"It takes too much time to set up."
"I have to learn new skills to set it up."
"I don’t know what to invest in."
"It’s too confusing."
"All the sites I visit just have rules and forms, I don’t know what to do next."
"Someone referred me to a custodian, but they couldn’t answer my questions."
"I called a custodian I found online, but they never called back, I just got “voice jail”."
"My custodian says that can’t be done."
"My CPA says to just use an index fund, it’s easier."
"I don’t know anyone who has done it that I can talk to."
"I thought I knew how to do it, but discovered I was putting the cart before the horse."
I have heard all of the above, and if you have heard any one of these that has made you pause and consider whether you want to set up a Checkbook Control entity—LLC or Trust—for your IRA investing, that one is the most critical reason stopping you. All of them can be easily resolved with some good quality information.
Eighteen years ago, a financial advisor wanted to sell me an investment, but it required me to set up a self-directed IRA. I had no idea what he was talking about, so I asked my stockbroker who worked with my IRA funds.
OH, MY! He was dead set against it. But the investment sounded intriguing, so I went back to the financial advisor. He said, “Don’t worry. Just go here to this company and they will do it all for you.” So, I did. After signing a bunch of paperwork, I gave them $20,000 from my IRA to invest. Fifteen years later, and after a long story, I got $2,000 back.
And that was not the only error I made. For many years I tried self-directed investing, but I was just throwing darts at a blank wall. Did I learn anything? Sure. I learned what not to do. These lessons can be valuable unless your retirement relies on it. Don’t just jump in because you think you see an investment you like. There’s more to it.
Several years after I set up the self-directed IRA, I came to realize the most critical mistake IRA investors (like me) make. We put the cart before the horse (the shiny object investment) and then wonder why it didn’t work out very well (the structure and process that makes it work right).
Then I heard about Checkbook Control. I set out to master it. And now I want to share that with you, so you don’t spend years of wasted investment time and money. I can help you “start at square one” and walk you through every step to do it right.
So, let’s start at the very first step, which is to find an accommodating, responsive, educating custodian.