A Short Update: Paternity Leave, Projects, and What’s Next Ricky shares why this month won’t have a scripted episode, which was an recent incident discused on Ricky Rambles: https://open.spotify.com/episode/307pXGCoG5Si4jwf70VfqI?si=1NBoa-paTl-BKWYprT5ZSQ

As a warning, it isn't typical fun episode of the show.

Ricky also reflects on balancing new parenthood with creative projects, and previews what’s coming next. Listeners also get updates on a future money-journey episode, a new book, and The Iced Frugal Hour with Jackie.

• The first half of paternity leave was productive, but taking on too many projects made it harder to focus.
• A future episode will take a closer look at listeners’ money journeys and material covered in the host’s book.
• The host is also working on another book, with a draft potentially coming soon.
• The Iced Frugal Hour with Jackie recently covered “five to nines,” or side hustles.
• A listener survey may be coming, and the host still plans to take a previous survey winner out for lunch.
• Listeners can suggest topics for The Frug Life or The Iced Frugal Hour.

Timestamps00:00 - Why this month’s episode is an informal update
00:26 - Paternity leave, motivation, and too many projects
01:38 - A future episode about your money journey
02:01 - The Iced Frugal Hour with Jackie
02:40 - Listener survey plans and life with a new baby
03:08 - Another book in the works
03:29 - Send in ideas for future show topics
03:58 - The Iced Frugal Hour on side hustles

This episode features Stephen Dissette

Investment Advisor Representative with Horter Investment Management

https://www.stephenddissetteandassociates.com/

About Stephen Dissette:

Stephen Dissette is an investment advisor representative with Horter Investment Management. He is a graduate of Northwestern University and served as an officer in the United States Navy. As a young boy, Stephen watched his grandfather work until his final days, unable to retire. His father also had to work into his 70's. This personal experience ignited Stephen's passion and desire to help guide pre-retirees and retirees towards their preferred financial future.

Ricky introduces a conversation with Steven Dissette about saving and investing for children in an environment of higher inflation and rising education costs. The episode focuses on tax-advantaged accounts, including 529 plans and Coverdell accounts, as well as how account ownership can affect future financial aid eligibility.In this episode:

• Why investment returns need to outpace inflation to preserve future purchasing power.
• How college costs may be experiencing higher inflation than the broader economy.
• The role of 529 plans and Coverdell accounts in tax-advantaged education savings.
• Ricky’s experience trying to establish a new Trump account for his son, including the roadblocks he encountered.
• The difference between parent-owned and child-owned assets.
• Why ownership matters when a student completes the FAFSA and applies for federal financial aid.
• How the same $10,000 balance can have a different aid impact depending on whether it belongs to the parent or the student.
• A preview of a future episode covering contribution limits, account rules, and differences between education savings options.

Timestamps:00:00 - Introducing Steven Deset and the topic of investing for children
00:23 - Why higher inflation changes long-term investing decisions
01:16 - The challenge of rising college costs and preserving purchasing power
01:45 - Why education investing is increasingly important
02:10 - 529 plans and Coverdell accounts explained at a high level
02:38 - Ricky’s attempt to open a Trump account for his son
03:40 - Comparing parent-owned and child-owned investment assets
04:17 - How asset ownership affects FAFSA and financial aid
04:47 - Transitioning to Steven’s discussion

In this episode, Ricky breaks down the difference between Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) in a simple, practical way. He explains when each account is useful, how they affect your taxes, and why they can be valuable parts of a personal finance strategy.What you’ll learn

• What FSAs and HSAs are
• How FSAs and HSAs differ
• Why an HSA can be especially powerful for long-term savings
• When an FSA might make sense for you
• A few common rules and quirks to know before choosing one

• FSAs are usually “use it or lose it” accounts.
• Contributions come out of your paycheck and lower your taxable income.
• You generally need to spend the money during the year or you lose it.
• Some employers may contribute money to your FSA.
• FSAs can sometimes be used for specific purposes like dental or vision expenses.

• HSAs require a high-deductible health plan.
• High-deductible plans usually have lower monthly premiums, but you pay more out of pocket before insurance kicks in.
• HSAs offer a “triple tax advantage”:
• HSA funds can often be invested and left to grow over time.
• Unlike an FSA, HSA funds do not have to be spent each year.
• After age 65, HSA withdrawals can be taken for any purpose without penalty, though ordinary income tax may apply.

• Ricky’s book: Your Money Journey

Key takeawaysFlexible Spending Accounts (FSAs)Health Savings Accounts (HSAs)Why this mattersRicky explains that HSAs can be especially useful for healthy people who want to save and invest for future healthcare costs, while FSAs can be a smart choice for predictable expenses like dental or vision care.Personal exampleRicky shares that his employer contributes to his HSA, and he also uses a dental FSA because he expects dental expenses during the year. He also notes that some FSA funds can sometimes be used for eye care.Final reminderThis episode is meant to be educational, not financial advice. As Ricky says, he’s a CPA, but not your CPA.Mentioned in this episode