Believe it or not, you have many options to choose from when it comes to investing in your future. And no, they don’t include burying your money in the backyard. There are many different types of IRAs out there that you can use to invest your hard earned money in a variety of different assets as a way to grow your savings faster than you ever thought possible.
Take, for instance, energy, gas and oil IRAs. Energy, gas and oil IRAs are IRS recognized, tax advantaged IRAs, just like all of the other types of IRAs that you have probably heard about. However, instead of your typical blue chip stocks that most retirement accounts offer you for investment options, you have the unique ability to invest in energy. How is this different from traditional investing activities?
There are many different ways to get invested in energy, gas and oil, outside of simply purchasing stock in an energy company, although that is one popular option. You can also purchase shares of stock in drilling and/or refinery companies, purchase futures contracts, and even purchase land where drilling activities are taking place. There is more flexibility when it comes to investing in the energy industry that just about any other industry available, which leads to the one major drawback to these types of investments: the learning curve.
It is true that the energy industry is a highly lucrative option when it comes to investing, making it a somewhat forgiving option for your retirement investing needs. However, because investing in energy isn’t like anything else you’ve ever invested in, there is a steep learning curve that you have to climb in order to be even remotely successful in your investment activities over the long haul. It is for this reason that many financial experts are hesitant to even mention energy, gas and oil IRAs to their everyday investing clients. The good news is that this steep learning curve is far from insurmountable. Those with a nose for investing and a genuine eagerness to learn will find investing in energy to be a highly rewarding experience.
Energy, oil and gas IRAs are yet another type of retirement investment account that can help you reach your retirement savings goals. Most financial experts will tell you that while there are large risks to be taken when investing in this industry, there are much higher rewards that can be realized when you take the time to learn how to invest in the energy industry correctly and keep a diverse portfolio of investments. Taking the time to learn not only how the energy industry works as well as how to invest in order to make the most of your activities will go a long way.
The good news is that opening an energy, oil and gas IRA is easy. Simply contact a custodian that is familiar with this specific type of self directed IRA and then move the money you have saved in your other retirement accounts into your new IRA using a rollover.