Flip and Danny recap the week's episodes on retirement accounts. Nearly 25 million 401(k)s were forgotten by the end of 2021, with an average balance of $55,400. They cover self-directed IRAs, Roth vs. traditional accounts, and custodian rules.
Hey everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies. And welcome to another episode of our.
Podcast, which is called Freedom through Passive Income.
That's right. I was trying to get as much rage. Anyway, welcome to another episode. This is one of our live episodes. And this is Fun Shirt Friday.
Yep.
This is golf day.
Yes.
So we do something here at the office because every year on, on my birthday I go golfing.
Right.
And it start. This tradition started decades ago. Yep. But then when we moved to Ohio, I didn't have any friends to go golfing with on, on my birthday. And so, well, I went out a couple times by myself. And then last year I said, that's it. I'm making the whole office go golfing. And so we went golfing last year. So this is the second annual and now we're splitting it up so some people who don't want to go golfing, they'll go play putt putt. Yep. And then the people that don't want to play putt putt or go golfing, they're actually gonna go disc golf, the frisbee golf. So everyone's going golfing.
Nice.
Yes.
Yeah.
Woohoo. So hopefully, hopefully everybody has fun. Second annual.
That's right.
So anyway, so welcome to our weekly recap and key takeaways. This is week number 30.
Yeah.
All right. Episode number 204. Not if, but how. Key takeaways. A close ended question, by definition is something where you can answer yes or no. An open ended question that cannot be answered with a yes or no. Adopt an open ended framework into your mindset. It will help you analyze more thoroughly as an investor. That's true. Another takeaway is there's all kinds of things that your brain will allow to come to the front part of your thoughts if you ask yourself open ended questions. But if you just stick to yes or no and say I can't do it, you're never, you're never even allowing your brain to think of all the ways that you can do it. So it's really about asking yourself the right questions so that you can move forward.
Aha. And if episode 205 was how to reclaim lost or forgotten retirement funds. First key takeaway. Find out if there's lost or forgotten money out there that's yours. At the end of 2021, there were nearly 25 million forgotten 401k accounts. The average forgotten 401k account balance was over $55,400. So multiply that by 25 million. That's a lot of cheddar. That's a lot of cheddar. Key takeaway number two, Once you find it with the treasure map we gave you, consider converting it into a Roth self directed IRA with where you can build wealth tax free.
That's right. Episode number 206 types of self directed IRAs. Which is better? So a Roth IRA is where you pay your taxes first and then fund it with those post tax dollars because you funded it post tax dollars, you do not have to pay taxes on any future distributions and are not forced to start taking required minimum distributions at a certain age like you are in a traditional IRA. Another key takeaway is in 1950 the average income in America was $3,300. By 1980 it was about 17,000. Do so. Almost a five fold increase. By 2010 it was around $50,000. So about a threefold increase. We're living longer and taking better care of ourselves. Think about how much you need for retirement and then think about how much it's really going to be worth in 30 years. Will it be enough?
That's right. That's a good one. Episode 207 was IRA Basics. Key takeaway number one is if you're currently in one type of IRA and want to switch to the other, there's a process for that and your tax professional, HR rep and or self directed IRA custodian can all facilitate and talk you it. Key takeaway number two, follow the rules. Don't break the rules. Otherwise you're going to get in trouble. And trouble always costs you pain, money or both. These are not the rules where it's better to ask for forgiveness than permission.
Episode number 208 questions to ask your IRA custodian. Key takeaway number one is lean on the professionals to guide you in what type of transactions can be made to avoid making any costly mistakes. There is too much information out there for you to know everything. Utilize your tax professional and IRA custodian to keep you in the safe zone.
Yeah.
Another takeaway is do you need an llc? Sometimes it may be worthwhile to get a dedicated LLC specifically for the IRA if you are going to do multiple similarly. Similarly, that's a tough one. Group transactions. This way the custodian moves funds to the LLC and from there you can make the investments through the llc. The bottom line of an LLC is this. Only get one if you absolutely have to because it adds complexity.
That's right. And episode two and nine was our week three live update. It was just yesterday. I made no notes so we're going to go on the fly with our two key takeaways.
We were stressed out.
Here's mine.
Walking zombies.
Monday was the Manchester refinance. That's right. And it successfully went through. And we are very, very, so, so, so very, very, very grateful.
Yes. Incredibly grateful. That was months in. In the working.
Yes.
What's mine? Well, I would say the clear to close, but in Florida that really doesn't mean a whole lot. So we are moving to Florida whether or not we have a house or not. So we might be. You might want to check a rest area around Orlando because we might be there with a bunch of boxes and three dogs.
It's been a crazy couple weeks.
Yeah, just, just a couple, crazy couple weeks. That's all. That's all. But we did stuff with apartments and stuff too.
Yeah, yeah.
Yes, we did. And I'm really glad that I went and got my eyes dilated before an episode that we had to read all day.
Yeah, yeah, yeah. You actually did very, very good.
Thank you very much.
Congratulations.
That was difficult. Well, make sure you head on over to our website, freedomcapitalinvestments.com to join our investor club. And also we got the swag on there, too. But we're also on Facebook, LinkedIn, YouTube, Googlers. Is there a Googler? But anyway, make sure you're checking out us on all of these socials, but we like to end all of our episodes with invest smart, Live happy. Bye, everybody. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions and information on this show are not guaranteed. All investment strategies have the potential for profit or loss.
It.
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