Rich Dad Poor Dad Author Highlights Upcoming Bitcoin Halving
Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, is urging investors to closely monitor the upcoming Bitcoin halving event. He believes that this event is fast approaching and holds significant importance for the cryptocurrency market. Kiyosaki, who is known for his financial insights, recently revealed that he is $1 billion in debt but does not consider it a problem. He also expressed his lack of trust in the U.S. dollar and highlighted his preference for using debt to purchase assets, including Bitcoin.
Rich Dad Poor Dad: A Worldwide Phenomenon
Rich Dad Poor Dad, a book co-authored by Robert Kiyosaki and Sharon Lechter, has seen immense success since its publication in 1997. The book has remained on the New York Times Best Seller List for over six years, and it has been translated into more than 51 languages, with over 32 million copies sold across 109 countries. Given Kiyosaki's expertise and influence, his advice on the upcoming Bitcoin halving should not be taken lightly.
The Influence of Social Circles on Financial Status
In a recent post on the social media platform X, Robert Kiyosaki highlighted the role of social circles in determining one's financial status. According to him, it is essential to surround oneself with wealthy individuals or, at the very least, individuals who aspire to be financially successful. Kiyosaki's message concluded with a reminder about the upcoming Bitcoin halving, urging readers to pay attention to Bitcoin, gold, and silver in the months leading up to the event.
Kiyosaki's Endorsement of Gold, Silver, and Bitcoin
Robert Kiyosaki has long been an advocate for investing in gold, silver, and Bitcoin. In a recent Instagram reel, he openly admitted to being more than $1 billion in debt. However, he does not view this as a problem, stating that if he were to go bankrupt, the bank would suffer the consequences. Kiyosaki explained that he uses debt to acquire assets, while most people use debt to purchase liabilities. He emphasized his lack of faith in the U.S. dollar and expressed his preference for converting his earnings into silver, gold, and Bitcoin.
Bitcoin Halving and its Potential Impact on Price
The upcoming Bitcoin halving, combined with the potential approval of spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), has generated anticipation of a significant surge in Bitcoin's price. Michael Saylor, the executive chairman of Microstrategy, predicts a doubling of demand after the halving event. In August of last year, an analyst suggested that Bitcoin's price could reach $400,000 due to the halving. Other price forecasts include $148,000 by Pantera Capital and $180,000 by Fundstrat.
In conclusion, Robert Kiyosaki's advice regarding the upcoming Bitcoin halving should not be ignored. His insights as a successful author and investor hold substantial weight in the financial world. Whether you agree or disagree with his strategies, it is worth considering the potential impact of the halving event on Bitcoin's price.
Frequently Asked Questions
What are the pros and disadvantages 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 a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. However, there are also disadvantages to this type of investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. If you do withdraw funds, you'll need to pay a penalty.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.
Insurance will be required if you would like to keep your cash out of banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to go with a gold IRA, you'll need to determine how much gold you want to use. Some providers limit the amount of gold that you are allowed to own. Others allow you to pick your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more expensive than gold futures contracts. Futures contracts, however, allow for greater flexibility in buying gold. They let you set up a contract that has a specific expiration.
You also need to decide the type and level of insurance coverage you want. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does offer coverage for natural disasters. You may consider adding additional coverage if you live in an area at high risk.
Apart from insurance, you should consider the costs of storing your precious metals. Storage costs are not covered by insurance. In addition, most banks charge around $25-$40 per month for safekeeping.
You must first contact a qualified custodian before you open a gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians cannot sell your assets. Instead, they must retain them for as long and as you require.
Once you've chosen the best type of IRA for you, you need to fill in paperwork describing your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. You should also specify how much you want to invest each month.
After filling in the forms, please send them to the provider. After reviewing your application, the company will send you a confirmation mail.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. A financial planner is an expert in investing and can help you choose the right type of IRA for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
How much should you have of gold in your portfolio
The amount of money you need to make depends on how much capital you are looking for. If you want to start small, then $5k-$10k would be great. You could then rent out desks and office space as your business grows. This way, you don't have to worry about paying rent all at once. It's only one monthly payment.
It is also important to decide what kind of business you want to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. So if you do this kind of thing, you need to consider how much income you expect from each client.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. So you might only get paid once every 6 months or so.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k-$2k of gold and growing from there.
How much money should my Roth IRA be funded?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. These accounts cannot be withdrawn until you turn 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). You cannot withdraw more than the original amount you 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. Also, taxes will be due on any earnings you take. 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. You would owe $3,500 in federal income taxes on the earnings. That leaves you with only $6,500 left. You can only take out what you originally contributed.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. In addition, 50% of your earnings will be subject to tax again (half of 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 for pre-tax deductions from your taxable earnings. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. You can withdraw as much as you want from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal required, unlike a traditional IRA. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
- 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)
- 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)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
cftc.gov
bbb.org
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold at Home? It's not exactly legal – WSJ
How To
The History of Gold as an Asset
From the very beginning of time, gold was a currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. Aside from its inherent value, it could be traded internationally. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. For example, one pound sterling in England equals 24 carats; one livre tournois equals 25 carats; one mark equals 28 carats; and so on.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. The result was a decrease in foreign currency demand, which led to an increase in their price. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. The U.S. government needed to find a solution to their debt because there was too much money in circulation. They decided to sell some excess gold to Europe in order to do this.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. After World War I, however, many European countries started using paper money to replace gold. The price of gold has risen significantly since then. Even though gold's price fluctuates, it is still one of the most secure investments you could make.
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By: Kevin Helms
Title: Robert Kiyosaki Emphasizes the Importance of 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
