Renowned Author Robert Kiyosaki Raises Concerns
Robert Kiyosaki, the author of the best-selling book Rich Dad Poor Dad, has issued a warning about the future of the U.S. economy. According to Kiyosaki, our leaders are steering the country towards an economic depression and a war. As a result, he strongly advises individuals to consider investing in bitcoin as a potential safeguard against these challenges.
Rich Dad Poor Dad's Impact and Success
Rich Dad Poor Dad, a book co-authored by Robert Kiyosaki and Sharon Lechter, has been a tremendous success since its publication in 1997. The book has consistently appeared on the New York Times Best Seller List for over six years and has sold more than 32 million copies worldwide in over 51 languages. Its popularity and influence have made Kiyosaki a highly respected figure in the financial world.
The Definition of Insanity
Kiyosaki took to social media to express his concerns, stating that the "Definition of insanity is doing the same thing over and over again and expecting things to change." He specifically pointed out the current leaders, referring to President Biden, Treasury Secretary Yellen, and Fed Chairman Powell as the "3 Stooges." According to Kiyosaki, their actions will ultimately lead the country into a depression and a war.
Preparing for Economic Turmoil
Robert Kiyosaki has been vocal about his apprehensions regarding the future state of the economy. He has warned about the possibility of a major market collapse, a war, and challenging times ahead for millions of people. In light of these concerns, Kiyosaki suggests that individuals prepare for hyperinflation and considers bitcoin as a potential safe haven asset.
Investing in Bitcoin and Precious Metals
Kiyosaki has long been an advocate for investing in alternative assets such as gold, silver, and bitcoin. He has consistently recommended these assets as a means of protecting one's wealth. Additionally, he has expressed support for bitcoin exchange-traded funds (ETFs) and believes that the U.S. Securities and Exchange Commission (SEC) may soon approve them. Kiyosaki emphasizes that now is the time to make informed investment decisions in order to secure financial stability and freedom.
The Future of Bitcoin According to Kiyosaki
In November of last year, Robert Kiyosaki urged investors to consider bitcoin as an essential part of their portfolio. He highlighted that bitcoin offers lifelong financial security and freedom. Furthermore, Kiyosaki predicted that BTC would reach a value of $135,000 and become invaluable once the Federal Reserve introduces a central bank digital currency (CBDC).
What are your thoughts on Robert Kiyosaki's warnings and recommendations? Share your opinion in the comments section below.
Frequently Asked Questions
How does a gold IRA work?
The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. Your gold holdings will not be subject to tax when you are gone.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). Once you've done so, you'll be given an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
Once your gold IRA is established, you can purchase gold bullion coins. The minimum deposit required for gold bullion coins purchase is $1,000 If you make more, however, you will get a higher interest rate.
Taxes will be charged on gold you have withdrawn from an IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. You'll be facing severe financial consequences if you do.
What precious metal is best for investing?
The answer to this question depends on how much risk you are willing to take and what type of return you want. While gold is considered a safe investment option, it can also be a risky choice. If you are looking for quick profits, gold might not be the right investment. If you have the patience to wait, then you might consider investing in silver.
If you don’t desire to become rich quickly, gold may be your best option. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
What Does Gold Do as an Investment Option?
The price of gold fluctuates based on supply and demand. It is also affected by interest rates.
Gold prices are volatile due to their limited supply. Additionally, physical gold can be volatile because it must be stored somewhere.
How much tax is gold subject to in an IRA
The fair market value of gold sold is the basis for tax. Gold is not subject to tax when it's purchased. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
For loans, gold can be used to collateral. When you borrow against your assets, lenders try to find the highest return possible. This usually involves selling your gold. There's no guarantee that the lender will do this. They may keep it. They might decide to sell it. Either way, you lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It's better to keep it alone.
Can I hold physical gold in my IRA?
Gold is money, not just paper currency or coinage. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans today prefer to invest in precious metals, such as silver and gold, over stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
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. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Finally, gold is liquid. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Can the government steal your gold?
The government cannot take your gold because you own it. You worked hard to earn it. It belongs to you. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Also, if you owe taxes to the IRS, you can lose your precious metals. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
What are some of the benefits of a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It is tax-deferred until it's withdrawn. You control how much you take each year. And there are many different types of IRAs. Some are better suited to college savings. Some are better suited for investors who want higher returns. Roth IRAs are a way for individuals to make contributions after the age of 59 1/2, and then pay taxes on any earnings upon retirement. These earnings don't get taxed if they withdraw funds. This account may be worth considering if you are looking to retire earlier.
An IRA with a gold status is like any other IRA because you can put money into different asset classes. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. It means that you don’t have to remember to make deposits every month. You could also set up direct debits to never miss a payment.
Finally, gold remains one of the best investment options today. 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. It is therefore a great choice for protecting your savings against inflation.
Statistics
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
External Links
investopedia.com
bbb.org
cftc.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Investing In Gold vs. Investing In Stocks
These days, it might seem quite risky to invest your money in gold. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief arises because most people believe that the global economy is driving down gold prices. They fear that investing in gold will result in a loss of money. In reality, however, there are still significant benefits that you can get when investing in gold. Below we'll look at some of them.
One of the oldest currencies known to man is gold. It has been in use for thousands of year. It was used all around the world as a reserve of value. It's still used by countries like South Africa as a method of payment.
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.
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. However, if you are planning on doing so for long-term investments, then it is worth considering. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope our article has given you a better understanding of gold as an investment tool. We recommend you do your research before making any final decisions. Only then can informed decisions be made.
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By: Kevin Helms
Title: Robert Kiyosaki Warns of Economic Depression and War, Advises Buying Bitcoin
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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