Are you worried that you won’t have enough money to retire with? If you stick to the traditional route, you probably won’t. You probably remember the 2008 financial crash, in which many people lost their retirement funds. This could be you, especially with the economic climate surrounding Covid-19. If this crisis doesn’t change you, nothing will.
Tim Schmidt is a highly successful digital marketing entrepreneur. He was chasing traditional retirement savings, too, but during his 30s he changed course. And thank goodness he did! Doing so allowed him to escape the poor financial conditions of 2008 and become a successful investor with a massive retirement savings pot.
If you want to achieve the same, then pay attention to Schmidt’s story. Like him, you need to push past your attachment to tradition. Instead, be the kind of person who forges their own path. Take out a self-directed IRA to protect and build your wealth.
Schmidt’s Life Story
- 10 years old: Schmidt’s journey as an entrepreneur begins. In his home of the Twin Cities area of Minnesota, he’s asking around neighbors if he can help them out. They let him cut grass, shovel snow, and generally clean up the area. They save time, he makes a few bucks. It isn’t much, but it’s the first step to becoming a multimillionaire.
- At college: Like many successful entrepreneurs, Schmidt really flourished while in college. Along with his roommate, he started several profitable if small scale businesses. For instance, Schmidt would make a living promoting parties. He saw the market and he took advantage of it. As a more creative side project, he also sold customized compact disks out of his college dorm room. Finally, Schmidt saw a profit making opportunity in selling term papers online. He’d proved his entrepreneurial spirit and was on his way to success.
- After graduation: Schmidt is offered a job by Accenture. He’s found a traditional employer and is on course to become very wealthy. Life was going well… or so he thought.
Schmidt was ready to start his new job, but the 2008 global financial crisis was refusing to die down. In the end, he was told that his job was on hold for 24 months. Schmidt was now a fully grown man with no job and no prospects to save for retirement. At this point, he had two choices: either wait it out and take the job he’s been offered in the distant future or take action immediately. He chose the latter and it changed his life.
Schmidt packed up his stuff and moved to Miami, Florida. He thought he’d have a better chance finding a job and he was right. He was able to get a place in a digital marketing agency. Working as a sales consultant, he was back to having safe, traditional employment. But he wanted more. Schmidt couldn’t rely on his employer for money.
He knew that he had to live life on his own terms and take control of his finances. So he started his own digital marketing agency, which achieved rapid growth. Schmidt became the envy of the online tech world and had now achieved status as a multimillionaire. Best of all, he’d done this in surf shorts and baseball jersey. Ditching the corporate environment, Schmidt made a living in a non-traditional way, working beachside in Miami.
By chance, Schmidt bumped into his old college roommate, who was now a financial advisor. They started discussing retirement plans and Schmidt realised he had to ditch the 401(k). Just like his business success, he would win at investing by doing it himself. So he started a self-directed IRA, taking control of every financial decision.
He started IRAInvesting.com to showcase his investment habits. Mostly, he started by investing in crypto, gold, and property. These are the markets he knows and understands, so he knew this would be the best route to protecting and building his wealth. He also invested in Graze, a Minnesota food hall. This earned him a lot of money, all thanks to the non-traditional route he had taken.
If you’re inspired by Schmidt’s story then check out IRAInvesting.com as well as his book ‘Amplifying Average’. By starting your own self-directed IRA, you can live life like Schmidt. Take control of your investments and watch them grow.