Introduction
Robert Kiyosaki, the famous author of Rich Dad Poor Dad, has recently shared insights into how he made the majority of his wealth. He believes that the future of stock and bond markets lies in resources, rather than the traditional Silicon Valley technology startups. Kiyosaki predicts that resources will be "the coming boom in the investment world."
Robert Kiyosaki's Journey to Wealth
Robert Kiyosaki, along with his co-author Sharon Lechter, penned the influential book Rich Dad Poor Dad in 1997. This book has enjoyed remarkable success, spending over six years on the New York Times Best Seller List. It has sold more than 32 million copies across 109 countries, translated into 51 languages.
Kiyosaki recently took to social media platform X to reveal how he accumulated the majority of his wealth. He announced that he will be speaking at the Vancouver Resource Investment Conference (VRIC) on January 20-21, 2024. According to the event's website, Kiyosaki considers this conference to be the "most important investor conference for 2024."
The Importance of Resources
Kiyosaki emphasized that the future of stock and bond markets hinges on startups in the resource sector, rather than technology startups in Silicon Valley. He revealed that he made most of his money by investing in resources, not technology.
He further shared that his journey began as a startup at the VRIC 25 years ago. Encouraging others to join him at the VRIC, he invited them to be part of the upcoming investment boom in the resource sector.
The Vancouver Resource Investment Conference
The VRIC is organized by Cambridge House International, a company specializing in investment conferences for the resource sector. Over 300 junior mining companies will gather at the event, showcasing the exploration and production of critical commodities necessary for progress in the 21st century.
Jay Martin, the CEO of Cambridge House and the host of the VRIC, expressed that we are entering an era of de-globalization. He believes that demand for key resources will skyrocket as global trade dynamics shift irreversibly.
Real Money Is Made at the VRIC
In an interview with Stockpulse at the previous VRIC, Kiyosaki stated that "real money is made" at events like these. He admitted that he learned more about entrepreneurship, business, and global trade from his experiences at the conference than from any other source.
Kiyosaki advised young people to keep learning through real-life experiences rather than relying solely on textbooks and college courses. He cautioned that gold mining, while potentially profitable, is a tough business with higher risks involved.
The Importance of Resources in the World
Kiyosaki emphasized that the world runs on resources. At the VRIC, he expressed his interest in gold, silver, and copper, stating that he owns a significant amount of silver. He shared that he previously discovered a silver mine in Argentina, which was later acquired by Canadian mining company Yamana Gold. In addition, he took Trixie Mine in Utah public in July of this year.
Kiyosaki recommended that people pay attention to his actions rather than just his words. He disclosed that he owns substantial amounts of gold and silver, consistent with his long-standing endorsement of these precious metals as sound investments.
Robert Kiyosaki's Investment Advice
In addition to his support for gold and silver, Kiyosaki is a proponent of bitcoin. He believes that these three assets, gold, silver, and bitcoin, are the best investments during times of instability. In fact, he advised investors to buy bitcoin before it becomes too late. Kiyosaki has previously shared his reasons for continuing to purchase BTC.
What are your thoughts on Robert Kiyosaki's advice and his explanation of how he accumulated his wealth? Share your opinions in the comments section below.
Frequently Asked Questions
How much of your IRA should include precious metals?
When investing in precious metals, the most important thing to know is that they aren’t just for wealthy people. You don’t have to be rich to invest in them. You can actually make money without spending a lot on gold or silver investments.
You might also be interested in buying physical coins, such bullion rounds or bars. Also, you could buy shares in companies producing precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
Regardless of your choice, you’ll still benefit from owning precious metals. Even though they aren’t stocks, they still offer the possibility of long-term growth.
And unlike traditional investments, they tend to increase in value over time. You’ll probably make more money if your investment is sold down the line than traditional investments.
How can you withdraw from an IRA of Precious Metals?
You first need to decide if you want to withdraw money from an IRA account. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. This option will require you to pay taxes on the amount that you withdraw.
Next, you’ll need to figure out how much money you will take out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Once you have completed these calculations, you need to open your brokerage account. A majority of brokers offer free signup bonuses, as well as other promotions, to get 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 you finally get around to making withdrawals from your precious metal IRA, you’ll need a safe place where you can store your coins. Some storage facilities can accept bullion bar, while others require you buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars are easier to store than individual coins. However, each coin will need to be counted individually. On the flip side, storing individual coins allows you to easily track their value.
Some prefer to keep their money in a vault. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Can I keep a Gold ETF in a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
You can also get an Individual Retirement Annuity, or IRA. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.
How much tax is gold subject to in an IRA
The fair market value of gold sold is the basis for tax. You don’t pay taxes when you buy gold. It is not considered income. If you sell it later, you’ll have a taxable gain if the price goes up.
Loans can be secured with gold. Lenders will seek the highest return on your assets when you borrow against them. This often means selling 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. It’s better to keep it alone.
What are the benefits to having a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It’s tax-deferred until you withdraw it. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better suited for people who want to save for college expenses. Others are made for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. So if you’re planning to retire early, this type of account may make sense.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another benefit to owning IRA gold is the ability to withdraw automatically. This eliminates the need to constantly make deposits. You could also set up direct debits to never miss a payment.
Finally, gold is one of the safest investment choices available today. Because it’s not tied to any particular country, its value tends to remain steady. Even in economic turmoil, gold prices tends to remain relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
How does a gold IRA account work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can purchase gold bullion coins in physical form at any moment. You don’t have to wait until retirement to start investing in gold.
You can keep gold in an IRA forever. 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 will first need to create an individual retirement account (IRA). After you have done this, an IRA custodian will be assigned to you. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual returns.
Once you’ve established your gold IRA, you’ll be able to purchase gold bullion coins. Minimum deposit required is $1,000 If you make more, however, you will get a higher interest rate.
You’ll have to pay taxes if you take your gold out of your IRA. You will be liable for income taxes and penalties if you take the entire amount.
If you only take out a very small percentage of your income, you may not need to pay tax. There are some exceptions, though. 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.
You shouldn’t take out more then 50% of your total IRA assets annually. You could end up with severe financial consequences.
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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- 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 Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement account
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads and Example. Risk Metrics
cftc.gov
bbb.org
How To
Tips for Investing with Gold
Investing in Gold has become a very popular investment strategy. This is due to the many benefits of investing in gold. There are many options for investing in gold. Some people choose to purchase gold coins physically, while some prefer to invest with gold ETFs.
Before you buy any type of gold, there are some things that you should think about.
- First, find out if your country allows gold ownership. If your country allows you to own gold, then you are allowed to proceed. You might also consider buying gold in foreign countries.
- You should also know the type of gold coin that you desire. There are many options for gold coins: yellow, white, and rose.
- Third, consider the cost of gold. It is best to begin small and work your ways up. Diversifying your portfolio is a key thing to remember when purchasing gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- Remember that gold prices are subject to change regularly. Therefore, you have to be aware of current trends.
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By: Kevin Helms
Title: Rich Dad Poor Dad Author Robert Kiyosaki Shares How He Made Most of His Money
Sourced From: news.bitcoin.com/rich-dad-poor-dad-author-robert-kiyosaki-shares-how-he-made-most-of-his-money/
Published Date: Wed, 27 Dec 2023 01:30:09 +0000
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