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Monthly Archives: March 2016
Back to Basics – How Much Money Should I Have In My Emergency Fund?
When dealing with money, the most important question is: “How much money do I need to deal with unexpected emergencies?” If you can honestly answer this question and put this amount of money aside to address issues that come up, then the rest of your money should be put to work in low cost, tax-advantaged investments that will grow over time. Continue reading
Posted in Back to Basics, Uncategorized
Tagged Back to Basics, emergency, emergency fund, extraodrinary emergency, ordinary emergency, savings
1 Comment
What’s Your Biggest Concern About Your Military Transition?
Cash flow is king, or so the saying goes. Almost everyone that I’ve talked with has stated cash flow as a concern for their post-active duty life. It seems that a lot of these concerns boil down to two questions: Continue reading
Weekend Wrap-up: Military Personal Finance Articles You Should Read (3/18-3/24)
This issue starts with a couple of Kate Horrell articles:
Texas law changes for military homeowners
Tax changes when you retire
LIFE: An Acronym to Live By (actually a guest post by USAA’s JJ Montanaro)
From there, we have 10 Keys to Proper Estate Planning, by Michael Chamberlain. Also, since it’s tax season, it’s not too late to Continue reading
Retirement Journal – 400 Days & Counting Down
Today is March 23, which means that tomorrow (March 24) marks 400 days until my retirement ceremony date of May 1, 2017. The other day, I was talking with Jeff Rose, CFP®. Jeff is the creator of the Good Financial … Continue reading
Posted in retirement, retirement planning, Uncategorized
Tagged military, retirement, retirement planning
1 Comment
Does the IRS Owe You Money?
According to the IRS, 5 million people were expected to file amended tax returns for 2014, out of 131 million original filings. For 2015, the IRS expects over 150 million individual returns, which means even more amended returns can be expected. Continue reading
Posted in taxes
Tagged amended return, irs, schedule a, schedule c, schedule d, tax liability, tax professional, taxes
1 Comment
Weekend Wrap-up: Military Personal Finance Articles You Should Read (3/11-3/18)
Enjoy this edition of “Military Personal Finance Articles You Should Read.” This blog entry only serves to summarize some of the previous week’s best personal finance articles, blog posts, and other content from a variety of sources so that you don’t have to. The intent isn’t for you to read every single article (although you’re a superstar if you do), but it’s to curate a lot of content into one easily digestible article that allows you to pick and choose the content you want. Continue reading
Why You Should Strongly Consider Not Participating in the Survivor Benefit Plan
I am currently writing an ebook about the Survivor Benefit Plan, which I plan to release by summer. If you’d like to receive updates, please send me an email or join Military in Transition on Facebook. Previously, I wrote about … Continue reading
Posted in insurance, sbp, survivor benefit plan
Tagged annuity, sbp, survivor benefit plan, tax, term insurance, term life insurance, usaa
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Three Tax Considerations When Selling Your Rental Property in the Military
When you make the decision to sell your home, it can be for any number of reasons: relocation, buying a bigger home, downsizing, or because it makes financial sense to do so. In fact, I previously wrote an article about this here. However, there are times in your military career where you just can’t sell your home as soon as you leave it: you’re underwater, you might move back into it later on, it’s got potential to make a lot of money as a rental, or timing issues. From the moment you have a tenant move into your house, it’s no longer your home…it’s a rental property. Whatever the reason for selling your home, let’s take a look at three tax considerations you should take into account: Continue reading
Weekend Wrap-up: Military Personal Finance Articles You Should Read (3/4-3/10)
Enjoy this edition of “Military Personal Finance Articles You Should Read.” This blog entry only serves to summarize some of the previous week’s best personal finance articles, blog posts, and other content from a variety of sources so that you … Continue reading
Why Estate Planning Matters to You in the Military (Even if You Think it Doesn’t)
This article was published a couple of months ago online, but I’ve made some changes specifically to point out how estate planning should matter to you throughout your military career. I was recently at a financial planning conference, when I … Continue reading
Posted in estate planning, Uncategorized
Tagged deployment, estate, estate planning, legal, power of attorney, sgli, will
1 Comment
Military in Transition 