A History Of Market Crashes, Pt 2: The Energy Crisis and Black Monday

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4.4 • 823 Ratings

🗓️ 10 October 2017

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’re making two stops in the latest in our series on market crashes with the help of Morgan Housel of the Collaborative Fund. We’ll start in the 70s during the energy crisis and then hop back into our DeLorean and head to Black Monday. We’ll also answer your question about whether a kid’s retirement account will impact financial aid. Thanks to Slack for supporting Motley Fool. Learn more at slack.com.

Transcript

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0:00.0	Support for Motley Fool Answers comes from our friends at Rocket Mortgage by Quicken Loans.
0:03.7	You're confident when it comes to your life and work, and Rocket Mortgage gives you that same confidence when it comes to refinancing your existing mortgage or buying a home.
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0:16.2	Go to RocketMortgage.com slash fool.
0:18.4	And also, thanks to Slack for supporting Motley Full Answers. Slack
0:21.7	is a messaging app which brings together all your team's communications in one place, making
0:25.9	work simpler and more productive. Go to Slack.com to learn more.
0:29.2	This is Motleyful Answers. I'm Alison Southwick and I'm joined as always by Robert Brokamp,
0:37.0	personal finance expert here at the Motley Fool. Hello, Robert. Hello, Alison. Get your
0:41.8	polyester on because it's time for part two of our history of market crashes. In today's
0:46.3	episode, Morgan is taking us on two stops in time, first to the 70s to stand in line for gas
0:51.4	and then on to the 80s for Black Monday. We'll also answer your question about whether your kid's IRA will impact their financial aid.
0:59.8	All that and more on this week's episode of Molly Full Answers.
1:03.9	It's time for Answers, and today's question comes from George.
1:07.0	George writes, Robert made the brief statement that assets the child owns is the most
1:14.6	unfavorable with regard to financial aid for college. Is that also true for IRAs and other
1:21.8	retirement account options? 529 seem very limiting, especially if the child can work for a family business.
1:29.2	Well, George, there's several parts of that question, so let me back into it.
1:33.5	So a kid can have an IRA, but only if they have earned income, and they have to be able
1:37.9	to document that income.
1:39.3	So they work for the county.
1:41.2	They work for, as George points out, a family business.
	...

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