Renowned author and Rich Dad Poor Dad co-author, Robert Kiyosaki, has raised concerns about the future of the U.S. economy, predicting an economic depression and a war. As anticipation grows over the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Kiyosaki has reiterated his recommendation to buy bitcoin.
Kiyosaki's Warning on Depression and War
Robert Kiyosaki, the author of the highly acclaimed book Rich Dad Poor Dad, has issued a warning about the direction the nation is headed. Rich Dad Poor Dad, co-authored by Kiyosaki and Sharon Lechter, has been a New York Times Best Seller for more than six years and has sold over 32 million copies worldwide.
On social media platform X Saturday, Kiyosaki expressed his concern, stating, "The definition of insanity is doing the same thing over and over again and expecting things to change." He further emphasized, "Our leaders, the 3 Stooges Biden as President, Yellen as Treasury Secretary, and Powell as Fed Chairman, are doing us a favor," while cautioning:
"They will drive us into Depression and War. Don't be the fourth Stooge. Buy gold, silver, and bitcoin. Time to get smarter and get richer."
Kiyosaki has consistently voiced his apprehension about the possibility of significant economic turmoil in the near future. In December 2023, he warned that the next crash could potentially lead to a depression. He has also expressed concerns about a large-scale market collapse, the outbreak of war, and the hardships that millions of people might face. To safeguard against these economic challenges, Kiyosaki recommends preparing for hyperinflation and suggests investing in bitcoin.
For quite some time, Kiyosaki has advised investors to diversify their portfolios by purchasing gold, silver, and bitcoin. He has even gone as far as recommending the purchase of bitcoin exchange-traded funds (ETFs), which may soon receive approval from the Securities and Exchange Commission (SEC). In November of last year, Kiyosaki urged investors to enter the bitcoin market now, before it's too late. He firmly believes that bitcoin offers lifelong financial security and freedom, and predicts that its value will soar to $135,000, becoming invaluable once the Federal Reserve launches a central bank digital currency (CBDC).
What are your thoughts on the warnings issued by Robert Kiyosaki, the author of Rich Dad Poor Dad? Share your opinions in the comments section below.
Frequently Asked Questions
What is a gold IRA account?
You can purchase physical bullion gold coins at any point in time. To start investing in gold, it doesn't matter if you are retired.
The beauty of owning gold as an IRA is you can hold on to it forever. Your gold assets will not be subjected tax upon your death.
Your heirs can inherit your gold and avoid capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done that, you'll receive an IRA custody. This company acts as an intermediary between you and IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required 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 A higher interest rate will be offered if you invest more.
Taxes will apply to gold that you take out of an IRA. You will be liable for income taxes and penalties if you take the entire amount.
You may not be required to pay taxes if you take out only a small amount. However, there are some exceptions. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. You could end up with severe financial consequences.
How Much of Your IRA Should Be Made Up Of Precious Metals
It is important to remember that precious metals can be a good investment for anyone. You don’t need to have a lot of money to invest. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might also be interested in buying physical coins, such bullion rounds or bars. You could also buy shares in companies that produce precious metals. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Although they aren’t stocks, they offer the possibility for long-term gains.
They also tend to appreciate over time, unlike traditional investments. You'll probably make more money if your investment is sold down the line than traditional investments.
Should You Invest Gold in Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. If you're unsure about which option to choose then consider investing in both.
Gold offers potential returns and is therefore a safe investment. Retirement investors will find gold a worthy investment.
Gold is more volatile than most other investments. As a result, its value changes over time.
But this doesn't mean you shouldn't invest in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another advantage of gold is its tangible nature. Unlike stocks and bonds, gold is easier to store. It can also be transported.
Your gold will always be accessible as long you keep it in a safe place. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold rises in the face of a falling stock market.
Another advantage to investing in gold is the ability to sell it whenever you wish. Like stocks, you can sell your position anytime you need cash. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Don't buy too many at once. Start small, buying only a few ounces. Then add more as needed.
Remember, the goal here isn't to get rich quickly. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Can the government seize your gold?
Your gold is yours and the government cannot take it. You worked hard to earn it. It belongs to your. This rule could be broken by exceptions. Your gold could be taken away if your crime was fraud against federal government. Your precious metals can also be lost if you owe tax to the IRS. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.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)
- 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)
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Investing gold vs. stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because many people believe that gold investment is no longer profitable. 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, though, gold investment can offer significant benefits. Let's take a look at some of the benefits.
Gold is the oldest known form of currency. It has been in use for thousands of year. People around the world have used it as a store of value. It continues to be used in South Africa, as a way of paying their citizens.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. When looking into buying gold bullion, you must decide how much you are willing to spend 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, although gold prices have declined in recent years, the cost of producing it has not changed.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. But, if your goal is to make long-term investments in gold, this might be worth considering. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope this article helped you to gain a better appreciation of gold as a tool for investment. We recommend that you investigate all options before making any major decisions. Only then will you be able to make an informed decision.
By: Kevin Helms
Title: Robert Kiyosaki Warns of Economic Depression and War, Recommends 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