Many people struggle with the concept that they actually determine their financial future with how they handle each dollar that comes through their hands. Most folks also struggle with concepts like paying yourself first or having reserves set aside. Saving for retirement, for many people, gets put on the back burner. And, the concept of working their retirement account themselves seems foreign and out of reach.
There could be many reasons for this. Maybe they truly don’t have access to the right information. Or, maybe their financial planner is hesitant with recommendations, since most of his/her clients are not financially savvy when it comes to investing in general and/or retirement planning. Regardless of the reason, if you haven’t started an account, it’s never too late. I don’t believe, either, that you can start too early. If you haven’t heard of Self-directed IRAs or other similar accounts (SIMPLE, SEP, HSA, 401k, Traditional, Roth, etc.) you’re in the right place—Bigger Pockets is a great place for someone to become better informed.
One of the biggest regrets that I have these days, now that I’m in my early 50′s and fast approaching my retirement years, is that I didn’t start early enough, large enough, and focused enough, especially with my self-directed IRA, and other similar types of accounts. I just didn’t take things as seriously as I should have.
So, why did I (and most other people too, especially real estate investors) think that my IRA accounts weren’t that important?
For me, it was lots of excuses:
- “I’m too old to get started on that now.”
- “I’m too young to worry about that.”
- “I don’t have enough money.”
- “I have too much money.”
- “My money would be tied up for too long.”
- “I won’t be able to touch the money if I do that.”
- “I don’t want to pay myself a salary because …read more