The Consumer Technology Association (CTA), the producer of the Consumer Technology Show (CES), is a proud partner with HS4A in a first-of-its-kind partnership and has adopted the theme of human security for the second year running.

Brennan Schlagbaum quit his CPA job in 2021 to run his business Budgetdog full-time. Courtesy of Brennan SchlagbaumBrennan Schlagbaum and his wife paid off six-figures in debt and now have a net worth of nearly $2 million.The couple invests in index funds across various investment accounts, from IRAs to a brokerage account.Of all of his different types of accounts, his favorite is his health savings account (HSA).Brennan Schlagbaum has a simple approach to investing — he puts most of his money in three index funds — but he does have a lot of accounts to juggle.The 31 year old, who paid off more than $300,000 worth of debt with his wife Erin before building a net worth of nearly $2 million, has his investments spread across seven different types of accounts.He and Erin have three types of retirement accounts: two individual retirement accounts (IRAs), a solo 401(k), which is an individual 401(k) plan specifically for business owners like Brennan who don't have employees, and Erin's employee stock ownership plan (ESOP) from her previous employer.Additionally, they have a health savings account (HSA), a taxable brokerage account, a 529 plan (a type of investment plan that offers tax-free earnings and withdrawals for qualified educational expenses), and a high-yield savings account, which is where they set aside money for property taxes that they owe at the end of each year."Since we don't have a mortgage, we owe property taxes at year end," explained Schlagbaum. He and Erin, who own their primary residence in Texas outright, owe $12,000 in property taxes each year, so they send $1,000 a month to a high-yield savings account to cover that expense. High-yield savings accounts, which earn multiple times more than a traditional savings account, typically return between 3.40% APY and 4.25% APY.Of all of his accounts, "my HSA is my favorite by far," said Schlagbaum, who quit his CPA job in 2021 to focus on his financial education business Budgetdog full-time.Insider verified the Schlagbaums net worth by looking at account screenshots and a copy of their personal balance sheet.Story continuesMaxing out his HSA, not touching the money, and letting it grow tax-freeAn HSA is a savings vehicle that lets you contribute pre-tax dollars for health costs, but it can also be used as an investment tool and to supplement your retirement accounts.Similar to an IRA, you can make annual contributions to an HSA (the contribution limits for 2023 are $3,850 for individuals and $7,750 for families) and you get significant tax perks. In the case of an HSA, you actually get a triple tax advantage: You can contribute pre-tax dollars (which reduces your taxable income), your contributions and earnings grow tax-free over time, and you can withdraw your money tax-free to cover qualified medical expenses. (Also like an IRA, you can invest your HSA balance in mutual funds, stocks, or ETFs, depending on what the plan offers.)If you withdraw money for something other than a qualified medical expense (which include things like doctor's office visits and co-pays, lab fees, and vaccines), you'll pay ordinary income taxes on the withdrawal and owe a 20% early withdrawal penalty

The IRS recently announced increases for both HSA and FSA contribution limits for 2024, as well as other guidelines.