I am sure many other Forex investors, besides me, are pleased with the profits they are making investing in Forex. However, if you are you like me and are sick of paying 30-40% of your profits to your silent partner I have a solution. Just in case you haven’t guessed it, I am referring to every Forex investor’s silent partner Uncle Sam, who takes almost half of every hard earned Forex dollar we make. He doesn’t even have to put up half of the money, doesn’t have to stay up all night making trades, and doesn’t cover any of our losses when we make a bad trade.
Many Americans don’t realize that paying taxes to our government is the biggest expense we have during our lifetime. Many Americans will pay well over $1 million dollars in taxes over their lifetime. I realize you are now feeling depressed because I just reminded you how much you pay in taxes. The good news is there is a way to eliminate paying taxes on some of or even all of your Forex investments.
There is a very powerful wealth building tool available to Americans known as the IRA. You and I have the ability to use an IRA to invest in non-traditional investments like Foreign Currency. I know this sounds crazy, but it is absolutely true and legal. Most IRA companies only allow you to invest in traditional assets like stock, bonds, and mutual funds.
There are a few ways to fund your IRA account. You can rollover funds from an old 401k or Qualified plan, transfer an existing Traditional, SEP, Simple or Roth IRA, or you can just start a new IRA with a personal contribution if you don’t currently have a retirement plan set up.
The set up process can take anywhere from a few days to a month. But once you have chosen the IRA the best meets your financial goals and you have set up and funded your IRA account you can begin investing in the Forex market.