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Ep40 - What is an IRA: Maximizing financial freedom with an IRA with Erik Hitzelberger
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Finance is an integral part of our lives and plays a key role in each of our life events.
While it is true that the way we handle our personal finances has a direct impact on every aspect of our lives, most of us lack the knowledge and skills necessary to manage our finances effectively.
In today’s episode of the Expert(ish) Podcast, our guest, Erik Hitzelberger will discuss how an Individual Retirement Account (IRA) can be used to achieve financial freedom in a number of unique ways. He will focus on the topic of Self-directed IRA as a tool for investing in real estate. In addition to property investment, Erik will also share some creative ways of maximizing the potential of an IRA.
His insight about Individual Retirement Account (IRA):
- There is a limit on how much you can contribute to your IRA, but there's no limit on what you can make.
Erik Hitzelberger is the Founder of the Freedom Property Group (FPG), Kentucky’s premiere turn-key rental provider. Knowing that financial literacy is not taught in most academic institutions, Erik has made it his mission to educate people on how to manage their personal finances and achieve financial freedom.
Enjoy!
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In This Episode
2:27 - Discovering how self-directed Individual Retirement Account (IRA) works
5:09 - How self-directed IRAs can be used to invest in real estate
9:59 - Are properties under an IRA protected?
12:19 - The limitations of self-directing IRAs and how to overcome them
18:12 - A few creative ways to utilize an IRA
25:12 - The challenges associated with self-directing IRAs
30:27 - Why Erik is passionate about educating people on personal finance
Favorite Quotes
"Personal finance and managing your money is one of the most important things that you're going to do in life. And yet we're not given any education at any point. People tell you, 'Oh, just blindly dump money into a 401k or whatever. And that's the solution.' And it turns out it’s not." - Erik Hitzelberger
"One of the things people don't really know is that you can do most of the same investing that we do outside of our IRA with our traditional money inside of an IRA." - Erik Hitzelberger
"One of the biggest things that you do have to be careful of with a self-directed IRA is there are disqualified entities and these are people that you can't do business with. And it is generally a vertical family tree. You can't do business with yourself, your spouse, your parents, or your children." - Erik Hitzelberger
"Personal finance and managing your money is one of the most important things that you're going to do in life and yet we're not given any education at any point."- Erik Hitzelberger
Get in touch with Erik Hitzelberger
Call (502) 921 3989
Connect with JAY JOHNSON
Call (858) 925- 4536
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