Any of you with a better understanding of finance have any thoughts on custodial Roth IRAs? Thinking about putting in $50-$100 a month for him doing his chores and such. Is that even 'legal'? He'll be nine this year. He has a few 529s from us and other relatives, and college, should he choose to go, shouldn't be an issue. I just want to put him ahead as many steps as I can before I die. My thinking is he is autistic and might be able to take disability distribution without any penalty or taxes after the account is old enough, should he need to.
My brother in law is a CPA and runs his own office. He has Roth's set up for his daughters, but they had to had some legitimate form of work that could be proven to earn the money. He would pay them to do some light cleaning at the office for example. I would run it past a professional and see what documentation would be sufficient.
Looks like it can be chores or babysitting, not something that has to come from a typical employer. It could be as simple as paying him for his work and keeping a log of it. Probably start him a bank account so I can write him checks and there is a paper trail of how it's earned and such.
I'm fairly surprised there's not more chatter here about the Silicon Valley Bank collapse. It's a pretty big deal, and I think is going to have some long-term, far-reaching implications. Did I miss another thread where we talked about this?
Nope. And I agree. Between that and the Credit Suisse swaps coming due (the final bag that Archegos left them holding), there are some tough times ahead for a bunch of banks and hedge funds. I would not be surprised to see a big player scoop up SVB before Monday to try and keep shit from imploding.
"Is there a problem with the blockchain?" "No" "Is there a problem with USD?" "No" "And yet there's a problem with the stablecoin?" "Correct. We've built a real winner."
Meh. The funds backing their stablecoins are held in SVB. Not like it’s bad design. At some point you need that crypto/fiat bridge, and those using SVB are now unsettled.
Without capital availability in the market, all cryptocurrencies, and derivative assets for that matter, are in big trouble.
Motherfucker. A while back a buddy of mine was investing in Regen Biopharma ( RGBP ) and told us about it. I liked what they were on to as far as cancer treatments: "Regen BioPharma, Inc. (PINK: RGBP) is a biotechnology company focused on the immunology and immunotherapy space. RGBP is developing novel technologies through preclinical research and Phase I and II clinical trials. They are currently concentrating on mRNA and small molecule therapies for cancer and autoimmune disorders." At around a half a penny a share, we threw $200 at it for a joke and, "Hey, ya never know." I never really had a sell price in mind, I figured it was a couple hundred dollar gamble they'd grow into something huge in a few years. I'd been following it closely, more out of curiosity than anything, but then a while back it slipped my mind. Today I decided to take a look at the price and nearly shit my pants in excitement. It closed at $1.70 ( down from $2.00 at opening )!!! Then I learned about the 1500:1 reverse split about a week ago, and that our 10,500 shares are now a whopping 7. It took me a while to realize we never really had that much stock in the company, as the shares were completely undervalued to begin with. For what it's worth, my buddy had bought in such volume that he actually made out pretty good by selling off a bunch before "losing" the rest with the reverse split. Here's the thing: I still believe in the MRNA technology and the chance they could be on to something big when it comes to cancer. So I'm kind of on the fence here, do we say "screw it" and buy some more at this "new real" price or back the hell away because there's a chance they'll pull this shit again some day down the road. I don't know, I'm leaning towards "screw it" but man, I don't know.
if you believe in the company and it’s backed by their financials, and your timeframe for them hitting those goals you anticipate is long enough, then sure, “screw it.” I also love the mRNA tech, not specifically for cancer but more just in general. If I was still doing stocks (anything other than just holding GME for shits and giggles) I would be looking at any company with real potential in the mRNA side as far as long-term investments
My only concern with the MRNA tech is the regulatory hurdles some of those things have to jump through to get to market (COVID stuff was granted under emergency authorization), not to mention the misinformation around COVID vaccines that would cloud some of the viability. I also feel like there's some standard stock fuckery that occurs when a company goes from "longshot" to "likely" where the small holders are pushed aside from the major players who will take it to market, which seems to be what you experienced.
I don't think it's a bad idea to have a little money in mRNA specific companies. They have already created a Lyme vaccine using it, so the tech is progressing. Being invested in it early, while some very vocal dumbasses are even trying to make it illegal, could pay off big time
You have to be careful. If they bring in new investors and do a debt restructuring, or something similar, they could dilute your shares down to absolutely nothing and you’ll have lost a shit ton of cash, regardless of how well the company performs.
I’ve thought about it a lot in the past 24 hours and I think I’m gonna back away. I may regret it someday, but to me they’ve already screwed over the people who believed in them, they likely won’t hesitate to do it again. Edit: Just now my wife and I were discussing it. She said we can watch and catch it later if it looks like they’re doing well. “I wanted to be in on the ground floor but…” I said. “They could move the ground floor again,” she replied.
The Fed has been talking about raising interest rates for 3 years. It's so strange that SVB never diversified out of bonds at any point.
I made two bad stock purchases last year: GME and Unity. S&P 500 was also pumped on the tech stocks, and the layoffs really aren't helping that much. Gonna have to ride that wave forever. I'm also extra stupid for not putting in stop-loss orders.