157: The Solo 401(k) with Dmitriy Fomichenko

Published: Nov. 5, 2018, 9:15 p.m.

b'Dmitriy Fomichenko is the founder and president of Sense Financial Services LLC, a boutique financial firm specializing in self-directed retirement accounts with checkbook control.\\xa0 He began his career in financial planning and real estate investing in 2000. He owns multiple investment properties in various states and is a licensed California Real Estate Broker. Over the years, he has taught hundreds\\xa0of investment and financial planning seminars and has mentored thousands\\xa0of investors.
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\\nSense Financial Services was inspired by a series of conversations Dmitriy had with his mentors in the real estate investor business.\\xa0 While many were exceedingly successful in their real estate investments, their retirement accounts were losing money. This conundrum prompted Dmitriy to spend several months consulting with industry experts and researching the powerful concept of employing self-directed retirement accounts for investment purposes. Integrating his knowledge of how to successfully manage self-directed IRAs and 401ks with his expertise as an investor and mentor, Dmitriy began consulting individual investors on how to put more thought and diligence into their retirement and investment planning.
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\\nDmitriy founded Sense Financial Services to help his clients maximize their returns on investments while protecting their hard-earned money. He is very passionate about helping families and individuals achieve financial freedom by following proven Biblical principles of financial planning and investing.
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\\nDmitriy resides in Southern California with his wife and 10-year old daughter. \\xa0In his spare time, he enjoys studying systematic theology, spending time with his family and visiting new places.
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\\nKey Points
\\nSolo 401(k) - what it is & how to use it
\\nSolo 401(k) vs. IRA vs. Employer Sponsored 401(k)
\\nRoth vs. Traditional - What is right for you?
\\nLightning Questions
\\nWhat was your biggest hurdle getting started in real estate investing, and how did you overcome it?
\\nDmitriy had no experience nor money. He overcame that by being wise with his personal finances while learning about the world of real estate investing.
\\nDo you have a personal habit that contributes to your success?
\\nDmitriy prides himself on his determination. When he sets a goal, he is diligent in reaching it.
\\nDo you have an online resource you find valuable?
\\nBiggerPockets
\\nWhat book would you recommend to the listeners and why?
\\nCashflow Quadrant by Robert Kiyosaki
\\nIf you were to give advice to your 20 year old self to\\xa0 get started in real estate investing, what would it be?
\\nStart early, use leverage wisely and continue to build your wealth.
\\nResources
\\nSense Financial
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\\nContact Sense Financial and let Dmitriy & the Sense Financial team you heard about them on The Real Estate Way to Wealth and Freedom podcast for a 10% discount!
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\\n\\xa0Visit\\xa0Audible\\xa0for a free trail and free audio book download!
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\\nContact Jacob'