Robert Kiyosaki, the bestselling author of Rich Dad Poor Dad, is sounding the alarm once again about the U.S. economy. In his latest warning, Kiyosaki predicts a massive market collapse, the potential for a new Great Depression, and the looming possibility of war. He emphasizes that millions of people will face extremely difficult times ahead and advises them to be prepared by investing in gold, silver, and bitcoin.
Robert Kiyosaki Sees 'Really Hard Times Ahead' for Millions
Robert Kiyosaki, renowned for his book Rich Dad Poor Dad, which has remained on the New York Times Best Seller List for over six years, is once again issuing dire warnings about the state of the U.S. economy. With over 32 million copies sold worldwide, the book has been translated into 51 languages and is available in 109 countries.
On the social media platform X, Kiyosaki recently stated that the current state of affairs in the White House, U.S. Treasury, and Federal Reserve has led to a "giant market collapse." He further added, "Possible next Great Depression. Possibly war. For millions, really hard times ahead."
Kiyosaki believes that those who approach the next Great Depression with the right mindset and adequate preparation will find it to be the best time of their lives. He strongly advises individuals to take the necessary steps to protect themselves by investing in gold, silver, and bitcoin.
Notably, Kiyosaki has consistently warned about the challenging times that lie ahead for the U.S. economy. In addition to advocating for gold, silver, and bitcoin, he also suggests investing in bitcoin exchange-traded funds (ETFs) as an alternative for those who are not comfortable purchasing BTC directly. It is anticipated that the U.S. Securities and Exchange Commission (SEC) will soon approve applications for spot bitcoin ETFs.
Last month, Kiyosaki shared his recommended investment allocation to help investors navigate what he considers to be the "greatest crash in world history." This month, he is urging investors to brace themselves for hyperinflation, highlighting bitcoin as the best form of protection. He has previously stated that bitcoin offers lifelong financial security and freedom, advising investors to enter the cryptocurrency market sooner rather than later.
What are your thoughts on Robert Kiyosaki's warnings? Share your opinion in the comments section below.
Frequently Asked Questions
What type of IRA are you using to buy precious metals stocks?
Many financial institutions and employers offer an individual retirement account (IRA) as an investment option. You can contribute to an IRA account which grows tax-deferred and can be withdrawn at any time.
An IRA allows for you to save taxes while still paying taxes when you retire. This allows you to save more money today and pay less taxes tomorrow.
The beauty of an IRA is that contributions and earnings grow tax-free until you withdraw the funds. Early withdrawals are subject to penalties.
After 50 you can still make contributions to your IRA. There is no penalty. If you decide to withdraw your IRA from retirement, you will owe income taxes as well as a 10% federal penalty.
Withdrawals made before age 59 1/2 are subject to a 5% IRS penalty. For withdrawals made between the age of 59 1/2 & 70 1/2, a 3.4% IRS penalty will apply.
A 6.2% IRS penalty applies to withdrawals exceeding $10,000 per annum.
What is a Precious Metal IRA (IRA)?
Precious and precious metals are excellent investments for retirement accounts. They have held their value since biblical times. A great way to diversify and protect your portfolio is to invest in precious metals such silver, gold, and platinum.
In addition, some countries allow citizens to store their money in foreign currencies. You can buy gold bars in Canada, and then keep them at the home. Then, you can buy gold bars in Canada and sell them for Canadian dollars when your family is home.
This is an easy way to invest precious metals. It's particularly helpful for people who don't reside in North America.
How Much of Your IRA Should Include Precious Metals?
Protecting yourself from inflation is best done by investing in precious metals such silver and gold. It's more than just an investment in retirement. It also prepares you for any economic downturn.
Although silver and gold prices have increased in recent years, they can still be considered safe investments as they don't fluctuate nearly as much as stocks. There is always demand for these materials.
Predictable and stable prices for gold and silver are common. They are most likely to rise when the economy grows and fall during recessions. This makes them great money-savers and long-term investments.
Your total portfolio should be 10 percent in precious metals. If you want to diversify even further your portfolio, that percentage could rise.
How can I choose an IRA?
Understanding the type of account you have is the first step towards finding an IRA that suits your needs. This will include whether you're looking for a Roth IRA or a traditional IRA. You should also know how much money your have available to invest.
The next step is determining which provider fits your situation best. While some providers offer both accounts, others specialize in only one.
Consider the fees that come with each option. Fees can vary greatly between providers, and may include annual maintenance charges and other fees. Some providers charge a monthly cost based on how many shares you own. Others charge only once per quarter.
Should you open a Precious Metal IRA
Answers will depend on whether you have an investment goal or how high you are willing and able to tolerate risk.
If you plan to use the money for retirement, you should open an account now.
Precious metals will appreciate over time. They offer diversification advantages.
Furthermore, the prices of gold and silver tend to move together. This makes them an excellent choice for investors in both assets.
Precious metal IRAs are not recommended for anyone who isn't planning to use their money for retirement and doesn't want any risk.
Statistics
- Silver must be 99.9% pure • (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
External Links
regalassets.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
en.wikipedia.org
How To
How to Decide if a Gold IRA Is Right for You
Individual Retirement Account (IRA) is the most popular type. IRAs may be obtained from financial planners or banks as well as mutual funds and banks. The IRS allows individuals up to $5,000 in annual contributions without tax consequences. This amount can be deposited into any IRA, regardless your age. However, certain IRAs have limits on the amount you can deposit. For example, a Roth IRA contribution is not allowed if you are less than 59 1/2. For those who are younger than 50, contributions can only be made after you turn 70 1/2. Individuals who work for their employer could be eligible for matching employer contributions.
There are two main types of IRAs: Traditional and Roth. A traditional IRA lets you invest in stocks, bonds, real estate, and other investments, while a Roth IRA lets you invest only in after-tax dollars. Roth IRA contributions are not subject to tax when they are made, but Roth IRA withdrawals are. Some people prefer to combine these two accounts. Each type of IRA comes with its own pros and cons. So what should you consider before deciding which type of IRA works best for you? Three things to bear in mind before you decide which type of IRA is best for you:
Traditional IRA Pros
- The company can choose from different contribution options
- Employer match possible
- Can save more than $5,000 per person
- Tax-deferred tax growth until withdrawal
- Income level may be a factor in some restrictions
- The maximum contribution limit is $5,500 per year ($6,500 if married and filing jointly)
- Minimum investment: $1,000
- After the age of 70 1/2, mandatory distributions must be taken.
- To open an IRA, you must be at least 5 years old
- You cannot transfer assets between IRAs
Roth IRA pros
- Contributions are free of taxes
- Earnings increase tax-free
- There are no minimum distribution requirements
- There are only a few investment options available: stocks, bonds and mutual funds.
- There is no maximum amount limit
- There are no limitations on the ability to transfer assets between IRAs
- Age 55 or older to open an IRA
It is important to understand that not all companies offer the exact same IRAs when opening a new IRA. Some companies allow you to choose between a Roth IRA or a traditional IRA. Some companies will allow you to combine both. You should also note that different types of IRAs may have different requirements. For example, a Roth IRA has no minimum investment requirement, whereas a traditional IRA requires a minimum investment of just $1,000.
The bottom line
When choosing an IRA, the critical factor is whether you want to pay taxes now or later. If you plan to retire in the next ten years, a traditional IRA might be the best choice. A Roth IRA may be a better choice for you. However, it's always a good idea for you to talk with a professional regarding your retirement plans. You need someone who knows what's happening in the market and can recommend the best options for your situation.
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By: Kevin Helms
Title: Robert Kiyosaki Warns of Giant Market Collapse, War, ‘Really Hard Times Ahead' for Millions
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
