For some people, the word ‘investment’ is reserved for only the rich. If you have a minimum wage job, you’re not thinking about “investments or Self-Directed IRAs” – you’re thinking about getting by from month to month. If you have an average income, you still might not be as worried about investments as you are making that mortgage payment, or saving up to buy a new car.
Does that mean that Self-Directed IRAs – and other types of investments – are only meant for the wealthy? People with disposable income?
The truth is, investment is for everybody. And though some of the ideas in a Self-Directed IRA – like buying precious metals or real estate – might sound like something only someone very rich would do, you’d be surprised at what you can accomplish without a top-tier income. In fact, you’ll find that a Self-Directed IRA can be one of the most ideal ways to save money and build wealth over the long term.
No, investments aren’t only for the rich. They’re for anyone who’s interested in a secure financial future. And to that end, Self-Directed IRAs can help a lot of different people out. Here’s how.
Self-Directed IRAs Have Some Financial Advantages
Sure, you’ve read here at AmericanIRA.com that Self-Directed IRAs’ chief advantage is that they offer you flexibility in terms of retirement investments. And while it’s true that that is a major benefit to using a Self-Directed IRA, it’s not the only benefit. Self-Directed IRAs are just what they say: Self-Directed. That means that you aren’t losing precious money to some high-falooting portfolio manager. You’re managing your Self-Directed IRA yourself, and you don’t have to pay yourself a dime for the service.
Looking for low management fees is important for people of all investment types, since many investment fees are a percentage of the investment itself. For example, mutual funds have associated fees that come packaged with their services; if you’re going to maximize your return at any income level, you’re going to want to ensure that you’re using a mutual fund with a low fee.
This isn’t only the case with mutual funds. Hidden investment fees are a concern no matter what you’re investing in. So if you don’t have a lot of wealth but want to build a lot of wealth, you’ll do well to do your homework. And homework, of course, is free.
Building Wealth Through A Self-Directed IRA
Saying that a Self-Directed IRA is only for the wealth is a bit like saying that exercise is only for the healthy. Since a Self-Directed IRA can do a lot to help you build wealth, it can be a good idea no matter what your current income level, provided that you have a clear strategy and know what you’re doing in order to get the full value out of your Self-Directed IRA.
Building wealth over time requires discipline, a long-term focus, and a sound strategy. It doesn’t require a large investment. If you can supply the discipline, the long-term focus, and research a sound strategy, you’ll be amazed at what kind of wealth you can amass over time. In the film “The Shawshank Redemption,” recall the character Red’s famous words: “that’s all it takes, really. Pressure and time.” In this case, pressure is the expansion of investments. And the time will pass, if you have the patience to watch your cautious investments grow.
What will you do to grow your portfolio, at any income level? That question is fundamental. If you’re interested in learning more about what Self-Directed IRAs can do for you, be sure to call us at 1-866-7500-IRA(472) to learn more.