EP 25: Dmitriy Fomichenko - Solo 401K Uncovered

Contact:

Dmitriy Fomichenko’s LinkedIn https://www.linkedin.com/in/dfomichenko/Sense Financial Services https://www.sensefinancial.com/Facebook https://www.facebook.com/dfomichenkoEmail [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! Support this show http://supporter.acast.com/the-real-estate-lab. Hosted on Acast. See acast.com/privacy for more information.