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A mother of three teenagers, Carmen of North Carolina knows how quickly time seems to pass by. Recently, she feared opportunities to bond with her children were fleeting.
“My oldest son was about to turn 18, and I knew he wouldn’t live at home forever,” Carmen recalls. “I wished we had a common interest to connect us.”
Carmen, a real estate agent, often talked to her sons about financial literacy and real estate income as a way to secure their financial future. She was thrilled when her oldest son took an interest in real estate and began to talk to her about building passive income through real estate investing.
“My son had listened to all the Bigger Pockets (real estate investing online community) podcasts prior to the age of 17 that kept touting the benefits of generating passive income,” she says, adding, “I saw this as a unique opportunity for us to connect on something.”
Carmen wanted to encourage her son’s interest by showing him a real estate investment close-up, but she was short on funds to make an investment. Soon after, another real estate agent told her she could use her retirement account to invest in a variety of assets including real estate. A self-directed IRA or other account at a custodian such as Equity Trust made such investments possible. Carmen decided to roll over her 401(k) into an Equity Trust IRA.