Retirement investing is something that most people outsource to a financial advisor or 401k program manager with their employer. With more than 40 years to prepare for their golden years, people feel the security of having a licensed professional taking care of their money will give them the financial freedom they need to live out their retirement on their own terms.
However, a Florida Entrepreneur named Tim Schmidt has defied logic and in his early 30’s decided to ditch the traditional route of retirement investing and start putting to use his self-directed IRA plan.
Schmidt started his Entrepreneurial journey before the age of 10 by cutting grass and shoveling driveways in the Twin Cities area of Minnesota. As he eventually attended college, he earned money promoting parties, selling customized compact discs, and even term papers, which was his first foray into the wide world of Internet Marketing.
Fast forward to post graduation, and Schmidt found himself between a rock and a hard place – his job he had secured with Accenture, a Chicago based consulting company, had been put on hold for up to 24 months. With nowhere to go and a lot of time on his side, he decided to pack his bags and move to Miami, Florida. It was in Miami where he started as an Independent Sales Consultant to a budding search engine optimization agency, and his Entrepreneurial journey began to ascend.
Working his own hours, mostly from surfing shorts and throwback basketball jerseys from his Miami Beach condo, he built a multi million-dollar company and made a name for himself in the world of Digital Marketing.
He sought financial advice from his good friend and college roommate, who runs a New York Life office in the Midwest. He started investing with him and began running his retirement funds through him. However, while he continues to invest in his child’s college savings with him, at one point in the early 2010’s he decided to take his fate into his own hands and start investing his retirement funds into things that he decided, giving him complete control over his own destiny.
According to his hyper popular website, IRAInvesting.com, he created a self directed IRA so he could invest in things like real estate, gold bullion, and even cryptocurrency. He also notes that he trades his own equities quite frequently and likes being active with his funds rather than see a passive return that someone else gets to have fun managing.
When reached for comment, he added “the beauty of the self directed IRA account is that I can truly invest in things that I have knowledge in or that are non-traditional. For example, I’m a partner in a Food Hall called Graze in the North Loop of Minneapolis, an area that I’m a huge fan of and hope to call a seasonal home one day. I wasn’t able to get into a ground floor opportunity like this with a traditional managed account, but the self directed IRA allowed me to get creative with this process and make this investment.”
Schmidt documents the market’s twists and turns on his website from his South Florida home and often covers the gold and precious metals space very diligently, as well as the impact the COVID-19 pandemic has had on the world and markets.
“Transparency is my ultimate desire. Along with some guest writers, we tell people what we like to invest in, and win, lose, or draw, it’s all out there.”
The decision to manage his own money shouldn’t be a surprise to anyone. Just last year, Schmidt’s first foray into publishing resulted in the Amazon best seller, “Amplifying Average,” which has a full chapter on being a contrarian in life. When people zig, Schmidt zags. “The public is usually wrong,” he wrote in the book.
Whether Schmidt’s success with managing his own retirement will be a fairy tale ending remains to be seen, but you can follow it all in real time by visiting his website.
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