The Personal Finance Podcast A Masterclass on Self-Directed IRAs with Kirk Chisholm
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Feb 7, 2024 Kirk Chisholm provides an overview of self-directed IRAs and shares real-life success and failure stories. He emphasizes the importance of risk management. They discuss the advantages of self-directed IRAs for real estate investing and the process involved. Nuances of investing in property with a self-directed IRA are explored. The meaning of wealth and the power of selfishness are examined. They also explore creating wealth beyond money and unique investing strategies.
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Self-Directed IRA Definition
- A self-directed IRA is typically used for alternative assets.
- Traditional IRAs hold stocks, bonds, and mutual funds.
Invest in What You Know
- Invest in alternative assets within your IRA, like real estate, if you have expertise.
- Higher returns are possible, but ensure you understand the asset.
Horse Investment Anecdote
- Chisholm knows someone who invests in dressage horses through a self-directed IRA.
- This individual buys, trains, and sells horses to wealthy people for significant profits.