A self-directed individual retirement account (SDIRA) is a type of individual retirement account (IRA) that can hold investments that a typical IRA cannot, such as precious metals, commodities, and real estate. Today’s guests debate the pros and cons of a self-directed IRA and who should invest in such a vehicle. John Bowens, Sr. Retail Sales Manager and National Educator for Equity Trust Company says, “The first mistake investors make is trusting a 3rd party.” A custodian isn’t going to do its due diligence to ensure it's a safe and sound asset. The investor in a self-directed IRA acts as their own financial planner. Tom Wheelwright, Rich Dad Advisor on Taxes says, “You have a lot more freedom, but it also brings a lot more responsibility with it.” Wheelwright goes on to explain from a tax position, the benefits and downsides of an IRA. Hosts Robert and Kim Kiyosaki and guests John Bowens, Jeff Desich, and Tom Wheelwright discuss the pros and cons of a self-directed IRA, and how to avoid the biggest mistakes people make with IRAs. Link to education modules discussed in the show:
https://www.goequitytrust.com/richdad
