#193: Many people are being lured by the attractiveness of directing their own retirement plans. The trick is to do it right and have an asset, business, or income-producing entity that makes sense for YOUR retirement planning. Kirk Chisholm is a Wealth Manager, Economist, & Principal at IAG. He is also an expert of investing in alternative investments in self-directed IRA / 401k. Full notes at https://moneyplansos.com/what-you-need-to-know-about-self-directed-iras-mpsos193/ Key takeaways from our discussion: Self-directed IRAs are a great arrangements for making non-traditional items become tax-deferred investments There is no guidance for what you can put into a self-directed IRA There are some unusual things people have turned into self-directed IRA investments A 1031 exchange is not a self-directed IRA We learn where a wealth manager fits into an individual's self-directed IRA plan There is no certification for someone to become a self-directed IRA administrator Kirk encourages you to pick things you know well How taking one step back can make you feel a little bit richer <33:47> Stop Take a step backwards Close your eyes for 1 second Open your eyes Imagine your life 10 years ago and tell me you don't feel just a little bit richer Ponda from the Honda <42:09> She blew $20k of college savings on clothes and a European vacation.