Getting Started with Your Self-Directed IRA: Opening & Funding Your Account


Description

In this first training session, I’m going to walk you step-by-step through how to get ready, open, and fund your self-directed IRA. You’ll see exactly how to fill out the application packet, pick the right type of account, and set up your beneficiaries the right way. I’ll also show you how the fees work and the different ways you can fund your account. By the end of this lesson, you’ll be ready to get your account open and start moving toward tax-free profits for life.


Key Takeaways

  • You can’t just open a self-directed IRA on your own — it has to go through an IRS-approved custodian.

  • The application packet may look overwhelming, but I’ll walk you through it step-by-step.

  • Picking the right account type (Traditional, Roth, SEP, or SIMPLE) is key — and it has to match what you already have before you can convert.

  • Don’t skip the beneficiary section — this actually overrides your will, so it’s one of the most important parts.

  • There are two different fee structures. I’ll show you how to figure out which one saves you money.

  • You can fund your account by transfer, rollover, or contribution — and I’ll explain when to use each one.

  • When you send your application, make sure you include a copy of your driver’s license (or passport) and your initial funding.


Action Steps / Exercises

  1. Go to the custodian’s website and download the self-directed IRA application packet.
  2. Fill out Sections 1–3 with your name, address, account type, and at least one beneficiary.
  3. Run the numbers on the two fee options and write down which one makes the most sense for you.
  4. Decide how you’re going to fund your account — transfer, rollover, or contribution.
  5. Make yourself a startup checklist:
    • Copy of driver’s license or passport
    • Signed application
    • Funding method (check, transfer form, or rollover form)
    • Beneficiary info