#65: QRPs for Tax Advantaged Investing

 
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Today, we’re talking about an alternative retirement investment tool other than the 401k or self-directed IRA. Our guest has been a professional investor for more than 20 years with the purchase of his first rental house he charged on his VISA. That move snowballed into 150 rental houses in less than 5 years. Like everybody else, he lost big time in the 2008 economic crisis. But, in just less than five years, he reclaimed his wealth and now, he is on his mission to free 1 million people from the shackles of financial bondage.

Damion Lupo is a professional investor and best-selling author of 10 books on personal finance, investment, and retirement strategies. He pioneered over 50 companies including the eQRP® - the ultimate investor retirement tool that allows individuals to take control of their retirement money and invest it in real assets like Real Estate, gold, and crypto WITHOUT GETTING HIT WITH UBIT. Interesting fact, he also founded his own martial art, Yokido®.

Damion and I talk about his beginnings, the challenges he faced, lessons on investing he acquired over the years, and how he created eQRP® as a retirement investment option for everyone. He also shared how this financial strategy works, its difference with 401k and IRAs, how to set it up, and who are those qualified to avail of it.

 

In this episode, we’re discussing…

  • [02:16] How Damien started his real estate business without money, grew it to millions, and blew it in the 2008 housing bubble crisis

  • [05:45] The major lesson he learned after experiencing being worth negative $5 billion

  • [07:03] How Damien developed the eQRP® 

  • [10:22] How QRP differs from the 401k

  • [11:20] Why investing in real estate with your IRA is a very bad idea and why eQRP® is the Ferrari of retirement accounts

  • [12:56] How eQRP® works

  • [19:39] How one can invest in eQRP® and Roth at the same time

  • [21:12] The importance of having a team of professional investors managing your retirement account

  • [24:00] Who can invest in the  eQRP®

  • [24:52] Difference between solo 401k and eQRP® when it comes to employees and liability protections

  • [26:29] How much you can put in the eQRP®

Damion’s Top Tips:

  • “Being in high net worth is not self-worth.”

  • “My mission is to free people from financial bondage by breaking their financial shackles with some tools and a lot of teaching. It's about giving people the ideas and opportunities to break their own shackles because we have all these shackles on, but they're self-imposed. Nobody's put them on us, except for us.”

  • “[With retirement money in IRA and 401k], the plan is just hope. We take a big drag of this ‘hopium’, take a big inhale, and then hope it works. Maybe in 30 years, you’ll actually have money. [But] in reality, it's a roller coaster. So we just spent all these years watching this roller coaster go up and down.”

  • “[With eQRP®],  you end up being in charge. You're the trustee of your plan. You get to write the checks, you get to decide what you're going to invest in, and you make all the decisions.”

  • “If you have IRAs that are invested in real estate, you can fix this problem by moving the asset with income rollover, and voila! No tax!”

  • “If you want to think like a billionaire, think differently. Do things differently if you want to be wealthy and financially free.”

  • “Information is not power. It's what you do with the information. If that was the case, the internet would be Hercules.”

  • “We're drowning in information and starving for wisdom.”

 

Resources:

 

Resources About Damion Lupo:

Categories: Investment, Retirement, Finance

Tags: The eQRP, Damion Lupo,  alternative retirement investment tool, 401k, IRA, self-directed IRA, real estate investing, retirement investing, finance tool, solo 401k, financial strategy, retirement accounts, money, income rollover, no tax, financial bondage, business investment, investing, eQRP, retirement strategies


 

+ Read the transcript

What if you could be doing something smarter with your money that creates income right now, if you're an IT professional who's wanting to get ahead financially and enjoy greater freedom of choice, and if you wonder who else in tech is creating ways to make their money work for them? You want actionable ideas with honest pros and cons and no fluff? Welcome to the richer geek podcast. We're helping IT professionals find creative ways to build wealth and financial freedom. I'm your host, Nicole Stoller and in this podcast, you'll hear from others who are already doing these things and learn how you can too.

Hey, everyone, welcome back to the richer geek podcast. We've discussed self directed IRAs on the show before it's an excellent vehicle for passive investing in things like real estate syndications crowdfunding sites, or individuals, small startup companies. It is not a vehicle that you can use for access investments you would not use a self directed IRA to buy property that you're going to manage yourself. You wouldn't use it to buy a franchise. There's other vehicles for that. But specific to self directed IRAs. Today we're going to be talking about a similar type of vehicle that's called the QR P. In fact, today's guest Damien Lupo developed the QR p investment vistor retirement tool. Now Damien has been a professional investor for more than 20 years. He started with the purchase of his first rental house that he charged on his visa, which as a side note, I love that if you haven't heard Mike and I and our story, we got our initial start in real estate investing in 1999 by credit card cash advances, so I love that part of Damien's story. He'll take us through what the QR p investment strategy is and how that can be used to invest in things like real estate, crypto, gold, other types of alternative investments. Let's jump into the show. I am so excited to welcome Damian Lupo to the show. Damian, welcome to

the show. It's great to be here. Thanks for having me.

Let's, let's tell a little bit of your background, because you have a few pieces in your story that are a little similar to our story and using credit cards to get started in real estate investing. So tell us a little bit about that. And just your overall background in real estate investing.

It's funny, because you mentioned when we had the similar story, and it was the same 1999 was back when this happened. And I was selling insurance. And I thought that's a great opportunity. And people told me Wow, you're It's amazing. You're super young selling insurance. You have your own agency, and I said yeah, but the real money is in real estate. So a friend of mine read a book called Rich Dad, Poor Dad, and he came to me and said, hey, I've got a deal. And I said, congratulations. Like, what why are you telling me he said because I need money? And I said, Well, I don't have any money. He goes, Yeah, do you have a credit card? And I said, Oh, yeah, so we used my credit card to the cash advance. And that's how we bought this property and as soon as we did it, he was literally New Year's Eve 1999. And, and he vaporized because all of a sudden the work began. And that's when I learned about real estate that it's not just a spreadsheet that it's actually a lot of stuff involved. And that's where I cut my teeth was taking a cash advance out, which I think is a really stupid idea. But it also got the ball going and you know, what's the worst that happens? It doesn't work and you use a whole bunch of money, but that was how it started. I just did something. And instead of being afraid of what might happen, I thought what might happen with an optimistic outlook and a naivety, which I think is really valuable. They have a youthful naivety when you do these type of things, because you kind of do have to be a little bit, a little nuts sometimes to make decisions to go into a space that's unfamiliar. And that was really how it started.

I didn't realize yours was 1999 that is okay very, very similar. In our case, we had no idea what we were doing. Same thing very naive. We were so excited to buy a property with in our case seller financing, but the credit card cash advances For the downpayment, okay, for So from there, though you moved to that into a larger real estate, and then tell us about real estate, and then where what you're doing overall now.

So from there, I thought, well, this is great. So I bought a couple more houses doing seller financing because at the time I didn't have any real credit. I mean, I had a little bit of credit card stuff, but mostly I just had my creative juices in my brain. And so I bought a couple houses and about five months later, I played cash flow the board game and I thought I should do this with my own life where you actually have a personal financial statement. And it was crazy because when I did my own, I realized I was 30 days from bankruptcy, because I wasn't doing the things that I had to do. It was a mindset thing. I wasn't returning phone calls, I wasn't being aggressive. And literally when I realized I got the truth, I got the facts about my own numbers. I something lit inside of me and I bought eight houses that month, sold all of them on owner financing, and went from literally going into bankruptcy to several thousand dollars in passive income within 30 days. And that was I knew it wasn't because I didn't did a bunch of money or something I just went crazy with the formula that I learned at seminars and, and what was there, which is what we all have, we have these formulas, but then we actually have to do the work. And work is like a four letter word. So I just went off and did a whole bunch of work for the next few years and ended up buying 150 houses. And that turned into a pretty big portfolio, like $20 million. And then I blew it up in 2008. So I went from zero to hero back to negative hero, like it was really pretty bad. And that kind of created a whole bunch of learning and experiences around what does it feel like to be worth negative $5 million? Because I was driving a Ferrari and now you know, I'm basically sleeping in my truck like this. It's a very big shift. The best part about that was that when I went through it, I learned that being the high net worth is not a self worth, because when I lost my net worth, my self worth fell and I wait a second, there's got to be more to the self worth than just the net worth. And and so I stepped back and after a few years of nursing the wounds, I said, Okay, that what's the what The bigger reason that I'm here in general like and it's not just to go create another million dollars and it's it became part of what I'm doing now with a mission of freeing people from financial bondage by breaking their financial shackles. And and I do that with with some tools and and a lot of teaching really it's about giving people the ideas and opportunities to break their own shackles because we have all these shackles on but they're self imposed. Nobody's put them on us, except for us. And so that's my entire life work now. And I do that in a number of different ways.

Such a great point when you think about, you know, it just let's just say as an employee, you're not happy with your job, right? That's, that's up to you to make a change, start looking around, develop a skill set, you would need go find something different. So to your point, you know, you you have some tools and knowing how to leverage them and then putting in the four letter word work. So tell me tell me a little bit about when you say the tools that you have available what what are the those tools.

But here's the thing, the primary place where people have their money is in retirement accounts, there's $30 trillion as of 2019. And this number keeps growing because most of the money is on autopilot. People put it into 401 K's, they put it into IRAs, and it's sitting in the stock market. And it just keeps growing. But then we go, Okay, well, like, what's the plan, and the plan is just hope. And so we take a big drag of this hopium like, we take a big inhale. And then we're like, how it works, right? You know, in 30 years, maybe I'll actually have money and, and the reality is, it's a roller coaster. And so we just spend all these these years watching this roller coaster go up and down. And there's another alternative and that is take that money, where most was most of our money is and actually do something where you have control. And so we developed something called the EQ RP, which is a type of qualified plan similar to a 401k or an IRA. And it allows people to actually have control and be protected. And really, it's for anybody that wants to invest in things like real estate that wants to get out of the stock market, and use this retirement money. That seems like it's off limits. But truly, it's ready for you to do something with we just created a way for people to do that, and actually have control.

What does that look like? How do you how do you create that that that folks can have control and invest in these other types of assets?

Well, in the in the tax code, there's an option to have things that are self directed where it's not just with a, an institution, where it's not just with the custodian where you literally have the ability to drive your own car, if you will, your own investment vehicle. And, and so what that looks like is you end up being in charge, you're the trustee of your plan, you get to write the checks, you get to decide what you're going to invest in, you make all the decisions. And so for a lot of people that are listening, they think that's exciting. That's, that's cool. And then there's some people that go, that scares the living heck out of me, because I don't know what I would do. And I don't know if I'm not smart. Well, we've been trained that we're literally stupid. That's what the institutions have told us for decades, that trust us. We're experienced, we have MBAs we have systems and the truth is, you're never You're going to find somebody that's going to take care of your money better than you will, because you care about it more than anybody else. They just care about fees, that, you know, if your thing drops in half, if your account drops in half, it's not going to impact them that much. But I will tell you, it will impact your life pretty badly. So this gives you the opportunity to take charge and take responsibility. And again, it's not for somebody that's going to blame and point fingers and say the economy is the advisor that the politicians this or that it's really about somebody that says my life, my responsibility, and I'm going to be in control of it. That's what this is all about.

I love that. And I also love how you described the roller coaster and you sit back and wait. And there are so many factors outside of your control. And then the other pieces, your you don't, you have only the percentage increase the percent you can put in there's a lot of there's low limits, right, let's just say it's an IRA. The limits you can put in on that per year very restricted. So you can't even grow it exponentially. Because you're, you know, Sandy back letting someone control the overall growth and it all it takes is, you know, some kind of negative tweet that somebody sends out and suddenly the markets panicking, which is incredibly frustrating. And then at the same time, you can only put so much in. So you kind of have like a cap, so to speak on the growth. So So tell us about EQ RP and and just sort of the overall debt definition.

So I think to your point about what you can really do with the conventional stuff, which is an IRA is not much like you're going to have an IRA and you put $6,000, or maybe seven if you're over age 50. And what does that get you? I mean, maybe you have 100,000 in there that you've contributed over 20 years, you're not gonna get rich, you just gonna get old. And so what are the what are the other options under that and that's under a different part of the tax code. It's under for await, so under 401, where a lot of people have 401 K's, there's way higher limits and different options. So in that section, and that's where the EQ RP lives, you can put up to $56,000 a year into it. I mean, it's it's literally 10 times times more than an IRA. So just in contributions over the next 20 years, we're talking a million dollars you can put in. And this is a, this is a game changer for people, not only can they get money in there and have tax benefits, potentially writing off that amount of money that 56,000. But then they can grow it, they can do things like use leverage. Here's the thing that most people don't know and let in right now, a lot of people are very excited about real estate, and they're using IRAs, and it's a very dangerous, very stupid thing to do. And they don't know why until something sells and then they get hit with this ubit tax. And that's the that's the danger right now and not knowing what's really out there and just being sold by promoters instead of saying okay, what's the best tool the best tools to EQ RP because you can invest in real estate that has leverage most real estate has debt. And so if you've got an investment in real estate, you like it mostly because it has debt and it uses your return. If you invest in it with an IRA, you may be paying up to 37% tax on your on your profits from the debt. And that sucks, but it's totally optional. Literally, if you decided to convert and use an EQ RP, instead of an IRA, you go to zero because it's exempt. And this is what people it's like the nuance here, people aren't told these things because primarily in the financial world, people are selling stuff. They're selling investments, and they're not really selling the whole story. They're just kind of doing whatever's in their best interest. And so it's important to understand the nuance between the two, because those are the two biggest things, the IRAs versus everything under the 401. And that includes solo 401k, IRAs, those also are exempt. They have their own problems, but they're exempt from ubit tax. So it's important to not use an IRA for real estate, if you have an option of using an EQ RP that's really the Ferrari of the retirement accounts.

So I this is really, you know, having you on the podcast is my first opportunity to explore and understand EQ Rp. I am using self directed IRA. So immediately I want to know a few things. I'd like to know how would you convert your IRA to the EQ RP and use that instead. And then we can talk a little bit about the process and how long that takes and those details.

Yeah, so when we we, most people's experience of any type of transfer comes from when they leave a job and they have a 401k. And then they're doing a rollover. So the most common is people roll it over into an IRA. It's really a very similar process. When you roll it over, when you roll over an IRA or a 401k into an EQ RP, you're literally going to once a EQ RP is set up, you're going to have a rollover form and you'll send that to whoever has the money, you'll say, Okay, I want to do a rollover, it's tax free, it's penalty free. It's very, very straightforward. Now, I will tell you that most Unfortunately, many if not most custodians, and trustees tend to be pretty resistant about you getting your own money, because they don't want to lose the fees. And we run into this all the time. And it's unfortunate there are some companies that are actually pretty good to work with, like fidelity is pretty good to work with. Surprisingly, they're huge and they're, they're relatively simple, but it's really just process of saying, okay, I want to do a rollover, and then they send a check over to you, you put it into your EQ RP account, and you're in business, you're ready to invest because you write the checks and you control your money.

Before you roll it over though, and you put it into the EQ RP account, what needs to happen to set up the EQ RP account.

So EQ RP is set up, it's a retirement savings trust. And the way it's built is, is what we do. It's literally our our thing that we build, it ends up being about 400 pages of legal documents, that gives you the ability to run your own money. So when you have an IRA, there are certain documents that custodian has, if you have a solo 401k there's a certain type of trust that you have. It's basically document creation. And so once you have those documents, you have the ability to run your money because you're in compliance with the IRS code and the Department of Labor. So that's basically what we do is build that the EQ RP plan, and then it allows you to set up your checking account and at that point, you can receive the check and put it in there. Again, tax free penalty free And it gets better. Because if you already have an investment with an IRA, and you're thinking, oh man, I'm going to get taxed because of this thing with ubit, you can actually move the IRA asset from the IRA into your EQ Rp. It's called an inkind. rollover, and it means you move it over no tax, no penalty, it just moves the asset over and now it's exempt from that tax. So the big takeaway there is if you have IRAs that are invested in real estate, you can fix this problem by moving the asset with the income rollover. And while Ah, no tax.

That's so great to know. Yeah, so we have, you know, one of our properties is hotel syndication. So we have, you know, a number of investors as part of that, and some of them are using self directed IRA. So, this is very timely and very interesting to be able to share with them. Now, we talked a little bit about that rollover sounds like not too big of a deal. Once you've got a plan that's built and set up. What are the kinds of we're talking about real estate, but there are other things that you can invest in. And so what are the types of assets that someone could invest in with that that vehicle?

The IRS is really great. They basically tell you, here's the things you can't do. And then anything else is really open, which is kind of interesting because people say, Well, can I do this? And the answer is, it's not a disqualified list. So as long as it's not disqualified, you can do it. So people were doing very common precious metals, physical gold and silver, which you can actually take possession of you cannot do that with an IRA. And unfortunately, there are people that are saying you can use a self directed IRA take possession of the gold or silver not true and it is it will violate the IRA and blow it up. Most people are doing real estate, precious metals, private loans, so you can be a bank. You can loan your money out of your retirement account and get your eight or 10 or 12% interest or whatever it is. Their international coffee and, and cow farms. I mean, you name it, people are doing it. It's it's really almost anything you can imagine that they think that comes up that people want to do sometimes they can't is collectibles, like cars, they want to flip a car or something. You can flip a house, you can't flip a car. Because it's a collectible, you can't buy wine, you can't really you can't have your retirement account invest with your children or a parent. So there are certain people that you can't work with. And that's the same with IRAs, or with 401, K's, it's all kind of the same rules. But the precious metals in the real estate are the two things that are really, really different. And it's important, not only that you can or can't do it, but sometimes people have custodians, with IRAs that take two or three weeks to even give you a decision on what they're doing. Or they have their own internal rules. And they don't want to do anything with international because they don't understand it. So by shifting over to an EQ RP, you're really putting yourself in the in the driver's seat, so you can actually make the decision and you don't have anybody slowing you down or telling you No, even though it's totally fine to do it. So that's the big shift.

And what are some of the things that as you're talking about the types of assets that you can invest in, but then also, do you do these all have to be passive like if you're investing in real estate and you said you can flip a house, you you can can't actually do that work, right? Do you have to pay? So how does that actually work in terms of being active versus passive?

It's a great question. He is meant the retirement account accounts are meant to be passive. So you can invest in a house that's being flipped, you can't go in there and start painting and doing roof work and everything else. That's an active engagement. And the reason why is because the IRS looks at that as a contribution. If you're going out there putting sweat equity, it's kind of like you're putting more contribution in. And there are limits on contribution. So they say, okay, it's 56,000 a year, not 56,000 Plus you painting a house, which is considered you know, more or contribution. So it's it's really meant to be passive. And almost anything can be passive if you have people. And here's the thing, if you're going to do investing, you want to build a team, just like when you set up a retirement account, you want to have a team. There are literally companies that are apps to set up like self directed 401, K's and things. And what do you get? You get an app. And so I think it's really important to ask yourself, what are you doing? Are you building a team? Are you building a portfolio? Or are you just building a fun little gizmo on your phone? Or you're looking for a job painting a house, because there's a professional way to go about things rich people have teams. And and they they don't go in. I mean, billionaires don't go and paint houses. I mean, just think about that. It's like they have people that are managing and they pick great deals. So if you want to think like, millionaires do, they think differently and you kind of have to do things differently if you want to be wealthy and financially free.

Speaking of wealth and financial freedom, you so we talked just briefly, you mentioned tax free and the growth of you know, if you sell an asset within the EQ RP, what are some of the other financial benefits that you see?

Well, one of the one of the best in the I would say the best tool within retirement accounts. And my friend, Tom wheelwright, who wrote tax free wealth, one of the rich dad advisor series books, and I talked about this, the Roth is the thing, it's the it's the key to if you want to not pay taxes, you got to get your money into the Roth space where it's tax free as it grows, and Tax Free as you pull it out. So that is the ultimate place it's you can get a tax benefit by a tax deduction by putting money into it. And then here's the thing, no matter how much money you make a lot of people go, I make too much money. And I'm sort of stuck because I would like to have a Roth, but I'm not able to, there are rules if you make too much money you can't have or you can't convert, like IRAs. So the difference is, there's no limit, income wise, with an EQ RP, you can have Roth, you can contribute to Roth, you can convert your money to Roth, all these things are an option, regardless of how much income a to 300,000 a year, you can still have the Roth. And so the idea is to get your money into the Roth space. And one of the really neat things about the Roth is you can pull whatever you've put into Roth out anytime you want. And then if you let's say you had a couple hundred thousand dollars in deferred IRAs, and you convert it to an EQ RP, and then you convert it to a Roth, five years later, you can literally take that $200,000 out tax free penalty free at any age, do whatever you want with it, and let the big gains continue to grow. And why is that important because it gives you access to cash very quickly, not when you're 60. But literally maybe in your 40s or 50s, that you wouldn't ordinarily have had unless it was converted to Roth. So there's some really, and this is why a team is so valuable when you have advisors and you have people that are professional investors that can also speak to your retirement accounts. They actually know how to use these things, versus Google, like anybody that's gone out and tried to Google and answer any IRS code or, Oh, my gosh, Google has every answer. And like, three quarters of them are wrong. But it's a lot of commentary. And so people go well, I don't know where to go. That's called advisors. It's called teams. It's called your that's why people are important. So I think it's really important when we're thinking about what we're what we're going to do, who's actually giving us advice, are they selling us something? Are they doing what they say are they doing are they just selling and it's really important to think about the background of the people that we're engaging with, I think more than anything,

that is great advice and a great point, and there's even just on this show, we've talked about so many different options. And I think there's an option sometimes there's an option that's very clear based on the the type of investment or business you're looking to do. And sometimes it's not. It's a little bit gray, like you're talking about. And then there's, there's vehicles that are not often discussed. Like I do think a lot of people have heard and are aware of self directed IRAs, but definitely not probably EQ RP as much.

No, it's really what's in front of us. And what's in front of us is based on based on marketing. So if we, we ask, Well, what do we know we know what has been put in front of us on television and on the Super Bowl on radios, I mean, that the advertising and why is that? It's like when people have purchased say precious metals in over their lifetime. Very often, they've grabbed the dealer that they saw on television that was promoted by some commentator. And so it's it's the advertising dollars that are driving our decisions. And so some of these things like the EQ RP, you're not going Going to see on you're not going to see on television. And there's a good reason because we don't want to spend money to jack people around and charge a lot of fees that are unnecessary just to be in front of people on NBC. Like that's not the model. But that is the model for wall street. It is the model for self directed IRAs. There's a reason that you see them because they're spending a ton of money and where's that money come from? transaction fees, assets under management, a UN is not your friend. Hmm, the assets under management, that's how institutions make money, they charge a percentage of your, of your assets so that they can play off. And so that basically, they survive and thrive off of you. And that's just something that you need to be aware of, but they're not gonna tell you that.

No, they're definitely not going to tell you that. So a couple of questions also that come to mind. What are so we talked about a little bit of the logistics and if you were in a self directed IRA, rollover, and we talked about Roth, what are what are the requirements, you have to own a business? Do you have to have consulting with what's The actual logistics around that.

So anybody that has any type of business is qualified. And this includes employees that are full time employees that have a side business. And that could be as simple as an eBay store. And you think about nowadays, it's everything seems to be digital. And so how hard is it to have a business online? It's I mean, anybody could set up a business online in less than an hour and be in business, not some type of Sham business, but literally a business where you could be making money. And that is the requirement to have a business. And so if you have a business, you're eligible to be a side business, it can be a part time, full time. It can be consulting, if you offer your time for whatever, if you're a consultant, if you're a coach, if you are a property manager, sometimes people say well, I have a rental house, but I don't know is that a business? Ask yourself, are there any property management companies that are in business that is the business so there's a lot of different ways people qualify? One of the unique a couple of really unique pieces around the EQ RP is that unlike a solo 401k, you can have employees And if you don't have employees, but you may want to have an employee at some point because you're you start growing, you're going to kind of blow up your business or you're at least you're gonna blow up your solo 401k if you have one, EQ, RP adapts to employees very big difference, and not the only difference. The other one is that there's liability protections that are in place in certain types of accounts, including multi member 401k plans impossible to touch in bankruptcy or lawsuits. But when you have an individual type of 401k, like a solo 401k, those don't really have the liability protection. And so you we built the EQ RP, so it does have liability protection. And this is a big deal. I mean, imagine having a car and you don't have insurance. Like that seems pretty dumb. But really, it's the same type of thing. When you're thinking about retirement accounts. Why would you have one and then have it totally exposed if you get sued, especially places like California or New York or New Jersey, you literally could just have a court say it won't you have too much money because there is not an unlimited protection on the retirement account. protected under ERISA the same way that multi member plans are. So having liability protection is a big deal. I mean, if you haven't been sued yet, this is America. And that tends to happen even when you do nothing, because it's like how people make money, unfortunately. So it's important to make sure that you have liability protection. And that's a huge difference here, in addition to being able to grow and have employees, so something to consider when you're deciding what makes the most sense for you.

And then what is the amount that you can put in? And then another as a side note here, let's just say you have this consulting business, do it whatever that amount is that you're about to tell me? Can it come from other sources outside of that business?

The amount that you can put in is in 2019, is 56,000. It's going up by $500, in 2020, so it's 56,500. And then there's a catch up if you're over age 50. So those those numbers are fairly large enough. The money that can go in there is self employment income. It's not going to be from your W two, unless it's your own company. It's your own company. You You're paying yourself a wage totally eligible. But typically this is going to be income that's coming from your consulting. It's coming from whatever is going to show up in your schedule C and and then unlimited amounts of money that you can rollover from your IRAs, 401 K's anything, there's no limit on that you can do 50 of them. And people have orphaned accounts I've seen I've had people that had 20, different 401, K's and 450 sevens and thrift savings plans, all these different retirement accounts. And I look at them and it's like they were collecting baseball cards or something. There was like accounts everywhere. And so you can really simplify your life by consolidating and then you've got actually something to work with versus 6000 here and 12,000 there and 20,000 there, you put it all together. So you can put it there plus you can contribute that 56,000. And if there's a couple like two people in the household, it's over 110,000 a year that could be put in based on what you're earning with your self employment activities.

So this is this is a really great overview and just a little bit of a starting point, right. Obviously a lot more detail that we can't cover here today. What is something that I that you would want that I haven't asked that you would want to make sure the listeners Understand?

What you need to understand is that this is a totally, totally different type of idea compared to conventional wisdom. And right now your brain may be scrambled, and you're trying to figure out whether you have the right thing, or you should get the right thing or what to do. The, to simplify that I wrote a book called the QR p book, what I'd like to do to simplify your life in addition to get a copy of the book, but really, what I'd like to do is give you the summation of everything. And the easiest way to take this information into into your brain is to be able to digest it in five minutes. And so what people goes, Well, what do I do? The first thing you do is get educated and education starts. There's a report I wrote on the QR P. And so I'd like to be able to give people that report and that way they can, they can start digesting it. And really it's to share it. And it's it's not just because this may or may not be for you, but guess what people around us are retiring, they have retirement accounts, they're scared of their future financially, and to be able to give them a tool. It's easy to To share this, so getting a copy of that report is as simple as just texting. So I'm gonna give you a code. It's EQ Rp. And he just texted text, the number 72,000. And send the word EQ RP to that number. And it'll give you that that report that I wrote. And basically, it's a summation of our entire conversation, and some nuance and really what you can do going forward so that you're not feeling stuck, like, wow, that was information, but I have no idea what to do with it.

That is fantastic. Thank you. And let's just say someone's listening and they don't want to text you. How else can they get in touch or find out more?

If they want to go to eq rp.co they can. I see here RP company eq rp.co. And they can dig in, learn more same options there and get a copy of the book. And they can also just explore a lot of FAQs and things there. I think it's really valuable. There's so much information on the internet and unfortunately, we get overwhelmed and so the entire point of boiling it down was to give people relevant facts and information so that they They can do something because information is not power. It's what you do with the information. And so the internet is like if that was the case, the internet would be, it would be Hercules. But the information on the internet basically drowns us, because we're lacking the wisdom. We're drowning in the information and starving for wisdom. And that's, we got to find a way to consult to streamline this and funnel it down so we can actually do something.

That's a great quote, by the way, drowning in wisdom, or drowning in information, looking for wisdom. So thank you so much for joining us today. And thank you for those two resources and places people can go and for everyone listening, those will be in the show notes. And again, really appreciate you coming on Damien and sharing a little bit about EQ Rp.

Thank you so much for having me. It's been a pleasure.

Thanks for tuning in to the Richard geek podcast for today's show notes including links and resources. Visit us at the richer geek.com Don't forget to head over to iTunes, Google Play stitcher or wherever you get your podcasts and hit the subscribe button. help us spread the word by sharing with others who could benefit from listening and leave a rating and review that'll help us get the podcast in front of more people. I appreciate you. Thanks so much for listening.

 
Damion Lupo Headshot.png

ABOUT DAMION LUPO

Best-Selling Author of 10 books on personal finance, investment and retirement strategies, Damion is on a mission to free 1 million people from financial bondage.

Not only has he started 50+ companies, he even founded his own martial art, Yokido®.

Damion developed the ultimate investor retirement tool called the eQRP®. His strategy gives individuals total control of their retirement money to invest in real assets like Real Estate, gold, and crypto WITHOUT GETTING HIT WITH UBIT.

Damion has been a professional investor for more than 20 years starting with the purchase of his first rental house he charged on his VISA. That move snowballed into 150 rental houses in less than 5 years. In 2008 he lost the whole $20 million business only to bounce back and recreate his wealth in less than 5 years.


 
 
 
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