Introduction
Renowned author Robert Kiyosaki, known for his book Rich Dad Poor Dad, has recently emphasized the importance of closely monitoring the upcoming Bitcoin halving event. Despite being $1 billion in debt, Kiyosaki sees debt as an opportunity to invest in assets like Bitcoin, expressing his lack of trust in the U.S. dollar.
The Significance of Bitcoin Halving
Kiyosaki, co-author of the bestselling book Rich Dad Poor Dad, considers the Bitcoin halving in April as a crucial event for investors. The book has been on the New York Times Best Seller List for over six years and has sold more than 32 million copies in 109 countries and 51 languages.
The Role of Social Circle
Kiyosaki believes that the financial status of the poor and middle class is influenced by their social circle. He suggests that to become wealthy, it is important to have rich friends or at least friends who aspire to be rich. In a social media post, he emphasized the upcoming Bitcoin halving event and urged investors to pay attention to Bitcoin, gold, and silver in the months leading up to it.
Kiyosaki's Approach to Debt
Despite being more than $1 billion in debt, Kiyosaki does not consider it a problem. He explained that he uses debt to acquire assets, while most people use it to buy liabilities. He owns a paid-off Ferrari and Rolls-Royce, considering them liabilities. Instead of saving cash, he converts his earnings into silver, gold, and Bitcoin due to his distrust of the U.S. dollar.
Anticipation of BTC Price Surge
The upcoming Bitcoin halving and the potential approval of spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) have created anticipation for a surge in Bitcoin's price. Microstrategy's executive chairman, Michael Saylor, predicts a doubling of demand after the halving. Various analysts have forecasted Bitcoin prices ranging from $148,000 to $400,000.
In conclusion, Robert Kiyosaki, the author of Rich Dad Poor Dad, advises investors to closely monitor the upcoming Bitcoin halving. He believes that the event, along with the potential approval of spot ETFs, will have a significant impact on Bitcoin's price. Kiyosaki's approach to debt and his preference for assets like Bitcoin, gold, and silver reflect his skepticism towards the U.S. dollar. As the halving approaches, many investors are eagerly awaiting the potential surge in Bitcoin's value.
Frequently Asked Questions
How Much of Your IRA Should Include Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. They don't require you to be wealthy to invest in them. You can actually make money without spending a lot on gold or silver investments.
You might think about buying physical coins such a bullion bar or round. Shares in precious metals-producing companies could be an option. You might also want to use an IRA rollover program offered through your retirement plan provider.
No matter what your preference, precious metals will still be of benefit to you. These metals are not stocks, but they can still provide long-term growth.
And, unlike traditional investments, their prices tend to rise over time. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Are You Ready to Invest in Gold?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. Consider investing in both.
In addition to being a safe investment, gold also offers potential returns. It is a good choice for retirees.
Gold is more volatile than most other investments. As a result, its value changes over time.
However, this does not mean that gold should be avoided. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold? It's a tangible asset. Gold is much easier to store than bonds and stocks. It can also be carried.
As long as you keep your gold in a secure location, you can always access it. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
A portion of your savings can be invested in something that doesn't go down in value. Gold usually rises when the stock market falls.
Gold investment has another advantage: You can sell it anytime. Just like stocks, you can liquidate your position whenever you need cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Also, don't buy too much at once. Start by purchasing a few ounces. You can add more as you need.
Keep in mind that the goal is not to quickly become wealthy. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
What precious metals do you have that you can invest in for your retirement?
The best precious metal investments are gold and silver. They are both simple to purchase and sell, and they have been around for a long time. You should add them to your portfolio if you are looking to diversify.
Gold: The oldest form of currency known to man is gold. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It's a good choice for those who want to avoid volatility. Silver, unlike gold, tends not to go down but up.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's durable and resists corrosion, just like gold and silver. It is, however, more expensive than its competitors.
Rhodium: Rhodium can be used in catalytic convertors. It is also used for jewelry making. It is also quite affordable compared with other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts believe that this could change very soon. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
These are some things you should consider when considering gold investing.
- Before you start saving money for retirement, think about whether you really need it. You can save money for retirement even if you don't invest in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, ensure you fully understand the risks involved in buying gold. Each account offers different levels of security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. If you lose your gold coins, you may never recover them.
So, if you're thinking about buying gold, make sure you do your research first. You should also ensure that you do everything you can to protect your gold.
How much money should I put into my Roth IRA?
Roth IRAs can be used to save taxes on your retirement funds. You cannot withdraw funds from these accounts until you reach 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, your principal (the deposit amount originally made) is not transferable. You cannot withdraw more than the original amount you contributed. If you take out more than the initial contribution, you must pay tax.
The second rule is that your earnings cannot be withheld without income tax. Also, taxes will be due on any earnings you take. For example, let's say that you contribute $5,000 to your Roth IRA every year. In addition, let's assume you earn $10,000 per year after contributing. The federal income tax on your earnings would amount to $3,500. The remaining $6,500 is yours. Because you can only withdraw what you have initially contributed, this is all you can take out.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow for pre-tax deductions from your taxable earnings. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs do not allow you to deduct your contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal amount, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
What are the benefits to having a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It's tax-deferred until you withdraw it. You have total control over how much each year you take out. And there are many different types of IRAs. Some are more suitable for students who wish to save money for college. Others are intended for investors seeking higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. But once they start withdrawing funds, those earnings aren't taxed again. This type of account might be a good choice if your goal is to retire early.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. This means that you don't need to worry about making monthly deposits. To make sure you don't miss any payments, you can also set up direct deductions.
Finally, gold is one the most secure investment options available. Because it's not tied to any particular country, its value tends to remain steady. Even during economic turmoil the gold price tends to remain fairly stable. This makes it a great investment option to protect your savings from inflation.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
bbb.org
cftc.gov
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
irs.gov
How To
The growing trend of gold IRAs
Investors seek diversification and protection against inflation by using gold IRAs.
Owners can invest in gold bars and bullion with the gold IRA. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
Investors can manage their assets with a gold IRA without worrying about market volatility. Investors can use the gold IRA for protection against inflation and potential problems.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn't consider gold a commodity or currency.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
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By: Kevin Helms
Title: Robert Kiyosaki Advises Investors to Monitor Bitcoin Halving
Sourced From: news.bitcoin.com/rich-dad-poor-dad-author-robert-kiyosaki-advises-investors-to-pay-attention-to-bitcoin-halving/
Published Date: Fri, 05 Jan 2024 05:00:23 +0000
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