OFFICIAL STOCK MARKET AND ECONOMY THREAD VOL. A NEW CHAPTER

ASE

1,970
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Joined Jan 8, 2005
Thanks guys. I’ve got some questions about a 529. If they get a full scholarship let’s say, what happens to that money? At the moment my intention was using a regular account so I can create some money for her either for college, an eventual down payment for a house, or some money for a wedding. If I do 529 is that tied up strictly for schooling? What are the tax benefits?


you pay 10% on capital gains if you don’t use the money for college. Also you don’t have to use the scholarship money for school. so you can just use the scholarship money for the wedding/house instead.
 
70,190
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Joined Apr 4, 2008
you pay 10% on capital gains if you don’t use the money for college. Also you don’t have to use the scholarship money for school. so you can just use the scholarship money for the wedding/house instead.
10% gains vs the 15 that is normally charged for a regular account? **** sign me up.
 
18,282
7,497
Joined Oct 10, 2005
Two scenarios I’m preparing for in my mind: A) this is all temporary and economic numbers rebound shortly and we are back to ‘normal’ B) this is actually the start of something very ugly and sustained

In case of A) it’s very simple, I will heavily long the things that fell the most during this scare, as the headlines fade, particularly BRZU, will probably open the largest position in my life on it with a price target of 30+, maybe even with max leverage. If it hits I will make multi-millions.

If B) Just day trade the swings and patiently await scooping up the deals of a lifetime on quality companies.

Ofcourse there’s no way to tell which scenario will be right, i’m maybe 60% to 70% leaning towards B) due to all the underlying structural problems in the repo and bond markets but the real tells will be the jobs numbers, forward guidance, and retail sales numbers in the next month or two.

I really want scenario B to happen, so I can cash in on my metals :lol:. But, I see a bounce back happening once this corona stuff blows over.
 
2,207
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Joined Oct 16, 2010
Another bloodbath...

Will the fed come swooping in again ? :lol:

The news about the CPAC attendee is major, if any high level government officials come down with coronavirus we may go limit down.
 

Gill Baka Esq. LLC.

formerly grimlock
10,721
1,522
Joined Sep 28, 2008
Did I **** up by throwing 6g's in a traditional ira for 2019 last friday?

SHould I have waited closer to the april 15th deadline?
 
2,207
1,777
Joined Oct 16, 2010
11,489
14,024
Joined Jul 27, 2013
WTI bid $39.58 in early trading

$38.40

$36.70

WTI bid $35.70 that's over 10% down

WTI $30

WTI trading limit down, freeze for 2 mins
 
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