How a self-directed 401k can help you beef up retirement investing, with Dmitriy Fomichenko
#54: In all my prior jobs except the current one, I can now say in hindsight that my 401k sucked.It only offered 10-15 fund options…which is like being forced to shop for weekly groceries in a gas station mini-mart when you know that Kroger is on the other side of the street.Their fund expense ratios were mediocre, even for the passive funds. You couldn’t beef up pre-tax money with additional after-tax money. There was no mega-backdoor Roth conversion option.These are really easy ways for companies to create value for employees via 401k plans. Why they are so often deficient when it comes to these things, I’m sure I don’t know.Luckily, there is a way you can take greater control over your 401k money (or IRA for that matter) to invest more freely and build wealth.It’s called a self-directed retirement account.This week, I chat with Dmitriy Fomichenko, a financial planner who specializes in using self-directed retirement accounts “with checkbook control” to beef up your investing and retirement planning strategy.What you’ll learn:What is a self-directed retirement account, the different types that exist, key risks, and how they differ from traditional retirement accountsThe process for setting up a self-directed retirement account, and how to fund itMaintenance costs associated with self-directed accountsThe role of the custodian / trustee / administrator for self-directed accountsHow to access your self-directed account funds to invest (and key differences here between 401k vs. IRA versions)What kind of assets you can invest in with a self-directed account, and how income and expenses generated by those investments are treatedWhy mixing outside funds with self-directed account funds is such a big no-no, and the consequences if you doCheck it out here:https://hackyourwealth.com/self-directed-retirement-account-401k-IRAAre you satisfied with your 401k? Why or why not? Does a self-directed account sound appealing? Why or why not? Let me know by leaving a comment when you’re done.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsOvercastSpotifyStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Links mentioned in this episode:Sense Financial free consultationList of non-recourse lendersEverything you need to know about 401Ks (HYW003)IRAs, Roth IRAs, and how to get the tax benefits of BOTH (HYW004)18 real estate investors share what they wish they knew at college graduationHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.