So I have been told if I donate old clothes to charity I can get a tax deduction based on the value of the clothes I have donated. Has anyone done that?

@here does anyone know how to get a mortgage when you have student loans? if anyone could DM me about this who knows mortgage stuff i would really appreciate it!

@Zyzz yes. There's a limit to what you can write off in that kind of donation, and it's pretty low. It doesn't make much of a change.

If you have lots of other deductions it's worth adding it on though.

Cool I don’t have many clothes I would give away. ~$500 value maybe. Would I be over the limit with that amount do you know?

@LLBacon#9794

i give my stuff to veterans

there’s a truck that comes and picks it up

my family and i do it once or twice a year

you can claim it plus it’s not getting resold and profited on

@Deleted User why do you need a house right now? Why not pay down existing debt and invest/save now while renting an apt?

@Zyzz that sounds a bit high but I'm not 100% sure

@Juan Carlos it's about my parents. my student loans that they co-signed were messing up their ability to get a mortgage

sheeeeiiiitttttt, this is out of my lane. Do they have enough money to talk to a fee-only financial advisor? A competent advisor could find some solutions for them.

@Zyzz @cannoliqueen - NY#4073
I donate to goodwill.

-My Mom is a ninja at this, she goes to yard sales at the end of the day.... and asks to buy all the clothes for say $50. People generally agree, because yard sales are typically people getting rid of stuff.

-She then takes a huge pile of clothes, itemizes, folds, and takes pics of them. Then she donates them to Goodwill and gets the tax deduction for my business owner Dad.

-She secures between $10-20k deduction annually doing only this.

@Tyler0317 wow your mom is smart

@Zyzz
There's lots of ways for we men to organize the contribution of our women.

By doing this my Dad gets:
1) A wife who gets her 'shopping fix' at inexpensive yard sales
2) Tax deductions which raise the standard of living of his family
3) This income justifies having a wife who can stay at home and be caretaker to his 5 kids and coming brood of grandkids 😃

Every server in the IE network needs a Chad react

^

@Tyler0317 so awesome

This series on critical business skills looks great :)

https://www.thegreatcourses.com/courses/critical-business-skills-for-success.html

@SamanthaM#6505 Very interesting. Are you going to take the course?

@DCViking No. Just putting it out there as an opportunity. :) I'm taking the Series 7 in December and the 66 in January, so there won't be spare time for much else.

@SamanthaM Thanks for sharing. Let us know when you pass your tests 👌🏻

Thanks so much! :)

@SamanthaM I have my series 7 and 66 so let me know if you have any questions about the tests.

Make sure you have the Options portion down pat. Both tests have lots of options questions. They are duplicative in that way. Also, make sure to study bond pricing. Neither of them are hard, it just takes a little practice. I am a former attorney but have been working in Finance for about 5 years now.

Thank you! Yes, could definitely use some help with options. Keep getting stops and limits mixed up. Also, are there any tricks to remembering when to use the federal funds rate?

Yeah, the options part can be tricky until you get the hang out it. I just memorized "Up, Down, Down, Up" and that helped to keep my thinking organized.

As for the Federal Funds Rate, I have to be honest and say that is not something I have looked at in awhile. But if memory servers, it is the rate that the Fed lends money overnight to banks.

Whoops, got that one wrong...haha...it HAS been awhile. Federal Funds Rate is the rate that banks lend deposit reserves to other banks overnight when the receiving bank won't have the deposit requirement. When the Fed wants to reduce the rates, they increase the money supply and buy government bonds. When they want to increase the rates, they sell. Lower the rates to spur the economy, raise them to cool it.

@Darth Thanks, I always forget that FFR is the interbank loan and not based on FRB. The name is seriously misleading. By the way, what study program did you use? I've got both the finra workbook and passperfect.

back when i took the 7 there was a lot on munis as well

Is the "Ruin a company with our endorsement, invest, then withdraw endorsement" a viable investment strategy, or was Papa Johns on the way down anyway?

Well, their product isn't the best. It probably doesn't have anything to do with us.

i think they had a bad earnings number which is what prompted them to criticize the NFL which is why Anglin endorsed them which prompted them to disavow us

@SamanthaM what do you do for work?

@Zyzz Recently graduated. Just signed on to a firm as a junior financial advisor. And yourself?

nice i work in RE, previously worked at an ibank where i needed my 7 and 63

Interesting. What were your experiences with the ibank? What prompted your decision to switch to RE?

Here's my plan.
1) Borrow a shit load of Bitcoin from p2p lending
2) Convert to cash
3) Bubble pops, you have cash, Bitcoin is worthless
4) Pay debnts