As Binance exits Nigeria, leaving many in shock, the landscape for crypto entrepreneurs in the Global South is becoming increasingly challenging. Ray Youssef, the founder of NoOnes, a peer-to-peer Bitcoin trading platform, foresaw these obstacles years ago. In a world where financial systems are under scrutiny, the power dynamics of money control are at the forefront.
Challenges Faced by Entrepreneurs in the Global South
Entrepreneurs in the Global South are hindered by restrictive financial systems that limit their ability to expand beyond their borders. The departure of Binance from Nigeria has raised concerns among local businesses, highlighting the need for a supportive environment for growth.
Nurturing Global South Entrepreneurs
Ray Youssef emphasizes the importance of nurturing Global South entrepreneurs by advocating for free trade and a fluid money system. This requires a shift in mindset and a willingness to create opportunities for businesses to thrive.
Boots on the Ground Approach
NoOnes takes a unique approach by operating within the Global South, employing local staff, and listening to the needs of the community. By involving local talent in decision-making processes, NoOnes aims to create a fair and inclusive platform for all users.
Empowering Nigerian Entrepreneurs
The high level of Bitcoin adoption in Nigeria reflects a desire for economic freedom among entrepreneurs. NoOnes provides a platform for these individuals to access opportunities and showcase their business acumen in a global market.
Paving the Way for Success
Through education and support, NoOnes is committed to helping entrepreneurs in the Global South reach new heights. By offering tools and resources tailored to local needs, NoOnes aims to empower businesses to thrive within their own communities.
Seizing Opportunities in the Global South
Despite challenges, opportunities abound for entrepreneurs in the Global South. NoOnes stands ready to support dynamic individuals who are eager to embrace the potential of Bitcoin and drive economic growth in the region.
Ray Youssef's vision for NoOnes exemplifies a commitment to empowering entrepreneurs in the Global South and unlocking their full potential in the world of cryptocurrency.
Frequently Asked Questions
How Do You Make a Withdrawal from a Precious Metal IRA?
First, decide if it is possible to withdraw funds from an IRA. Then make sure you have enough cash to cover any fees or penalties that may come with withdrawing funds from your retirement plan.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once you have completed these calculations, you need to open your brokerage account. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. Either way, you'll need to weigh the pros and cons of each before choosing one.
Because you don't have to store individual coins, bullion bars take up less space than other items. However, each coin will need to be counted individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some people like to keep their coins in vaults. Others prefer to store them in a safe deposit box. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
How much tax is gold subject to in an IRA
The tax on the sale of gold is based on its fair market value when sold. When you purchase gold, you don't have to pay any taxes. It is not considered income. If you sell it later you will have a taxable profit if the price goes down.
You can use gold as collateral to secure loans. Lenders will seek the highest return on your assets when you borrow against them. For gold, this means selling it. The lender might not do this. They may just keep it. They may decide to resell it. You lose potential profits in either case.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. You should leave it alone if you don't intend to lend against it.
Can I buy Gold with my Self-Directed IRA?
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. You can speculate on future prices, but not own the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
How to Open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should be filled within 60 calendar days of opening the account. Once this is done, you can start investing. You can also contribute directly to your paycheck via payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. The process for an ordinary IRA will not be affected.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS stipulates that you must have earned income and be at least 18-years old. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Additionally, you must make regular contributions. These rules apply to contributions made directly or through employer sponsorship.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, physical bullion will not be available for purchase. This means that you will not be allowed to trade shares or bonds.
Your precious metals IRA may also be used to invest in precious-metal companies. Some IRA providers offer this option.
However, investing in precious metals via an IRA has two serious drawbacks. First, they aren't as liquid than stocks and bonds. This makes it harder to sell them when needed. Second, they are not able to generate dividends as stocks and bonds. You'll lose your money over time, rather than making it.
What precious metal should I invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. Gold is a traditional haven investment. However, it is not always the most profitable. For example, if you need a quick profit, gold may not be for you. You should invest in silver if you have the patience and time.
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.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
bbb.org
finance.yahoo.com
forbes.com
How To
Three Ways to Invest In Gold For Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. You can invest in gold through your 401(k), if you have one at work. You may also be interested in investing in gold beyond your workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, deposit cash into your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. Physical gold coins are easier to sell than certificates. You don't have to store physical gold coins.
- Diversify your Portfolio. Also, diversify your wealth and invest in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
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By: Ray Youssef
Title: NoOne's Mission to Empower Global South Entrepreneurs Through Bitcoin
Sourced From: bitcoinmagazine.com/culture/noones-helping-nigeria-after-binance-exit-
Published Date: Fri, 29 Mar 2024 18:00:03 GMT
