Jan 9, 2023
A good quote says, "the only person who will take care of the older you someday is the younger you today." When we are young, we frequently put off thinking about retirement and prefer to worry about it later. However, our strength will not forever serve us well. Nevertheless, if we desire our future to be more promising, we must thoughtfully prepare for it.
Moreover, a self-directed IRA is a recommended type of individual retirement account that allows you to save for retirement with assets that are off-limits for conventional IRAs. Thus, we must seek a more profound knowledge of it since many individuals who don't utilize self-directed IRAs are unaware of it. We must also surround ourselves with like-minded people who are willing to share their failures and successes. Their journey can teach us vicariously to learn and grow in life, knowledge, and skills. As our guest speaker says, "financial literacy is not taught in schools, but our future depends on understanding it."
Kaaren Hall is a single mother, Certified IRA Services Professional (CISP), Self-Directed IRA Professional (SDIP), CA Real Estate License, founder of Orange County Real Estate Investors Association, and the CEO of UDirect IRA Services. These services help thousands of Americans invest their IRA outside the stock market into real estate, land, private notes & more to improve their financial future. Kaaren discovered a strategic way to put her 20+ years in mortgage banking, real estate, and property management to use. Hall brings her full passion to educating Americans about the little-known investment vehicle. She has educated tens of thousands of investors and professionals on building wealth by taking control of self-directed IRAs. Through UDirect IRA, she has guided thousands of Americans through diversifying their investments using self-directed IRAs.
In this special episode with Kaaren Hall, we'll learn about the things concerning Individual Retirement Accounts. Tune in today as we discover how important it is to understand where to correctly put the hard-earned money that can better serve you in the future.
"The retirement account is for later; it's not for now. So, everything you do in this retirement account is to save for your future self." – Kaaren Hall
Topics Covered:
(00:00:00) Introduction + Episode Snippet
(00:00:13) Introducing our special guest, Kaaren Hall
(00:00:33) Advertisement: Obtain financial freedom with passive income! TimeOut with the SportsDr. teams up with Dr. Ronnie Shalev of Shalwin Properties to discuss things finance! Join Dr. Shalev's webinar or set up a 1-on-1 call; go to https://www.drderrickthesportsdr.com/sponsors.
(00:02:22) The long journey: How Kaaren become the CEO of uDirect IRA Services
(00:03:47) The best time to open a self-directed IRA company
(00:05:18) 2009: A big financial downturn
(00:06:58) How does a self-directed IRA differ from a traditional IRA?
(00:08:08) Rules for investing money into a solo 401k account: Where to use and not use your money?
(00:09:07) Prohibited transaction: Who are the disallowed individuals to benefit from your IRA?
(00:10:33) What is the best way to learn about prohibited transactions?
(00:11:15) What are the different kinds of accounts?
(00:13:02) Self-directed IRA is always your money.
(00:13:34) Why does self-directed 401k seem to be a well-kept secret?
(00:15:05) Advertisement: Sabre Bats, the training bat that will take you to your next swing. Go to https://www.sabrebats.net to know more.
(00:15:54) Text free vs. Text deferred.
(00:17:30) Health Savings Account: How can we utilize HSA?
(00:20:21) How should young entrepreneurs be investing for retirement?
(00:21:48) How much money should a person have for retirement?
(00:22:57) The process of investing
(00:24:02) Make a diligent study on where to put your money.
(00:25:27) More freedom, more risk
(00:26:44) Final TimeOut with Kaaren Hall: Why is it imperative to invest and plan for the future?
(00:28:19) Community is essential: Surround yourself with like-minded people.
(00:28:55) Connect with Kaaren Hall.
Key Takeaways:
"The self-directed IRA is tied to alternative assets. IRA is an IRA but what makes it truly self-directed is when you're investing outside of Wall Street." – Kaaren Hall
"So, to get tax protection, you have to follow certain rules and avoid the prohibited transaction." – Kaaren Hall
"Your IRA isn't going to lend money to your spouse, so they can open a business because that's a disallowed person receiving a present benefit from your retirement account." – Kaaren Hall
"Don't just pick any asset. You have to understand the assets and risks." – Kaaren Hall
"With more freedom, there's more risk." – Kaaren Hall
"Community is important. It’s one way to learn and grow together by surrounding yourself with like-minded people who are willing to share their failures and successes." – Dr. Derrick Burgess
Connect with Kaaren Hall:
Website: https://udirectira.com/
YouTube: https://www.youtube.com/@uDirectIRA/
LinkedIn: https://www.linkedin.com/in/KaarenHall/
Twitter: https://twitter.com/udirectira
Connect with Dr. Derrick Burgess:
Website: https://www.drderrickthesportsdr.com/
Instagram: https://www.instagram.com/drderrickthesportsdr/
Facebook: https://www.facebook.com/TimeOut.SportsDr
LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/
YouTube: https://www.youtube.com/channel/UCHGDu1zT4K_X6PnYELu8weg
Email: thesportsdoctr@gmail.com
This episode of TimeOut with the SportsDr. is produced by Podcast VAs Philippines - the team that helps podcasters effectively launch and manage their podcasts, so we don't have to. Record, share, and repeat! Podcast VAs PH gives me back my time so that I can focus on the core functions of my business. Need expert help with your podcast? Go to www.podcastvasph.com.