Stock Market is the bottom in?

[Troubles Trees]

remember the Fed at one point in time outlawed owning any gold

I somehow bumped into this and did some digging because what a ludicrous thing if true. It took a few hours to find out it not only is true but digging deeper I found a few shenanigans surrounding the topic and compiled the facts and wrote a blog about it I will copy/paste below when I find it on my phone.


What if the I told you that the US Government decided we shouldn’t have the right to own more than 5 ounces of Gold. What if the US President penned an Executive Order that called you a hoarder and fined you $10,000 (roughly $200,000 today) and/or 10 years in Prison for not surrendering your personal stash of jewelry and bullion over a total of 5 ounces of Gold? Would you suspect corruption if around the same time the government passed a law (The Gold Reserve Act of 1934) that gave the President sole authority to establish the price of Gold only a few months after the surrender period ended? What if the President used his new found power chose to increase the price of Gold from $20.67/ounce to $35/ounce RIGHT AFTER they just forced everyone in the country to turn theirs in to the government for $20.67?

Executive Order 6102 signed by FDR that took effect on April 5th 1933 under the authority of the “Trading with the enemy Act of 1917” gave all US citizens less than a month (April 5th to May 1st 1933) to surrender any Gold they owned over 5 ounces. In all fairness there were a few exemptions to this law, Jewelers, Gold dental work and Gold coins with numismatic value (collectors) are the main exceptions. Basically all private ownership of gold by us common citizens was deemed a criminal offense.
Who really was the criminal? This Executive Order was in effect for 41 years until 1974 when President Gerald Ford re-legalized private ownership of Gold by US Citizens.

 

[yoderjac]

We started UGMA accounts for both grandkids and wife had one for her god child. When the god child turned 18 he wanted his money, and legally we had t give it to him. He blew the whole wad on cellphones etc. He's smart but floundering around with no education at 22 years of age.

If I did it again I would open brokerage accounts with my name on them for the kids. Any UGMA or UTMA account is considered property of the minor and will count against financial aid for college.

Here's a link explaining each type of account. https://www.fidelity.com/learning-center/personal-finance/custodial-account-for-kids

I don't know of a complete work around, the way I see it the tax man will bite you no matter how you save money.

I used UGMA when I was young for nieces and nephews. I don't think I'd do it again. It worked out pretty well for me, but I see too much risk. When a kid hits majority, the money is theirs to do what they wish. That works great when the kid is responsible, but many are not by that age. Any advantage of that money growing at a low or zero tax rate in the kids name is outweighed in my mind by the risk. The money could end up hurting the kid more than helping them.

I think I would look at keeping the money in either my control or in a container that limits how the money can be spent until I'm sure the child is mature...

Just some hindsight for consideration.

Thanks,

Jack

 

[Wind Gypsy]

I’m planning on making him get student loans for college with the agreement that if he graduates with a BS I’ll pay off his student loans if he doesn’t graduate then he will need to deal with the loans himself how’s that for motivation. Anyone have better idea’s on motivating their kids to better themselves post high school I’d like to here it.

I love this idea. I'm curious how the student loan process goes for kids of parents with a solid income? I recall it being difficult to get a federal loan if your parent's income was solid when I was college age in in the mid 2000s. Is it just a matter of them taking on private loans with less favorable conditions?

We had our first child last Sept and have gotten her started on a 529 but what you guys are saying makes a lot of sense.

 

[Tree Spud]

We have several nieces & nephews whose parents put aside large amounts of money for when they turned 24. They had their college education paid for by their grandparents. Needless to say these kids have turned out to be less than good citizens. I also have friends, whose kids as they approach their mid 30s to 40s, cannot get control of their spending and still expect their parents to give them money to pay their bills.

Children do not learn responsibility when you do for them what they can and should do for themselves. Giving them money creates and entitlement attitude. I would not commit long term money to a child as in life, there are many surprises (health, marital, financial, career) that can happen to you that will change your financial landscape.

I like the concept of teaching kids to save and invest at an early age. I think it is critical to build into them a work ethic. Getting kids to learn they need to figure how to pay for things they want is an even better idea.

I really like the concept of matching what they save and invest dollar to dollar. You both have skin in the game and they learn good financial practices.

 

[SD51555]

Interesting happenings in energy. Won't take too many more days like this and energy will be a buy again. Neat how we can dance on a razor blade with supply of diesel and premium gas, yet prices are falling. Maybe the forces of pricing have failed. This one is really interesting to me, because the last thing the euphorians want is for us to get affordable energy back. If that happens, we'll get back to eating, having babies, and traveling. And that is devastating to the planet.

 

[SD51555]

We have several nieces & nephews whose parents put aside large amounts of money for when they turned 24. They had their college education paid for by their grandparents. Needless to say these kids have turned out to be less than good citizens. I also have friends, whose kids as they approach their mid 30s to 40s, cannot get control of their spending and still expect their parents to give them money to pay their bills.

Children do not learn responsibility when you do for them what they can and should do for themselves. Giving them money creates and entitlement attitude. I would not commit long term money to a child as in life, there are many surprises (health, marital, financial, career) that can happen to you that will change your financial landscape.

I like the concept of teaching kids to save and invest at an early age. Getting kids to learn they need to figure how to pay for things they want is an even better idea.

I really like the concept of matching what they save and invest dollar to dollar. You both have skin in the game and they learn good financial practices.

The boys at the WEF are working on that as we speak.

😬 WEF thought leader: "What should we do with all these useless people?"

This Content Is Mirrored. Please support the original creator. April 14th, 2022. Free Your Mind Taken from Telegram This is Yuval Harari - advisor and thought leader to the World Economic Forum. Liste

rumble.com

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[b116757]

Parents financial well being will not effect the kid’s ability to get student loans but I believe they will receive none of the financial aid available to dead beat family’s. This is my understanding but I’m no expert in this realm. I’m sure there are much more knowledgeable folks on this website than myself in this regard.

 

[FarmerDan]

I hope the future of financing a college education is much different than it has been in the "recent" past. At the beginning of the college adventure for both my boys I told them I would pay for half and each would pay for their half. I told them they should only borrow half of their half and do work or work-study for their other half. Same for me. Borrow half of my half and pay out-of-pocket for the rest.

Ask me how that worked out. Man plans. God laughs.

That we were going to borrow money was not in doubt. I would guess the sorta' total cost for the three of us was $175,000, this at two different state universities.
We kept borrowings for each of us at about $30,000. I found the borrowing and repaying a slimy process - and I had to think about what words to use there. Interest rates were 6, 7, and 8 percent - which provided a tidy return - to someone.

It's all paid-for now. Phew......

I can't begin to imagine the hurdles to attending and paying for college going forward.

I will offer this for whatever it's worth. If it's your expectation your kid's going to college be relentless - but flexible. Some aren't ready coming out of high school. If not, there are options.

I'm a 'brand name' university guy. But, there are lots of options. Each has it's advantages and disadvantages. If college is a path to better employment then pick an appropriate major at a university with a good reputation for that discipline. I'm convinced 2/3 of college graduates get little to nothing out of college. Borrowing money for that proposition is a disaster.

Community colleges are an option. I say this after the fact. I didn't always think so. I do now.

There are just a lot of things to consider, trip points to avoid and hurdles to jump if you hope for all of this to workout as you expect - or that's been my experience.
What's this have to do with financing? Getting a good return for all that money, blood, sweat and tears - literally.

 

[yoderjac]

I hope the future of financing a college education is much different than it has been in the "recent" past. At the beginning of the college adventure for both my boys I told them I would pay for half and each would pay for their half. I told them they should only borrow half of their half and do work or work-study for their other half. Same for me. Borrow half of my half and pay out-of-pocket for the rest.

Ask me how that worked out. Man plans. God laughs.

That we were going to borrow money was not in doubt. I would guess the sorta' total cost for the three of us was $175,000, this at two different state universities.
We kept borrowings for each of us at about $30,000. I found the borrowing and repaying a slimy process - and I had to think about what words to use there. Interest rates were 6, 7, and 8 percent - which provided a tidy return - to someone.

It's all paid-for now. Phew......

I can't begin to imagine the hurdles to attending and paying for college going forward.

I will offer this for whatever it's worth. If it's your expectation your kid's going to college be relentless - but flexible. Some aren't ready coming out of high school. If not, there are options.

I'm a 'brand name' university guy. But, there are lots of options. Each has it's advantages and disadvantages. If college is a path to better employment then pick an appropriate major at a university with a good reputation for that discipline. I'm convinced 2/3 of college graduates get little to nothing out of college. Borrowing money for that proposition is a disaster.

Community colleges are an option. I say this after the fact. I didn't always think so. I do now.

There are just a lot of things to consider, trip points to avoid and hurdles to jump if you hope for all of this to workout as you expect - or that's been my experience.
What's this have to do with financing? Getting a good return for all that money, blood, sweat and tears - literally.

Dan,

Here in VA, we have a nice guaranteed transfer system with the NOVA community college. Absolutely zero employers care where anyone went to school for their first two years. Lots of my friends kids are taking advantage of that staying at home for the first two years. The key is that they have the necessary GPA when transfer time comes. The do sacrifice the first two years of the "major college experience", but they can graduate from a big name school with much less debt.

Folks need to understand that, while it is important to get a good education, the name of the college one graduates from only opens the door. Employers do go back to specific schools to recruit in certain disciplines because they have a track record of producing quality candidates in that discipline. However, after you've been employed for a couple years, the college you graduated from becomes insignificant when your own job record and performance becomes the main carrier driver.

Thanks,

Jack

 

[Wind Gypsy]

Anecdotal at best but folks I know who did the associates for the first two years and transferred to a bachelors have had some heartburn with credits not transferring.

 

[yoderjac]

Anecdotal at best but folks I know who did the associates for the first two years and transferred to a bachelors have had some heartburn with credits not transferring.

Yep, that is the nice thing about the VA system. The participating universities guarantee all of the credits taken at NOVA transfer. While you can get a 2 year associate at NOVA, it kind of almost acts as a branch campus of a variety of participating universities. When you do it on your own, the credit transfer issue can be quite problematic.

Thanks,

Jack

 

[b116757]

My oldest boy has taken dual credit courses his Junior and Senior years in high school he has this fall semester still at the local junior college to get an associate’s then in January he transfers to the State University 30 min away for his last two years most of which will be technical corses in his chosen field. Kansas system must be more similar to VA the transfer of credits at his last meeting at the State University didn’t seem to be the nightmare that some folks experience in transferring schools. My middle boy keeps getting letters from one of the State Universities they are trying to recruit him to attend their university as a Junior in high school based on his math and science test scores in junior high, he is just starting his freshman year of high school this fall.

 

[bwoods11]

FarmerDan--good points! We did the same with our 4 boys. We paid 50% of the college bill and they paid the rest. They all worked and saved money to help pay the bills. One of our boys secured a football scholarship in North Dakota.

In reality, it is expensive and a real burden! I think I could have bought another farm with the money we dumped into education...but in the long run it has paid off. The all have good jobs....Bobcat, Case IH, General Mills and a marketing firm.

I found it ironic that 3 of the 4 are in Agriculture related businesses, growing up in Ag country (small town farm community in MN)!

 

[Wind Gypsy]

FarmerDan--good points! We did the same with our 4 boys. We paid 50% of the college bill and they paid the rest. They all worked and saved money to help pay the bills. One of our boys secured a football scholarship in North Dakota.

In reality, it is expensive and a real burden! I think I could have bought another farm with the money we dumped into education...but in the long run it has paid off. The all have good jobs....Bobcat, Case IH, General Mills and a marketing firm.

I found it ironic that 3 of the 4 are in Agriculture related businesses, growing up in Ag country (small town farm community in MN)!

Hopefully that football player of yours was a bison and not a Sioux/hawk

 

[b116757]

My oldest is looking at a BS is diesel technology he would probably be tickled with Bobcat or Case. At least to start his career and gain hands on knowledge before possibly opening his own business. I’m probably going to build a new shop on the farm I just bought boarding an 4 lane highway at an exit in a manor that would lend itself to a diesel repair facility.

 

[yoderjac]

My oldest boy has taken dual credit courses his Junior and Senior years in high school he has this fall semester still at the local junior college to get an associate’s then in January he transfers to the State University 30 min away for his last two years most of which will be technical corses in his chosen field. Kansas system must be more similar to VA the transfer of credits at his last meeting at the State University didn’t seem to be the nightmare that some folks experience in transferring schools. My middle boy keeps getting letters from one of the State Universities they are trying to recruit him to attend their university as a Junior in high school based on his math and science test scores in junior high, he is just starting his freshman year of high school this fall.

I'm seeing a lot of dual enrollment at the community college with home schooled kids in my area. This blends well with the guaranteed transfer program we have in VA with NOVA. Because they have a jump start, they are at about the right age to leave home about the time they transfer. These kids aren't sacrificing as much of the "college experience".

 

[Tree Spud]

My oldest is looking at a BS is diesel technology he would probably be ticked with Bobcat or Case. At least to start his career and gain hands on knowledge before possibly opening his own business. I’m probably going to build a new shop on the farm I just bought boarding an 4 lane highway at an exit in a manor that would lend itself to a diesel repair facility.

Probably a bad career choice you know ... idiot in the white house says they plan on eliminating carbon fuels by 2030.

 

[Gator]

. I’m planning on making him get student loans for college with the agreement that if he graduates with a BS I’ll pay off his student loans if he doesn’t graduate then he will need to deal with the loans himself how’s that for motivation. Anyone have better idea’s on motivating their kids to better themselves post high school I’d like to here it.

I’ve preached this approach for years with coworkers but I’m not sure I would tell them upfront. When I was in college it was very easy to tell the kids paying their own way just by the level of effort put forth. The other idea for paying for college is to get married (some may not like the morality of this). At least in my case if I had been married they would of no longer looked at my dads finances to determine my “need” (even though I repeatedly told them it doesn’t matter what my dad made or had because he wasn’t giving it to me). I wasn’t smart enough to think of the later idea in time for me.


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[Gator]

Anecdotal at best but folks I know who did the associates for the first two years and transferred to a bachelors have had some heartburn with credits not transferring.

That definitely bit me in the butt but I think it’s much better these days.


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[chummer]

I somehow bumped into this and did some digging because what a ludicrous thing if true. It took a few hours to find out it not only is true but digging deeper I found a few shenanigans surrounding the topic and compiled the facts and wrote a blog about it I will copy/paste below when I find it on my phone.


What if the I told you that the US Government decided we shouldn’t have the right to own more than 5 ounces of Gold. What if the US President penned an Executive Order that called you a hoarder and fined you $10,000 (roughly $200,000 today) and/or 10 years in Prison for not surrendering your personal stash of jewelry and bullion over a total of 5 ounces of Gold? Would you suspect corruption if around the same time the government passed a law (The Gold Reserve Act of 1934) that gave the President sole authority to establish the price of Gold only a few months after the surrender period ended? What if the President used his new found power chose to increase the price of Gold from $20.67/ounce to $35/ounce RIGHT AFTER they just forced everyone in the country to turn theirs in to the government for $20.67?

Executive Order 6102 signed by FDR that took effect on April 5th 1933 under the authority of the “Trading with the enemy Act of 1917” gave all US citizens less than a month (April 5th to May 1st 1933) to surrender any Gold they owned over 5 ounces. In all fairness there were a few exemptions to this law, Jewelers, Gold dental work and Gold coins with numismatic value (collectors) are the main exceptions. Basically all private ownership of gold by us common citizens was deemed a criminal offense.
Who really was the criminal? This Executive Order was in effect for 41 years until 1974 when President Gerald Ford re-legalized private ownership of Gold by US Citizens.

I knew this from an episode of Pawn Stars. A great show for quick history lessons.