Robert Kiyosaki Recommends Getting Into Bitcoin Now
Renowned author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his recommendation of gold, silver, and bitcoin while advising investors to ditch fiat currency. Rich Dad Poor Dad, co-authored by Kiyosaki and Sharon Lechter, has been a New York Times Best Seller for over six years. With over 32 million copies sold in over 51 languages and across more than 109 countries, it is evident that Kiyosaki's financial advice holds weight.
In a recent social media post on X Saturday, Kiyosaki highlighted that gold has reached a new high. He emphasized that workers and savers are at a disadvantage and urged them to take action by "getting out of the fake money system" and investing in gold, silver, and bitcoin "before it's too late."
Kiyosaki often refers to fiat money as "fake money," attributing this to the U.S. dollar's departure from the gold standard in 1971. He believes that the U.S. dollar is now tied to the "full faith and credit" of the United States, making gold and silver the true forms of money. Kiyosaki considers bitcoin to be "people's money."
Earlier this month, Kiyosaki voiced concerns about the safety of fiat money, warning investors to protect themselves from the actions of central bankers. He has repeatedly expressed mistrust in the Federal Reserve, the Biden administration, and Wall Street, asserting that they are contributing to the destruction of the U.S. dollar.
Kiyosaki has consistently predicted that individuals who own gold, silver, and bitcoin will benefit when the Federal Reserve prints trillions of dollars. He has emphasized that "fake money savers will be the biggest losers." In September of last year, he stated that the U.S. debt is in the hundreds of trillions, real inflation is 16% (not 7%), and the Fed's decision to raise interest rates will ultimately lead to the destruction of the U.S. economy. Kiyosaki believes that investing in real money, such as gold, silver, and bitcoin, is the solution.
Rich Dad's First Lesson: The Rich Don't Work for Dollars
Kiyosaki recently reminded investors of Rich Dad's first lesson: the rich do not work for dollars. Instead, they prefer assets that generate real tax-free income. Kiyosaki advocates for investments in real assets like gold, silver, and bitcoin, which provide lifelong financial security and freedom.
Kiyosaki has been a long-time advocate for gold, silver, and bitcoin. In fact, he believes that bitcoin is the best protection against hyperinflation. He has made several bullish predictions about the price of bitcoin, ranging from $135,000 in the near term to $1 million in the event of a global economic crisis. Similarly, he has predicted that gold could reach $75,000 and silver could reach $60,000 under the same circumstances. In February, Kiyosaki projected that the price of bitcoin would reach $500,000 by 2025, while gold could rise to $5,000 and silver could reach $500 within the same timeframe.
What are your thoughts on Robert Kiyosaki's advice? Share your opinions in the comments section below.
Frequently Asked Questions
What are some of the benefits of a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It is tax-deferred until it's withdrawn. You are in complete control of how much you take out each fiscal year. And there are many different types of IRAs. Some are better for those who want to save money for college. Others are intended for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. So if you're planning to retire early, this type of account may make sense.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. 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. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit to owning IRA gold is the ability to withdraw automatically. This eliminates the need to constantly make deposits. Direct debits could be set up to ensure you don't miss a single payment.
Finally, gold is one the most secure investment options available. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. Gold is a good option for protecting your savings from inflation.
How much money should my Roth IRA be funded?
Roth IRAs allow you to deposit your money tax-free. 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, you can't touch your principal (the initial amount that was deposited). This means that you can't take out more money than you originally contributed. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. 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 also assume that you make $10,000 per year from your Roth IRA contributions. Federal income taxes would apply to the earnings. You would be responsible for $3500 This leaves you with $6,500 remaining. Since you're limited to taking out only what you initially contributed, that's all you could take out.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). Even though you had $7,000 in your Roth IRA account, you only received $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. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal requirement, unlike traditional IRAs. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
How does a gold IRA work?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase gold bullion coins in physical form at any moment. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. When you die, your gold assets won't be subjected to taxes.
Your heirs can inherit your gold and avoid capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've completed this step, an IRA administrator will be appointed to your account. This company acts like a middleman between the IRS and you.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual returns.
Once you've set up your gold IRA, it's possible to buy gold bullion. Minimum deposit required is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
You will pay taxes when you withdraw your gold from your IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
You may not be required to pay taxes if you take out only a small amount. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
Avoid taking out more that 50% of your total IRA assets each year. If you do, you could face severe financial consequences.
How much tax is gold subject to in an IRA
The fair value of gold sold to determines the price at which tax is due. You don't pay taxes when you buy gold. It is not 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. When you borrow against your assets, lenders try to find the highest return possible. This often means selling gold. It's not guaranteed that the lender will do it. They might keep it. They might decide to sell it. You lose potential profits in either case.
To avoid losing money, only lend against gold if you intend to use it for collateral. Otherwise, it's better to leave it alone.
Statistics
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
finance.yahoo.com
cftc.gov
irs.gov
bbb.org
How To
Investing In Gold vs. Investing In Stocks
These days, it might seem quite risky to invest your money in gold. This is because many people believe that gold investment is no longer profitable. This belief arises because most people believe that the global economy is driving down gold prices. They believe they would lose their money if they invested gold. In reality, though, gold investment can offer significant benefits. Below are some of them.
One of the oldest forms known of currency is gold. Its use can be traced back to thousands of years ago. It was used by many people around the globe as a currency store. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
Consider the price per gram when you decide whether you should invest in or not. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. You could contact a local jeweler to find out what their current market rate is.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. Although the price of gold has dropped, production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. If you plan to do so as long-term investments, it is worth looking into. Profitable gold can be sold at a lower price than it was when you bought it.
We hope this article has given you an improved understanding of gold investment tools. We strongly recommend that you research all available options before making any decisions. Only then can you make informed decisions.
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By: Kevin Helms
Title: Robert Kiyosaki’s Advice: Get Into Bitcoin Now ‘Before It’s Too Late’
Sourced From: news.bitcoin.com/robert-kiyosakis-advice-get-into-bitcoin-now-before-its-too-late/
Published Date: Mon, 27 Nov 2023 03:30:08 +0000
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