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An eQRP or Enhanced Qualified Retirement Plan is marketed as the fastest way to earn more than traditional 401(k)s or self-directed IRAs. It is said to be a system that offers complete flexibility, control, and protection of your investments. Unlike any other retirement account, you have the freedom to choose your investments with an eQRP. That sounds like a fantastic way to build wealth and achieve financial freedom. WRONG!

In today’s conversation, Russ, Joey, and the financial freedom coaches discuss why an eQRP is a terrible tool for financial freedom and how it compares with Infinite Banking.

Tune in as they go over the following comparison:
– Access and limitations to how you can use the money
– Flexibility in terms of premium and loan payments
– Penalties and paperwork

Inner Circle LIVE 2024: January 5-7, 2024

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00:00 – Intro
01:45 – How would you define freedom in the context of finance?
03:40 – What level of freedom do you want to have with your money?
10:00 – Who created the Qualified Retirement Plan? Where did that idea come from?
12:44 – When you hear all the talk about QRP, what do you start to think about?
20:47 – How do you compare the tax-qualified retirement plan to Infinite Banking?
22:55 – What are your thoughts on that?
24:02 – What would you imagine are the benefits of having the ultimate emergency reserve?
27:05 – Inside this eQRP or any Qualified Retirement Plan, how much can you access without limitation for the purpose of personal use?
27:33 – If I need to go over that, what happens?
28:03 – Does that seem like the ultimate emergency reserve?
28:43 – When you took a $50,000 loan against your 401(k), what did you do with it?
29:04 – Whenever you’re taking loans against your life insurance policies, what have you done with those loans?
31:09 – With my Qualified Retirement Plan, I can take a tax deduction to contribute to it. You can’t do that with your whole life insurance. What do you say to that?
35:24 – Have you ever had a scenario when you were personally contributing to your life insurance policy that you couldn’t make a contribution in one year? If so, what did you do, and how did it work out?
38:02 – What are the contribution limitations for someone who’s setting up the Infinite Banking Concept?
40:09 – What’s your largest contribution to a life insurance policy as an annual premium?
40:24 – Have you seen any limitations to what they could use the money for?
41:16 – How many forms are you filling out annually to record how much money you’ve had in it and what you’ve used it for?
41:47 – Have you experienced that with your life insurance company when your clients talk to you about how to borrow against their cash value to do things?
42:34 – What are some ways you’ve seen business owners use life insurance and the cash value of life insurance to help recruit and retain their employees?

🎧 Listen Now to the full episode here 👉

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A Round Table is a concept that has been around for centuries, representing equality and fairness in decision-making. It has been used in various cultures and societies as a symbol of inclusivity and open communication.

In the world of finance, the concept of a Round Table can also be applied to foster transparency and collaborative decision-making. However, when it comes to retirement planning and financial freedom, not all tools are created equal. One such tool that falls short in delivering on its promise of financial freedom is the eQRP (or enhanced Qualified Retirement Plan).

An eQRP is a type of retirement plan that is marketed as a powerful tool for building wealth and achieving financial freedom. It is often promoted as a way for individuals to take control of their retirement funds and invest in a wide range of assets, including real estate, cryptocurrencies, and private equity.

While the idea of having more control and flexibility over one’s retirement savings may sound appealing, the reality is that an eQRP is a terrible tool for true financial freedom for several reasons.

First and foremost, an eQRP comes with a myriad of restrictions and limitations that can hinder an individual’s ability to truly diversify and maximize their investments. Unlike a self-directed IRA, which offers almost unlimited investment options, an eQRP restricts the types of assets that can be held in the plan. This limitation can severely limit the potential for growth and can hinder the ability to take advantage of certain investment opportunities.

Additionally, an eQRP comes with high administrative and custodial fees, which can eat into the returns on investments and reduce overall wealth accumulation. These fees can significantly impact the long-term growth of retirement funds, ultimately working against the goal of achieving financial freedom.

Furthermore, an eQRP does not offer the same level of asset protection as other retirement vehicles. In the event of a lawsuit or other legal dispute, the assets held within an eQRP may not be as well-protected as those held in other retirement accounts, leaving individuals vulnerable to potential financial losses.

Finally, the complex rules and regulations surrounding eQRPs can make them difficult to navigate, leading to potential compliance issues and penalties. This can create unnecessary stress and headaches for individuals who simply want to focus on building wealth and achieving financial freedom.

In conclusion, while the idea of having more control over one’s retirement funds may sound appealing, an eQRP is not the best tool for achieving true financial freedom. Its limitations, high fees, lack of asset protection, and complexity make it a less-than-ideal option for individuals looking to build wealth and secure their financial future. Instead, individuals should consider exploring other retirement planning options that offer more flexibility, lower fees, and greater asset protection. Ultimately, achieving financial freedom requires careful planning and the right tools, and an eQRP may not be the best choice for those seeking true independence and security in retirement.