Self Directed IRAs – Five Steps to Financial Security

What does it take to give yourself a retirement that can make you feel happy and free? What does it take to create a retirement plan that will have you feeling happy and free even while your wealth grows? We have a few ideas. In fact, we have many. But at the core? Self Directed IRAs. Being able to take hold of your financial destiny and decide what your portfolio will look like is an important step in the journey to self-directed financial independence.

But just because you take control over your finances doesn’t mean that you should do away with any solid advice when it comes to retirement. That’s why you’ll see so many articles on places like helping you along the way. The wise investor knows what they know and what they don’t know—and they plan accordingly. If you need a little bit of a nudge in the right direction, keep reading:

Step #1: Picking the best investments for your Self Directed IRAs.

This is a simple but critical step. You don’t want to pick out investments just because they “sound” like a good idea. You don’t want to pick out investments just because you’ll get diversification through them. You want to pick your investments based on what you know—the kinds of experiences you’ve had in life, for example. Someone who has a lot of history with real estate will be more likely to invest in real estate through a Self-Directed IRA, for example.

There are lots of options here, as you can see at our investment options page. In fact, there are probably more options than you counted on. So give these a broad look and ask yourself what your retirement goals really are before you pick the kinds of investments that will work best for you.

Step #2: Picking the kind of IRA account that works best for your situation.

Self Directed IRAs work like other IRAs, which means that Roth IRAs, traditional IRAs, etc. are all available for self-direction. You’ll want to pick the best one for your situation first. Look at our Types of Self Directed IRAs accounts first to get acquainted with your options.

Step #3: Establishing a Self-Directed IRA.

It should go without saying that you can’t get started taking control of your finances through Self-Direction unless you actually open up a Self-Directed IRA account. Our open account forms are simple and easy to use, but a word of warning: know what you’re getting into first. If this is the first time you’ve heard of a Self-Directed IRA, do plenty of research so you can be sure that this is the right decision for you.

Step #4: Fund your account.

Your account doesn’t get moving until you do, which is a fancy way of saying that nothing happens with investments until you actually make an investment. Like most IRAs, there are different options for funding your Self-Directed IRA, so make sure you know them before you start. Read our eBook to get a handle on these different funding types.

Step #5: Never stop researching.

Finally, it’s important to remember that knowledge is indeed power, especially when it comes to your investments. Knowing your investments, knowing your accounts, and knowing your options can all add up to a positive financial impact on your retirement. That’s why it’s important to learn them now—so your retirement investments can pay off in the long run. If you’re interested in learning more, contact us at 828-257-4949 to find out about Self Directed IRAs. We’ll be glad to talk to you!

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