A Grim Outlook
Renowned author and financial expert, Robert Kiyosaki, has recently reiterated his grave concerns regarding an impending financial crash. As the co-author of the bestselling book, Rich Dad Poor Dad, Kiyosaki's predictions have gained significant attention. In a recent social media post, he emphasized the dire state of the U.S. banking system and warned that the collapse of the S&P 500 would have catastrophic consequences, affecting millions of retirement plans. Kiyosaki stressed that the time to act is now and that individuals cannot afford to play games with their financial future.
Rich Dad Poor Dad's Success
Rich Dad Poor Dad, co-authored by Robert Kiyosaki and Sharon Lechter, has enjoyed immense popularity since its publication in 1997. The book has remained on the New York Times Best Seller List for over six years and has been translated into more than 51 languages, selling over 32 million copies worldwide. Kiyosaki's expertise and insights have resonated with readers from various backgrounds, making him a trusted authority in the realm of personal finance.
A Warning Signs
Kiyosaki's recent post on social media highlighted the striking resemblance between the current situation and the financial crisis of 2008. He observed a significant sell-off in bank credit, which he believes may mark the beginning of the largest crash in history. Throughout his warning, Kiyosaki emphasized the importance of taking immediate action to protect one's financial well-being, cautioning against the dangerous game of Russian Roulette.
Investing in Precious Metals and Bitcoin
In a subsequent post, Kiyosaki expressed gratitude towards those who had initially laughed at his recommendation to invest in silver since 2010. Undeterred by the skepticism, he urged individuals to consider purchasing gold, silver, and bitcoin while they still have the chance. Kiyosaki acknowledged that such investments might lead to mockery from friends and family, but he remained steadfast in his belief that these assets would provide a safeguard against the looming global banking crisis. Referencing his predictions from Rich Dad Poor Dad, he reminded readers that previous warnings had also been met with laughter, only to be proven accurate in the 2008 financial crisis. In conclusion, Kiyosaki issued a final warning, indicating that the S&P 500 would be the next casualty, jeopardizing millions of 401ks and IRAs.
A Track Record of Concern
This is not the first time that Robert Kiyosaki has sounded the alarm about an impending crash. In recent months, he has expressed fears of a potential depression, a substantial market collapse, and challenging times ahead for the masses. Furthermore, he has urged investors to consider entering the bitcoin market before it is too late. Kiyosaki's consistent warnings have prompted individuals to reflect on their investment strategies and consider the potential risks in the current economic climate.
In conclusion, Robert Kiyosaki's recent warnings about an impending financial crash should not be taken lightly. As a respected author and financial expert, his insights and predictions have garnered significant attention. It is crucial for individuals to evaluate their financial positions and take appropriate steps to mitigate potential risks. The future may be uncertain, but with careful planning and informed decision-making, one can navigate these challenging times and safeguard their financial well-being.
Frequently Asked Questions
What precious metals do you have that you can invest in for your retirement?
Understanding what you have now saved and where you are currently saving money is the first step in retirement planning. Take a look at everything you own to determine how much you have left. This includes all savings accounts and stocks, bonds or mutual funds. It also should include certificates of Deposit (CDs), life insurance policies. Annuities, 401k plans, real-estate investments, and other assets like precious metals. To determine how much money is available to invest, add all these items.
If you are between 59 and 59 1/2 years, you might consider opening a Roth IRA. A Roth IRA, on the other hand, allows you to subtract contributions from your taxable revenue. You won't be allowed to deduct tax for future earnings.
If you decide you need more money, you will likely need to open another investment account. Begin with a regular brokerage.
Is it possible to hold precious metals in an IRA
The answer to that question will depend on whether the IRA owner plans to diversify his holdings to gold and/or keep them safekeeping.
Two options are available for him if diversification is something he desires. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. But, what if he doesn't want to sell his precious metal investments? In that case, he should continue holding onto them as they would be perfectly suitable for storing within an IRA account.
Are precious-metal IRAs a good option?
Answers will depend on the amount of risk you are willing and able to take in order for your IRA account to lose value. As long as your assets don't grow very rapidly, these are a good option. These might not be the best options if you're looking to invest in assets that have the potential to rise in value (gold) and plan to save for retirement for many decades. These fees can reduce any gains.
Does a gold IRA earn interest?
It all depends upon how much money you invest. If you have $100,000 to spare, then yes. If your net worth is less than 100,000, no.
How much money you place in an IRA will determine how it earns interest.
If you invest more than $100,000 each year in retirement savings, you may want to open a regular brokerage instead.
You will likely earn more interest there, but you'll also be exposed to riskier investments. If the stock market crashes you don't wish to lose your entire investment.
An IRA is better if you have $100,000 to invest per year. You can do this until the market grows again.
How much should precious metals be included in your portfolio?
Investing in physical gold is the best way to protect yourself from inflation. Because precious metals are a long-term investment, you can not only buy in to the current value but also the future potential of these assets. You can expect your investment to increase in value with the rise of metal prices.
If you hold on to your investments for at least five years, you will receive tax benefits on any gains. After that time, capital gains taxes will be due. You can learn more about gold coins by visiting our website.
Statistics
- 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)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.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)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
External Links
en.wikipedia.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
kitco.com
investopedia.com
How To
Precious Metals that have been approved by the IRA
IRA-approved precious materials are excellent investments whether you're looking for ways to save money for retirement or to invest in your next business venture. Diversifying your portfolio can protect you from inflation with a variety of options, including silver coins and gold bars.
Two main types of investment products in precious metals are available. Because they are tangible, physical bullion products like bars and coins can be considered assets. On the other hand, exchange-traded funds (ETFs) are financial instruments that track the price movements of an underlying asset, such as gold. ETFs trade like stocks on stock exchanges, which means investors can buy shares of them directly from the company issuing them.
There are many types of precious metals that you can purchase. For jewelry and ornamentation, gold and silver are common. Platinum and palladium are associated more with luxury items. Palladium has a tendency to retain its value longer than platinum making it an ideal choice for industrial uses. While silver is used in industry, decorative uses are preferred over it.
Due to the high cost of refining and mining raw materials, physical bullion products are more expensive. These products are generally safer and more secure than paper currencies. In particular, when the U.S. dollar is less powerful than it once was, consumers might lose confidence in the currency. However, physical bullion products don't rely on trust between nations or companies. They are backed instead by central banks or governments, providing customers with peace of mind.
According to supply and demand, gold prices can fluctuate. If demand rises, the price will increase. Conversely, if supply exceeds demands, the price will drop. Investors have the opportunity to profit by fluctuations in gold's price. Physical bullion investors benefit because they have a greater return on their capital.
Precious metals, unlike other investments, are immune to economic recessions or changes in interest rates. As long demand is strong, gold prices will continue to climb. Precious metals are safe havens in times of uncertainty because of this.
The most widely used precious metals include:
- Gold – It is the oldest form of precious metallic and is sometimes called “yellow material”. Gold is a household name but it is rare underground element. The majority of the world's reserves of gold are located in South Africa, Australia and Peru.
- Silver – Silver, which is second in value after gold, is silver. Silver is also mined from natural resources, just like gold. Silver, unlike gold, is often extracted from ore instead of rock formations. Silver is widely used in industry and commerce because of its durability, conductivity, malleability, and resistance to tarnishing. The United States is responsible for 98% worldwide silver production.
- Platinum – The third most precious precious metal is platinum. It can be used for industrial purposes, such as in fuel cells and catalytic converters. It is used in dentistry for dental crowns, fillings and bridges.
- Palladium- Palladium, the fourth most precious precious metal, is Palladium. Its popularity is growing rapidly among manufacturers because of its strength and stability. Palladium is also used in electronics, automobiles, aerospace, and military technology.
- Rhodium – Rhodium has been ranked fifth among precious metals. Rhodium is very rare but is highly sought for its use in automotive catalysts.
- Ruthenium – Ruthenium is the sixth most valuable precious metal. While palladium and platinum are scarce, ruthenium has a large supply. It is used in steel making, aircraft engines, and chemical manufacturing.
- Iridium – Iridium is the seventh-most valuable precious metal. Iridium has a significant role in satellite technology. It is used to build satellites orbiting that transmit television signals, phone calls, and other communications.
- Osmium – Osmium, the eighth most precious precious metal, is also known as Osmium. Because of its extreme temperature resistance, Osmium is often used in nuclear reactors. It is also used in cutting tools, jewelry, and medicine.
- Rhenium: Rhenium ranks as the ninth-most valuable precious metal. Rhenium can be used to refine oil and gas, make semiconductors and rocketry.
- Iodine – Iodine is the tenth most valuable precious metal. Iodine's uses include radiography, photography and pharmaceuticals.
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By: Kevin Helms
Title: Robert Kiyosaki's Dire Warning: No Time to Play Russian Roulette With Your Life
Sourced From: news.bitcoin.com/robert-kiyosaki-doubles-down-on-biggest-crash-prediction-no-time-to-play-russian-roulette-with-your-life/
Published Date: Tue, 12 Dec 2023 02:00:08 +0000
