Damion Lupo of Qualified Retirement Plan

03/04/19 • 25 min

Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Damion Lupo is the author of many books but we are going to talk mostly about his book called The QRP book today. Damion has actually appeared on the show before, where he has talked about how he went from being a multi-millionaire to being broke and building his net worth back up again.

[:] What is a QRP?

Qualified Retirement Plan, broad term for these tax plans
Most people are familiar with 401ks
This gives a different option that most people don’t know about
Damion has created EQRP - it’s different in that it’s a 401k that you can invest yourself
It’s strange to think about because you are the custodian

[:] What are the benefits?

Match from company and then an IRA
Over 20 years, you’re not going to save up a ton of money from that
QRPs allow you to do up to $50k a year.
You could even get a tax credit- paid out
Most of the withdrawal rules are the same

[:] You explain the 8th world wonder in your book, for anyone grappling with this idea, what advice do you have for them?

The easiest way to think of it is compound interest- if you don’t pay it off you owe a ton more money next month.
On the flip side if you are earning it it works the same.
72 divided by your interest rate is how long it’ll take for your money to double
However it’s not just about a fixed return, you need to choose what you want to invest in

[:] How do you set up a QRP?

You need to have business activity
Giant trust document
Rollover money
You typically need a firm to set one up for you
If you aren’t wanting to do the research then you might want to use someone

Value Link: Grab a copy of Damion’s new QRB Book

[:] What is your saving or retirement plan?

Damion keeps his money moving
Money goes in and out and he continues to get paid
Store money in gold

[:] Favorite Quote?

[:] Parting piece of advice?

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[:] What is a QRP?

Qualified Retirement Plan, broad term for these tax plans
Most people are familiar with 401ks
This gives a different option that most people don’t know about
Damion has created EQRP - it’s different in that it’s a 401k that you can invest yourself
It’s strange to think about because you are the custodian

[:] What are the benefits?

Match from company and then an IRA
Over 20 years, you’re not going to save up a ton of money from that
QRPs allow you to do up to $50k a year.
You could even get a tax credit- paid out
Most of the withdrawal rules are the same

[:] You explain the 8th world wonder in your book, for anyone grappling with this idea, what advice do you have for them?

The easiest way to think of it is compound interest- if you don’t pay it off you owe a ton more money next month.
On the flip side if you are earning it it works the same.
72 divided by your interest rate is how long it’ll take for your money to double
However it’s not just about a fixed return, you need to choose what you want to invest in

[:] How do you set up a QRP?

You need to have business activity
Giant trust document
Rollover money
You typically need a firm to set one up for you
If you aren’t wanting to do the research then you might want to use someone

Value Link: Grab a copy of Damion’s new QRB Book

[:] What is your saving or retirement plan?

Damion keeps his money moving
Money goes in and out and he continues to get paid
Store money in gold

[:] Favorite Quote?

[:] Parting piece of advice?

Previous Episode

What You Should Know About Your 401k

Here's what you should and shouldn't be doing with your 401k. Based on the recent poll we did, you guys wanted to know about 401k as a retirement plan so here are the eye opening facts from our research.

Welcome!

[:] Things to always be mindful of
● Don't withdraw 401k early mainly to avoid penalties
● The value of your money now will considerably grow in the next 20-30 years from now
● It can be disastrous to use your 401k money to payoff loans

[:] What you should do with your 401k account
● Decide wisely on how much your contribution amount should be
● Check your available investment options

[:] What to expect on 401k fees and taxes
● All contributions toward your 401k are pre-taxed
● Withdrawals made during retirement age will be taxed

Next Episode

Traditional and Roth IRAs

As promised to be included in this series on retirement, here are facts that you need to know about Traditional and Roth IRA, as the two most popular types of IRAs. Check this episode and learn more about your journey to financial freedom.

Welcome!

[:] Difference between Traditional and Roth
● Traditional IRA is pre-tax similar to a 401k while,
● Roth IRA is typically tax-free or after-tax

[:] Until when can I contribute for tax year 2018 and what are the contribution limits?
● You can contribute up to April 15, 2019
● 2019 limit increased to $6,000 from last year's $5,500, if you are under the age of 50
● If you are 50 or older, this year's limit is set to $7,000