Attachment 495646
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Hey fuckstain, I never said anything was true. Dude seems to know his shit and was a hedge fund guy etc.Quote:
Originally Posted by J. Barron DeJong
Why don't you do absolutely no research and fire off your opinion.
I'm not jonesing for BTC. I have plenty.
i’M jUsT aSkInG QuEsTiOnS.Quote:
Originally Posted by byates1
Maybe DYOR (using credible sources) before posting bullshit conspiracies.
So everything his book is cited. I haven't looked up every citation. Why don't you look up a few before calling it bs conspiracy.
One thing you do actually own jong is your username. Great job toolbox.
https://thegreattaking.com/read-online-or-download
Free 99 page read w citation.
Who cares either way. I'm going bowling
You bought his book bro? You must have big plans for after this!
Too dumb to realize it's a free online read huh?
Did you look up any citation though?Quote:
Originally Posted by byates1
No citation references the Fed directly.
The book doesn’t contain the word 401(k), ira, retirement, (Fed operation) manual, etc.
So maybe you can point us all to the section of the book where it says the Fed has a plan to steal all our retirement money, and then the citation that backs up that claim.
Page 69-98. Appendix .Full transcript of NY fed giving detailed answer. Quick free read.
Doesn’t sound conspiratorial at all…
Attachment 495658
OK, it seems to be saying that if a clearing house fails, then any stock held at that clearing house could be used to pay of their outstanding debts.
The mistake is that the clearing house only holds the securities for a day, or less. So ,yes, if your trade happens to get caught up on the bad day maybe you’re going to suffer a loss. But for that to happen a several other backstops would have had to been passed as well.
But in no way are your retirement savings at risk of being stolen to pay of those debts.
If that gets you to sleep at night. You think he's making the case for one day clearing house trades? He seems to be making the case that the legal description of property in reference to securities has been rewritten.
I'm not saying he's correct, but any game is rigged. He's just pointing out the fine print.
If you hold your assets w chase, or Goldman etc, and they become insolvent, your portfolio is part of their holdings, and can be used to first right their ship. So they are theirs first, before they are yours.
So let's hope they remain solvent.
That’s not what the law says. It’s not what the Fed described. At all.Quote:
Originally Posted by byates1
The guy isn’t ‘reading the fine print’, he’s either misinterpreting or lying.
Attachment 495659
Recommendations re: a place for kids (under 18 and after 18) to start tossing money into investments? I want to keep supporting my kids and bills and etc and I don’t need them to pay me back, but in lieu of that I would like them to contribute some equivalent amounts into the market. Where to have a kid deposit $250/month and learn about how this stuff works?
Schwab/TD if you want them to learnQuote:
Originally Posted by Mustonen
Robinhood and a link to r/wallstreetbets if you want them to learn the hard way
https://www.schwab.com/custodial-account
BTC;)
Like which brokerage company to use or a fund recommendation? I use schwab, but just because of over the years who I had prior got bought up. They seem fine. Funds, I would just tell them buy VOO and never sell.Quote:
Originally Posted by Mustonen
For the learning side, I'd have them buy a few shares of a few stocks. It's a good way to learn about being a shareholder, voting, proxies, etc. When I was a kid I even went to the annual shareholder's meeting at my hometown Coors since I had a few shares. Stick the rest in VTI or some other similar low cost index fund.
That's awesome!Quote:
Originally Posted by goldenboy
I've bought my nieces one share of one company each of their birthdays. Figure I'd teach them something about boring stuff like compound interest as they get older and interested.
In Canada - wealthsimple. Mainly due to low fees
I bought all of my nieces and nephews one share of Disney. I went through my dad's old stockbroker and made sure I got an actual paper stock certificate, which had Mickey Mouse and Snow White and all the other characters on it, so it was frameable for a kid's room.Quote:
Originally Posted by LeeLau
In addition to what everyone else has said, make it so the kids are depositing money into a Roth IRA or 529 plan so that it is tax advantaged.Quote:
Originally Posted by Mustonen
My understanding is that there is an earned income requirement for the Roth IRA, so you may need to put a kid on some kind of payroll or said kid needs to have an income from somewhere else to qualify.
Good on you musty. They've got all the time in the world. If they get that discipline of putting a bit away each month they'll be golden.
For the minors a 529 plan is a no brainer, VTI or other well diversified low cost index fund of choice. Recent change allows conversion to a Roth IRA up to 35k tax/penalty free if they don't end up using it and/or needing it for education.Quote:
Originally Posted by Mustonen
I couldn't figure out why a minor would want a 529, so did some research on kids tax brackets. Had no idea... so a kid could have $100k of VOO and pay no tax on the 1.3% dividend payment each year.
"
Unearned income from interest, dividends, and capital gains are taxed in tiers defined by the IRS.
For a child with no earned income, the amount of unearned income up to $1,300 is not taxed in 2024.
The next $1,300 is taxed at the child's rate.
Any amount above $2,600 is taxed at the parents' rate.
These rules cover children under the age of 18, and also those up to the age of 24 who are full-time students.
"
There are some stipulations with the money in the 529 account though - you don’t really want to over contribute because non qualified withdrawals get hit with a penalty tax of 10+%.Quote:
Originally Posted by 406
That said there are some new options I haven’t looked into since I opened them for my kids, like I hear you can contribute any leftover money to a Roth in the kids name now.
^^^right, my point was I still don't understand why a minor would open their own 529 as Jaytemoney suggested. But reading more about it:
"When used for qualified education expenses, distributions are federally tax free.".
Ahh, I just reread your post and now I get it.Quote:
Originally Posted by 406
Every single parent/grandparent should be doing this.Quote:
Originally Posted by 406
My dad started an account for my daughter’s college fund when she was born. Put in $2k a year till she turned 18. It’s made some decent dividends over those years. And now she is using it tax free for expenses at the U.
^^^that would be nice, my kids grandparents seem to just spend on themselves.
I guess I had written off 529 because I didn't like all the rules and was focused on investing so I can retiring in my 40's. But seeing 2024 rule that can be rolled into a ira if kid doesn't go to university, has me reconsidering. Glad the post got me to do research.
Youngest should be out of daycare soon, so that will free up some money.
Any opinions on Pershing vs. Schwab as account custodian?
REKT
So we a lock for rate cut by Sept. now?
Unless Aug PCE print is on the high sideQuote:
Originally Posted by stalefish3169
Zero differenceQuote:
Originally Posted by yeahman
10y rate ticking higher on 2% sell off. Look out below.
2% daily selloff in bigger picture is nothing.
TSLA will have an island top if it gaps lower tomorrow.
NVDA has a gap 10% lower.
bloody
I would look though at their websites to see who had better info, reports, trading, etcQuote:
Originally Posted by 4matic
Sent from my moto g 5G using Tapatalk
Custody has nothing to with trading.Quote:
Originally Posted by rod9301