Some of us are blessed to be doing what we love to do and make a living from it. For a lot of other people, their bucket list may include the dream of owning their own business. Late last year, I reconnected with an old friend of mine. We worked together waiting tables and bartending about 8 years ago. I asked what he was up to. He said about two years ago, he was able to buy an established baseball card store. He said he was like a kid in a candy store and loved it. I've stopped in several times to see him and he always seems to be enjoying himself.
I wrote in a previous post about rolling your money over to a self-directed IRA which allows you to use the money you've saved over the years to purchase or fund the business of your dreams before you retire and with no taxes or penalties.
I stumbled across a story today about a music teacher who makes roughly 30% on his money. What is his sideline. Well, his passion is music. So, he still teaches. As any parent knows, kids have a hard time making up their mind whether or not they want to play an instrument or maybe deciding what type they want to play. Well, the parents at his school are relieved of having to shell out the money for an instrument and then end up putting it on Craigslist six months later for half what they paid for it. This teacher used his IRA money to buy instruments and then rents them out to his students for up to $60 per month. Not bad for an investment of less than $1000 per instrument.
My point is simple. If you've got a dream chase it. With a self-directed IRA, the only limit is your own imagination.
