#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.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.