CW 542 - Edwin Kelly - Using the Self Directed IRA, Solo 401k and the HSA to Maximize Your Portfolio

The world of long term financial savings plans can leave you dizzy. The paperwork can be pages and pages of jargon which make plans hard to distinguish and administer. Jason’s guest Edwin Kelly from Specialized IRA Services breaks down the Self Directed IRA, the solo 401k and Health Savings Account or HSA. Arming you with the setup cost and annual fee’s to help you make an educated decisions about your investment future. You’ll hear solutions to creating wealth and obtaining more passive income through smart investing with a little help from people in the know.

Key Takeaways:

Jason’s Editorial:

[2:02] Self directed IRA investing

[4:19] Nathan asks about out of state rental properties

[5:19] Have at least 4% of the properties value in the bank as an emergency fund

[7:22] Steve asks about Jason’s foundation

[9:12] Steve also asks about credit history and bankruptcy

[12:06] Asset based financing; a hard money loan

Edwin Kelly Interview:

[14:29] Would Donald Trump be a good president?

[16:04] Invitation for Warren to be on the show

[16:58] IRA Custodians, Administrators what’s the difference?

[18:01] What are the fee’s of self-directed IRA’s

[19:22] There is no fee sharing or back end money

[20:40] A customized approach to IRA’s

[24:08] People need passive income

[25:47] An everyday example of buy and hold real estate investing

[30:11] Solo 401k or Individual 401k

[34:46] Solo k paperwork was cumbersome and complex

[35:55] $400 annually for a self directed IRA and $700 for a 401K

[38:32] HSA - Health Saving Account

[39:53] An HSA works by marrying the tax benefits of the traditional and Roth IRA’s

[41:22] Are you able to pay for proactive executive health physicals via a HSA?

[42:51] Breast Augmentation for medical reasons is a qualified medical expense

[45:17] An HSA is not a Flexible Saving Account

[45:55] Investing in buy and hold real estate from the HSA

[47:35] HSA and IRA are fairly easy to administer

[48:20] An LLC inside of an IRA?

[51:08] Multiple LLC’s for asset protection

Mentions:

Specialized IRA Services