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July 23, 2015 51 mins

#193: Many people are being lured by the attractiveness of directing their own retirement plans. The trick is to do it right and have an asset, business, or income-producing entity that makes sense for YOUR retirement planning.

Kirk Chisholm is a Wealth Manager, Economist, & Principal at IAG. He is also an expert of investing in alternative investments in self-directed IRA / 401k.

Full notes at https://moneyplansos.com/what-you-need-to-know-about-self-directed-iras-mpsos193/ 

Key takeaways from our discussion:

  • Self-directed IRAs are a great arrangements for making non-traditional items become tax-deferred investments
  • There is no guidance for what you can put into a self-directed IRA
  • There are some unusual things people have turned into self-directed IRA investments
  • A 1031 exchange is not a self-directed IRA
  • We learn where a wealth manager fits into an individual’s self-directed IRA plan
  • There is no certification for someone to become a self-directed IRA administrator
  • Kirk encourages you to pick things you know well

 

How taking one step back can make you feel a little bit richer <33:47>

  • Stop
  • Take a step backwards
  • Close your eyes for 1 second
  • Open your eyes 

Imagine your life 10 years ago and tell me you don’t feel just a little bit richer

 

Ponda from the Honda <42:09>

She blew $20k of college savings on clothes and a European vacation.

 

Mark as Played

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