[Week 4] Ask Me Anything: What Is The Minimum Commitment To MPI® Per Year?

Curtis Ray's Podcast

Today’s question comes from Hattie from Arizona:
"What is the Minimum Commitment to MPI® and What is The Most I Can Deposit Into MPI® Per Year?
This is a common question I receive from clients. Unfortunately, there is also a lot of scarcity mindset in the world of personal finance, because people are taught to focus on the minimum instead of learning how to maximize their money. Compound Interest is money working for you by making more money from its own earnings; it is also the simplest way to create wealth. Changing the thought to,“ how much money can I deposit and get it working for me as soon as possible. This shift in mindset will give you a better chance for the retirement you have dreamed of instead of the least you can actually afford.
In the MPI® system, there is a minimum commitment to start the plan and achieve full efficiency of your money. To determine your minimum commitment level, here are some examples:
If you prefer monthly payments: multiply your Age by 8.
Therefore, if you are 30 years old the result is: 30 x 8 = $240 per month minimum commitment.
To make quarterly payments, multiply your Age by 24, which is 30 x 24 = $720 per quarter
For Bi-annual payments, multiply your Age by 48. Therefore, 30 x 48 = $1440 deposited every six months.
Finally, if you want to make annual payments, multiply your Age by 96 or 30 x 96= $2880 per year.
These amounts or more will produce the same compounding efficiency of your money. For children’s policies the commitment can be as low as $75/mo.
Those are the minimum commitments to begin your very own MPI® account. This minimum commitment for the first two years is critical, after which the policy becomes much more flexible. If you cannot commit to these amounts, then it is best to save until you can achieve the minimum commitment level.
As for the maximum, a significant benefit of MPI® versus an IRA or 401k are the contribution limits. Upon qualifying for an MPI® plan, you have a maximum contribution level around 100% of your annual income. Therefore if you make $50,000 a year, your maximum annual contribution limit will be around $50,000. If you make $1,000,000 a year, your maximum contribution can be up to $1,000,000. MPI® is one of the few financial vehicles where you can contribute a large amount of post-tax money.
Like a Roth IRA, you have tax-free distributions available – But unlike a Roth, they can be at any age, for any reason without penalty, restriction, or condition. This is important because it means MPI® is one of the only retirement vehicles that provide a path to early retirement if you have the discipline to save early to then generate a substantial tax-free retirement income.
I hope this provided motivation and excitement that your dream retirement is yours when you commit and begin to think “how can I get the most money working for me.”
Thank you for the great question!
Save this email text and video, so the next time you hear someone get this wrong, you can help them understand what is right!
Send any of your questions to [e-mail].
I'm Curtis Ray, Always Be Compounding™!
Website: https://mympi.com/
Schedule A Call With An MPI® Specialist: https://calendly.com/mpi
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