Investing vs. Speculating with Dmitriy Fomichenko Pt.3

May 5, 2021

This episode is part 3 of my conversation with Dmitriy Fomichenko. He is the founder and president of Sense Financial Services LLC, a boutique financial firm specializing in self-directed retirement accounts with checkbook control. He has tons of experience across the board in real estate, from self-directed IRA, solo-4O1K, single-family homes, to syndication in multifamily, and many more. 

 

Let’s jump right into this episode and learn more about the benefits of solo 4O1K and building meaningful wealth.

 

[00:01 - 09:09] Benefits of Solo 4O1K

• Dmitriy talks about the benefits of Solo 4O1K business owners and self-employed people.
• The more income you make, the more tax that you would have to pay.
• A solo 4O1K is a great tax shelter because it allows you to filter up to $57,000 a year from taxes.
• • If you work together with your spouse, then you will double up.
• The participant loan
• • Allows you to take a loan from your 401k up to $50,000 for any reason.
• The amount of the loan depends on the amount of your income 
• You can shelter your income from taxes and invest that into something that you can control.

 

[09:10 - 17:29] Build Meaningful Wealth

• You got to start somewhere and move to the right side of the cashflow quadrant. 
•  Increase your income and your investment, not your lifestyle.
• If you live like no one else, in a few years, you can live like no one else 
• • If you sacrifice today, so you don’t have to sacrifice tomorrow.
• Be aware of your purchase habit changes.
• Dmitriy offers a complimentary one-on-one consultation. To contact him, you can visit his website at www.sensefinancial.com/  and book a 15 minutes call to talk about your specific situation.
• Final words from Dimitriy and me.

 

Tweetable Quotes:

“The more income you make, the more tax that you would have to pay.”- Dmitriy Fomichenko.

“With Solo 4O1K, you can shelter your income from taxes and invest that into something that you can control.”- Dmitriy Fomichenko.

“Get one thing that sticks with you the most, and apply it.”- Dmitriy Fomichenko.

 

 

You can connect with Dmitriy on Linkedin, or you can also visit his website at www.sensefinancial.com/ 

 

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