Good afternoon,
Let’s start this week with a public service announcement. If you have an Apple device, you should update the software now. Apple confirmed a bug in its operating system that can affect all of its devices. https://finance.yahoo.com/news/security-expert-you-should-update-your-apple-devices-immediately-121758346.html
For those of you whose texts are green, not sure if this affects you.
Lots of regular stories in the news, but nothing really new or different caught my attention this week. Same old stuff, markets up, markets down, recession or no recession, crypto up, crypto down, congress spending more money or congress spending more money. Starts to sound like white noise after a while, doesn’t it? Which, coincidentally is what my daughter thinks sparkling water tastes like. Actually, she said it tastes like static, but white noise comes close, I think.
Back to school season, so a perfect time for this discussion.
One of my kids is out of college. Another has a few years to go and the youngest will be applying this fall. College is expensive. Is it worth it? My opinion is that maybe not as much as it may have been in the past. Back when I went to college, pre cell phones and pre internet, there was the argument that you needed college because you couldn’t get that education elsewhere. Now, I contend that you can get pretty much all the knowledge for anything you care to learn about online and for free. You don’t get the college “experience” so to speak, but you get the education for a fraction of what college costs and perhaps without the wokeness, political correctness and other ancillary distractions that can occur on campus. This article describes how many people are becoming increasingly skeptical of the value of college. I would say that I’m in that camp as well. Is college worth it for your youngster? You make the call. Remember that line from Good Will Hunting? “You wasted $150,000 on an education you coulda got for $1.50 in late fees at the public library.”
https://www-nbcnews-com.cdn.ampproject.org/c/s/www.nbcnews.com/news/amp/rcna40935
And I’ve mentioned him before but can’t link here due to some coarse language, but look up John Mulaney and college for a hilarious bit about how much college cost him.
From the oh my goodness file, this guy jumped from a plane at 25,000 feet, on purpose, without a parachute, into a net on the ground.
https://twitter.com/shannonsharpeee/status/1559636982141046784?s=20
Wow. Spoiler alert, he landed safely. But wow. How do you even find the net from 25,000 feet? My goodness.
Full disclosure, I have been skydiving, but my experience involved a parachute and being strapped to an instructor. I did two jumps at Skydive Miami a couple of decades ago and it was an amazing experience. Like nothing I’ve ever done before. I wouldn’t make a habit out of it, but I would recommend it for the rush. Unbelievable. I paid extra for a photographer to jump next to me and record the event.
This week’s crypto commentary, if I were to write one, which I’m not really supposed to do as cryptocurrencies are not a current offering by my firm, would be something along these lines.
I’ve warned before about crypto scams, and there are many. This article identifies some crypto scams making their way around Twitter world.
I have to admit that one of them is pretty clever. There is a scam that will charge you a fee to recover money you’ve lost in another scam. Click here, pay the fee, and we’ll recover your losses. Which of course they don’t, they simply keep the fee and disappear. Unscrupulous and mean for sure, but also a little bit clever IMO.
But never fear, the SEC will look out for you. That’s the Securities and Exchange Commission, not the Southeastern Conference. https://decrypt.co/105922/mark-cuban-sec-regulating-crypto-will-be-a-nightmare
The chairman of the SEC says that just because the crypto market uses a different technology, doesn’t mean it can’t be subject to securities laws. Well maybe. They’ll try to impose laws and regulations, but the technology is out of their hands. It’s out of everyone’s hands, that’s the point. The SEC can no more regulate crypto prices than it could prevent K-Mart from going out of the business and the stock becoming worthless.
Be careful out there in crypto land. And remember, scams are not unique to crypto. There have been con artists trying to separate people from their money since money was invented.
This week’s chuckle is Thornton Melon’s business class in Back to School, https://www.youtube.com/watch?v=uSLscJ2cY04
LF28 – “Education is the kindling of a flame, not the filling of a vessel.” – Socrates.
Have a great week and stay healthy.
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Michael J. Acho, MBA, CFP®
Private Wealth Advisor
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