A lot of companies of late have advertised to people

that you can have a self directed IRA. But the question

that you should ask yourself is - Is this is truly a

self directed IRA?
A lot of companies try to sell clients a self directed

IRA as one where the customer gets to pick what type of

fund or stock they would like to have in their account.

If you would like growth stocks, you can choose which

stocks in the growth sector you would like. If you want

mutual funds you can choose from the list that your

custodian offers. The Custodian will call this self

directed because you are choosing from the list they

provide you. This is not what we are looking for!
When you are looking for a truly self directed IRA, you

want to find one that will allow you to move seemlessly

through investments. You want the ability to not only

invest in stocks, bonds or mutual funds but also in such

things as real estate. Right now, a lot of custodians

will not allow you to purchase land because there is no

profit in it for them. But you do not want to be

limited in your investing tools.
You want to have the ability to purchase what you feel

is the best opportunity for profit in your account. If

you feel safe with real estate you should be able to buy

some. If you see a stock opportunity, you should seize

it. This does not mean that there is no place for a

financial advisor. In fact the opposite is true. You

will need financial advice but you do not need to pay

them according to the size of your account. Consult

them and use their knowledge to make informed decisions.

In fact, you may save more money just by cutting down

your investment fees that your current custodian was

making.
So to set up a truly self directed account you will need

to be able to invest in traditional markets, such as the

stock and bond markets, as well as the real estate

market. You should contact a company that will help you

set up your self directed account because there are

rules to be followed. This is not an area where you

want to take chances. One mistake in setting up an

account can cost you all that you are trying to achieve

here.
You should not spend more than $2400 to do this but it

is important that you have this done correctly. Once

you are set up you will be on your way to self directing

your financial future.