The first thing most financial advisors will tell young people is to open an IRA and make the max contributions to it every year. However, this is not good advice for young people that are inclined to start a business or invest in a real company. If the opportunity arrises to invest in a private company and all your savings are in an IRA, you won’t be able to get to your savings without paying a 10% penalty plus taxes.

IRA’s are a great way for most ordinary people to save for an ordinary life, but IRA’s can also be a trap for those seeking the extraordinary…