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Monthly Archives: April 2016
What Happens to My SGLI When I Leave the Military?
A common question that I’ve heard is, “What happens to my SGLI when I retire from the military?”
This is a very important question, and one that you should address when you’re looking to either retire or separate. Either way, there may be times where you decide Continue reading
Ten Questions With Tania Baumhover
This week’s interview is with my wife, Tania. Tania’s the best person I’ve ever known. If it weren’t for her, I’m not sure I would have ever found someone who would be able to put up with me, much less be my soul mate. So, even though it might seem like a cop-out, there’s probably not another person whose opinion I’d rather have out there, for people to resonate with as they’re going through their own transition. Continue reading
Invest in Flowers, Not Rims
So why is this important? Like I mentioned earlier, spending thousands of dollars on auto accessories means that money isn’t invested for the future. Most people would read this to mean investing in Thrift Savings Plan, your retirement accounts, or putting money towards your children’s’ college education—all worthwhile goals. However, I’ll define it in a slightly different manner by describing what the auto accessory store replaced—the flower shop. Continue reading
Weekend Wrap-up: Military Personal Finance Articles You Should Read (4/8-4/14)
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.
This issue starts with a couple of Kate Horrell articles: Continue reading
Ten Questions With Spencer Baker
A couple of weeks ago, I asked the Military In Transition Facebook Group whether it would be worthwhile to read articles based upon other peoples’ experiences. It seemed that the overwhelming response was in line with my thinking. After talking with a lot of people about their retirement story, I realized that each conversation gave me a little bit of perspective about my own story. This inspired me to start an article series to share the stories of some of the people I’ve talked with. I hope that reading these stories puts a little bit of perspective into your life as you write your own transition story. Continue reading
Posted in Ten Questions, Uncategorized
Tagged fic, navy, plan a, plan z, retirement, spencer baker, supply corps, Ten Questions
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Does Your Financial Plan Pass the Sleep Test?
Members of the Greatest Generation, my grandparents came of age during the Depression, a period marked by severe distrust of financial institutions and an extreme aversion to risk. After my grandfather died, my grandmother had to manage her finances for the rest of her life, 28 more years. The way she handled her money reflected her upbringing, her deep dislike of risk and her commitment to her goals. Continue reading
Posted in financial planning
Tagged financial plan, financial planning, grandmother, investing, savings, sleep
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Weekend Wrap-up: Military Personal Finance Articles You Should Read (4/1-4/7)
Also, read about my personal evaluation of the Survivor Benefit Plan, when compared to a term life insurance policy. This last article forms one of the chapters of my upcoming Survivor Benefit Plan book, which I plan to release in the next few weeks. If you’d like to know more, please feel free to contact me through the Military In Transition Facebook Group. Continue reading
What is the Fiduciary Standard and Why Do I Care?
What is a fiduciary, and what does this mean when I’m looking for a financial adviser?
You may or may not have heard about the debate with regards to the fiduciary standard, and the Department of Labor’s attempt to make changes to reflect today’s financial advisory landscape. This article will take you through a quick primer on the law that created the fiduciary standard, who the fiduciary standard applies to, and how the fiduciary standard compares to what you’ll see in the marketplace. In essence, we’ll discuss what the fiduciary standard SHOULD mean to you, as the consumer of financial advice, and what you should be looking for. Continue reading
Posted in financial planning
Tagged adv, department of labor, dol, fiduciary, fiduciary standard, financial adviser, investment advisers act, sec
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Term Life Insurance Vs. Survivor Benefit Plan—A Side By Side Comparison
You might wonder why I wrote an article that seemed to advocate SBP, then followed it up with an article that seemed like SBP-bashing. I did so for two reasons. First, both articles seek to provoke critical thinking…I think I soundly met that objective. Second, putting those two articles side by side shows my true focus…when you’re looking at your decision to retire from the military, you need to make sure you address SBP properly. After all, if you make the wrong decision, you’re stuck with it. With that said, I got hit up on both sides of the debate. Continue reading
Posted in insurance, sbp, survivor benefit plan
Tagged COLA, conclusion, life insurance, osd actuary, policy, sbp, survivor benefit plan, term insurance
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Weekend Wrap-up: Military Personal Finance Articles You Should Read (3/25-3/31)
To round out the personal finance section, we have a side-by-side comparison of Roth vs. traditional IRAs (hint: the difference has a lot to do with before retirement tax rate vs. after retirement tax rate, as well as the length of contribution period). Also, FI Guide has a guide for those of you looking at post-military employment where HSAs are relevant. We have 4 ways to tell if you’re financially ready for retirement. If you’re looking for a new car, you might be interested in this Consumer Reports list of the 10 worst cars on the road. Finally, Claire Emory presents the perils of relying upon an inheritance before you actually receive it. Continue reading
Posted in military transition, sbp, transition, Weekend Wrap-up
Tagged college aid, emergency fund, ira, kate horrell, refinance, retirement, roth ira, sbp, sbp open season, traditional ira, transition
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Military in Transition 