Investing for a 24-Year-Old
By 24, you are likely a few years into your career. HSA eligibility is available if you are enrolled in a high-deductible health plan (HDHP). The HSA is the third tax-advantaged account to prioritize after the 401(k) employer match and the Roth IRA. It is the only account with a triple tax advantage: contributions are pretax, growth is tax-free, and withdrawals for qualified medical expenses are tax-free.
Target a 3-to-6-month emergency fund before opening a taxable brokerage account. An emergency fund held in a high-yield savings account ensures you do not need to sell investments at an inopportune time if expenses arise.