Bonus Clip: Best Retirement Plans For Entrepreneurs
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 15 March 2022
⏱️ 6 minutes
🧾️ Download transcript
Summary
To watch the full episode, click the link below!
https://youtu.be/QsI_dy-0M04
On today’s podcast I had Dmitriy Fominchenko. Dmitriy is a specialist in solo 401K’s and we talked all about that and why it is such a great retirement vehicle for you. We also go in depth on the differences between solo 401Ks and sepIRAs, as well as life insurance and the whole infinite banking concept. It’s really cool and I don’t think ever really talked about retirement on any of my channels, so for those of you wondering how you can have some tax savings or how you can put some money away, it’s a great episode and you definitely want to watch all the way through!
Check out Dmitriy‘s business -
Website - https://www.sensefinancial.com
Linked In - https://www.linkedin.com/company/sense-financial-services-llc
Facebook - https://www.facebook.com/SenseFinancial
Youtube - @SenseFinancial.com
Join the Wealthy Way today and get access to my free course, planner, and discord community! https://wealthyway.com
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Here's how my businesses can help you:
For a free consultation with my team go to https://RyanPineda.com
Want to be coached by me on real estate investing? Apply at https://futureflipper.com
Let my company make you passive income through E-commerce Automation! Watch the case study at http://lunarecom.com
Join my free coaching program for real estate agents! https://wealthyagent.io/
Need Tax and Accounting help? Contact my CPA Firm! https://TrueBooksCPA.com/
You can invest in my real estate deals! Go to https://pinedacapital.com
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My other social media channels:
Subscribe to my main channel "Ryan Pineda" https://www.youtube.com/c/ryanpineda
Subscribe to my real estate only channel "Future Flipper" https://www.youtube.com/c/futureflipper1
Follow me on Social Media:
https://www.instagram.com/ryanpinedashow
https://www.tiktok.com/@ryanpineda
https://www.twitter.com/ryanpinedashow
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Dmitriy Fominchenko‘s company tried to unlink client’s 401k and IRA accounts so that individuals can invest in things that they want instead of just the sto
Learn how to invest in real estate with the Cashflow 2.0 System! Your business in a box with 1:1 coaching, motivated seller leads, & softwares. https://www.wealthyinvestor.com/
Want to work 1:1 with Ryan Pineda? Apply at ryanpineda.com
Join our FREE community, weekly calls, and bible studies for Christian entrepreneurs and business people. https://tentmakers.us/
Want to grow your business and network with elite entrepreneurs on world-class golf courses? Apply now to join Mastermind19 – Ryan Pineda’s private golf mastermind for high-level founders and dealmakers. www.mastermind19.com
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media and has generated over 1 billion views online. Starting as a minor league baseball player making less than $2,000 a month, Ryan is now worth over $100 million. He shares his experiences in building wealth and believes that anyone can change their life with real estate investing.
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Transcript
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| 0:00.0 | For a lot of people, including myself, I don't know what the difference is between checkbook, |
| 0:09.8 | control versus other things. |
| 0:11.6 | I have ideas, but for everybody, explain the various ways that you can do retirement. |
| 0:18.4 | Yeah, so the conventional IRA or 401K is held by the custodian. |
| 0:22.8 | And custodian actually has the power to restrict investment options. |
| 0:27.2 | So if you open an IRA with fidelity, for example, they're going to place limits on what you |
| 0:31.9 | can do, what you can invest in. |
| 0:33.8 | You can only invest in fidelity products. |
| 0:36.7 | But IRS doesn't have those limitations. |
| 0:39.3 | According to the IRS, you can invest your IRA in virtually anything, including real estate. |
| 0:46.0 | So a subdirected IRA is IRA with a custodian that doesn't place those limitations. |
| 0:51.4 | So you can open a subdirected IRA with a custodian that allows alternative investments. |
| 0:57.8 | But custodian is there on the middle, kind of like a middle man, and you have to go through |
| 1:01.3 | the custodian for each transaction you do. |
| 1:04.7 | And many investors find that inconvenient. |
| 1:06.8 | So that's when the checkbook IRA comes in. |
| 1:09.1 | And checkbook IRA essentially is a subdirected IRA and steroids where a special Purpose |
| 1:15.9 | LLC is created. |
| 1:18.0 | IRA owns the LLC and you, the client is the manager of the LLC. |
| 1:23.0 | And then as a manager, you can open a check and account and funds from IRA transfer |
| 1:27.6 | there. |
| 1:28.6 | So that's how you get the checkbook control for an IRA. |
... |
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