I have touched on this topic in the past. Let's do it again.
I see people looking for answers to protect their wealth.
I think there is essentially no way to avoid some financial loss with the upcoming financial crisis. If there was a way to protect your 401k, everyone would be talking about it and I see no answers floating around.
You have to look at it from a 40,000 foot view though.
The entire world market is over-stimulated by spending and quantitative easing. Inflation is getting worse because the money being thrown into the market by the Fed. This created a falsely elevated stock value that will crumble one day soon.
In order to fix our financial system, we must first get rid of the Fed and then there must be a major market correction.
Look at the DOW history here.
https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart
Notice when our currency was tied to gold, back in the early 60's for instance, the DOW was between 5000 and 8000. Prices of everything was really cheap.
Price of a gallon of gasoline was .30 cents in 1965.
https://www.energy.gov/eere/vehicles/fact-741-august-20-2012-historical-gasoline-prices-1929-2011
Trump's plan is to get rid of the Fed and once again back the dollar by gold. Q told us gold would destroy the Fed.
Now, if you lose 50% of your 401k but at the same time a gallon of gasoline falls from $3.50 a gallon to 30 cents a gallon, how much buying power have you really lost in your 410k?
The answer is none, you may be better off even after losing half your wealth.
Taking us back to the days of the 1960's when one income was enough to support a family is where I see this going. The Fed got us in this situation, getting rid of the Fed will remove us from this situation. There will be a transition period where things get hectic, but it will be for the better.
Back in the 1960's the dollar bill was called a silver certificate. The value of a dollar was linked to the price of a ounce of silver. In 1963 the price of a ounce of silver was $1.29, today it is $23.50.
https://www.silverinstitute.org/silverprice/1960-1965/
So, if the value of the dollar is once again tied to the price on a ounce of silver, how many gallons of gasoline can you buy for a dollar?
23.50 / 3.50 = 6.7 gallons
New currency would need to be distributed, new coinage. Over time, the price of everything you buy in the market place would be depreciated, price correction to our new currency would take place.
For example, in the initial stages, if you are buying a gallon of gasoline with old currency you pay $3.50, if you are using new currency, you pay 30 cents. There may be separate gas pumps at each station. Some set for old currency, other set for new currency. This would go on till all the old currency is pulled from the system.
Also, minimum wage, hourly wages and salaries would need to be adjusted. Someone making $100,000 per year could save enough to retire on in few years.
Homes would be depreciated, so your mortgages and house payments would need to be recalculated. Property taxes recalculated.
How long it takes and how it gets done, I have no idea, I assume it will take time for a full correction. Rumor is, federal income taxes will be eliminated, this will give a cushion for people trying to balance their checkbooks. The best part is, the FED will be dead. No more stealing wealth from the people by charging us interest on fake money created from thin air.
Our National wealth would be reinvested back into the country instead of filling the pockets on the elite bankers.
This is the meaning behind, "The Best is Yet to Come".
Have faith that all the details have been thought out before this correction started taking place. Trump would never allow our country to fail. Get rid of your anxiety, worrying about it will do no good. We are on a ride to better days.
Stay safe my frens!!!
WWG1WGA!!!
A big pile of hopium within this article. Glad you've ruminated upon the theory behind your thesis. I'm thinking it will take a while for the dust to settle once the traitors are sent to prison and the country is back to its original intents. Maybe a couple of months to six months. I sure do hope folks have at least that much food and other supplies in close proximity to their house. If the country goes dark then idiots will take that as a sign to loot and steal to their hearts content. Thus the need to have a stash of supplies on hand so you won't have to tempt fate with the thugs on the streets. Timing is everything and I believe Q has timed the taking back of America so folks won't freeze to death if some electrical problems begin. People can survive in the springtime and summer with ease, but when winter hits its a little harder to heat a house, especially if there's going to be ten days of darkness. (whether that means communication darkness or energy darkness IDK.). Hope everybody is stocked up and their spidey senses are attuned to all situations. God bless.
Aquire silver and gold , physical type.
BUY CRYPTO
To save ANYTHING you have to take it out of their system
With all due respect, how does that work for us peons? Doesn't it encourage Mark of the beast CBDC, or am I misunderstanding?
CBDC is NOT crypto. It's very important that people realize this. Because one might be fooled thinking it's the same idea. Crypto is decentralized. CBDC will be centralized.
You own your crypto if it's stored on your own private wallet. You can even download it to a jump drive type device. (Similar to keeping money out of the bank and under your mattress). All crypto transactions are private and untraceable.
You cannot own your CBDC. It cannot be stored in your own private wallet or jump drive device. It stays in centralized control. All transactions are monitored by the central bank. They can shut you off or limit you however they like.
No they're not, unless it's Monero you can look at the blockchain and see every transaction. Most cryptos were built for transparency.
The Blockchain does not identify the people making the transactions
Why would anyone get crypto and download it to a physical wallet instead of just getting physical gold or silver? Those are guaranteed to retain value, crypto always has the potential of just dissolving in value.
Why not have both? It's a little difficult to buy something with gold or silver. You can't exactly shave slices off to pay for your groceries.
Thanks for clarifying. I just didn't understand
No problem. I'm not sure crypto is the best solution but I own some along with physical Silver.
They wouldn't be trying to pass laws against them if they could simply turn off anything that's not a CBDC.
I’m not a crypto guy but the hope is crypto will work outside the CBDC in a parallel market. Of course, mileage may vary depending.
Anyone interested in Foreign Exchange? Basically, putting your dollars into another currency to avoid the effects of inflation. The BRICS nations are busily tying their currencies to gold - I believe the Russians have already done this. Also, they are hedging themselves against inflation by focusing on resources.
Ruble is rising fast ATM
Yuan is worth looking into, as Russians just accepted using Yuan instead of the petrodollar in the recent meeting with Xi.
Then there are the Saudis, Brazilians etc.
Currency exchanges blocked everyone from buying Rubles and Russian stocks when the Ukraine conflict began, us plebs aren't allowed to make massive gains buying those when they crashed 90% and then recovered a month later.
Buy Gold and Silver. Do you honestly think when houses go back to 1960s prices people are going to pay off their mortgages? Asset prices will Rise due to inflation, but not as fast as metals, so the price of things will drop relative to metals.
I have been stacking silver since it was $6 an ounce, almost 20 years.
I myself would never try to convince someone to withdraw their 401k and buy silver.
I think the taxes and early withdraw will take 30% and possibly put you in a higher tax bracket.
I closed a IRA I had for many years. It only had $7000 in it. I did my taxes this year and I owe $2000, I typically get back $2000.
It put me in a higher tax bracket. The $7000 (I used to stack silver) cost me $4000 on my tax return. I have to mail that check in the next 2 weeks.
Trump's moto is MAGA, do you think he is lying ?
I wasn't advocating withdraw from 401(K), But there are ways to move money without tax. I am fortunate that I have a mining stock fund available on one of our 401(K), if you switched jobs and didn't roll into your current 401(k) you can purchase Sprott's silver or gold fund, I have 10% in that and its a long term (Possible not as long as I thought). As far as tax brackets, there are no tax brackets per say, you are taxed at a higher rate on income over a threshold, if you moved 7000 out and paid 4000 in tax (2000 paid - 4000 equals 2000 refund) then that puts you in a 57% tax, max rate is 37% so either you had something else going on or your tax man has a deal with the IRS. I would get another tax accountant if nothing changed and file an amended return.
https://www.forbes.com/advisor/taxes/taxes-federal-income-tax-bracket/
The $7000 pushed me in to the 24% tax bracket. The "something else" I had going on was my 40 hour per week job.
2% increase in taxes and early withdraw fee was the $4000 difference.
The tax bracket comes from the days when if you made over a certain amount, it was all taxed at a higher rate. So in your case all of your income would have been taxed at the higher 24% rate, based on todays rates and using the lower tax rate amounts for single filers, $89,075 would all have been taxed at the rate 2% higher, or $1781.
In your case the 2% increase in rate, assuming it was based on the full 7000 dollars was $140. This is not something the causes people to avoid hitting a higher tax rate, or bracket as you call it. Assuming a 10% penalty ($700, Your choice to withdraw) and the $140, thats $840, that means you overpaid by 3160 dollars, or as I said before, you had something else going on. Your taxes did not increase $4000 due to federal reserve notes to money.
I just went and pulled my taxes out and looked at them.
I guess I was already in the 24% from yearly income.
In 2021 I made $87k, so I was at the 22% rate. I got back $2000 from federal.
Last year I made $108,000, this put me in the 24% bracket.
I didn't change my exemptions, I think I claim 1 on my W4.
The extra 2% on $108,000 was an extra $2160 in taxes.
Getting to the IRA:
There was a 10% penalty on the $7000 = $700
I had to pay 24% on the $7000 because it was invested before tax money came out. It was transferred to a IRA from a former employer 401k many years ago.
$7000 x 24% = $1680
1680 + 700 = 2380
And I lost half of my exemption for my son ($500) because he turned 17 this year.
So it looks like I would have got a return of $380 this year, the IRA cost me $2380 and I had to pay $2000 this year.
So, I went from getting back $2000 to paying $2000 but technically it wasn't all from the IRA, I made more money last year so you were right.
The extra 2% does not get assessed to the whole 108,000. It only gets applied to money earned over $X, not sure the amount due to your filing status. I would have someone look at your return, either your withholding dropped or you overpaid your tax, an amended return corrects any errors. At a minimum a good accountant should be able to review one year over another and spot pretty easily id something is off, shouldn't cost that much, and they may not charge if they dont find anything.
I will contact the tax company I use and ask someone else to review it. The place I use has always done my right or so I thought. I think it was a new person that did my stuff this year. Thanks for looking out for me!! I will have to but you a beer one day!!