Hey everybody Jimmy Chris all back here with a good friend of mine from beautiful Houston Texas where everything is big in Texas of course and we got the amazing and smart and talented man H Quincy long Quincy how are you doing today man I’m doing great thanks for having me you’re always doing great you know one of the.
To you Quincy is because you’re so smart it just it makes me smarter so I appreciate your you’re doing this with me of course you’re coming to Richmond in January again which we’re super excited about you’ve got quite a following here in Virginia I know that’s gonna be a blast it’s gonna be a lot of fun now.
Today we want to talk about the elements of investing self directed this was suggested by Walter Wolford if you guys watched my last video Walter suggested it and I think it’s a great suggestion so Quincy where are these elements of soft directed that Walter’s talking about how me give you kind of a little.
Background of where I came to this conclusion you know we have a lot of clients over 14,000 clients and you know I noticed that some of the.
Clients succeed wildly and self-directed IRA investing and some of the clients well they either don’t do much or make bad decisions so and it is self-directed so that’s your prerogative if you want to make.
Bad decisions or do nothing but I thought.
To myself now how can this be because it’s the same product and some people succeed so wildly and some people you know just let their money sit.
There and I I got the analyzing the situation and I realized that in order to succeed wildly as I like to say then you have five elements now of course we’re not including the fact that you have to have self-directed IRA and we can help you with that certainly but after you have the.
Self retiree what do you need well here’s my conclusion well first.
Rules that you have to play by it right there’s unrelated business income tax rules there’s prohibited prohibited transaction rules and disqualified persons and basically you have to have an understanding of the rules because that’s an essential way to succeed otherwise you’re going to mess it up so that’s one of the reasons why I quest we spend a lot of time providing free education so that’s the first element that you.
Need the next element that you need is you have to have an idea of the.
Investment techniques to use in their relative risk factors because every technique that you use as risk and so you have to evaluate what the risk is for.
That technique and whether that’s comfortable for you which again since it’s self-directed obviously you’re making your own decisions and so that’s the risk and the you know the investing techniques now we can’t teach you how to be an investor at.
Qwest but we can tell you stories.
Of what people have done and then it’s kind of up to you to kind of investigate how you want to control your investment dollars with the self-directed IRA so that’s that’s the second element the third element is that you have to have money but it’s not just money or access to money that’s the key it’s.
Either have money or have access to money and.