It's up to YOU to create wealth for others in their IRA
By now we all have heard the rules of IRA investing Do's and Don'ts. If not check out this previous post. With that in mind, its time to have two plans of attack in your Self Directed IRA investing plan. #1. You need to find your first investment in your IRA. I recently sat down with Edwin Kelly of Equity Trust who told me that 80% of Self Directed IRA accounts close within 2 years, not because they were unable to make money with investments in their IRA, but because they never made their 1st investment. It's up to you to make a choice if you want to be a self directed IRA investor to find that first investment and make that investment.
Once you have made that initial investment, you are going to have to develop a system of adding investments onto this wealth growing machine. Herein lies where many people trip up. Your IRA is not your small company that YOU run, you need someone else to run it for you in a sense. To truly build wealth in one's IRA, its best to find an investment company in your area that has extensive knowledge of IRA investing, and work with them to manage your investments for you. By doing so, you open yourself to opportunities that you might not find on your own. This might be counter-intuitive to solo employers but, is an effective strategy for wealth building.
Happy Investing Everyone
Comments (6)
Its such a great question Chris. Custodians are being put under a fine microscope to not promote opportunities, and the mainstream financial market does not want to see self direction work because they lose out on fees. I think its just repetition and sharing unique strategies with audiences that want to take control of their financial future that makes the difference.
Kevin Kaczmarek, almost 13 years ago
Someone linked to this thread in a comment today and I was blown away by the statement that 80% of all SDIRA accounts are closed within 1-year do to inactivity. I wonder what SDIRA companies can do to generate activity other than conferences and webinars?
Chris Clothier, almost 13 years ago
The networking conference sounds like a great event, perhaps I can make it another time. Look forward to comments about the event.
Account Closed, over 13 years ago
I signed up! I'll PM you my contact info.
Jon Klaus, over 13 years ago
Jon, I will be there. We are scheduled to speak on Land Contracts Notes in your IRA. I went last year as an attendee and can tell you its well worth it. Great networking, and great energy for the whole weekend. Let me know if you are going to be there and we can have lunch together.
Kevin Kaczmarek, over 13 years ago
Kevin, are you going to the Equity Trust Networking Conference in Orlando? I'm seriously considering going.
Jon Klaus, over 13 years ago