Do you have a retirement account? A traditional or Roth IRA, or how about a 401(k) from that former or current employer? Worried about retiring? None of these are questions I need answers to. You, on the other hand, need to have a retirement plan; even if you have already decided that you are never going to retire. I am going to ask you to answer, for yourself, more questions. Your answers will help guide your thinking about your future.
Before you ask yourself 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 about, especially one as complicated as retirement accounts. Look up everything I say here so you can know for yourself that it’s real, IRS approved, and you can also know that almost all of our US Senators and Congressmen have one of their own. Must? A Solo 401(K) plan.
Now I’m not going to tell you that you can retire rich 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, this is what I do:
I use the cash assets within my Solo 401(k) plan to buy property and sell it. I write a check for the deposit that 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. The properties I buy are titled in the name of my Solo 401(k) plan. When I sell a property, the proceeds go into my Solo401(k) plan. I transfer funds into my Solo 401(k) plan checking account and Solo401(k) plan savings account. Every penny in my Solo 401(k) plan bank accounts earns all earnings (and interest) tax-free. (Have you 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 it will be in stocks, bonds, and mutual funds, but as an investor using the option typical of most retirement accounts at large brokerage firms or banks, the custodian or broker of your account largely decides. which shares 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 (401(k) Only), I invest in real estate and other personal property within my own 401k account simply by writing a check from my retirement account. Yes, you read that right. Checkbook control of my Solo 401(k)! I do not 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 pay attention to me and the Solo 401(k)? After all, I am not a CPA, accountant, tax guru, lawyer, financial planner, nor do I have any degree in these specialties. What I’ve been building, using what few people have heard of, is all self-taught, trial by fire, school of hard knocks, and old-fashioned determination! I am a real estate marketer and investor. I buy and sell property, help people avoid foreclosures, help people get credit repair to move on, and help people manage their debt. Besides buying and selling property, every other aspect of my business is outsourced to experts. I’m just a real estate expert. But I was smart enough to ask myself, “Is my 401k working for me or the brokerage firm? Who is really making money here? Are my CDs 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’ve learned the hard way: the right way to invest for my family’s future using my own self-directed retirement funds and even using other people’s retirement funds, but that’s another article. Remember, I am a real estate investor. I’ve written a free eBook for anyone interested in learning more about how I’m using a self-directed checkbook control retirement account for tax-free earnings. To get your own copy of this eBook, click the link below, and happy investing!