What is an SDIRA? A Self Directed Individual Retirement Arrangement is a type of IRA or Retirement account that gives you 100% control with your money.
That key word arrangement in IRA makes a huge difference because you are in a since arranging with the IRS how you would like to be taxed upon your assets in retirement.
If done properly an SDIRA is an amazing vehicle that can be used for limitless tax free income.
Sure you can treat it like an investment account and load up on stocks, bonds, etfs, and so on; but if your a savvy investor like my self you could also use your SDIRA to own property such as rental homes, gold, oil, or even crypto! Then all the rent you receive over the years is tax advantaged as well as the profits of selling the property in the future!
Using a SDIRA this way can be crucial for a well planned retirement strategy that can generate limitless tax free income, but be warned because owning a Self Directed Individual Retirement Arrangement can also open yourself up to giant tax liabilities and penalties!
As an example you are not allowed to conduct business with yourself or disqualified individuals, the list of disqualified individuals in a Self Directed Individual Retirement Arrangement is as follows:
YOU
SPOUCE
PARENTS
GRAND PARENTS
CHILDREN (Blood or Adopted)
GRANDCHILDREN (Blood or Adopted)
Entities that one of the above owns 50% control or more of
Entities that YOU are an officer, director, controller, or own 10% control or more in
Note: Only linear family is disqualified, meaning Aunts, Uncles, Cousins, and Stepsiblings are NOT Disqualified Individuals!
What I Use for Investing:
https://ndcdyn.interactivebrokers.com/en/home.php
https://act.webull.com/pm/AfSdHcj7oapv/71l/inviteUs/
https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
https://www.franklintempleton.com/financial-professionals/tools-and-resources/tools/hypotheticals
What I Use for Budgeting:
https://www.personalcapital.com/
https://www.truebill.com/
http://refer.amex.us/WESLECF6jM?xl=cp15
If you want help setting up a portfolio service, a budget, or just want recommendations on what to do in a certain situation; feel free to comment or message me using one of the links bellow!
@InvestwithWesley (FB)
@InvestwithWesley (IG)