Due diligence, as it turns out, is necessary in every aspect of finances—not only personal finances but in planning for retirement.
Atlanta, GA (PRWEB) October 13, 2016
The concept of “due diligence” is a popular one, thrown around a lot by investment professionals and financial gurus alike. But in a recent post at American IRA, CEO Jim Hitt broke the phrase down and explained what it means when specifically applied to Self-Directed IRAs.
“Due diligence,” wrote Jim Hitt, "is about making the right decisions by arming yourself with information." Avoiding fraud, Jim Hitt noted, is one of the major challenges for anyone who wants to get invested in a legitimate enterprise that is not prohibited by the United States government.
“We published the post because it’s important to avoid fraud, to know what investing is really about, and ultimately, control your own financial destiny in a responsible way,” said Jim Hitt.
The post begins with a “brief guide” on avoiding fraud with a Self-Directed IRA, including such tips as knowing the custodial responsibilities of the Self-Directed IRA administrator. Jim Hitt advised people to get as much information as possible from these administrators, not to mention understanding all of the possibilities of a Self-Directed IRA.
Because American IRA is a Self-Directed IRA administration firm, it is not allowed to give direct advice to investors. That’s the same case with all similar IRA custodians, who are not to act as financial advisors but simply administrators who handle the account itself. Jim Hitt notes that any time people see a Self-Directed IRA administration firm pushing a specific type of investment, it should instantly raise a loud red flag.
“Investors need to know these things before they put their money down,” said Jim Hitt. “Not only is it important for their future, but it will help them cultivate a lifetime of successful financial habits.” Due diligence, as it turns out, is necessary in every aspect of finances—not only personal finances but in planning for retirement.
Click here to read the blog post.
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