What You Need To Know About Self-Directed IRAs

Interview with wealth manager, Kirk Chisholm

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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. Today we talk about what you need to know about self-directed IRAs

Interview with Kirk Chisholm: Self-directed IRAs [2:22]

Kirk ChisholmKirk Chisholm is my guest today. Kirk is a Principal and Wealth Manager of Innovative Advisory Group has helped to change and innovate the wealth management profession. His expertise with alternative investments held in self-directed IRAs has helped many investors invest in what they know.

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

You can find more about Kirk Chisholm and his firm:

Website and Blog: http://innovativewealth.com

Twitter: http://Twitter.com/KirkChisholm

 

 


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. My reply may shock you.

Note: If you'd like to hear excerpts from this woman's original call on The Bert Show then visit http://thebertshow.com/she-should-have-enough-money-for-college-but-she-spent-it-all/

 


Radical Personal Finance logo

Thanks to Joshua Sheats for having me on Radical Personal Finance. I highly recommend you check out one or two of his episodes here.

I was on Episode 222 as his guest

 

 

 


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