Why I Started My Self-Directed Investing Journey | A Nuview Trust Customer Story

https://youtu.be/qjITyk4cZDQ

In today’s post, one of our clients gives his personal testimony on being a self-directed investor and planning for his retirement.


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.

Start Planning Your Retirement Today With NuView

Jim himself concluded, “there’s a lot of compelling reasons why you should be self-custody. So you should take self-custody of your digital assets and learn how to protect them.

The combination of the custodianship of your IRA account with NuView and then the custodianship of the crypto assets themselves in your own personal holdings is possible through the self-directed IRA with checkbook control.”

At NuView, we want our clients to succeed. We believe that, with self-directed investing inside of your retirement accounts, you too can generate tax-free income and have peace of mind that your assets are safe.

So give us a call at NuView Trust Company;  don’t let taxes and third-party risk undermine the value of your retirement account!

And stay tuned for more continuing education about self-directed IRAs.

If you have any questions, contact us at NuView.

Make sure to stay connected with us by doing the following:

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 – Contact us directly with questions or ideas at:          IRAspecialists@nuviewtrust.com

We go live with education almost daily.

We love to provide investors the true story of what’s possible inside of an IRA, and possibly inside of a 401k.

See you soon!


Video Transcript:

“I first learned about self-directed IRAs as far back as 2005. I was very interested in real estate, as most people were at the time, and I was looking for more creative ways in order to fund real estate deals.

A friend of mine who was already working within the real estate industry as a real estate agent was aware of ways that you could be creative in the funding of a real estate deal. 

And that’s when I first heard the term NuView. That’s when I first heard the name of the company and heard about the concept of a self-directed IRA.

We all wish we had done something sooner. When we first hear about these things, you go do the research, and go figure out what it’s all about. 

So I first heard about NuView in 2005 from a real estate friend of mine. 

And it wasn’t really until I started seeing the value of crypto and what was happening in my non-qualified (my cash accounts) where I’m like, ‘If I sell this crypto, I’m going to have to pay taxes whether I liquidate it into US dollars or not.” 

And a lot of people overlook that. They’re like, ‘Oh, I’m just gonna trade this one crypto for this other crypto…’

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.

So when I started to see the potential impact of tax against my non-qualified funds, I’m like, ‘Well, what does this mean for my long-term retirement plans? Right? 

What could I be doing differently for my long-term retirement plans – where I don’t need to be worried and I can still be involved in digital assets, and I can still be involved in the sort of early stages of this industry, but I don’t need to be worrying about this at 59 and a half years old? 

I don’t need to be thinking about how – if it really does grow to the potential that I think it has, I’d really rather not be paying taxes if I don’t have to…’

It was during COVID where I really got involved with crypto and digital assets. 

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

And then it became clear that a self-directed IRA with checkbook control was really everything you ever wanted if you’re going to be doing a self-directed IRA and self-directing how you purchase, how you store, how you hold, and self custody (not the IRA account itself). 

That custodianship is with NuView but self-custody of the crypto itself [is yours].

Because, of course, there’s the classic saying: ‘if it’s not your keys, it’s not your crypto’, do you really trust these third party exchanges to hold onto your digital assets? 

There’s a lot of compelling reasons why you should be self-custody. So you should take self custody of your digital assets and learn how to protect them. The whole point is to avoid counterparty risk. 

Like we were saying earlier, the whole premise of blockchain is to eliminate the counterparty risk. By storing your digital assets on a third party exchange, you haven’t really eliminated that risk entirely. 

So the combination of the custodianship of your IRA account with NuView and then the custodianship of the crypto assets themselves in your own personal holdings is possible through the self-directed IRA with checkbook control.”

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