(PRLEAP.COM) Daytona Beach, FL – James L. Paris, a Daytona Beach financial news personality and author of over 20 books on personal finance, believes he has come up with the key to turning around the U.S. economy. The concept is actually quite simple: Paris is proposing that the Federal Government allow people unfettered access to their retirement plans if they use the money to purchase residential real estate. According to Paris, this could unleash trillions of dollars into the real estate market. He is proposing that the program be put in place for 12 months. "I am thinking of this as a plan akin to tapping the strategic oil reserves in an energy crisis. We have 17 trillion dollars tied up in these plans, so let’s just go ahead and free up this money on behalf of what Alan Greenspan himself has called a once-in-a-century financial crisis," said Paris.
Under Paris’ plan, anyone could tap their IRA, 401k, or other retirement plans without any penalties or taxes if the money is used to purchase residential real estate. "In my mind this makes complete sense. It is not a government bailout, but rather involves the use of private money. We are simply asking the government to let people access money that is now tied up due to the tax code", said Paris. Under the plan, people could use their retirement account money to buy a home to live in or even additional homes as investments.
Paris concedes that under the current tax code there are some very limited provisions that already allow people to use retirement plan money to buy real estate. However, he believes that the current system is far too complex and burdened with too many restrictions, which is why this money is not flowing freely into the real estate markets.
James L. Paris is the author of more than 20 books, the Editor-In-Chief of www.ChristianMoney.com and host of the Jim Paris Show.
CONTACT INFORMATION
Under Paris’ plan, anyone could tap their IRA, 401k, or other retirement plans without any penalties or taxes if the money is used to purchase residential real estate. "In my mind this makes complete sense. It is not a government bailout, but rather involves the use of private money. We are simply asking the government to let people access money that is now tied up due to the tax code", said Paris. Under the plan, people could use their retirement account money to buy a home to live in or even additional homes as investments.
Paris concedes that under the current tax code there are some very limited provisions that already allow people to use retirement plan money to buy real estate. However, he believes that the current system is far too complex and burdened with too many restrictions, which is why this money is not flowing freely into the real estate markets.
James L. Paris is the author of more than 20 books, the Editor-In-Chief of www.ChristianMoney.com and host of the Jim Paris Show.
CONTACT INFORMATION
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It might work. But those people would need some other form of income so that they would sit in their newly bought homes and starve. Maybe they could rent the places out and get some money that way. Also, they better have good fire insurance.
But under the right conditions it just might work.
Posted by: Ceecee | July 08, 2009 at 03:37 AM
Good post.That would help those of us who are getting close to retirement to invest some of our 401k funds to good use...
http://undiscoveredequities.com/
Posted by: Peter | April 10, 2009 at 01:43 AM
I am so sick about the government coming up with 700 billion money to bail out failed banks and whatever. I am having to live in a budget and I don’t expect To get a handout. I ran across the quote and feel the big money spending System in Washington should get this message.
“Borrowing money is like wetting your bed in the middle of the night. At first all you fell is warmth and release. But very very quickly comes the awful, cold discomfort of reality”
I also think it sticks as well.
Posted by: Paul Heinzman | October 03, 2008 at 05:04 PM
I'm not an economics wiz, but this looks like it would be a great idea for at least some of the problem we are facing. It would be a good start, and I'd jump on the chance to take our retirement money and invest it in real estate.
Posted by: Claudia @ Married to Politics | September 19, 2008 at 11:53 PM
That very good idea. That would help those of us who are getting close to retirement to invest some of our 401k funds to good use. Thanks for the great idea.
Posted by: Della Quashie | September 18, 2008 at 08:17 PM
What a excellent idea to use the resources we already have to solve our problem. It's simple, but could really work. Love it!
Posted by: Diana Williams | September 18, 2008 at 03:32 PM
This sounds great Jim! Shelly
Posted by: Shelly Pierce | September 17, 2008 at 11:08 PM