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Do you have a 401k?
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Thread: Do you have a 401k?

  1. #1
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    Default Do you have a 401k?

    I dare say, with all 401ks, you can't invest in silver. And even if you could buy SLV, most people on here are absolutely appalled by it. So what is in your 401k or 403b, or whatever retirement plan your company sponsors?

  2. #2
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    Default

    Here you go.


    Fund Name.......................................Unit Price As of 11/17/2014

    Prime Money Market Fund...............1.000000

    And silver is $16 per oz.
    Last edited by jimi; 20th November 2014 at 21:13. Reason: Simplified

  3. #3
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    Default

    Which assets do you hold? Do you contribute? How about your employer?

  4. #4
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    Default

    •money market
    •yes
    •dollar for dollar up to 6%

  5. #5
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    Default

    Quote Originally Posted by jimi View Post
    •money market
    •yes
    •dollar for dollar up to 6%
    r
    6% is great! My employer only matches up to 3%. But to answer the thread, I have a SIMPLE IRA from Fidelity.

    I am pretty sure you can roll over your 401k into a Fidelity IRA. Not entirely sure but you can check out their website. They do have the ability to purchase physical PM's with the option to take delivery. But there are some significant fees associated with doing so if you are planning to take delivery before you turn 59 1/2 year old. And if you want to take delivery you must have a Fidelity non-retirement account to transfer assets too. After that is done, they deliver the metals with 5-7 days.

  6. #6
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    Default

    I believe the cheapest way to store physical is through one of the precious metals brokers that store IRA and ROTH metals.

    They don't actually store it themselves, so don't get involved with someone that is tied to one dealer only.

    The way it works is, you set up an account with them and you order your metal through the dealer of your choice that is willing to deal with these IRA type accounts, not all will. You make your deal with the actual dealer and then send that information into your broker that handles your account. You send your money into the broker and he orders this metal from the dealer under the deal you've made with them. Once the metal is actually received at the third party storage facility, they inform the broker and he then sends the payment to your dealer. Which is far from the way they normally handle business and the reason most small dealers won't have anything to do with this kind of sale.

    Now there is also a problem with these deals when your selling Silver as the process is put into reverse and can take a couple weeks in some cases to actually get the metal to the dealer. For that reason many won't have anything to do with it as the price can change long before the metal arrives and they must agree to a price up front.

    So you can deal with any dealer you want from purchase to purchase and there are two other organizations involved. The broker that handles everything and the storage facility.

    Selecting this kind of option gives you control over how much you pay for your metal not your broker.

    The cheapest kind of Silver to trade is not physical if your going to have someone else keep it for you and that is with a Silver ETF. The price to purchase and sell an ounce of silver is almost nothing as long as your not buying small quantities. On the other hand it is expensive as well to make small purchases through a physical broker as they have minimum charges per order for their processing fee. Storing metal in a IRA account is not cheap over the long run and it does cost extra to put it into storage and remove it as well as paying for the storage itself. There are potential tax advantages, but you are giving up potential profits to go this route versus buying and storing it yourself or playing with the paper ETF's. You can keep an IRA or ROTH account with paper ETF's. You also have the option of buying and selling those paper ETF's without paying any taxes as long as you never remove any money from your account or at least that is my understanding.

    A major disadvantage is having to sell your inventory before your eligible to remove it age wise, that ends up costing you a lot of tax money and really defeats the entire process.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  7. #7
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    Default

    I propose you contact a consulting/business firm that specializes in using your 401(k) or IRA to fund your business without tax or penalties from the IRS. Once you form your c-corporation you establish a by appointment only bullion/coin shop. Then you use your proceeds to purchase inventory. If that is what you desire. My wife and I funded our business, in fact, three years ago we purchased a franchise.

    The link below will take you to the group out of Texas that helped us incorporate:

    https://www.facebook.com/pages/Tenet...71699692852154

    If you have any questions send me a private message.

  8. #8
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    Default

    Quote Originally Posted by jimi View Post
    I propose you contact a consulting/business firm that specializes in using your 401(k) or IRA to fund your business without tax or penalties from the IRS. Once you form your c-corporation you establish a by appointment only bullion/coin shop. Then you use your proceeds to purchase inventory. If that is what you desire. My wife and I funded our business, in fact, three years ago we purchased a franchise.

    The link below will take you to the group out of Texas that helped us incorporate:

    https://www.facebook.com/pages/Tenet...71699692852154

    If you have any questions send me a private message.
    It's sounds like your saying by setting up a c corporation you are free from any tax obligations.

    How is that any different from a regular IRA when selling that Silver and paying taxes on the sale?

    Are you saying as a c corporation you can sell your Silver and use those profits to invest in a business and avoid paying any taxes on the profits.

    I'm not sure what you were trying to say.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  9. #9
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    Michigan
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    Default

    Yea I dunno.. but anyways, a ROTH IRA will enable you to buy and sell silver without having to pay any capital gains taxes.

  10. #10
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    Default

    Look my wife and I rode this rail three years ago, I recall the following, you use IRA money to setup your new c-corp, corporate 401k plan, fill your executive staff positions, have a company meeting, and make a few motions. Then you direct your new 401k plan to purchase your c-corp stock shares. This will be the funds that allows you to move forward with your plan. Our plan was to purchase a franchise. We did so. Initially you will work closely with consultant, yourself (the c-corp owners), a stock rating service, your CPA, and your attorney...this is not free, we received an EIN from the IRS and our business has been slowly growing over the last three years.

    We raised our capital by combining IRAs without paying tax penalties, we did not increase our joint annual earning's tax liability, and we accomplished all this without taking out a bank loan.

    The idea that I propose -- establishing a local bullion shop no storefront, no employees, work off recommendations, by appointment only that sort of thing, heck, to socialize, perhaps I set-up a booth at local coin shows. I believe this idea is very doable organized as a c-corp.

    If this interest you contact the above linked consulting group and explore the idea with them. Like I said, I rode this train a few years back my CPA and attorney had never heard of this before. My wife did all the ground work I did the gofer work.

    Oh yeah, I handle our product daily.
    Last edited by jimi; 25th November 2014 at 14:26.

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