Robert Kiyosaki on Depression and War
Robert Kiyosaki, the co-author of the best-selling book Rich Dad Poor Dad, has issued a warning that our leaders are driving the United States into an economic depression and a war. Kiyosaki, who has been a vocal advocate for financial education and investment, has reiterated his recommendation to buy bitcoin amidst growing anticipation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs).
Rich Dad Poor Dad, published in 1997 and co-authored by Kiyosaki and Sharon Lechter, has been a New York Times Best Seller for over six years. With more than 32 million copies sold in over 51 languages and across 109 countries, it has become an influential book on personal finance.
Kiyosaki took to social media platform X on Saturday to express his concerns, stating, "The definition of insanity is doing the same thing over and over again and expecting things to change." He emphasized that our leaders, referring to President Biden, Treasury Secretary Yellen, and Fed Chairman Powell, are not acting in the best interest of the country, and urged people to take action:
"They will drive us into Depression and War. Don't be the fourth Stooge. Buy gold, silver, and bitcoin. It's time to become smarter and wealthier."
This is not the first time Kiyosaki has expressed his concerns about the future state of the economy. In December 2023, he warned that the next market crash could lead to a depression. He has also voiced his worries about a major market collapse, the possibility of war, and the challenging times ahead for millions of people. As a potential safeguard against these economic challenges, Kiyosaki recommends preparing for hyperinflation and suggests investing in bitcoin.
Kiyosaki has long been an advocate for investing in precious metals and bitcoin. He has even recommended buying bitcoin exchange-traded funds (ETFs), which could soon be approved by the SEC. In November of last year, Kiyosaki urged investors to get into BTC now, "before it's too late." He believes that bitcoin offers lifelong financial security and freedom, and predicts that BTC will reach $135,000 in value, becoming invaluable once the Federal Reserve launches a central bank digital currency (CBDC).
What are your thoughts on the warnings from Robert Kiyosaki, the author of Rich Dad Poor Dad? Share your opinions in the comments section below.
Frequently Asked Questions
Is it a good idea to open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. You cannot recover any money you have invested. All your investments can be lost due to theft, fire or flood.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around thousands of years and are irreplaceable. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
When you open an account, keep in mind that you won't receive any returns until your retirement. Do not forget about the future!
How much of your portfolio should you hold in precious metals
This question can only be answered if we first know what precious metals are. Precious Metals are elements that have a very high relative value to other commodities. This makes them valuable in investment and trading. Gold is today the most popular precious metal.
There are also many other precious metals such as platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is also relatively unaffected both by inflation and deflation.
In general, prices for precious metals tend increase with the overall marketplace. However, they may not always move in synchrony with each other. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
When the economy is healthy, however, the opposite effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. Since these are scarce, they become more expensive and decrease in value.
You must therefore diversify your investments in precious metals to reap the maximum profits. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
What are some of the benefits of a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It's tax-deferred until you withdraw it. You have total control over how much each year you take out. There are many types available. Some are better suited for people who want to save for college expenses. Others are intended for investors seeking higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. However, once they begin withdrawing funds, these earnings are not taxed again. This account may be worth considering if you are looking to retire earlier.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. You won't have the hassle of making deposits each month. To avoid missing a payment, direct debits can be set up.
Finally, gold is one the most secure investment options available. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even in economic turmoil, gold prices tends to remain relatively stable. This makes it a great investment option to protect your savings from inflation.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts where you deposit your own money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, your principal (the deposit amount originally made) is not transferable. This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. You will pay income taxes when you withdraw your earnings. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's further assume you earn $10,000 annually after contributing. You would owe $3,500 in federal income taxes on the earnings. You would have $6,500 less. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
There are two types if Roth IRAs: Roth and Traditional. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You have the option to withdraw any amount from a traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal required, unlike a traditional IRA. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- (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)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
