Outline of the Episode:
[00:00:52] Introduction: Growing up in Russia, moving to the U.S., mechanical engineering, and solo 401(k)’s.
[00:07:49] Don’t rely on just your full-time job, diversify your income sources!
[00:09:55] A solo 401(k) crash course: What is it, and what benefits does it give you?
[00:14:25] Is it possible to use a solo 401(k) in combination with a health savings account? Is that even profitable?
[00:15:47] The similarities between a Solo 401(k) and Self-Directed IRAs in purchasing real estate or investing.
[00:19:23] The heavy risks to partnering with your IRA or 401(k). What is a prohibited transaction? If you commit one, which of the two allows you to fix it?
[00:23:45] Dmitriy’s secret to utilizing the benefits of 401(k)’s himself.
[00:25:10] There are tax liabilities we should pay attention to for 401(k)’s. What are these?
[00:28:10] The existence of a Roth component of the solo 401(k). How does that work?
[00:30:52] Requirements to meet if you want to get 401(k)’s.
[00:34:25] Is there a profit margin that you need to consider? How much would that be?
[00:38:00] Distributions taken from Roth IRAs are tax-free, right? What about the Roth component of a Solo 401(k)? How are the tax-deferred and tax-free differentiated?
[00:40:50] Dmitriy had a painful but fruitful path to financial freedom.
[00:43:00] They can because they think they can, and they can’t because they think they can’t!
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