When I talk to people about their finances, most of them have concerns, and many have questions. The single most common question is, “I don’t know where to start.” Okay, it isn’t technically a question, but it is still a question. Thankfully, it is an easy one. So, where should you start? Whether you are… | Read More…
Simplify Your Life By Using More Bank Accounts
Most people are looking for ways to improve their financial management. Maybe they need a complete overhaul, or maybe just a few small tweaks, but there is usually room for some improvement. Though it seems counter-intuitive, I’ve found that maintaining multiple bank accounts helps me to keep my finances much more organized and it helps… | Read More…
Five Things To Check On Your LES Each Month
Every month, each military member has a Leave and Earnings Statement that shows pays, allowances, deduction, allotments, retirement contributions, insurance premiums, and leave balances. Because these are available online, it’s easy to skip over the important step of reviewing and saving it each month. However, this document is the key to all your financial, retirement,… | Read More…
Understanding The Military Spouses Residency Relief Act and How It Applies To State Taxes
I am republishing this article to be more clear about the 2018 updates. The Military Spouses Residency Relief Act (MSRRA) is an important law, but it is very misunderstood. Passed in 2009, it is actually an amendment to the Servicemember’s Civil Relief Act (SCRA) to provide certain specific protections to some military spouses. It was… | Read More…
Kate Rants: If Your Rental Is Not Making Money, Stop Saying “It’s A Good Investment”
As a financial educator, and a military landlord myself, I spend a lot of time talking to military families about their rental houses. In almost all cases, these are houses that the family bought at a duty station, and then rented out when they PCSed away from the area. Maybe that was the plan all… | Read More…
Employment Resources for Spouses of Veterans
Many families struggle with the transition out of the military and into the civilian world. It’s natural – it is a big change! Thankfully, there are a world of resources available to both the veteran and the spouse. A recent Facebook conversation encouraged me to pull together some resources available to spouses of veterans who… | Read More…
Favorable Tax Rules for Military When Excluding Capital Gain from Sale of Principal Residence
I asked my smart friend Paul Allen if he could possibly explain the capital gains exclusion in another way, especially the part about partial exclusions. I’ve always been confused by them. Even though I’ve written about this here, I was still baffled about that part. And Paul came back in a big way. I am… | Read More…
You’re Richer Than You Think: A Review of David Bach’s The Latte Factor Book
“If you don’t know where you are going, you might not like where you end up.” In his latest book, The Latte Factor, bestselling financial author David Bach tells the fictionalized story of Zoey, a hardworking 20-something who is struggling to stay afloat financially. She meets Henry, who teaches her about his three secrets for… | Read More…
Be Sure You Are Keeping Up With These Retiree Newsletters
It can be hard to keep up with changes in benefits, laws, and programs. One of the best ways to remain informed is to read the various retiree newsletters published by each branch of the military and the Defense Finance and Accounting Service (DFAS). This stuff isn’t just for retirees – there is useful information… | Read More…
Why Does My Mortgage Payment Change From Year To Year? How Mortgage Escrow Works
One of the most confusing parts of having a mortgage is understanding how the payment on your fixed rate mortgage can change, usually every single year. In order to understand why your payment changes, you need to know your escrow account works. An escrow account is an account that pays different bills related to the… | Read More…
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