The Warning from Robert Kiyosaki
Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, is doubling down on his prediction of the biggest crash in history. In his latest warning, he emphasizes that the U.S. banking system is bankrupt and that the collapse of the S&P 500 is imminent. Kiyosaki cautions that this crash will have a devastating impact on millions of U.S. retirement plans and urges people not to take any chances with their lives.
Rich Dad Poor Dad: A Phenomenal Success
Rich Dad Poor Dad, which Kiyosaki co-authored with Sharon Lechter, has been a bestseller since its publication in 1997. With over 32 million copies sold in 109 countries and translated into 51 languages, the book has remained on the New York Times Best Seller List for over six years. Kiyosaki's expertise and insight have garnered him a loyal following.
Bank Credit Selloff and the Impending Crash
In a recent social media post, Kiyosaki drew attention to the selloff in bank credit, drawing parallels to the 2008 financial crisis. He warns that this could be the beginning of the biggest crash in history and urges people not to underestimate the severity of the situation. He reiterates his earlier statement that there is no time to gamble with one's life.
The Importance of Precious Metals and Bitcoin
Kiyosaki expresses gratitude towards those who followed his advice and invested in silver since 2010. He emphasizes the importance of diversifying one's assets and suggests investing in gold, silver, and bitcoin while there is still an opportunity. Despite the skepticism and ridicule he has faced, Kiyosaki stands by his predictions and urges people to take action.
Preparing for the Future
Kiyosaki acknowledges that buying precious metals and bitcoin may lead to ridicule from friends and family. However, he reminds readers that his past predictions, such as "Savers are losers" and "Your home is not an asset," were proven true in the 2008 financial crisis. He warns that the next crash will impact millions of retirement plans and advises people to be vigilant.
Continued Warnings and Advice
This is not the first time Kiyosaki has warned about an impending crash. He has previously discussed the possibility of a depression, a market collapse, and challenging times ahead. In addition, he has urged investors to consider bitcoin as a potential safeguard against future financial turmoil. Kiyosaki's insights and predictions continue to spark debate and discussion.
Your Thoughts
What are your thoughts on the warnings from Robert Kiyosaki, the author of Rich Dad Poor Dad? Share your opinion in the comments section below.
Frequently Asked Questions
What is the best way to hold physical gold?
Not only is gold paper currency, but it's also money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Many Americans now invest in precious metals. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
Gold has historically performed better during financial panics than other assets. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
One of the best things about investing in gold is its virtually zero counterparty risk. If your stock portfolio goes down, you still own your shares. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Finally, gold provides liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows for you to benefit from the short-term fluctuations of the gold market.
How much do gold IRA fees cost?
An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance fees and investment costs for your chosen investments.
Diversifying your portfolio may require you to pay additional fees. The type of IRA you choose will determine the fees. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate is.25% annually. These rates are often waived if a broker like TD Ameritrade is used.
What amount should I invest in my Roth IRA?
Roth IRAs are retirement accounts where you deposit your own money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. You cannot touch your principal (the amount you originally deposited). This means that you can't take out more money than you originally contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. Withdrawing your earnings will result in you paying taxes. Let's assume that you contribute $5,000 each year to your Roth IRA. Let's further assume you earn $10,000 annually after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. The remaining $6,500 is yours. Since you're limited to taking out only what you initially contributed, that's all you could take out.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. 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 if Roth IRAs, Roth and Traditional. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
Can I hold a gold ETF in a Roth IRA?
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
An IRA traditional allows both employees and employers to contribute. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
A Individual Retirement Annuity is also possible. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.
What are the pros & cons of a Gold IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. But, this type of investment comes with its own set of disadvantages.
You may lose all your accumulated savings if you take too much out of your IRA. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. If you do withdraw funds, you'll need to pay a penalty.
A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. In order to make a claim, most insurers will require that you have a minimum amount in gold. Insurance that covers losses upto $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers restrict the amount you can own in gold. Others let you pick your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. The price of physical gold is higher than that of gold futures. Futures contracts allow you to buy gold with more flexibility. They allow you to set up a contract with a specific expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. It does provide coverage for damage from natural disasters, however. Additional coverage may be necessary if you reside in high-risk areas.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs are not covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
A qualified custodian is required to help you open a Gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians aren't allowed to sell your assets. Instead, they must maintain them for as long a time as you request.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. Also, you should specify how much each month you plan to invest.
After completing the forms, send them along with a check or a small deposit to your chosen provider. Once the company has received your application, they will review it and send you a confirmation email.
A financial planner is a good idea when opening a gold IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
What is a Precious Metal IRA and How Can You Benefit From It?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Precious metals are often referred to as “bullion.” Bullion refers actually to the metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This means you'll receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, your gains are subject to a small tax. Plus, you get free access to your funds whenever you want.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
irs.gov
bbb.org
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to hold physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. But, this approach comes with risks. These companies may not survive the next few years. Even if they survive, there's always the risk that they will lose money due fluctuations in gold prices.
Alternative options include buying physical gold. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. The advantages of this option include the ease of access (you don't need to deal with stock exchanges) and the ability to make purchases when prices are low. It's also easy to see how many gold you have. The receipt will show exactly what you paid. You'll also know if taxes were not paid. You are also less likely to be robbed than investing in stocks.
However, there are some disadvantages too. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, the tax man might ask questions about where you've put your gold!
BullionVault.com offers more information on buying gold for an IRA.
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By: Kevin Helms
Title: Robert Kiyosaki Doubles Down on Biggest Crash Prediction — ‘No Time to Play Russian Roulette With Your Life’
Sourced From: news.bitcoin.com/robert-kiyosaki-doubles-down-on-biggest-crash-prediction-no-time-to-play-russian-roulette-with-your-life/
Published Date: Tue, 12 Dec 2023 02:00:08 +0000
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