Contact:

• Dmitriy Fomichenko’s LinkedIn https://www.linkedin.com/in/dfomichenko/
• Sense Financial Services https://www.sensefinancial.com/
• Facebook https://www.facebook.com/dfomichenko
• Email [email protected]

Outline of the Episode:

[00:00:52] Introduction: Growing up in Russia, moving to the U.S., mechanical engineering, and solo 401(k)’s.

[00:07:49] Don’t rely on just your full-time job, diversify your income sources!

[00:09:55] A solo 401(k) crash course: What is it, and what benefits does it give you?

[00:14:25] Is it possible to use a solo 401(k) in combination with a health savings account? Is that even profitable?

[00:15:47] The similarities between a Solo 401(k) and Self-Directed IRAs in purchasing real estate or investing.

[00:19:23] The heavy risks to partnering with your IRA or 401(k). What is a prohibited transaction? If you commit one, which of the two allows you to fix it?

[00:23:45] Dmitriy’s secret to utilizing the benefits of 401(k)’s himself.

[00:25:10] There are tax liabilities we should pay attention to for 401(k)’s. What are these?

[00:28:10] The existence of a Roth component of the solo 401(k). How does that work?

[00:30:52] Requirements to meet if you want to get 401(k)’s.

[00:34:25] Is there a profit margin that you need to consider? How much would that be?

[00:38:00] Distributions taken from Roth IRAs are tax-free, right? What about the Roth component of a Solo 401(k)? How are the tax-deferred and tax-free differentiated?

[00:40:50] Dmitriy had a painful but fruitful path to financial freedom.

[00:43:00] They can because they think they can, and they can’t because they think they can’t!

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