Self Directed IRA – Five Mistakes that Lead People to Avoiding Them
If you’re interested in a Self Directed IRA, you’re not alone. A lot of people out there are turning to this kind of retirement account in order to secure a solid financial future for themselves.
But an even greater majority are avoiding a Self Directed IRA entirely, instead relying on the same old tired advice on how to grow an adequate retirement account for the future.
And while there’s no problem with having a traditional IRA, there are plenty of mistakes people make that don’t help them make the right decisions. You’d be surprised just how little attention and scrutiny on one’s own portfolio is paid by the average investor. Luckily, you’re here: and that means that you’re not going to make those same mistakes. In fact, if you’ll keep reading, you can learn how to avoid them altogether:
Mistake #1: Never hearing of a Self Directed IRA. Okay, we’ll grant you that this one isn’t really your fault. After all, you can’t really control of what you hear of—or can you? It depends. If you’re doing your own research and thoroughly investigating the retirement options you have available to you, then you probably will hear of a Self Directed IRA. It’s your job as an investor to make sure no stone is unturned in investigating the options you have available to you. Don’t leave this stone unturned, either.
Mistake #2: Assuming the beaten path is always the right one. Now, we aren’t here to contest the idea that having a traditional IRA with a traditional company with a traditional strategy is going to result in your financial ruin. As with many things, if you take decisive action and have a plan, you’re probably already outpacing the rest of the pack. But that doesn’t mean the beaten path is the optimal strategy for your individual retirement needs, either.
Mistake #3: Not trusting yourself. If you’re investing your money, you want to make sure that it’s in the right hands—that’s something that any investor would tell you. But why aren’t your hands the right hands? If you don’t trust yourself with your money, then why do you trust yourself to make the right decision as to who to trust with your investments? Maybe it’s time for you to take a more proactive role in your financial obligations.
Mistake #4: Trusting only in the stock market. The stock market is a great investment—or, more accurately, it can be. But that doesn’t mean it will work 100% of the time for 100% of the people. Individual stocks are hard to pick. The market overall has its ups and downs. If you really want to feel secure about your financial future, you should think about options outside the stock market, including real estate and precious metals. Trust only in the stock market means isolating your investments to one single source.
Mistake #5: Making decisions before you have all the facts. If you don’t like the idea of a Self Directed IRA at the outset, then don’t let that rash judgment decide your financial fate. Give your decision some time to breathe. After all, you can always change where your money is if you don’t like your current decisions. So don’t make a decision, ignore all the facts, and trust only in your gut. Your gut can’t make great decisions if you aren’t filling your head with the right information.
And when it comes to that right information, we’re here to help. Call us at 1-866-7500-IRA(472) to learn more about the Self Directed IRA or continue reading the valuable information you’ll find right here at AmericanIRA.com.