18: How to grow your IRA/401k to $100m tax free like Mitt Romney
Invest Like a Boss
Sam Marks Johnny FD Derek Spartz
4.8 • 518 Ratings
🗓️ 25 August 2016
⏱️ 90 minutes
🧾️ Download transcript
Summary
Joshua Sharp of www.CompleteIRA.com is one of the most highly touted experts in retirement planning and investing. He turns the topic of retirement planning into a very exciting episode by illuminating some modern approaches to investing and growing wealth within tax free structures.
We dive into how Mitt Romney was able to generate $100m in tax free earnings in his IRA, and most importantly navigate some real world examples to give the listeners a shrewd example of how they may consider better structuring their own accounts. If you have ever wonder how IRAs, 401Ks, SEPs and a variety of other structures may be utilized to optimize your retirement savings than this is a great episode for you. We took a lot away from this episode and are making changes in our own retirement planning.
Relevant links for guest:
For a 15% discount at Complete IRA for Invest Like a Boss listeners go to www.completeira.com/ilab
Where are we:
Sam – Kiev, Ukraine
Joshua – Portland, Oregon
Additional Links:
Turn $50k into $3 Million with SEP-IRAs – ILAB 05
Time Stamp – Topic:
02:45 – Fundamentals of retirement planning
06:00 – Why retirement accounts are not for everyone
07:30 – 401Ks are a safer structure than IRAs
08:25 – IRA vs 401K fundamentals
14:00 – Investing in yourself for retirement
17:55 – Solo 401Ks for earned income savers
20:00 – Diversifying your retirement accounts
25:35 – Utilizing multiple retirement accounts
31:37 – Traditional vs. ROTH
34:20 – Why traditional accounts may be a gamble
39:25 – Converting traditional funds to a ROTH account
43:50 – Keeping structures simple
45:25 – Will the Government mess with our retirements?
52:40 – A self directed IRA gives you a lot of investing flexibility
1:01:15 – How Mitt Romney grew his IRA to $100m
1:06:30 – Ditch your SEP for a Solo 401K
1:14:00 – Is there a minimum age for retirement plans?
1:21:00 – advice for employees with earned income
If you would like to take advantage of a special offer with Josh for Boss members only please visit: https://completeira.com/ilab/
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Copyright 2016. All rights reserved. Read our disclaimer here.
Transcript
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| 0:00.0 | Welcome to the Invest Like a Boss podcast. I'm Sam Marks and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. |
| 0:09.0 | Join us each week for exclusive interviews with our network of modern investors, business owners, and multi-millionaires to discover new ways to invest our hard-earned cash. |
| 0:17.1 | Hey guys, this is Johnny FD. I'm back with Sam Marks for another episode of Invest Like a Boss. |
| 0:22.7 | Welcome, everyone. This is episode 18. We had Joshua Sharp on to talk about retirement plans. |
| 0:28.0 | Yes, we did from complete IRA. I guess the interest of this stuff was peaked back in episode five with David Steiner. |
| 0:35.1 | And, you know, I hadn't really even thought much about my own |
| 0:38.0 | retirement planning, I guess more because of the situation I was in. But after listening to that |
| 0:43.1 | episode, I started thinking about all the different opportunities that might be available. We knew |
| 0:47.3 | we had to get somebody on the show that was an expert and could open our eyes to some of these new |
| 0:51.8 | instruments used to come up with a better retirement |
| 0:54.8 | plan for ourselves yeah so to be honest i'm not that interested in planning my retirement because |
| 0:59.7 | i plan on working pretty much for the rest of my life i'm not going to actively work but i'm all |
| 1:04.2 | about you know having passive income streams so i know that's still going to come through and the type of |
| 1:08.8 | work we do is we enjoy it. So there's no reason why |
| 1:12.2 | when I'm 65 or even when I'm 70, I'm not going to want to log onto my computer, you know, |
| 1:17.7 | once a day or once a week and still do something. But what I'm really excited about, and this is |
| 1:22.4 | why I'm so excited to have Josh on the show is he's going to show us a lot of money saving techniques. |
| 1:29.2 | So even if you're an entrepreneur and you aren't getting paid through a traditional company, |
| 1:35.3 | so they don't have a 401K set up for you, they don't have a retirement plan to set up for you. |
| 1:38.9 | He's going to show us ways how we can set up our own individual 401Ks and some of the benefits of that versus like a SEP IRA, |
| 1:47.0 | which I'm in the process of still looking into sending up, and how we can save money on taxes, |
| 1:51.4 | which to me is exciting. |
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