Today’ guest is Daniel Blue. He is a Forbes contributor, and owner of a 7-figure business called Quest Education. Quest provides resources and education for individuals to help them maximize control over their money , they strive to provide world class service to their clients.. He is now officially a best-selling author. His book “Blueprint to Your Best Retirement” is an amazon Best Seller in five categories all having to do with wise money management..
Listen in as Daniel shares his thoughts on how to have financial freedom.
I live in Las Vegas right now. I grew up in Oceans, California, moved to Utah for a couple of years before finally settling down in Las Vegas.
I became addicted to Oilcans between the ages of 18-20 years during my stay in Utah and I made the move to Las Vegas and got cleaned and sober, it’s been more than a decade since then.
During my time in Utah I got exposed to sales more so real estate and in particular the market self-direct retirement account. This is where people get to use their 41K and their ARA outside their stock market.
It was the use of the self-direct retirement account for more than just stock exchange and this bore fruit for me in 2014. I got advice from people in the field and 4 years later in 2018, I began my own company and became an entrepreneur.
What people sometimes fail to do is look at their cost basis (looking at what you bought it at vs. what you gained in return) - the stock market is fluctuating but you never know if you made a loss or profit until you stop looking at the new numbers and begin looking at the bigger picture.
With inflation going up people are realizing the need for more income, any business that gives you an edge with the recent times and economic cost of living.
People are looking at using their retirement money for growth and to make money. For example Fulfillment by Amazon.
With any business, it’s always good to remember there are risks involved, so this should not be seen as a get rich scheme, it’s always prudent to make calculated risks.
41K/ ARA conversions- let’s say you get cash form a former employment at 59 as a distribution. You can convert the 41K/ARA into a solo 41K which is a retirement scheme for entrepreneurs and is IRA approved.
You are able to take up to 50% of the cash penalty which is tax free and invest it into your existing business or begin a new business; however you,need to pay back the loan in 5 years to avoid taxable intentions.
Prime 1 or 2 %is interest given back to your solo account this means that you pay yourself back the principal amount plus interest.
The first thing you need to know is whether your 41K has the solo 41K option or not, if it does then you can use the above mentioned strategy, if not you can’t be your own bank.
If you are using the 41K from a Wall Street broker, then you can buy stock and product from the Wall Street based products.
There is also an option of self-directed word, where you can hold money in the self-directed IRA or money directed in a solo 41K by a custodian that is IRS approved, that allows you to hold alternative assets.
Connect with Daniel:
https://www.danielblue.me/
https://www.linkedin.com/in/daniel-blue-5b1339113/
https://www.facebook.com/profile.php?id=100026753792739
https://www.instagram.com/danielblue__/
As always, if you are interested in complete “peace of mind and confidence” about your personal finances, visit us at: www.personalfinancialstrategy.com
