Taking control of your retirement account and investing in the assets that you know, understand and can control will allow you to secure better financial future. A Sense Financial client has achieved such satisfaction using the opportunities and features presented by the self-directed Solo 401k.
As a real estate developer, Michael Foley has a lot of experience in real estate business— from development, construction, and even flipping houses. He is an active member & speaker for several Real Estate clubs in Southern California where people come together for trainings and discussions about real estate. Mike has a strong passion for educating others on how to become successful real estate investors. He always keeps up to date with the real estate market not only in Southern California but also in some European and Asian countries.Mike Foley already had a self-directed account with Provident Trust when he learned about truly self-directed option with checkbook control. As someone who knows a great deal about real estate, Mike thought that truly self-directed Solo 401(k) would be a great investment vehicle especially when he discovered the advantages of checkbook control.
As a successful real estate developer and educator, Mike is also involved in charity works as a way of giving back. His recent contribution was in Vietnam where his group had a fundraising project to provide housing for poor families.
With his knowledge and involvement in real estate, Mike believes that with a Self-directed Solo 401(k), he will be able to put his knowledge and skills to good use and generate a healthy return for his retirement savings.
When Mike was introduced to Self-directed Solo 401(K)’s checkbook control feature he found it to be a great solution for his needs. The fact that he knew Dmitriy personally, and that he could be hands on with his own account made him more confident with his decision. Sense Financial assisted him all throughout the process of setting up and rolling over his previous custodial account into a Self-directed Solo 401k. He was very pleased with how Sense Financial answered all his questions and with the work they did to help him set up the ultimate retirement plan for his needs.
Mike’s Solo 401k plan now includes rental properties as well as mobile homes. Part of his retirement savings is also invested in notes and precious metals. All these investment choices are part of the reasons why he wanted to switch to checkbook control. There are many frequent transactions going in and out of his retirement account and getting approval from a custodian would only slow down the process. With a Solo 401k plan from Sense Financial, account holders can make all of the investment decision without going through a custodian and that is a big plus for Mike. For a businessman like him, Solo 401(k) gave him the freedom he needs to successfully grow his retirement nest egg.
Aside from real estate investments and the freedom of checkbook control, Mike sees Solo 401(k) as a fantastic tax-sheltering vehicle because of its high contribution limits of nearly $50,000 each year. He also has the ability to make post-tax contributions into Roth account of his Solo 401(k) and all pre-tax contributions he can claim as tax-deductions. According to Mike, “If you’ve got a self-directed 401(k), you really have a great variety of choices on what you can invest. I like the control and I like the possibilities. I would say those were by far the two biggest benefits.”
He is very pleased with how much time and money he saved by switching to a truly Self-directed Solo 401k plan. He is also happy with the positive experience and convenient process provided by Sense Financial team, which he thinks is difficult to find these days. Mike believes that he wouldn’t be able to have the same control over his retirement future if he still had all his funds invested in the stock market.