Navigating Faith & Finance w/Joel Landon

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Episode Description

Welcome to the Freedom Point Real Estate podcast! Jeremy Dyer and today's guest, Joel Landon, share about fighting pride, facing failure, and finding direction as well as the key differences between 401(k)s and IRAs and strategies for unlocking funds tied up in old IRAs.

Joel Landon is VP of partner relations at eQRP who is passionate about supporting those around him by understanding their needs and delivering tailored solutions. Whether working with peers or clients, he excels at collaborating and executing ideas to achieve common goals. At eQRP, Joel thrives on helping members with their unique needs, even when it means hunting down the right solution. With a strong focus on objectives, Joel leverages his creativity and past experiences to drive business growth and innovation. He values autonomy in his work, enjoys building strategies with teams, and believes that meaningful connections and networking are key to mutual success.

CONNECT WITH JOEL LANDON!

LinkedIn: https://www.linkedin.com/in/joel-landon/

Website: https://eqrp.com/

Email: joel@eqrp.com

CONNECT WITH JEREMY DYER!

Website: https://startingpointcapital.com/

Instagram: https://www.instagram.com/startingpointcapital/

LinkedIn: https://www.linkedin.com/in/jeremydyer

Facebook: https://www.facebook.com/startingpointcapital

Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12

Summary

Tip #1: Embrace the Power of Self-Directed IRAs for Real Estate Investments

"You have the option to take retirement funds and invest them in alternative assets."

This is a critical point for investors who may not realize that traditional retirement accounts, like IRAs and 401(k)s, aren't their only options. By switching to a self-directed IRA, they can access alternative investments like real estate syndications. This strategy expands the potential for greater returns by enabling diversification outside of Wall Street.

Tip #2: Start with the Right Mindset—Know Your Investment Options

"What we ultimately provide our clients is a way to take retirement funds and invest them alternatively."

It's essential to understand that retirement funds don't have to stay locked in conventional investments. By gaining awareness of other investment vehicles, like real estate, investors can take charge of their financial future. Shifting to alternative assets requires a change in mindset and a willingness to explore new opportunities.

Tip #3: Recognize the Role of Communication with Your Partner

"What I do is I actually try to maintain as open of a connection and communication with my wife."

This tip emphasizes the value of open dialogue, especially for high achievers. Pride can sneak up on you, and having a trusted partner to provide honest feedback can be a vital tool for personal and professional growth. This ties into the idea that collaboration and a team mindset—whether with a spouse or business partner—can help keep you grounded and avoid pitfalls of unchecked ego.

Tip #4: Use a Professional to Help You Manage Complex Financial Movements

"We hop on a phone call with either their old employer or maybe they have the name of where those funds are."

It’s crucial for individuals to work with a professional when navigating the often-confusing landscape of retirement accounts. By leveraging expert help, you can ensure that the process is smooth and efficient. This expert involvement alleviates confusion and accelerates access to the funds you need for real estate investments.

Tip #5: Don't Underestimate the Power of Tax Deferral

"You can defer taxes personally, you can lower your taxable income for your business by making profit-sharing contributions."

One of the major benefits of using retirement accounts for investing is the tax-deferral feature. This not only helps reduce current taxable income but also allows investments to grow without the tax burden year after year. Understanding the tax advantages is essential to maximizing returns in a retirement account.

Tip #6: Leverage Funds From Old Retirement Accounts

"It's not as much... but it still gives me that chance to... lower my taxable income."

If you have old retirement accounts lying dormant, consider leveraging those funds for new investments. Even if you’re limited in the amount you can contribute to a self-directed IRA, any available funds can be put to work in passive real estate opportunities. This step is especially beneficial for those looking to break free from stagnant portfolios.

Tip #7: Understand the Difference Between a Solo 401(k) and a Self-Directed IRA

"The solo 401(k)... designed for small business owners, while the self-directed IRA... is for those with W2 jobs."

Knowing the distinctions between these two options is key to maximizing their benefits. Solo 401(k)s are ideal for self-employed individuals and small business owners, offering higher contribution limits. Self-directed IRAs, on the other hand, are better suited for employees with W2 income, although they have lower contribution limits. Choosing the right option depends on your employment status and retirement goals.

Tip #8: Streamline the Roll-Over Process for Funds

"After those calls, client feels so good they’re realizing yes I do have that money that's eligible."

The rollover process doesn’t have to be overwhelming. Working with a professional makes it easy to identify eligible funds and initiate the transfer to a self-directed IRA. By simplifying this step, investors can quickly access the capital needed to invest in real estate without unnecessary delays or confusion.

Tip #9: Use Expert Resources to Build Your Portfolio

"We help with all of that so at Rise 48, and they can do their thing managing everything."

Collaborating with experts like those at Rise 48 can help investors focus on their core competency—identifying opportunities—while letting professionals handle the fund management side. This partnership approach ensures that all your efforts are maximized, especially when managing large-scale investment portfolios.

Tip #10: Stay Proactive in Seeking Guidance and Perspective

"If they have the courage, get on their knees and just ask God for direction."

This personal and professional insight speaks to the importance of humility and seeking guidance when navigating challenging situations. It serves as a reminder that asking for help—whether from a higher power, a mentor, or a trusted advisor—can help provide clarity. This practice allows you to remain grounded while making big decisions that can impact your financial and personal future.