{This is Part 1 of a 5-Part series. Please note that all information on YoProWealth.com is for informational purposes only. See a full disclaimer here.}
The wealthy do something well that the majority of the Middle Class do not do so well: invest.
Investing is hard. It is scary, and complex. We don’t know what to do, and we often don’t even know where to start.
However, it is an essential part to obtaining massive wealth. If you’re interested in having more money in your life, investing needs to be a top priority for you (see the power of compound interest here).
So, to help you master this touchy subject, I asked a bunch of experts for some helpful investing advice.
Their responses follow:
Agatha Javellana-Schmidt, Marketing & Business Development Manager, IRA Services Trust Company
Use Self-Directed IRAs (Individual Retirement Accounts) to build retirement wealth by truly diversifying your portfolio. Self-Directed IRAs allow you to invest in alternative assets like real estate including trust deeds (source of passive income), precious metals, private companies, and almost anything and everything you can think of that will make money for your IRA.
Another advantage of the Self-Directed IRA is that it allows you to earn tax-sheltered income – you don’t pay taxes until you withdraw funds from your IRA (as with a Traditional IRA), and if you have a Roth IRA, you don’t pay taxes at all on any investment returns because contributions are post-tax funds. [Read more…]