Ira Accounts For Dummies

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Are You Investing 401(k) Money in Real Estate?

First of all, What is a 401(k) I will try and give you a shortened version. A 401(k) is an employer sponsored retirement plan run under section 401(k) of the Internal Revenue Code. A 401(k) lets an employee save for retirement, and at the same time defers taxes on his savings and the earnings associated with them, until he retires. One thing worth mentioning is the capability to have a self directed 401(k). Though this sounds quite like a self directed IRA it is not. There is still limits to what you can invest in with a 401(k). Some companies put limits on what portions you can put into the self directed part of the plan.

 

For instance the company might allow a quarter of the account to go into the self directed part of the plan, and the remainder has to go into the standard 401(k). This cuts down on your control of your own money, and makes things more complex than they need to be. As well all 401(k) plans are tied to your employers corporation, the corporation may make changes unfavorable to the 401(k) holders, they, the corporation may change plans etc.

 

I will tell you a little story about a lady who was about forty, and her money was in a 401(k). She asked her employer about investing 401(k) money in real estate, but her boss told her she could only invest 25% of her savings in a self directed 401(k). She never bothered after that, as her employer had her money invested mainly in the companies stock. Well one year, her 401(k) lost 10% and that was that, she spat the dummy. She rolled over her 401(k) into a self directed IRA, and started investing in real estate, she hasn't looked back. She told me, she wished she had changed over a lot sooner.

 

If you are thinking of investing 401(k) money in real estate, rolling your 401(k) over to a self directed IRA is preferable, because then you can choose who is to be the custodian of your account. You can invest your money in real estate. or whatever else you desire, as long as you follow the IRA rules, you can invest in almost anything you like. You can buy houses, apartments, you can lease equipment out, you can invest in Tax liens from the county, you can invest in so much more with a self directed IRA. Self directed IRAs are better as they allow you to retain full control of the money in your account.

 

A mistake commonly made by first time real estate investors, is buying property in the wrong location. Given the huge amount of property on the market, it is not hard to understand why some people end up buying in the wrong location. A first time investor can hardly be expected to know where all the choice locations are. Another mistake first time investors are likely to make, is simply paying too much for a property. Inexperience and a volatile market place have oft made many a strong man cry.

 

If this sounds too complicated or just too much trouble there is a simpler more TURNKEY approach to investing in real estate or rolling a 401(k) over, go to the url at the bottom of this article and thenceforth to my website, there you will find more information.

 

 

About the Author

Gordon Hall is an ardent reviewer of IRAs and other retirement funds. Visit his website now at http://www.double-your-ira.com to discover which retirement funds Gordon recommends after far ranging and extensive comparisons.

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Debits And Credits For Dummies

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Credit card advice for Dummies?!?

I'm thinkin about applying for a credit card, I've never had one before and don't have an overdraft or any other kind of debt. Thing is i'm planning to go travelling at the end of the year and it would be helpful for me to have a visa as my debit card doesn't work everywhere.
Also i think i must have quite a poor credit rating as i've moved houses alot all my life and was refused an overdraft. I know capital one offer cards for those with poor credit but their interest seems huge!
...Not that i really understand any of it so would like know how it all works...the interest and how much i would be paying back...Its really confusing!
I earn just over £800 a month minimum (sometimes am offered overtime).
Any advice welcome except those that just say 'Don't do it!'
...i need some real information.

Ta!
oh also...can i get cash out on all credit cards?

Hi sweets well each to their own but my personal point of view is when you spend £500 on a credit card then pay the miniumum payments of (example £15 per month) the credit card company then slap interest on top of the money you have borrowed thus causing an ever spirriling tumble towards debt. As with all credit cards the concept of having one is great as you can buy that case of Wine, pay the deposit on the holiday but remember you are paying a loan company whom charge interest. Best option is to speak with your bank whom may upgrade your existing debit card to a visa debit or switch card which can be used worldwide. Yes i have a credit card but very very rarely use exept emergency 0% owed on card means 0% interest dont get a card then start spending or if you are sure you want one Vanquish is quite good you can control your limit You can request a maximum limit of £250 untill you see fit to higher or lower the limit you can manage. Well good luck and please be careful and consider the consequenses of debt...... Debt is easy to get into but hard to get out of....

why i am a programmer


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Medicaid For Dummies

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Dummy Me got what I needed from Dummy You?

My last question sure got an educational response out of me! According to what I read on the answers to my question I am really stupid. I suppose you have never heard the saying "the squeaky wheel gets the grease"? well that is what I was thinking when I wrote the White House. If Treason is a crime punishable by death then great that would answer one of my Prayers. I pray for a better life or Death and since my looser father killed himself I will not do that to myself! So if this "squeaky wheel" has to be removed from the machine then good for me! I asked the White House why Medicaid and Social Security prevents me from getting the help I need to keep me alive and healthy. SSDI, SSI, Medicare, Medicaid, all of this have one thing in common, helping people who CAN NOT help them selves!! I fall into that category with a disabling host of problems. All I wanted to know was why $108 stops me from getting full Medicaid. Do you think I am a criminal for asking this? Who can answer this?

NO you are not out of line with your question, i have a very rare disease and after 9 years of treatment Medicare part d is now refusing to authorize this medication for my disease, this is a death sentence with out a trial, our government does not care about people they care about revenue for them to steal, if you are disabled then you cannot contribute to that revenue and they would prefer that you die and leave them more to steal.~

Rachel Maddow - Rick Scott Cuts Florida Education


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