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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
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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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
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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
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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
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
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Taking Terminal Leave vs. Selling Back Your Leave
There are any number of articles out in the web-space about whether you should take terminal leave upon retirement or separation, vice selling back your unused leave. Ryan Guina’s Cash Money Life article is a very good primer on why this should be considered on a case-by-case basis, and why each decision on whether to take terminal leave is a personal one. Continue reading
Posted in terminal leave, Uncategorized
Tagged leave, retirement, selling back leave, separation, terminal leave
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Weekend Wrap-up: Military Personal Finance Articles You Should Read (2/26-3/3)
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
Posted in Uncategorized
Tagged insurance, life insurance, personal finance, small business, taxes, thrift savings plan, tsp, Weekend Wrap-up
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Military In Transition Facebook Group
Hi! Just a quick note to let the audience know that I’ve created a Military in Transition Facebook Group (www.facebook.com/groups/militaryintransition). The purpose of this group is to serve as a resource for servicemembers and their families who are looking to … Continue reading
Why the Thrift Savings Plan Has Plenty of Diversification for Any Investor
This article first appeared as a guest post on Ryan Guina’s Military Wallet. Many people dislike the Thrift Savings Plan (TSP) because they feel it isn’t sufficiently diversified. This is an easy point to make, since TSP has five investment … Continue reading
Posted in retirement planning, thrift savings plan, tsp, Uncategorized
Tagged c fund, diversification, f fund, g fund, i fund, military, s fund, stock market, tsp
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Military in Transition 