Flip Tip Summary
While there are lots of benefits of various self-directed account vehicles, the Solo 401K has something unusual. Dmitriy Fomichenko of Sense Financial shares more in this FlipNerd.com Flip Tip.
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick VIP Tip to share with you from Dmitriy Fomichenko, who’s going to share a benefit of using a Solo 401k loan.
Dmitriy: Solo 401k is a self-directed retirement account that offers you the ability to take a participant loan from it. It’s your retirement account and typically the funds are not available to you until you reach your retirement age. Well, guess what? With a Solo 401k you can access up to $50,000 from your retirement account, prior to retiring, and you can use those funds for anything that you’d like, up to $50,000, but you need a Self-Directed Solo 401k to do that.
Mike: That’s great. For those of you that didn’t watch our interview we talked about a Solo 401k and how it compares and contrasts to a self-directed IRA that a lot more people know about. Check out that interview or go to sensefinancial.com to learn more about the Solo 401k, very fascinating retirement and wealth-building vehicle. Thanks, Dmitriy.
Recording: Thank you for joining us for another FlipNerd, Flip Tip.
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