Do you have a retirement account? A traditional or Roth IRA, or how about a 401(k) from that previous or your present employer? Are you concerned about being able to retire? None of these are questions for which I need answers. You, on the other hand, need to have a retirement plan; even if you've already decided you are not ever going to retire. I'm going to ask you to answer, for yourself, more questions. Your answers will help guide your thinking about your future.
Before I ask you any more questions, you should know that I am a real estate investor. Why should you even read what I have to say? You should always do your own research on any topic you read, especially one as complicated as retirement accounts. Look up everything I say here so that you can know for yourself that it is real, it is IRS approved and you may also learn that almost everyone one of our US Senators and US congressmen have one of their own. Have what? A Solo 401(K) plan.
Now I'm not going to tell you that you can retire wealthy or get rich using a certain retirement account, nor am I going to try to sell you services. I'm just a regular guy who stumbled upon this relatively new type of retirement account for self employed entrepreneurs. To make a very long story short, here's what I do:
I use the cash assets within my Solo 401(k) plan to buy properties and to sell them. I write a check for the deposit which comes out of my Solo 401(k) plan checking account. If I get a bank loan for a property the mortgage is in the name of my Solo 401(k) plan. Properties I buy are titled in the name of my Solo 401(k) plan. When I sell a property, the profit goes into my Solo401(k) plan. I transfer funds in my Solo 401(k) plan checking account t to my Solo401(k) plan savings account. Every penny in my Solo 401(k) plan bank accounts earns all profits (and interest) tax free. (Ever heard of a Roth retirement account?)
Are you an "investor" yourself? If you have ANY type of retirement account, you are an investor. Most likely in stocks, bonds and mutual funds, but as an investor using the typical choice of most retirement accounts at the big brokerages or banks, your account custodian or broker pretty much decides what stocks to buy for your account. I know because I used to "invest" this way too. Now, as a real estate investor with a self directed 401K (Solo 401(k)), I invest in real estate and other personal property within my own 401k account by simply writing a check from my retirement account. Yes, you read that right. Checkbook control of my Solo 401(k)! I don't have to get permission from a custodian. I am my own custodian (trustee) and the man in the mirror is my boss. My plan is what's called "self-directed with checkbook control". I don't have to fill out forms and fax them to a trustee or custodian. I decide, and then I act.
Why should you even pay attention to me and the Solo 401(k)? After all, I'm not a CPA, accountant, tax guru, lawyer, financial planner, nor do I hold any degrees in these specialties. What I have been building, using what few people have ever heard of is all self taught, trial by fire, school of hard knocks and plain old-fashioned determination! I am a real estate marketer and investor. I buy & sell property, help folks avoid foreclosure, help people get credit repair to move on and help people manage their debt. Other than the buying and selling of property, every other aspect of my business is outsourced to experts. I am only an expert in real estate. But I was smart enough to ask myself, "is my 401k working for me or for the brokerage house? Who is really making money here? Are my CD's really giving me the best returns I can get? Is my IRA really growing for my future? Is my savings account earning anything above 1%?". I know my answers. What are your answers?
You SHOULD listen to me, because I have learned the hard way- the right way to invest for my family's future using self directed retirement funds of my own and even using other people's retirement funds - but that's another article. Remember, I'm a real estate investor. I've written a free eBook for anyone interested in learning more about how I am using a self-directed, checkbook control retirement account to earn tax free profits. For your own copy of this eBook, click on the link below and happy investing!
How to Add Colors to Your Retired Life? Retirement, Roth IRA, And You What Does the Pension Protection Act Say About 401k Investment Advice? IRA Income - Higher Retirement Income Equals Less In Taxes?
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