NuView Narratives: Why I Started My Self-Directed Investing Journey

Jim McSorley is a digital asset investor and a client with NuView Trust Company. He sat down with us to share his thoughts on self-directed assets.

How It All Started

Jim explained how he came to learn about self-directed IRAs as better funding engines for real estate investing:

“I first learned about self-directed IRAs as far back as 2005. I was very interested in real estate… and I was looking for more creative ways in order to fund real estate deals. So I first heard about NuView in 2005 from a real estate friend of mine.”

After Covid, Jim became involved with cryptocurrencies and other digital assets. He described:

“It was during that same time that I said, ‘Hmm, there may be something here where I could use some of my retirement accounts, and put it into digital assets in a way that it can grow tax-free!’”

Why Use Self-Direction To Invest?

An investor is not required to have any custodian or firm manage their money. But what a US citizen must do with the money made from investments is still the same as always.

Jim explained it like this: “When it’s outside of your retirement account, you need to report that to the IRS as a taxable event. And you need to make sure you’re recording all of those transactions in terms of US dollars.”

Jim had recognized his own need for self-direction and custodianship.

He recalled his realization: “If I sell this crypto, I’m going to have to pay taxes whether I liquidate it into US dollars or not… then it became clear that a self-directed IRA with checkbook control was really everything you ever wanted.”

The truth is, not only do self-directed IRAs allow you to grow your wealth tax-free, but the self-custody that comes with them allows you to protect your digital assets from counterparty risk.

What Will You Do With Your IRA?

If you want more information on how you can start your journey to financial freedom, give us a call at (407) 708 - 1853 or email us at [email protected] today!