Signs you have made it as a trader

If you spend more than 5% of your annual salary for a car, or more than 2 times your annual salary for a house you are in over your head. These used to be the conditions for lending money before all hell broke loose.
 
Sure it's been said already.

You just know. If you have to seek a sign then chances are you are just having a run of good luck.

You know when you know.
 
<<Jimmy Carter will always be remembered for his role in Habitat for Humanity.>>

Sorry, but you ruined your entire post by referencing Jimmy Carter.
 
Quote from bigmoose:

sunggong, first congrats upon your success!

Here is a "secret" I will share with you for your consideration. Think of some worthy individual or family that has come to your attention. Perhaps thru your work, perhaps thru relationships at Church or Synagogue, perhaps thru just day to day life. Think of someone who is either in need or who has done something sacrificial for others. Take your time, no need to rush. Make a list and keep it on the back of your desk.

When the time is right and if you are willing take an amount of funds that you think is "appropriate" and cut the person or family a check against one of your checking accounts that is not known by anyone. The amount need not be small or large, you will know the proper amount. Print your own checks and put "xyz" foundation and an xyzFoundation gmail address at the top left of the check. Write a letter to the person or family and tell them how much you respect what they have done, what they stand for, or what they sacrificed to do what they have done. Encourage them, a lot. Tell them you wish nothing in return. Say that if they cannot put the funds to good use, that they simply pass them on like you did to someone they think deserves them.

Be very specific to them in your encouragement.

Sign the letter in a way that is not recognizable, put your "xyz foundation" as the return address (but no street or city address), take a picture of the envelope and now mail them from somewhere not identified with you.

Keep mum, never tell anyone what you did or do, ever. Total anonymity is a must. No one must know. If the secret ever gets out, this will not work.

Check your xyz foundation email once in a while, and make a scrapbook over the years of the envelope pictures and the emails you receive. Now treasure the feeling you get in your heart everytime you think of the person/family and what they have done to make the world a better place when you look thru your scrapbook of love.
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Completing a form 1023 takes a while. It's never to early to start.
 
Jack, it was my understanding that only a Public Foundation could gift to individuals under 501(c)3. Since this is a private foundation, not getting xx % donation from "public" sources, they could not make tax deductible gifts to individuals, only to other 501(c)3's. Ref:The public support must be fairly broad, not limited to a few individuals or families. Public charities are defined in the Internal Revenue Code under sections 509(a)(1) through 509(a)(4).

If I'm wrong, I would sure like to be set straight! It would make significant difference in taxes to me...
 
Quote from bigmoose:

Jack, it was my understanding that only a Public Foundation could gift to individuals under 501(c)3. Since this is a private foundation, not getting xx % donation from "public" sources, they could not make tax deductible gifts to individuals, only to other 501(c)3's. Ref:The public support must be fairly broad, not limited to a few individuals or families. Public charities are defined in the Internal Revenue Code under sections 509(a)(1) through 509(a)(4).

If I'm wrong, I would sure like to be set straight! It would make significant difference in taxes to me...
More...

My orientation is that someone who has made it (the thread topic) and who has the orientation you do can get through the maize. We would be considering staying as a public charity under Part X of 1023 which is where the 501 (c) (3) does consider using capital to make money AND also play a leadership role in channelling capital to good places. Q's in Part X take you there by your choice (the 509 choices). The advance ruling takes the guess work out before the designation gets "fixed". The public will show up AND you get to "invest" (trade). Even the public were slow to show up, you would get extensions, if necessary.

So, I feel it is better to go the public route from the get go.

With all of this, you do retain the ability to send money to 501 (c) (3)'s and to individuals. We use a category (We made up it's name) called TAP which stands for Temporary Aid Program. One of our board members is a psychologist/lawyer who "fixes" the military re: its support for G.I's and vets. (Think Frankfurt and Bliss). It is astounding that there are so many cracks in the floor. People need help and they need it when they need it. There have to be paths available to render aid.

The military has not figured out that needs exist when they cannot understand the need. The IED effects apparently are not understood as yet, for example. Nor are extended duty cycles and then repeated extended duty cycles. This mental and brain trauma is our focus. A Vietnam thread also exists for older vets who have been cast out of the VA loop.
 
Jack, thanks for the confirmation on the public charity as the preferred vehicle versus private foundation.

It is time for me to think more like a board chairman or director and start organizing instead of being a lone wolf... Need to get enough 2% contributions to get above the 33% public contribution test... I will likely be free of the day job in late spring/early summer, and can start to work on things such as this in earnest.

Thanks again for the advice, and thanks for what you do for our military and ex-military. We rest safely at night because of them, and I concur that we owe them more than the gummit gives them.
 
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