rule is that you can contribute to multiple tax-advantaged accounts if you qualify and stay within annual contribution limits. Examples of accounts with excellent tax benefits include a traditional IRA, Roth IRA, workplace plan, self-employed plan, FSA, HSA, or 529 college savings plan.

7 Strategies to Pay Off Credit Card Debt, episode 816, released on March 6.

A listener’s question inspired this show, and I answered it by reviewing the following strategies for reducing or eliminating expensive card balances as soon as possible.

Here’s a summary of each:

Stop making new card charges. Regularly financing a lifestyle you can’t afford on credit cards is a big trap because they get more challenging to pay off the longer you keep adding purchases plus monthly interest. Consider ways to stop making card charges, like earning more by starting a side gig, finding a better-paying job, asking for a raise, getting a second or seasonal job, or selling unused stuff.
Consider your big financial picture. For instance, do you have other dangerous debts or obligations you should prioritize, like tax delinquency, legal judgment, unpaid child support, or past-due accounts with a collection agency? And, if you don’t have a cash reserve, make a goal to keep at least three to six months of living expenses in an FDIC-insured high-interest savings account.
Pay more than a card’s minimum. Many people who can pay more than their monthly card minimums don’t do it. The problem is that minimums go primarily toward interest and don’t reduce your balance significantly.
Tackle debts from highest to lowest interest rate. The higher a debt’s interest rate, the more it costs you in interest per dollar of debt. So, getting rid of the highest-interest debts first saves you the most. Plus, you can use the savings to pay more on your next highest-interest debt, allowing you to get out of debt faster.
Use your assets to pay off cards. If you have assets, such as savings and investments, that you can use to pay down high-interest credit cards, that may make sense. Also, consider any tangible assets you can sell, such as unused sporting goods, jewelry, or a vehicle, to raise cash, increase your emergency savings, or decrease your credit card balance.
Consider a balance transfer offer. If you can’t pay off credit card debt using existing assets, consider “optimizing” it by moving it from a higher to lower-interest option utilizing a balance transfer credit card. It temporarily reduces the interest you pay, giving you some financial breathing room.
Consolidate your high-rate balances. Depending on the terms you get offered, consolidating can be an excellent way to reduce interest and get out of debt faster. Consider using a low-rate personal loan or home equity line of credit (HELOC) if you’re a homeowner with enough equity.

ALSO LISTEN: How Consolidating Credit Card Debt Affects Your Credit Scores

4 Strategies to Earn More Interest on Savings, episode 821, released on April 10.

The fifth-most popular Money Girl podcast of 2024, about earning more interest, is another topic inspired by a couple of listener questions. Here’s a summary of options for savvy savers.

High-yield savings account (HYSA). It’s an excellent choice if you want your money accessible while earning a competitive, variable interest rate. They’re like regular savings accounts but typically pay substantially higher interest because they operate online without the high cost of maintaining physical branches. Look for accounts with FDIC or NCUA deposit insurance.
Money market account (MMA). It’s similar to a regular or HYSA because they pay a variable interest rate. However, they usually come with features that make it even easier to access your funds, like a debit card and paper checks, giving you more ways to tap your cash or send payments. With high-yield savings, you may only have an online platform, ATM card, or online transfers to withdraw money.
Rewards checking account. It operates like a regular checking but imposes rules to qualify for the highest interest rates. For instance, you may have to keep a minimum balance, receive monthly direct deposits, or use a debit card for a certain number of monthly transactions.
Certificate of deposit (CD). In exchange for giving up access to your money during a CD’s term, you may receive higher interest than with deposit accounts paying variable rates. Plus, you get a guaranteed return, no matter what happens in the economy.

If you want to earn as much interest as possible while accessing your funds, a HYSA or MMA is best. But if you don’t need access over a given period, a CD might be better if it pays a higher interest rate than the alternatives. You can always open more than one account to meet different savings needs.

OK, that’s a wrap on our top five shows. If you have a question about money, email me at my contact page at LauraDAdams.com or call 302-364-0308.

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