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Education Funding Options

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As the cost of higher education continues to rise, many parents and young people struggle with how to cover the cost of college education. Costs of in state and private schools. What are your options when planning for education funding?

529 Plan- These types of plans allow you to contribute after tax dollars that grow tax free. Qualified withdrawals from the plan are not taxed when used for qualified education expenses. You can choose a savings plan that works similar to an IRA, which allows the student to attend a school of his/her choice. Or, you can choose a pre-paid plan that allows you to pre-pay part or all of the costs of an instate public college education.

Life Insurance – Some types of life insurance build cash value and also provide a death benefit. If funded properly, you can access the cash value at the time the child attends college. Keep in mind that accessing the cash value, could also affect the death benefit provided under the policy.

Student Loans- Student loans can be helpful but it is important to remember that students may have to divert funds in the future to repay loans. These are funds that could be used to be used to accomplish other financial goals. If borrowing becomes a necessity, parents could also take a home equity loan and deduct the loan interest at tax time.

Transferring Funds to Children- As of the 2017 tax year, parents and grandparents can gift up to $14,000 to each child without gift tax consequences.

Tax Credits- The American Opportunity Tax Credit and Lifetime Learning Credit are tax credits available to full time students. Household income guidelines do apply, so be sure to check the IRS website to see which option might work better for your family.

Education Savings Account- Parents, guardians, or other qualified individuals can contribute up to $2000 per year on behalf of eligible students under age 18. Withdrawals from the account are not taxable if used for qualified education expenses. All funds must be distributed within 30 days of the participant’s 30th birthday.

The cost of funding higher education can be daunting! It is important to consider many options when thinking about how to fund the cost. All of the above options are various mechanisms available to do so. It is also important to consider what types of grants might be available when selecting educational funding options.

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Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

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War against Bitcoin, people with Turkish flags

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions. 

Let’s fall into the rabbit hole.

Is It War Against Bitcoin Or War Against Cryptocurrencies? 

The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin.

We need more data. Let’s consult other sources.

What Did President Erdogan Say Exactly?

A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said:

“Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.     

However, that Turkey would carry on with its own money, which he believes is part of the national identity.”

They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing?

A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly:

“We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.”

Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him?

BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com

Time To Consult Primary Sources

Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets

That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin.

Cryptocurrencies and Bitcoin are not synonymous, journalists.

Featured Image by Faruk Melik ÇEVİK on Unsplash - Charts by TradingView

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With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?

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With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?
  • Twitter’s Altcoin Sherpa endorsed MATIC.
  • Polygon said MATIC token would soon be available on Bitfinex.

Since the market sell-off on September 7, MATIC has been attempting to regain its initial bullish momentum. Although lower highs outlined its positive trend, traders were unable to maintain prices.

Its recent rise from $1.20 may be beneficial if another higher high forms. Bulls would lose out if the market closed below the 23.6 percent Fibonacci threshold. According to CoinMarketCap,  Polygon price is $1.19 USD with a 24-hour trading volume of $1,143,929,659 USD.

Closing over $1.50 would have solidified an uptrend, but that wasn’t the case yet. A pair of red candlesticks on the charts signalled the end of MATIC’s next upcycle.

While MATIC’s trend is perplexing, the signs have improved. On September 15, the RSI climbed above the half-line and briefly into the overbought zone, indicating a bullish rebound. Bulls held sway as the RSI found support around the mid-line.

A Positive Trend Maybe Anticipated

Twitter’s Altcoin Sherpa endorsed MATIC. Despite the token’s current consolidation, prediction is of significant increases in the following run. As per the tweet, it expects MATIC to hit $1.75 on the next leg up.

MATIC was trying to build an uptrend following a double top formation, but market watchers were sceptical. The bulls had an advantage in each case, and a win is not out of the question. A positive trend may be anticipated if MATIC rebounds back from the 38.2% Fibonacci level and reaches $1.50.

Polygon just tweeted that MATIC token would soon be available on Bitfinex. It’s one of the oldest and most reputed liquid exchanges.

Thanks to Bitfinex’s integration, users will access MATIC on all major exchanges, including Coinbase and Binance. Also, it can act as a catalyst to bring back the lost momentum for MATIC.

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SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?

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SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?