Renowned author Robert Kiyosaki, best known for his book "Rich Dad Poor Dad," has expressed deep concerns over the rapid increase in the U.S. national debt. In a recent statement, Kiyosaki urged investors to diversify their portfolios by purchasing bitcoin, gold, and silver. He emphasized the importance of protecting one's wealth from the potential economic repercussions of the rising debt.
The Ongoing Concerns of Robert Kiyosaki
Robert Kiyosaki, the co-author of the highly successful book "Rich Dad Poor Dad," has once again emphasized the need to invest in bitcoin. He reiterated his bullish stance on the cryptocurrency and highlighted his ongoing concerns about the state of the U.S. economy and the stability of the dollar. Since its publication in 1997, "Rich Dad Poor Dad" has remained on the New York Times Best Seller List for over six years and has sold more than 32 million copies worldwide.
Kiyosaki expressed his frustration on the social media platform X, pointing out that the national debt had increased by another trillion dollars since the start of the National Football League (NFL) season. He urged investors to protect themselves from financial corruption and the incompetence of leaders by purchasing gold, silver, and bitcoin. According to the Treasury Department, the national debt currently stands at $34.06 trillion, representing a $1.02 trillion increase since September 18th of the previous year.
Widespread Concerns over the U.S. National Debt
Kiyosaki is not the only one raising the alarm about the growing U.S. national debt. Economist and gold enthusiast Peter Schiff warned on X that the national debt had already surpassed $34 trillion within the first two days of January. He further predicted that 2024 could witness the largest one-year increase in the history of the U.S. national debt. Schiff expressed concerns about the possibility of a sovereign debt or dollar crisis before the end of the year.
Moody's, a leading credit rating agency, downgraded the U.S. credit rating to "negative" in November of last year, citing increasing deficits and debt burdens. U.S. Senator Rand Paul echoed these concerns, stating that the national debt poses the greatest threat to national security. Paul emphasized that the country had borrowed a trillion dollars in just three months. Renowned billionaire investor Jeffrey Gundlach also expressed his worries in October of last year, emphasizing the need to control the budget and spending to safeguard the future of the U.S. dollar and prevent potential inflation.
It is evident that the rising U.S. national debt is a cause for concern among experts and investors. With influential figures like Robert Kiyosaki urging people to consider alternative investments like bitcoin, gold, and silver, it remains to be seen how individuals and the economy will navigate these challenging times.
What are your thoughts on Robert Kiyosaki's concerns about the rapid rise of the U.S. national debt? Let us know in the comments section below.
Frequently Asked Questions
What precious metal should I invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has been considered a safe investment, it is not always the most lucrative. You might not want to invest in gold if you're looking for quick returns. If patience and time are your priorities, silver is the best investment.
Gold is the best investment if you aren't looking to get rich quick. Silver may be a better option for investors who want long-term steady returns.
Can I own a gold ETF inside a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
A traditional IRA allows for contributions from both employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. 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. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs will not be taxed
How to open a Precious Metal IRA
First, you must decide if your Individual Retirement Account (IRA) is what you want. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form must be submitted within 60 days of the account opening. Once this is done, you can start investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS says you must be 18 years old and have earned income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made regularly. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
You can use a precious-metals IRA to purchase gold, silver and palladium. However, you can't purchase physical bullion. This means you can't trade shares of stock and bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option can be provided by some IRA companies.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they don't have the same liquidity as stocks or bonds. It is therefore harder to sell them when required. They don't yield dividends like bonds and stocks. You'll lose your money over time, rather than making it.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- 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)
External Links
cftc.gov
investopedia.com
finance.yahoo.com
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Investing with gold or stocks
These days, it might seem quite risky to invest your money in gold. This is because many people believe gold is no longer financially profitable. This belief is due to the fact that many people see gold prices dropping because of the global economy. They believe they would lose their money if they invested gold. In reality, however there are still many significant benefits to gold investing. Let's take a look at some of the benefits.
One of the oldest forms known of currency is gold. Its use can be traced back to thousands of years ago. People around the world have used it as a store of value. It is still used as a payment method by South Africa and other countries.
Consider the price per gram when you decide whether you should invest in or not. If you're interested in buying gold bullion, it is crucial that you decide how much per gram. You could contact a local jeweler to find out what their current market rate is.
It's worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. So while the price of gold has declined, production costs haven't changed.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. This is not a wise decision if you're looking to invest in long-term assets. Selling your gold at a higher value than what you bought can help you make money.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. We recommend that you investigate all options before making any major decisions. Only after you have done this can you make an informed choice.
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By: Kevin Helms
Title: Robert Kiyosaki Raises Concerns about Rising U.S. National Debt, Urges Investors to Buy Bitcoin
Sourced From: news.bitcoin.com/robert-kiyosaki-raises-alarm-on-ballooning-national-debt-urges-investors-to-buy-bitcoin/
Published Date: Mon, 15 Jan 2024 02:30:51 +0000
