Robert Kiyosaki Anticipates Difficult Times for Millions of People
The renowned author of "Rich Dad Poor Dad," Robert Kiyosaki, has once again issued a stark warning about the state of the U.S. economy. Co-authored by Kiyosaki and Sharon Lechter, "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 in over 51 languages and 109 countries.
Kiyosaki expressed on social media platform X that a "giant market collapse is here" due to what he perceives as incompetence in the White House, the U.S. Treasury, and the Federal Reserve. He further emphasized:
We may be heading towards the next Great Depression, accompanied by the possibility of war. Millions of people will face extremely challenging times ahead.
Kiyosaki believes that individuals who possess the right mindset and sufficient preparation will find the next Great Depression to be an opportune moment in their lives. He strongly advises taking precautions and investing in assets such as gold, silver, and bitcoin.
Consistently cautioning about the future of the U.S. economy, Kiyosaki not only recommends investing in gold, silver, and bitcoin but also suggests purchasing bitcoin exchange-traded funds (ETFs) for those who are not inclined to directly buy BTC. It is anticipated that the U.S. Securities and Exchange Commission (SEC) will soon begin approving spot bitcoin ETF applications.
Last month, Kiyosaki shared his recommended investment strategy to help investors navigate the "greatest crash in world history." This month, he advises investors to prepare for hyperinflation and views bitcoin as the best protection against it. He has also previously stated that bitcoin offers lifelong financial security and freedom, urging investors to enter the cryptocurrency market before it's too late.
What are your thoughts on the warnings from Robert Kiyosaki, the author of "Rich Dad Poor Dad"? Let us know in the comments section below.
Frequently Asked Questions
Can the government seize your gold?
The government cannot take your gold because you own it. You worked hard to earn it. It belongs to your. There may be exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. Your precious metals can also be lost if you owe tax to the IRS. However, even if taxes are not paid, gold is still your property.
Are You Ready to Invest in Gold?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. You can invest in both options if you aren't sure which option is best for you.
Gold is a safe investment and can also offer potential returns. Retirement investors will find gold a worthy investment.
While many investments promise fixed returns, gold is subject to fluctuations. Because of this, gold's value can fluctuate over time.
However, this does not mean that gold should be avoided. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Unlike stocks and bonds, gold is easier to store. It can be easily transported.
You can always access your gold as long as it is kept safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
A portion of your savings can be invested in something that doesn't go down in value. Gold tends to rise when the stock markets fall.
Another advantage to investing in gold is the ability to sell it whenever you wish. You can easily liquidate your investment, just as with stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
You shouldn't buy too little at once. Start with a few ounces. Continue adding more as necessary.
Keep in mind that the goal is not to quickly become wealthy. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
What precious metals can you invest in for retirement?
These precious metals are among the most attractive investments. They are both simple to purchase and sell, and they have been around for a long time. These are great options to diversify your portfolio.
Gold: Gold is one the oldest forms currency known to man. It is stable and very secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It's a great option for those who want stability. Silver, unlike gold, tends not to go down but up.
Platinum: This precious metal is also becoming more popular. It's durable and resists corrosion, just like gold and silver. However, it's much more expensive than either of its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It is also used for jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more affordable. It's a popular choice for investors who want to add precious metals into their portfolios.
What tax is gold subject in an IRA
The tax on the sale of gold is based on its fair market value when sold. If you buy gold, there are no taxes. It is not income. If you sell it later, you'll have a taxable gain if the price goes up.
Loans can be secured with gold. When you borrow against your assets, lenders try to find the highest return possible. This usually involves selling your gold. However, there is no guarantee that the lender would do this. They may keep it. They may decide to resell it. Either way you will lose potential profit.
You should not lend against your gold if it is intended to be used as collateral. If you don't plan to use it as collateral, it is better to let it be.
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 contributions from both employee and employer. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the 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 made to IRAs are not taxable.
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)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
finance.yahoo.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads, Example and Risk Metrics
How To
How to keep physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. But this investment method has many risks as there is no guarantee of survival. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
An alternative option would be to buy physical gold itself. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's easier to track how much gold is in your possession. You will receive a receipt detailing exactly what you paid. You have less risk of theft when investing in stocks.
However, there are disadvantages. For example, you won't benefit from banks' interest rates or investment funds. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. Finally, the tax man might ask questions about where you've put your gold!
BullionVault.com is the best website to learn about gold purchases in an IRA.
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By: Kevin Helms
Title: Robert Kiyosaki Warns of Impending Market Collapse, War, and Economic Hardships
Sourced From: news.bitcoin.com/robert-kiyosaki-warns-of-giant-market-collapse-war-really-hard-times-ahead-for-millions/
Published Date: Sun, 03 Dec 2023 02:30:47 +0000
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