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

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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 stock market. Dmitriy moved from the former Soviet Union when he was 22 years old. His family is made up of Christian’s and were persecuted for their beliefs, so they moved to the US as refugees. Dmitriy Fominchenko is one of nine boys! He went to school for mechanical engineering and worked in this career for a few years but was laid off. After that, Dmitriy was introduced to finances and real estate and eventually went full time in this space.

After a few years working in finance and real estate, Dmitriy decided to open his own business, Sense Financial. They specialize in self directed retirement plans with checkbook control. Typical IRA retirement plans set limitations on what people can invest in, but with a self directed plan, investors can invest in whatever they want to. A solo 401k has some requirements that. Must be met before one can start. Someone has to be self employed without any full time employees working for them. A solo 401k can have larger contribute values.

When deciding a retirement plan, I chose a sepIRA account. Dmitriy Fominchenko told me that probably wasn’t the best choice, so we pick apart why I chose that plan over others.

We also discuss Whole Life and Infinite Banking. Dmitriy Fominchenko isn’t a big fan of these policies because these aren’t usually the best choice for clients.