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Dec. 24, 2022

Ep 307: Using A Health Savings Account To Buy An Airplane With Zachary Wilson

Ep 307: Using A Health Savings Account To Buy An Airplane With Zachary Wilson
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0:01 Hey, what's up today's episode we're doing it. This is our episode, our episode titled deal breakdown we call interesting. We have covered cool or interesting stories that are interested in maybe intrigued to you in the business or entrepreneur space. So if you're interested, stay tuned. My guest today is Mr. Zachary Wilson. We've had him on on another episode, go check out that interview. If you missed it, go check it out. But Mr. Zack Wilson is from Quest Ira they do. They do self directed IRAs and other type of Ira products to help you invest. So what's your second story you have? Because the first one was good. If you missed the first one. Don't check it out, 0:35 man. It's a treasure hunt involved. It's all gonna sell. It's all I'm gonna say on it. Okay. So this one is I wanted to tell story kind of how someone leveraged an HSA to make a purchase those tax and penalty free that, honestly, no one would have expected right. And this has to deal with the president of our company, and he tells us story just illustrate the power of this account. Alright, so it involves an HSA, for those of you don't know, and a health savings account, right? It's something that if you have a high deductible health care plan, it allows you to put money aside, that one is going to be tax deductible as it goes in. But two, it can grow. It can grow self directed, right, you can manage the funds and direct them how you want. And then three, if they're coming out, right towards qualified medical expenses, they're coming out tax and penalty free. That means you made that money and spent that money without paying a dime in taxes on it. Right? So I know when you say no qualified medical expense, it's probably a pretty short list. Believe it or not the list of what you can spend it on, or I'm sorry, the list of what you can't spend it on is shorter than list of what you can spend it on. Okay, okay. All right. So what he did, he always every single year would max out his contributions to each HSA, right, making sure he's always got money in there. Right. Now, over time, let's say he established it just for the sake of story he established like 2008, it was a while ago. Over time, you would incur medical expenses, right? Whether it's copay, he's paying out of pocket for surgeries, dental expenses, he's buying, he bought glasses, over the counter drugs, prescription drugs we've been seeing use for eyedrops, right? So he just collected these all of these invoices, right? And he made sure to file them away every time. Now, go forward. I think this was in 20. This was in 2017, if I'm not mistaken. So nine years after he opened up the account. He took he he had the opportunity, right? He's a pilot. He loves flying, right? But he supplies a small two seater planes. He's always wanted to own one. Right. And finally he saw one that he'd been looking at for a while that was available for him to buy. What did he do? He took all of those invoices, right? All of those little receipts, everything. He filed them, added them all up. And then took one massive distribution from his HSA for the entire amount, and then use that money to buy that plane tax in penalty free. Not a dime came out of his pocket when it came to taxes. But he was able to leverage that account to purchase a plane without paying $1 in taxes. 3:23 That sounds illegal. It does, right. 3:25 It does. The beauty of an HSA. The beauty of an HSA. 3:30 Right that is that that's insane. That's literally insane. So an HSA. So does everybody check out the our Ira interview that's longer about 30 minutes long. So check that episode out. But Does this qualify as as like an IRA, where you have you can have multiple IRAs, or is HSA completely different different type of product? terms you can actually put into it annually. 3:54 Yeah, so if if the huddle will the high deductible health care plan that you're under, and that's the requirement, right, you have to have a high deductible health care plan. Coverage is just you, you can put $3,650 in, if it covers you plus a family, or you your kids, your spouse, even if it's just your spouse, right, then it bumps up to 7300. him covered him and his his younger children. So 7300 a year he was just making sure he was putting it in there. Right along with it. Obviously, he knows how to invest personally. So using those funds, partnering with his IRAs, and making investments helping to grow even further. So by the time he got there, he had collected enough of these medical expenses, to be able to cash them all out at once. Keep in mind as long as you establish the HSA before the medical expense was incurred. You can be reimbursed at any time doesn't have to be within that year. 4:52 I'm really ready because in my head I'm like I'm gonna start holding on my my medical bills. 4:58 I tell you what, you get the good stuff. an HSA started doing that I do I do the same thing, right? Like I went to the I went to the dentist, and it was like it was a couple $100. And I could have paid out of my HSA. But I decided, like, you know what, I've gotten enough cash on hand. Thankfully, I'm able to be able to cover this now, because I know down the road, I need a couple 100 bucks. I got it right there tax and penalty free. 5:22 I think I think it's I'm really glad you mentioned this because I feel like it's it's like alternate form of investing that you don't even think about or even know about. But you since you work in this industry, you understand that part. So I learned something about HSA is, like, I'm learning this is why everybody here I do podcasting for selfish reason, because I want to learn from the experts. And you're just flying all since episode. So if you enjoyed this episode, I appreciate it. But this isn't for me. 5:52 Thanks for watching. But honestly, this was supposed to be a one on one conversation. That's all. It's it's it's not it's not a retirement account. But it functions pretty similar to one you have we can have multiple HSAs. But like the traditional Roth IRAs, your contribution limits are between them. All right, so 3636 50 for all of your accounts, not each one, a total between them all. 6:16 Yeah, so if you're interested in starting HSA quest Trust Company, 6:21 right, it wasn't called Quest trust We are the largest self directed IRA custodian in the state of Texas, got 20,000 active investor clients all across the country. Any investment that you were wanting to make outside of the public market, more than likely you could do within an IRA or an HSA, your ESA here with us. If you got any questions. That's my email. 6:42 How many how many customers 20,000 20,000 Wow, 6:46 yeah, you have 20,000 with investments in all 50 states plus nine foreign countries. 6:52 Wow, okay. See their information. I'm wondering if you enjoy this episode go check it out. Quest trust Zachary that Wilson that quest for an email. And I hope you enjoyed this episode. Thanks, Zachary, for coming on. I learned a lot from leaving these little bonus episodes. This this has been interesting. 7:11 That's another story again. I haven't had anybody tell that story to now I do. Now all of you know what you can do with 7:18 it. There you go. If you enjoyed this episode, go check out another one. We got more like this coming out. So enjoy the scope for the half of those podcasts. We'll see the next one. Thanks, Zachary. Alright, thank you guys.

Zach WilsonProfile Photo

Zach Wilson

IRA Specialist

IRA Specialist at Quest Trust Company. Largest Self-Directed IRA Custodian in Texas with 20k clients across country. We are a retirement custodian that specializes in alternative assets, specifically real estate style investments.

About me, I'm from New Orleans. Went to LSU for Chemical Engineering but transferred to UH to finish up in Finance. Been with Quest for 4+ years. 3+ years with Internal Auditing team reviewing all investments coming through Quest. 1 year as an IRA specialist and speaker for Quest.

Anthony GaonaProfile Photo

Anthony Gaona

Host/ Ceo/ Speaker

Hi! I am Anthony Gaona.
I’ve been in digital marketing for almost 15 years.I grew up in construction working for my dad when I was only 12 years old. Normally we had a ton of work or no work at all so a lot of my free time was spent learning how to generate leads.

It didn’t take very long for me to master online marketing because I became absolutely obsessed with it. For the last 15 years I’ve been generating construction based leads. At first I was running the projects myself. This led to sub-contracting all of the excess projects and eventually wholesaling the leads off to other construction companies.

One day I was preparing to build a single family residence for myself. In mid December, 2018, a simple YouTube search led me to the term wholesaling and the rest is history. The plan was to use my construction background to start flipping houses. By January 1st of 2019 I launched several marketing campaigns both on and offline for real estate seller leads.

Within about 4-5 weeks I had my first real estate contract locked up. It didn’t take long for me get a land lead where I made almost a full year’s pay on a single transaction. This came from a land lead and that forever changed my life.

I ran low volume larger land deals for the first two years of my real estate career. Like anyone who has been in real estate investing for an extended period of time, I started thinking about scaling my business.

Instead of deciding to vertically integrated and start hiring I imagined a model where I would teach my real estate investing methods to others. This would free up my personal bandwidth and allow for unlimited large scale transactions.

Currently our operations are expanding globally. The goal is to identify one person per major US Market that we can build a team around and drive traffic to so we can close high volume transactions together.

You can learn more about our vision and join our free mastermind by joining hivemind CRM on Facebook and all social channels

Daniel Esteban MartinezProfile Photo

Daniel Esteban Martinez

Host/ Ceo/ Speaker

I have been an entrepreneur since 2018. I come from a regular home just like most people. My dad worked on the roads in the Chicago area for over 30 years. He always taught me to work with my brain, instead of my body. Your body can only take so much abuse. I learned so much from my father. He always pushed me to work smarter and not harder.

I have owned and operated a trucking business for 2 years. I started learning real estate in 2019. Fell into the Data & Skiptracing business in 2020. My partner Anthony & I started Hivemind in 2021.

I have done a ton of different jobs coming up from painting, to door-to-door sales, telemarketing, truck driving, and loading trailers. What I learned most is that I want to stay in the digital business space. The leverage you can have delivering digital products to the marketplace can yield limitless possibilites.

I started The List Guys in 2020. It is a data and skiptracing service. We provide seller and buyers list nationwide. My clients have been getting great results and I am proud to help people killing it.

I started the Hive in 2021 with my partner Anthony Gaona. It is a real estate and business mastermind. It also comes with a all in one CRM, that can host unlimited websites and users.

Starting the Hivemind has been an amazing journey so far. Seeing one of our users make his 6 figure month in June 2021 leveraging our software, I know there will be plenty more to come!