Robert Kiyosaki's Concerns
Robert Kiyosaki, the renowned author of the best-selling book "Rich Dad Poor Dad," has once again issued a warning that the actions of our leaders will lead the U.S. economy into an economic depression and a war. Kiyosaki, who has been a vocal advocate for bitcoin, reaffirmed his recommendation to buy the digital currency amidst growing anticipation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs).
In a recent social media post, Kiyosaki expressed his concerns, stating, "The definition of insanity is doing the same thing over and over again and expecting things to change." He specifically pointed out President Biden, Treasury Secretary Yellen, and Fed Chairman Powell as the "three stooges" driving the country towards a dire future. He urged individuals to take action and protect themselves by investing in gold, silver, and bitcoin, adding, "It's time to get smarter and get richer."
Repeated Warnings
This is not the first time Kiyosaki has voiced his concerns about the state of the economy. In December 2023, he warned that the next market crash could potentially turn into a depression. He has also expressed apprehension about a major market collapse, the possibility of war, and the challenging times ahead for millions of people.
As a safeguard against these potential economic challenges, Kiyosaki has consistently recommended investors to buy gold, silver, and bitcoin. He has even advocated for the purchase of bitcoin exchange-traded funds (ETFs), which may soon receive approval from the SEC. In November last year, he urged investors to enter the bitcoin market "before it's too late," emphasizing that the digital currency offers lifelong financial security and freedom. Kiyosaki predicted that bitcoin will reach $135,000 and become invaluable once the Federal Reserve introduces a central bank digital currency (CBDC).
Share Your Thoughts
What are your thoughts on the warnings issued by Robert Kiyosaki, the author of "Rich Dad Poor Dad"? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Should you open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These coins have been around for thousands and represent a real asset that can never be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Consider a reputable business that offers low rates and good products when opening an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
When you open an account, keep in mind that you won't receive any returns until your retirement. Remember the future.
How is gold taxed in an IRA?
The fair value of gold sold to determines the price at which tax is due. You don't have tax to pay when you buy or sell gold. It isn't considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
For loans, gold can be used to collateral. Lenders try to maximize the return on loans that you take against your assets. This usually involves selling your gold. However, there is no guarantee that the lender would do this. They may keep it. They might decide to sell it. Either way, you lose potential profit.
If you plan on using your gold as collateral, then you shouldn't lend against it. If you don't plan to use it as collateral, it is better to let it be.
Are gold investments a good idea for an IRA?
Anyone who is looking to save money can make gold an excellent investment. You can also diversify your portfolio by investing in gold. But there is more to gold than meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It is often called “the oldest currency in the world.”
But unlike paper currencies, which governments create, gold is mined out of the earth. It's hard to find and very rare, making it extremely valuable.
Gold prices fluctuate based on demand and supply. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. Gold's value rises as a result.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This causes more gold to be produced, which lowers its value.
This is why gold investment makes sense for both individuals and businesses. You will benefit from economic growth if you invest in gold.
Your investments will also generate interest, which can help you increase your wealth. Additionally, you won't lose cash if the gold price falls.
What are some of the benefits of a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It will be tax-deferred up until the time you withdraw it. You can decide how much money you withdraw each year. There are many types to choose from when it comes to IRAs. Some are more suitable for students who wish to save money for college. Others are intended for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. These earnings don't get taxed if they withdraw funds. So if you're planning to retire early, this type of account may make sense.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. This means that you don't need to worry about making monthly deposits. To avoid missing a payment, direct debits can be set up.
Gold is one of today's most safest investments. 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. Therefore, gold is often considered a good investment to protect your savings against inflation.
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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
finance.yahoo.com
investopedia.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
bbb.org
How To
The best way to buy gold (or silver) online
First, understand the basics of gold. The precious metal gold is similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.
They are not exchangeable in any currency exchange system. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. The buyer receives 1 gram of gold for every dollar spent.
You should also know where to buy your gold. There are many options for buying gold directly from dealers. First, you can visit your local coin store. Another option is to go through a reputable site like eBay. You can also look into buying gold online from private sellers.
Private sellers are individuals that offer gold at wholesale or retail prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This is a great option for gold investing because you have more control over the item’s price.
The other option is to purchase physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks charge higher interest rates than those offered by pawn shops.
Another way to purchase gold is to ask another person to do it. Selling gold can be as easy as selling. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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By: Kevin Helms
Title: Robert Kiyosaki: Leaders Driving U.S. Economy Towards Depression and War, Reiterates Bitcoin Recommendation
Sourced From: news.bitcoin.com/robert-kiyosaki-our-leaders-will-drive-us-into-depression-war-reiterates-bitcoin-buy-recommendation/
Published Date: Thu, 04 Jan 2024 03:30:55 +0000
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