The Veteran Finance Podcast

In this episode, I talk about the Iran War and its' implications on markets and personal finance.‍Key Timestamps:00:00 Introduction 01:47 How Markets React to Wars04:20 Oil, Inflation, and Interest Rates8:01 Personal Finance Takeaways11:40 Wrap Up and DisclaimerResources Mentioned: Investopedia article on the impact of war on markets across timeInflation Adjusted Barrel of Oil History Price ChartU.S. Gas Per Gallon Price over historyMortgage Rate Chart‍More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠Join the waitlist here!Questions or comments, drop me a note at: ⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/79

In this episode, I talk about the top 5 most impactful personal finance books I've ever read that I would recommend you check out in the new year!‍Key Timestamps:00:00 Intro and Top 5 Personal Finance Books Overview00:51 Book 1: The Psychology of Money02:05 Book 2: Your Money or Your Life03:25 Book 3: Die With Zero05:29 Book 4: A Random Walk Down Wall Street06:37 Book 5: The Millionaire Next Door07:57 Conclusion and Additional Resources ‍Resources Mentioned: Psychology of Money- Morgan HouselYour Money or Your Life - Vicki RobinDie With Zero- Bill PerkinsRandom Walk Down Wallstreet- Burton MalkielThe Millionare Nextdoor-  Dr. Thomas StanleyFollow me on GoodreadsMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/78

‍In this episode, I talk about red flags to look for in investments that are too good to be true, including three real life examples I've seen in my financial planning practice.Key Timestamps:00:00 Introduction and Announcements01:20 Core Principles of Sound Investing02:20 Identifying Red Flags in Investment Opportunities04:34 Real-World Examples of Investment Scams09:02 Protecting Yourself from Investment Scams09:50 Conclusion and Final ThoughtsResources Mentioned: Bernie Madoff FBI CasePaul Regan Fraud Scheme 2024‍More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/77

‍In this episode, I go through the three tax-efficient strategies for maximizing the value of your charitable giving. ‍Key Timestamps:00:00 – Intro01:25 – Standard deduction explained04:40 – Strategy 1: Bunching05:46 – Strategy 2: Donor-Advised Funds07:04 – Strategy 3: QCDs08:41 – Recap & final thoughtsResources Mentioned: Episode 37 on Donor Advised Funds (DAFs)‍More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/76

In this episode, I go through the three things that need to be true for it to make sense to keep your house as a rental property. ‍Key Timestamps:00:00 – Introduction00:49 – 1. The Math03:31 – 2. Qualitative Fit05:21 – 3. Long-Term Fit09:06 – Recap & Final ThoughtsMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/75

‍In this episode, I discuss the basic principles of term insurance and why for most families it is the preferred method of life insurance over permanent insurance, SBP, and VGLI. Key Timestamps:00:00 Introduction & why term life insurance01:10 Principles of Term Insurance03:35 How much term insurance do you need?05:35 Calculating your coverage07:10 Comparing Term vs. Permanent, VGLI, and SBP12:09 Final thoughts & summary‍Resources Mentioned:Episode 22: Whole vs. Term Life InsuranceVGLI Costs‍More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/74

In this episode, I discuss the art of the backdoor Roth IRA for high income earners. We walk through what it is, how to do it, and key mistakes to look out for. ‍Key Timestamps:00:00 Introduction to the Backdoor Roth IRA02:21 Step-by-Step Guide to Backdoor Roth IRA04:51 Key Caveats and Pro-Rata Rule07:26 Fixing Past Contribution Mistakes10:06 Conclusion and Final Tips10:47 Additional Resources and Disclaimer‍‍More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/73‍

In this episode, I dive into when it makes sense and does not make sense to refinance your mortgage when rates are falling. Key Timestamps:00:00 Introduction: Is Now a Good Time to Refinance?00:55 Understanding Refinancing Basics02:03 VA Loan Refinancing: Uncle Earl Explained03:12 When Refinancing Makes Sense06:06 When Refinancing Doesn't Make Sense08:02 Veteran-Specific Provisions for Refinancing09:50 Conclusion and Final ThoughtsResources Mentioned: Episode 16: VA Loans with Evan KaufmanEpisode 50: Refinancing VA Loans with Evan KaufmanMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠www.baskinfp.com/post/72

In this episode, I dive into the provisions of the One Big Beautiful Bill Act (OBBBA) passed on July 4, 2025 and how it is likely to impact your tax bill this year and for the years to come. Key Timestamps:00:00-Introduction to the One Big Beautiful Bill Act01:22- Understanding the Tax Rate Extensions and Standard Deductions02:43- Charitable Giving and Itemized Deductions04:53- State and Local Tax (SALT) Deduction Changes06:45- Child Tax Credit and Senior Deduction08:55- Tax Exemptions on Tips, Overtime, and Business Provisions11:16- Estate and Lifetime Gift Tax Exemptions12:55- Vehicle-Related Tax Provisions15:40- Education and Trump Accounts17:31- Actionable Takeaways and ConclusionMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/71

In this episode, I dive into the essentials of college savings, focusing on 529 plans and how to decide the best approach for your family. I cover the pros and cons, recent rule changes, and practical tips for making smart education funding decisions.‍Key Timestamps:00:00 - Introduction and Personal Update01:56 - Philosophy of Education Savings04:12 - 529 Accounts Overview06:48 - What 529 Plans Cover08:27 - Pros of 529 Plans11:54 - Cons of 529 Plans14:09 - Making the Right Decision16:41 - Outro and Resources‍‍More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/70

Today, I talk about how the way you consume financial news can have a huge impact on your emotional state and your long-term success as an investor. I’ve noticed that most financial media today—especially TV and digital platforms—is designed to get you riled up, not to inform you. It’s biased, sensationalized, and built to sell ads, which makes it really dangerous for investors who are trying to stay focused on the long term. Studies show that many investors underperform their actual investments by 3–7% because of emotional decision-making, often driven by news consumption. My advice? Stop watching the news and start reading it. Limit your intake—maybe 15 minutes a day or even just once a week—and stick to reliable, relatively unbiased sources like The Economist (which I read in print), The Wall Street Journal (minus the opinion section), Financial Times, Bloomberg, Morningstar, and Investopedia. Building a smarter, calmer news habit helps you stay informed without being overwhelmed or emotionally swayed—and ultimately makes you a better, more focused investor.Key Takeaways:• The average investor underperforms their own investments by 3–7%, largely due to behavior driven by emotional news cycles.• The Economist and The Wall Street Journal are trusted, relatively balanced sources of financial information.• Doomscrolling is a destructive habit, especially when it comes to financial decision-making.• Opinion sections and talk shows are entertainment, not reliable sources of economic insight.• Choosing quality over quantity in your news consumption makes you a more informed, more resilient investor—and a more grounded person overall.• Most modern financial media is designed to entertain and provoke, not to inform objectively.Key Timestamps:(00:00) – Introduction and Personal Update(00:33) – The Impact of News on Investing(01:50) – The Problem with Modern Financial Media(03:48) – Recommended Financial News Sources(06:37) – Building Smarter News Habits(08:12) – Conclusion and Final ThoughtsKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/69

I talk about the often misunderstood process of probate and why simply having a will isn’t enough to avoid it. Most people assume a will guarantees a smooth transfer of assets, but the truth is, many of those assets still go through probate - a public, court-supervised process that can take months or even years and cost thousands in legal fees. I explain why we want to avoid probate and how to do it. There are three main ways I recommend: first, owning property jointly - especially with a spouse - so it transfers automatically; second, using beneficiary designations on financial accounts and insurance policies, which actually override what’s written in a will and allow for faster transfers; and third, setting up a revocable living trust, which keeps everything private, gives you more control, and avoids probate altogether. I share how I’ve seen this work for clients and why smart estate planning is one of the best gifts you can leave your loved ones.Key Takeaways:• Probate is a public legal process where a court oversees the distribution of your assets after death.• Legal fees during probate can cost 3–5% of your estate’s value, reducing what your heirs receive.• Joint bank accounts transfer directly to the surviving co-owner, skipping probate.• Roth IRAs must be individual accounts, so naming both primary and contingent beneficiaries is critical.• Trusts can include specific instructions for how and when beneficiaries receive assets.• Proper estate planning minimizes stress, cost, and confusion for your loved ones after you pass.Key Timestamps:(00:00) – Understanding Probate: What It Is and Why It Matters(01:00) – The Drawbacks of Probate(02:17) – Three Strategies to Avoid Probate(03:26) – Beneficiary Designations: A Crucial Step(05:41) – Setting Up a Living Trust(07:21) – Summary and Final Thoughts(08:15) – Conclusion and Additional ResourcesKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/68

Today, I explain that while a market correction - defined as a 10% or more drop - is never fun, it’s actually quite normal and often healthy. Historically, corrections happen every year or so, and the average recovery time is about four months. I walk through data showing that after 10%, 20%, or even 30% declines, markets tend to rebound strongly over one-, three-, and five-year periods. I stress that trying to time the market doesn’t work - you can’t afford to miss the best days, which often come right after the worst ones. I emphasize that policies like tariffs are temporary and shouldn’t shake our long-term investing strategy. Businesses adapt, markets recover, and the long arc of investing continues upward. For those with excess cash, downturns can be a good time to invest, rebalance, harvest losses, or consider a Roth conversion. I also encourage listeners to reassess their risk tolerance, especially if they’re nearing short-term goals. My main message: zoom out, stay focused on the long term, and remain optimistic - this time is not different.Key Takeaways:• Market corrections are a normal part of investing, not a reason to panic.• Tariffs and trade tensions may cause short-term market movements, but their long-term impact is often overstated.• Staying invested through downturns is a key to building wealth and fear-based decisions can derail years of smart investing.• Corrections can create buying opportunities if you’re positioned wisely.• Comparing today to past corrections helps put things in perspective.• Volatility can test your resolve, but staying the course is usually the right call.Key Timestamps:(00:00) – Market Corrections: Frequency and Impact(02:29) – Expected Market Rebounds After Declines(05:56) – The Importance of Staying Invested(07:55) – Temporary Nature of Policies(10:05) – Businesses' Adaptability and Long-Term Outlook(11:16) – Practical Steps During Market Downturns(13:52) – Conclusion and Final ThoughtsKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/67

I explore the S Corp election, a tax strategy that can help business owners—especially LLCs and sole proprietors—reduce self-employment taxes. When operating as an LLC or sole proprietor, all income is subject to self-employment tax at 15.3%, but electing S Corp status allows me to split my income between a salary (taxed normally) and distributions (which avoid self-employment tax). I discuss when this election makes sense—typically when net profit exceeds $50,000 and is expected to grow—along with the need to set a reasonable salary, run payroll, and file additional tax forms. While this strategy can save money, I also highlight the downsides, including added paperwork, payroll costs, and potential IRS scrutiny if salary justification isn’t handled properly. I walk through the steps to elect S Corp status, point out common mistakes to avoid, and emphasize the importance of consulting a tax professional before making this decision.Key Takeaways:• Unlike LLCs and sole proprietors, S Corps allow owners to split income into salary (taxed normally) and distributions (which avoid self-employment tax).• Generally, S Corp election makes sense when net profit exceeds $50,000, and it becomes a strong consideration at $100,000+• The IRS requires S Corp owners to pay themselves a fair market salary before taking distributions to prevent tax avoidance.• The IRS may scrutinize S Corps, particularly if owners pay themselves an unreasonably low salary while maximizing distributions.• Businesses with fluctuating or low profits may not benefit from S Corp election due to payroll and compliance costs.• S Corp owners should maintain distinct business and personal accounts and use accounting software for tracking.Key Timestamps:(00:00) – Understanding S Corp and Self-Employment Tax(02:03) – Tax Benefits of S Corp Election(03:27) – When to Consider S Corp Election(04:29) – Setting a Reasonable Salary(06:07) – Downsides of S Corp Election(07:38) – How to Elect S Corp Status(09:06) – Who Should Avoid S Corp ElectionKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/66

I’ve noticed that many people don’t fully understand their home and auto insurance coverage, often just relying on default options or what the agent recommends. I want to highlight four common mistakes I see: (1) Having low deductibles, which results in higher premiums for minor claims; (2) Low liability limits, which can expose you to significant financial risk in serious accidents; (3) Coverage mismatches, especially in home insurance, where the policy may not reflect the current replacement cost or include umbrella coverage for those with a higher net worth; and (4) Not shopping around for better rates every couple of years, as insurers tend to gradually raise premiums over time. The key takeaway is that insurance should be for covering major financial risks, not small, routine expenses. I recommend regularly reviewing and adjusting your coverage to make sure you’re getting the best protection and value.Key Takeaways:• Many people don’t fully understand their home and auto insurance coverage and often rely on default options or agent recommendations.• Having low deductibles can lead to higher premiums for minor claims, such as windshield repairs or small damages.• Many people neglect to shop for better insurance rates regularly, leading to higher premiums over time as insurers tend to increase rates gradually.• Insurance should be used to cover major financial risks (like a house burning down or a serious accident) rather than small, routine expenses (like a cracked windshield).• Regularly reviewing your insurance policy ensures that your coverage, deductibles, and liability limits are appropriate for your current needs and financial situation.Key Timestamps:(00:00) - Common Insurance Mistakes(00:51) - Mistake 1: Low Deductibles(04:30) - Mistake 2: Low Liability Limits(07:38) - Mistake 3: Coverage Not Matching Home Value(08:48) - Mistake 4: Not Shopping Policies Regularly(10:03) - Conclusion and Final ThoughtsKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, Car Insurance, Home InsuranceMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/65

I recently worked with a client on a tax planning strategy that perfectly illustrates the power of proactive financial planning. The client owned a rental property and was approaching the five-year deadline for the Section 121 exclusion, which allows homeowners to exclude up to $250,000 in capital gains if they’ve lived in the property for at least two of the last five years. After reviewing their situation, I realized that selling before the deadline would save them $33,000 in capital gains taxes. We worked together to make it happen, and they successfully sold the property just weeks before the cutoff. This experience reinforced how crucial it is to time financial decisions strategically, especially when considering income fluctuations and long-term goals. Tax planning isn’t just about looking back—it’s about thinking ahead and making informed choices that align with your future. Too often, tax preparers focus on past filings, but I believe in looking through the windshield, planning for the next five to ten years. This case was a great example of turning financial goals into action through smart, forward-thinking tax planning.Key Takeaways:• Proper tax planning can lead to significant, measurable savings for clients.• Understanding whether gains are taxed as ordinary income (short-term) or at lower capital gains rates (long-term) is essential in tax planning.• Rather than reacting to past tax years, forward-thinking tax planning helps optimize future financial outcomes.• While tax savings are important, financial decisions should ultimately align with personal goals, not just tax benefits.• Good planning integrates tax strategy, investment choices, and long-term goals to create a cohesive financial plan.Key Timestamps:(00:00) – Client Case Study: Saving on Taxes(01:43) – Timing the Sale for Maximum Tax Benefits(03:16) – Details of Section 121 Exclusion(03:26) – Additional Considerations for Military Members(05:01) – Proactive Tax Planning Strategies(05:56) – Final Thoughts and TakeawaysKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/64

In this episode, I wanted to highlight the many benefits available to veterans with VA disability ratings, as I was surprised by how extensive they are during my own claims process. I go over key benefits, especially those that are lesser known, particularly for 100% disabled veterans. These include commissary and exchange privileges, waived VA loan funding fees, tax-free compensation (which can be substantial), healthcare benefits that expand significantly at 50% and 100% ratings, student loan forgiveness for 100% total and permanent disability, property tax exemptions in some states, Chapter 35 education benefits for dependents, and even free in-state tuition in certain states. When combined, these benefits can add up to millions of dollars in value over time. I emphasize the importance of knowing your benefits, ensuring your rating is accurate, and filing for increases if warranted. If you haven't filed a VA claim but believe you're eligible, it's worth pursuing, as these are benefits you're legally entitled to. Hopefully, this episode helps veterans or their loved ones understand what’s available to them. Let me know if you have any questions, and thanks for listening!Key Takeaways:• Disabled veterans can access commissary and exchange privileges, hiring preferences, and burial benefits.• Veterans with at least a 10% disability rating can have their VA loan funding fee waived, potentially saving thousands.• Some states offer full property tax exemptions for 100% disabled veterans, while others provide partial exemptions.• Spouses and children of 100% disabled veterans may qualify for additional education benefits similar to the GI Bill.• Even at lower ratings, benefits can add up to tens of thousands of dollars, while a 100% rating can be worth millions over a lifetime.• Veterans should not feel guilty about filing; these benefits are legally granted based on service-connected conditions.Key Timestamps:(00:00) – VA Disability Benefits(01:36) – VA Loan Funding Fee Waiver(02:19) – Compensation Details(04:10) – Healthcare Benefits(05:18) – Student Loan Forgiveness(06:58) – Property Tax Exemptions and Vehicle Registration(07:53) – Chapter 35 Benefits(09:21) – In-State Tuition for Children of Disabled VeteransKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMentions:Current Veterans disability compensation rates: https://www.va.gov/disability/compensation-rates/veteran-rates/ More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/63

In this episode, I break down the key changes we can expect in the 2025 Republican tax bill and what they might mean for you. With a Republican majority in Congress and President Trump back in office, major tax reforms are likely on the horizon—think lower individual tax rates staying in place, a potential repeal or increase of the SALT deduction cap, and a higher child tax credit. Business owners could see an expanded QBI deduction and the return of 100% bonus depreciation, while there’s also talk of eliminating taxes on tips, overtime, and Social Security benefits. Plus, clean energy tax credits may be on the chopping block, and estate tax changes are on the table. Tune in as I walk through what’s coming, how it could impact your finances, and what to keep an eye on as the bill takes shape later this year!Key Takeaways:• The lower individual tax brackets from the 2017 Tax Cuts and Jobs Act (TCJA) are expected to become permanent, avoiding the scheduled 2026 increase.• The 20% deduction on qualified business income (QBI) is expected to remain and could increase to 30% or 35%, benefiting small business owners.• There’s discussion about making tips, overtime pay, and Social Security benefits tax-free, though this remains uncertain• Credits for electric vehicles, solar panels, and other green energy incentives are likely to be phased out or eliminated altogether.• The final bill is expected mid-2025, so individuals and businesses should monitor changes closely to adjust tax strategies before year-end. Stay tuned for updates!Key Timestamps:(00:00) – Overview of Expected Tax Changes(02:30) – SALT Tax Exemption Changes(04:17) – Enhanced Standard Deduction(05:08) – Enhanced Child Tax Credit(06:13) – Qualified Business Income Deduction(07:47) – Reintroduction of 100% Bonus Depreciation(09:03) – Miscellaneous Income Tax Changes(10:05) – Removal of Clean Energy Credits(11:03) – Estate Taxes and ConclusionKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, tax changes, estate taxes, EV tax credits, solar panels, green energy incentives, SALT, Tax Cuts and Jobs Act, President Trump, Republican majorityMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/62

I explore a common question I hear frequently: “Can my spouse quit their job?” Using a real-life client case study, I break down the financial and emotional considerations of transitioning to a single-income household. By analyzing their $350K combined income, with $800K already saved for retirement and a strong financial foundation, they decide the tradeoff is worth it for less stress and more family time. This exercise highlights the importance of evaluating not just numbers but also lifestyle priorities, whether it’s reducing hours, cutting expenses, or rethinking long-term goals. I hope this discussion inspires listeners to reflect on their own situations and find the balance that works best for their family.Key Takeaways:• Quitting a job doesn’t necessarily mean a drastic loss of financial stability, but it does take serious consideration of personal goals and situations. • For families with young children, childcare is often a significant expense. Removing this cost can offset the financial impact of one spouse staying home.• Financial decisions should factor in lifestyle priorities, such as spending time with young children or reducing household stress, not just numbers on a spreadsheet.• Families can consider cutting discretionary spending, such as dining out or shopping, to make up for the reduced income. Downsizing major expenses like housing or cars can also create more flexibility.• Beyond childcare, other work-related expenses—like commuting, vehicle depreciation, and professional attire—can be reduced or eliminated if one spouse quits their job.• The couple prioritizes spending time with their kids during their formative years, recognizing that this opportunity is limited and irreplaceable.Key Timestamps:(00:00) - Introduction: Can My Spouse Quit Their Job(00:36) - Case Study: Real-Life Scenario(01:43) - Financial Breakdown: Income and Expenses(03:14) - Analyzing the Impact of Quitting a Job(04:57) - Qualitative Considerations and Lifestyle Changes(07:27) - Summarizing the Decision-Making ProcessKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/61

As we step into 2025, I wanted to take a moment to review the routine tax and contribution limit changes that come with the new year. This episode focuses on the updated limits for 401(k)s, IRAs, HSAs, and other retirement plans, along with key adjustments to Social Security, the annual gift tax exclusion, and standard deductions. For instance, the 401(k) elective deferral limit is now $23,500 for those under 50, with a special new catch-up contribution for those aged 60-63. While most changes align with inflation, they’re crucial to understand for effective tax planning. Though income tax rates remain stable this year, bracket thresholds and deductions have been adjusted. I also touch on planning tips, like updating recurring contributions to retirement accounts. This isn’t to be confused with anticipated broader tax reforms from the incoming administration, which I’ll cover in a separate episode. Thanks for tuning in, and here’s to staying tax-savvy in 2025!Key Takeaways:• The 401(k), 403(b), and TSP elective deferral limit for those under 50 is now $23,500. For those 50 and older, the catch-up contribution remains $7,500, allowing a total of $31,000.• A catch-up provision allows individuals aged 60-63 in 2025 to make an additional catch-up contribution of $3,750, bringing their total potential contributions to $35,250.• The annual contribution limit for IRAs remains unchanged at $7,000, with an additional $1,000 catch-up for those 50 and older.• Health Savings Account (HSA) limits have increased to $4,300 for individuals and $8,850 for families, with a $1,000 catch-up contribution for those 55 and older.• The annual gift tax exclusion has increased to $19,000 per person, up $1,000 from 2024.• The lifetime exemption amount for 2025 is $13.99 million per person, up from $13.61 million in 2024.Key Timestamps:(00:00) - Introduction to 2025 Tax Changes(00:50) - 401k and Retirement Plan Updates(02:30) - IRA and HSA Contribution Limits(03:31) - SEP IRA and Solo 401k Limits(04:11) - Social Security and Gift Tax Adjustments(06:04) - Income Tax Rates and Deductions(07:11) - Capital Gains and QBI Adjustments(07:47) - Conclusion and Final ThoughtsKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠[email protected]⁠⁠⁠⁠www.baskinfp.com/post/60

In this episode, I tackle key questions about estate tax and gifting strategies, highlighting the importance of proactive planning to pass wealth to future generations. Annual gifting is one of the simplest ways to remove money from your taxable estate without reducing your lifetime exemption per spouse. I clear up common misconceptions, such as the belief that gifts over $18,000 are taxable (they aren’t; they simply require reporting and reduce your lifetime exemption) and that recipients of gifts or inheritances owe taxes (they generally do not). I also discuss exceptions, like direct payments for educational or medical expenses, which don’t count toward gift limits and can be powerful tools for gifting. I wrap up by encouraging you to start thinking about your legacy and taking action now, especially if you’re a business owner or high-income earner. Tax laws can always change, so staying proactive now can help protect your family and create a lasting impact. Thanks for listening, and I’ll see you next year!Key Takeaways:• Be sure to keep track of and report your untaxed gifts. This is important to ensure they don’t end up counting against your lifetime exemption.• Always get up to date with your state and local laws, and know how they interact with federal regulations.• Wealth can come faster than you think. High earners in their 30s and 40s may end up surprised, and should keep an active plan for themselves and their heirs. • Legislation changes. Wealth transfers are favored today, but the law may not always read that way. Active planning will help you leave something behind.Key Timestamps:(00:00) - Understanding Estate Tax and Annual Gifting(01:03) - Historical Context of Estate Tax Exemptions(02:00) - Current Estate Tax Exemptions and Future Considerations(03:50) - Annual Gift Tax Exclusion Explained(08:08) - Misconceptions and Reporting Requirements(10:30) - Exceptions to Gift Limits(11:45) - Conclusion and Final Thoughts(13:16) - Closing Remarks and ResourcesKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, Estate Planning, Wealth Transfer, Estate Tax, Gift, Financial Gifts, Tax Write OffMentions:• IRS Form 709:  https://www.irs.gov/forms-pubs/about-form-709• State Estate Taxes:  https://taxfoundation.org/data/all/state/estate-inheritance-taxes/More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠www.baskinfp.com/post/59

Erik discusses how the recent election win by Donald Trump and the Republican party could potentially impact your financial portfolio. Erik highlights three main areas of concern: financial markets and investments, interest rates, and taxes. The discussion covers possible inflationary effects, changes in financial market dynamics, expected volatility in interest rates, and potential tax code modifications. Erik emphasizes the importance of staying invested, monitoring interest rates, and understanding the likely changes in tax policies to make informed financial decisions in the coming years.Key Takeaways:• How will a Trump and Republican win affect financial markets and investments?• What are the potential impacts on interest rates due to proposed policies and economic conditions?• How might taxes change under a Republican majority, and what should individuals consider for tax planning?Key Timestamps:(00:00) - Introduction: Impact of Trump's Win on Finances(01:23) - Financial Markets and Investments(05:15) - Interest Rates and Their Implications(08:11) - Tax Changes and Planning(13:39) - Download the Ultimate Military Finance ChecklistKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/#5

I dive into the Southwest Companion Pass, a travel hack I’m currently using that offers huge savings for frequent travelers. The pass allows you to bring a companion along on any Southwest flight for just the cost of taxes, making it an incredible deal if you often fly with someone. To earn the pass, you need 135,000 qualifying points, which can be done efficiently through Southwest credit cards and carefully timing your spending to hit signup bonuses early in the year. I stress the importance of tracking expenses diligently to maximize the two-year eligibility period, ensuring you get the most value out of the pass. For me, the potential savings—$4,000 to $6,000 in travel value over two years—makes this a no-brainer, especially if you’re a responsible credit card user or a business owner. I also share tips for maintaining the pass long-term, like alternating eligibility with a spouse. If you fly Southwest frequently, this is an easy way to make your travel budget go much further.Key Takeaways:• The Companion Pass allows you to bring a companion on any Southwest flight for just the cost of taxes.• Earning the pass early in the calendar year maximizes its value because it’s valid for the rest of that year and the entire following year. Aim to hit qualifying thresholds in January.• The strategy only works if you pay off balances in full each month to avoid interest. Carrying debt undermines the benefits of the Companion Pass.• You can requalify for the pass after 24 months by canceling your Southwest cards and reapplying. Many couples alternate who earns the pass to extend the benefit indefinitely.• This hack is especially valuable for frequent travelers, those who live near Southwest hubs, and business owners or side giggers who can easily meet spending requirements.Key Timestamps:(00:00) - Introduction and Personal Hack(00:25) - Understanding the Southwest Companion Pass(01:29) - Steps to Earn the Companion Pass(07:03) - Maximizing the Companion Pass Benefits(10:28) - Conclusion and Final Thoughts(11:28) - Additional Resources and FarewellKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money ShowMentions:Companion Pass information: https://www.southwest.com/rapid-rewards/tiers/companion-pass/Chase Southwest Rapid Rewards Performance Business Card: https://www.referyourchasecard.com/226o/JUSTZTPE0RMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/56

Today, I welcome Broc Buckles, co-founder of BC Brokerage, an insurance partner for fee-only financial planners specializing in diverse insurance types, including life, disability, and long-term care. We discuss BC Brokerage’s unique approach, emphasizing honesty and transparency, especially for military veterans and active-duty members who may face insurance hurdles due to health screenings. We highlight the importance of adequate life insurance, especially for transitioning military personnel, and explore how company-provided insurance might lack portability and sufficient coverage, urging listeners to secure personal policies early. Disability insurance is crucial, as statistics show that one in four 20-year-olds will experience a disabling event before retirement, often due to illness rather than injury. These events don't necessarily mean total incapacitation; they may simply impact regular work capacity. Desk workers, for instance, could experience back pain or chronic migraines, limiting work hours. We also discuss life insurance and underscore the value of working with fee-only planners, who prioritize clients' best interests over aggressive sales tactics typical of some large firms.Key Takeaways:• Broc’s approach to life and disability insurance.• Why you must take advantage of plans offered by your employer.• Which plans set you up best for when you leave the military.• Why you need disability insurance - even if you’re in “perfect health”.• How to compare costs of different brokers.• How insurance prevents strain on your retirement funds.Key Timestamps:(00:38) - Understanding the Insurance Industry(01:17) - BC Brokerage: A Unique Approach(03:46) - Life Insurance for Military Members(11:40) - Disability Insurance Insights(17:40) - Insurance for Business Owners(22:11) - Why Work with Fee-Only Planners?(24:05) - Contact Information and ConclusionKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, Disability Insurance, Life InsuranceMentions:Website: https://www.bc-brokerage.com/ More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/55

I outline the top three year-end tax planning strategies that can benefit you this fall. I emphasize the importance of assessing your tax situation as the year draws to a close, highlighting that by this time, you typically have a clearer picture of your income and taxes due to bonuses and other financial events. The first strategy I discuss is Roth conversions, which can be advantageous in years of lower income, allowing you to pay taxes on the converted amounts now rather than later. The second strategy focuses on charitable contribution planning, particularly through donor-advised funds (DAFs) and using required minimum distributions (RMDs) to donate directly to charity, maximizing tax benefits while avoiding capital gains taxes. Finally, I touch on retirement account contributions, stressing how contributions to traditional accounts can lower your taxable income, especially if you’re a business owner. Overall, I provide practical advice for you to optimize your tax situation as the year ends.Key Takeaways:• Converting traditional pre-tax money to Roth accounts can be beneficial in low-income years, allowing you to pay taxes now rather than later.• Having a mix of traditional and Roth accounts is important for tax management in retirement, providing flexibility in withdrawals.• Donor-advised funds (DAFs) are a powerful tool for charitable giving, allowing for immediate tax deductions and avoiding capital gains taxes on appreciated stock.• Individuals subject to required minimum distributions (RMDs) can donate their RMDs directly to charity to avoid increasing their taxable income.• High-income earners can use backdoor Roth contributions to get money into Roth IRAs despite income limits.• Implementing these strategies can result in significant tax savings, sometimes amounting to thousands of dollars in reduced taxable income.Key Timestamps:(00:00) - 3 Fall Tax Planning Moves for Veteran Business Owners(01:25) - Understanding Roth Conversions(02:52) - Benefits of Roth Conversions in Retirement(04:05) - Charitable Contribution Planning(04:45) - Utilizing Donor Advised Funds(05:40) - Tax Benefits of Donor-Advised Funds(06:48) - Required Minimum Distributions to Charity(07:48) - Maximizing Retirement Account Contributions(09:45) - Roth Conversions and Charitable Deduction Planning(10:56) - End-of-Year Tax Strategies Recap(11:31) - Closing Remarks and ResourcesKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, DAFs, RMDsMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/54

I dive into the critical components of employee benefits packages during open enrollment season. I walk through key considerations like health insurance options (HSA and PPO plans), life insurance, and disability insurance, explaining how they fit into both personal and family financial plans. I also touch on underutilized benefits like dependent care FSAs, 401k matches, and ESPPs, emphasizing how to maximize these offerings based on individual needs. Ultimately, this episode is a reminder to evaluate your employer benefits annually, ensuring that they align with your unique financial goals and family situation.Key Takeaways:• Will securing long-term disability insurance with a private policy provide greater stability for you?• When carefully planned, FSAs can help you save on taxes.• Ways you can maximize your employer’s 401k match and Employee Stock Purchase Plan (ESPP).• Fringe benefits often go unnoticed or unused. Pay special attention to opportunities for gym memberships, education assistance, and more.• Regularly reassess your benefits during open enrollment to ensure they match your family’s changing needs, especially if you’re comparing offers from different employers.Key Timestamps:(00:00) – Open Enrollment and Employee Benefits(01:13) – Understanding Health Insurance Options(03:36) – Life Insurance: What You Need to Know(05:15) – The Importance of Disability Insurance(07:38) – Dependent Care FSA: A Valuable Benefit(09:14) – Maximizing Your 401k and ESPP(10:51) – Other Important Employer Benefits(11:39) – Conclusion and Final ThoughtsKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show. ESPP, Employee Stock Purchase Plan, 401k match, fringe benefits, employee benefits, health insurance, disability insuranceMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/53

In episode 52, I welcome my wife, Shelley Baskin, to talk about how we handle finances in our marriage. We share our thoughts on joint versus separate finances, the importance of open communication, and how we balance our individual spending preferences. We also dive into managing our household finances while running a business and setting long-term financial goals. Shelley and I emphasize how crucial shared values and honest communication are in creating financial harmony.Key Takeaways:• Should all accounts be joint? When should accounts become joint? • Who pays for what? And is there a right answer?• Monthly financial check-ins.• How common values can guide financial decision making.• When do prenups actually make sense?• When the kids grow up, how do we want them to see money?Key Timestamps:(00:00) – Welcome and Introduction(00:56) – Joint vs. Separate Finances(03:23) – Spending Priorities and Values(10:17) – Monthly Financial Reviews(12:04) – Business Finances and Household Impact(14:10) – Early Financial Planning and Saving Strategies(15:34) – Defining Financial Goals and Comfort(19:40) – Views on Prenups(21:40) – Teaching Kids About Money(23:14) – Closing Thoughts and ResourcesKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, marriage, common values, monthly financial check inMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this podcast, I explore how to approach investing during election years, addressing the common questions I hear from investors about whether to adjust their portfolios as election season approaches. I discuss the historical performance of the U.S. stock market under different political parties, comparing returns during Democratic and Republican presidencies. Using examples from 1928 to the present, I show how staying invested consistently through election seasons often results in better long-term returns than trying to time the market. I emphasize the importance of focusing on your long-term investment goals rather than reacting to election-related news, pointing out that market fluctuations during election periods are hard to predict and usually don’t warrant major changes to your investment strategy.Key Takeaways:• Who is better for the stock market? Democrats or Republicans?• Is there enough data to really know?• The dangers of trying to time the market around an election.• The best strategy is to focus on your long term investment goals.• Stock market election years from 1928 to 2020.• Is this election any different?Key Timestamps:(00:00) Introduction: Investing During Election Years(01:45) Comparing Returns: Democrats vs. Republicans(04:52) Case Studies: Elections 1928 to 2016 (09:28) Monthly Returns Analysis(12:36) Concluding ThoughtsKey Topics Discussed:BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, 2024 election, US election, presidential electionMentions:https://ofdollarsanddata.com/sp500-calculator/ https://www.nasdaq.com/articles/heres-average-stock-market-return-under-democratic-and-republican-presidents-hint-it-may https://www.fool.com/investing/2024/04/02/average-stock-market-return-democrat-republican-pr/ https://123jump.com/Monthly-Returns More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/51

In this episode, I discuss options for managing your TSP after leaving the military: keeping it in the TSP, rolling it over to an IRA or an employer-sponsored plan, or taking a distribution or purchasing an annuity. Keeping it in the TSP is easy and low-cost but offers limited investment options and multiple account management. Rolling it into an IRA provides more investment choices and easier management but can complicate backdoor Roth IRA contributions. Rolling into a new employer’s 401(k) consolidates accounts and preserves Roth IRA opportunities, though fees and options vary. Taking a distribution or buying an annuity offers different benefits and risks, including potential penalties and lower returns. The best choice depends on your personal circumstances and financial goals. Tune in to get a better idea of these options.Key Takeaways:• Keeping your TSP where it is can be a simple way to keep costs low and your financial life simple.• Rolling your TSP into an IRA or 401(k) is a great way to broaden investment opportunities or consolidate accounts. • Be cautious about taking a distribution from your TSP too soon, before 59 and a half, there can be penalties (though exceptions apply).• Annuities are a transfer of risk to an insurance company, and can be considered, but the benefits really depend on your goals.• To keep your TSP open, leave $200 in the account.• The best decision depends on your situation and goals.Key Timestamps:(00:00) - Introduction: What to Do with Your TSP After Leaving the Military(00:46) - Option 1: Keeping Your TSP in Place(02:26) - Option 2: Rolling Your TSP to an IRA or Employer Plan(04:51) - Option 3: Taking a Distribution or Purchasing an Annuity(06:50) - Conclusion: Making the Best Decision for Your TSPKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, TSP, Roth IRA, 401(k), employer sponsored retirement plans, retirement savings, low cost savingsMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/50

I welcome Evan Kaufman from WeVetHomeLoans, a fellow Air Force Academy graduate and economics major, to discuss VA loan refinancing amidst the fluctuating mortgage market. Evan explains the current state of interest rates, specifically for VA loans, and how recent trends have made refinancing particularly advantageous. We cover the unique benefits of the VA Interest Rate Reduction Refinance Loan (IRRRL), also known as 'Uncle Earl,' including no appraisal or income documentation requirements, low costs, and the ability to significantly lower monthly payments. Evan also introduces a newly developed tool from WeVet that helps veterans and active duty members determine their eligibility and potential savings instantly. We emphasize the importance of resetting mortgage rates periodically to maximize financial benefits and offer detailed insights into financial planning strategies for those with VA loans.Key Takeaways:• What are the benefits of VA IRRRL (Interest Rate Reduction Refinance Loan)?• When will I know it’s time to refinance my mortgage?• How will this affect my long term savings plans?• Evan covers the tools he offers to notify you when you’re eligible and how you could benefit.Key Timestamps:(00:00) - Introduction to Evan Kaufman(02:53) - Understanding VA Loan Refinancing(04:16) - Benefits of VA IRRRL (Uncle Earl)(07:32) - Refinancing Process and Costs(11:27) - Strategic Considerations for Refinancing(20:01) - VA Funding Fees and Savings(20:23) - The Benefits of Refinancing(21:07) - Calculating Long-Term Savings(22:21) - Exploring Different Refinance Scenarios(25:19) - Introducing the VA Loan Rapid Refi Tool(29:34) - Evan's 20-Year Vision for Clients(32:42) - Final Thoughts and Contact Information(35:41) - Conclusion and ResourcesKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, refinancing VA loans, IRRRL, Evan KaufmanMentions:https://wevett.com/ More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/49

I address common questions and concerns that arise before and after getting married, such as whether to change your name and how to update various accounts. I emphasize the importance of having open financial discussions before marriage to decide on joint or separate finances. I provide a detailed checklist, starting with the name change process at the Social Security Office, followed by updating banking information, credit cards, real estate titles, investment accounts, vehicles, insurance policies, and estate documents. I stress the importance of listing both spouses on insurance policies and updating beneficiaries. Although this process can be lengthy and complex, it's essential to make these changes to avoid future complications. Lastly, I highlight the importance of healthy financial conversations and ensuring both spouses are aligned, emphasizing the significance of joint decision-making for a harmonious financial life together.Key Takeaways:• Have transparent conversations about your financial situations and decide together on whether to merge or keep separate finances - or a mix of both..• Begin the name change process at the Social Security Administration, then update your driver's license, passport, and other legal documents.• Update names on credit cards and consider adding spouses as additional cardholders to streamline financial management.• Discuss and decide on joint or separate ownership of real estate and investment accounts, updating titles and beneficiary information as needed.• Ensure both spouses are listed on insurance policies, update beneficiaries, and revise estate planning documents like wills and power of attorney to reflect your new marital status.Key Timestamps:(00:00) - Introduction: Financial Checklist for Getting Married(00:47) - Pre-Marriage Financial Conversations(02:12) - Name Change Process(02:54) - Banking Decisions(03:30) - Credit Cards and Real Estate(04:31) - Investments and Vehicles(05:34) - Insurance and Beneficiaries(06:23) - Estate Documents(07:09) - Conclusion: Final Thoughts and Advice(08:22) - Download the Ultimate Military Finance ChecklistKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, marriage, marital finances, name changing, estate planning, marriage planning, beneficiariesMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/48

I get into the hidden costs of car payments and their long-term financial impact. Using a hypothetical scenario, I illustrate how a large car payment can significantly diminish potential investment returns over a 40-year period. For example, purchasing a $30,000 car with a $15,000 down payment results in monthly payments of $296, which over five years totals $21,148, and leads to a lost opportunity cost of $225,793 in investments. I break down various car purchase prices, from $30,000 to $80,000, showing the substantial financial consequences of each choice. The analysis includes interest rates, monthly payments, and the impact on retirement accounts and other investments. To wrap up, I emphasize the importance of making informed decisions about car purchases, considering their long-term financial implications. Tune in to understand why big car payments, especially early in life, can be a million-dollar mistake.Key Takeaways:• High car payments significantly reduce potential investment returns, with a $30,000 car purchase potentially costing more than $225,000 in lost investment growth over 40 years.• Prioritizing investments in retirement accounts and diversified portfolios over car payments can lead to significantly better financial outcomes in the long run.• Making informed car purchase decisions by considering interest rates, total loan payments, and long-term financial repercussions can help avoid costly financial mistakes.• Considering other transportation options can set you up for success later in life, ensuring you make the most of your 401(k) and Roth IRA accounts.Key Timestamps:(00:00) Introduction: What Your Car Payment is Really Costing You(00:39) Breaking Down the Numbers (01:29) The Long-Term Financial Impact (01:48) Real Life Examples (03:24) The Million Dollar Mistake (04:20) Making Informed Decisions (05:18) Final Thoughts(05:33) Outro and Additional ResourcesKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, car loans, auto loans, car payments, debt, opportunity costMentions:https://www.nerdwallet.com/ More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/47

In this episode, I delve into the concept of reverse budgeting as a stress-free approach to managing your finances. The idea is to automate savings and debt payments first, ensuring that your essential financial goals are met before any spending occurs. After prioritizing taxes, savings, and fixed expenses, establish a target checking account balance for your monthly spending, giving you the freedom to spend confidently knowing that your financial responsibilities are already covered. By automating these financial activities, you eliminate the need to track every expense, making it easier to maintain financial discipline. Regularly monitor your checking account balance to ensure your spending aligns with your goals and adjust for variable expenses like vacations or property taxes. Through examples, I demonstrate how reverse budgeting can simplify your financial management, allowing you to focus on what matters most without getting bogged down by detailed budgeting.Key Takeaways:• Reverse budgeting simplifies financial management by prioritizing automated savings and debt payments before any spending occurs, ensuring essential financial goals are met upfront.• To implement reverse budgeting, start by calculating your take-home income and set up automatic transfers to various savings and investment accounts, such as 401(k)s, IRAs, or high-yield savings accounts.• Establish a target checking account balance for your monthly spending, allowing you to confidently spend the remaining funds knowing that your savings and fixed expenses are already covered.• Regularly monitor your checking account balance to ensure spending aligns with your financial goals and adjust for variable expenses like vacations or property taxes.• Reverse budgeting eliminates the need to track every expense category in detail, making it easier to maintain financial discipline and focus on broader financial health.• Be aware that spending can vary month-to-month due to seasonal or unexpected expenses, and adjust your budget accordingly to maintain a healthy financial balance throughout the year.Key Timestamps:(00:00) Introduction: Why I Like Reverse Budgeting(00:43) What is Reverse Budgeting?(01:03) Automating Your Savings(01:46) Monitoring Your Spending(03:01) Example of Reverse Budgeting in Practice(06:21) Caveats and Considerations(08:05) Outro and Additional ResourcesKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, reverse budgeting, taxes, savings, income, cash flow, debtMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/46

In this episode, I discuss the concept of having a "cowboy or cowgirl account" as a way to enjoy some speculative investing without jeopardizing your financial future. The idea is to allocate a small portion, ideally less than 5%, of your investable assets into high-risk, high-reward investments such as cryptocurrencies, NFTs, or individual stocks, while keeping the bulk of your assets in long-term, diversified portfolios. I emphasize the importance of maintaining financial discipline by ensuring that these speculative investments do not exceed a manageable percentage of your portfolio, allowing you to indulge in adventurous investing without significant risk to your overall financial stability. Of course, it’s important to remember, you do NOT need to have a cowboy or cowgirl account. Through examples of good and bad usage, I illustrate how you can responsibly balance fun investments with serious, long-term financial planning.Key Takeaways:• A "cowboy or cowgirl account" allows for some fun and speculative investing, using a small portion of your investable assets for high-risk, high-reward opportunities like cryptocurrencies, NFTs, or individual stocks.• It's crucial to keep these speculative investments to ideally less than 5% of your investable assets to avoid jeopardizing your financial future.• The majority of your assets should remain in long-term, diversified portfolios, ensuring stability and financial security.• Responsible use of a cowboy account means accepting the possibility of significant losses and not letting it impact your overall financial well-being.• If your speculative investments grow substantially, consider rebalancing to maintain a responsible allocation within your portfolio.• While not everyone needs a cowboy account, those who enjoy speculative investing can do so safely by adhering to these guidelines.Key Timestamps:(00:00) Introduction: Cowboy and Cowgirl Accounts(01:02) What is a Cowboy or Cowgirl Account?(01:38) Setting Boundaries for Your Fun Account(04:25) Examples of Good and Bad Cowboy Accounts(06:56) Conclusion and Final Thoughts(07:47) Outro and Additional ResourcesKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, cowboy and cowgirl accounts, NFTs, individual stocks, stock picking, speculative investing, the 5% RuleMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/45

I hope you enjoy my conversation with Jamie and Spencer from the Military Money Manual.More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I delve into the important decision of choosing the right savings account for your child's future, a critical step for new parents aiming to ensure financial security for their children. I cover essential account options such as 529 plans, UTMA accounts, taxable brokerage accounts, and Roth IRAs. Using a comprehensive analysis, I demonstrate how to evaluate these options, offering practical examples and considerations. I also explore the tax benefits, flexibility, and impact on financial aid eligibility of each account type. Finally, I highlight how a family's specific financial goals and situation can guide the choice of the most suitable account, stressing the need for tailored advice based on individual circumstances.Key Takeaways:• What are the major benefits of a 529 account? What do I do with the account if my child chooses not to go to college? • What is the Uniform Transfers to Minors Act (UTMA) and how can it be used to set my child up for financial success?• Should I use a taxable brokerage account? What flexibilities would this offer my child?• How soon can I set up a Roth IRA for my child? • With all of these accounts, how can I layer them to make the most of my preparation?Key Timestamps:(00:00) Introduction: Best Accounts to Use for a New Child  (00:37) Exploring Account Options: 529, UTMA, and More  (01:57) 529 Accounts: Benefits and Considerations  (03:41) Taxable Brokerage Accounts: Flexibility and Benefits  (05:53) Roth IRA: Long-Term Savings for Your Child  (06:41) Conclusion: Building a Financial Framework for Your Child  (07:21) Outro and Additional ResourcesKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, family financial planning, college funds, 529 accounts, UTMA, Roth IRAMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/44

I tackle the frequently asked question of whether to buy or rent in a new location, which is especially pertinent for military families or those with jobs requiring frequent relocations. I cover essential considerations such as mortgage interest rates, down payments, and financial health. Using NerdWallet's calculator, I demonstrate how to evaluate these factors, offering a case study of a client's situation. I also explore the impact of interest rates, transaction costs, and the amortization schedule. Lastly, I discuss how financial stability may influence the decision to rent or buy, emphasizing the importance of personalized advice based on one's unique circumstances.Key Takeaways:• How long should I stay in a place if I choose to buy?• How can I take advantage of the different financial tools, like a VA Loan, to help me make my decision?• How does the interest rate and down payment affect the amortization schedule?• How to factor in savings, debt rate, and other budgeting factors into a decision to rent or buy a home.Key Timestamps:(00:00) Introduction: Buy or Rent? (00:51) Calculating Cost to Rent vs Buy(01:43) The Impact of Interest Rates (03:55) Down Payment Considerations (05:46) Client Case Study (07:35) Conclusion and Final Thoughts (08:13) Outro and Additional ResourcesKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, cost to rent, mortgage payments, interest rates, amortization schedule, NerdWallet Mentions:https://www.nerdwallet.com/ More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/43

I explore the common question of whether to keep a house as a rental property or sell it. Using a recent case study of a 39-year-old client from Virginia, I break down the detailed financial analysis involved. The client's home, valued at $480,000 with a $431,000 mortgage at a 5.63% interest rate, would result in a monthly deficit of $1,074 if rented out. My comprehensive walkthrough includes considerations of rental income, property management fees, taxes, maintenance, and vacancy rates. To wrap the episode up, I compare maintaining the property as a rental versus investing in the stock market, ultimately guiding the client to sell the property. Listen to this episode if you’re considering renting or selling your next home.Key Takeaways:• Is it always a good idea to keep a property as a rental investment when moving to a new home?• How does a high-interest rate impact the financial viability of renting out a property?• What are the comprehensive costs and factors to consider when deciding between renting out a property and selling it?• How do the long-term financial outcomes compare between maintaining a rental property and investing in the stock market?Key Timestamps:(00:00) Introduction: Rent or Sell Your House?(00:36) Case Study: Analyzing the Numbers(01:18) Financial Breakdown: Costs and Considerations(04:17) Comparing Investments: Real Estate vs. Stock Market(08:32) Conclusion: Making the Right Decision(09:34) Download the Ultimate Military Finance ChecklistKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, property management fees, taxes, HOA, insurance, home maintenance costs, vacancy rates, real estate vs stock market, real estate appreciation, stock market return, mortgage interest rates, investment viability, monthly cash flow analysisMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠www.baskinfp.com/post/42

Let’s discuss how to take a holistic view on finding a mortgage that works for your situation. There are various mortgage types, including 15-year and 30-year conventional loans, 5 year adjustable rate mortgages, 30 year VA loans, all with different down payment options, and FHA loans. With buying a house being such a large decision, let’s examine these options, emphasizing the importance of considering both qualitative and quantitative factors in your financial situation. We’ll go through detailed breakdowns of what your monthly payments and total interest costs over various time periods might look like, highlighting how different choices can impact the lifespan of your loan. Tune in, as I aim to empower you with comprehensive insights to make well-informed decisions regarding your next home purchase tailored to your long-term goals.Key Takeaways:Given your timeline and down payment, what will your mortgage cost in fees and interest?How does putting 5% down on the VA loan drastically improve your home buying situation?Should you plan on refinancing your mortgage in the near future?What qualitative factors should you consider when getting ready to purchase a home?Key Timestamps:(00:00) Introduction to Mortgage Types(01:12) Overview of Mortgage Options(02:56) Loan Calculator: Down Payment, Monthly Financing, Loan Term, &  Interest(04:36) Comparing VA and Conventional Loans(06:02) Long-Term vs Short-Term Mortgage Considerations(08:53) Final Thoughts and Recommendations(10:48) Conclusion and Additional ResourcesKey Topics Discussed:Home mortgage, conventional, government backed, fixed rate, adjustable rate (ARM), Veterans Affair, VA loans, FHA, first time user, subsequent user, refinancing, interest ratesMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

I tackle the common question, "Should I stay in the military or get out?" by diving into a real client case study. And I promise, if you do, you don’t have to live under a bridge or eat cat food the rest of your life. My client, an Air Force major with 13 years of service, is contemplating leaving the military and is exploring three scenarios: immediately transitioning to a civilian job, joining the reserves, or completing 20 years of service. I analyze each scenario in depth, examining the financial implications, potential VA disability benefits, and retirement income projections. Throughout the episode, I underscore the importance of combining quantitative data with qualitative aspects to make the best decisions for one’s future. In conclusion, I also provide a detailed breakdown of the pension's value and its civilian equivalent.Key Takeaways:What’re the Financial Benefits in Retirement Pension of Joining the Reserves?A Walkthrough of a Quantitative Analysis of 3 Scenarios: Leaving the Military, Joining the Reserves, and Staying for 20 Years of ServiceWhat Will Your Monthly Retirement Income Look Like?Calculating True Military Pension Value: Will a $509,000 Salary Compare?Key Timestamps:(00:00) Should I Stay in the Military or Get Out?(00:22) Case Study: Air Force Major at a Crossroads(02:26) Scenario Analysis: Getting Out with No Reserves(03:52) Scenario Analysis: Getting Out and Joining the Reserves(05:28) Scenario Analysis: Staying in Until 20 Years of Service(07:37) Financial Comparison: Military vs. Civilian Income(09:39) When a $509,000 Salary Still Doesn't Replace Military Benefits(10:32) Download the Ultimate Military Finance ChecklistKey Topics Discussed:Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, Veteran Finances, Military Pension, VA Disability, Military Reserves, Civilian IncomeMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠40. Stay In or Get Out? The Military Pension (baskinfp.com)

I discuss the 'Profit First' system by Mike Michalowicz, which helps business owners and individuals manage their finances effectively. The concept involves setting predetermined and strategically assigned percentages for various financial categories such as profit, operational expenses (OPEX), taxes, and owner’s compensation. I explore how to apply 'Profit First' principles to both business and personal finances, including setting up automation to manage cash flow efficiently. I outline my own financial framework and share practical tips for merging business and personal finances to achieve financial goals. I encourage listeners to be intentional about their financial management to ensure security in their future.Key Takeaways & Timestamps:(00:00) Introduction to Profit First(01:15) Understanding Profit First from a Business Lens: Profit, OPEX, Tax, Owner’s Compensation(04:44) Applying Profit First to Personal Finances: Savings, Fixed Spending, Flex Spending, Non-monthly Spending(07:44) A Personal Example of How Profit First Works in our Business Income(09:02) A Personal Example of How Profit First Works in our Personal Budget(11:18) Concluding Thoughts(13:09) Download the Ultimate Military Finance ChecklistMentions:Profit FirstMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

I dive into the complexities of understanding tax returns. I share my yearly process of reviewing every client's tax return to identify forward-looking planning opportunities and to correct any errors from previous reporting. I discuss the importance of Roth contributions, the implications of the Tax Cuts and Jobs Act, and strategies for managing business and personal taxes, including the use of Schedule E and the benefits of regularly reviewing taxable interests and dividends. Further, I cover the importance of choosing between itemized and standard deductions, the impact of various income sources on tax obligations, and the overall strategy for financial planning and tax optimization for military families and veteran business owners.Key Takeaways & Timestamps:(00:00) Introduction(00:51) Deep Dive into Tax Return Analysis(01:35) Exploring Tax Planning Opportunities(01:56) Understanding Taxable Income and Tax Brackets(02:24) Roth Contributions: A Strategic Move(03:21) Capital Gains and Investment Income Insights(06:58) Navigating Schedule E and Business Income(08:25) Maximizing Schedule B Income and Dividends(09:50) Standard Deduction vs. Itemizing(11:00) Concluding Thoughts(11:34) Download the Ultimate Military Finance ChecklistMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I delve into the benefits and mechanics of donor advised funds (DAFs) and their role as a savvy tax strategy for charitable giving. If you're a high-income earner who's both charitably inclined and invested in the stock market, this is for you. I'll break down how DAFs function, highlighting their tax advantages, especially in light of the 2017 tax changes, and identifying who stands to gain the most from utilizing them.Drawing from real-life scenarios, I'll show you how DAFs can yield substantial tax savings. By allowing individuals to donate appreciated securities or cash, claim immediate tax deductions, and then disperse these funds to charities over time, DAFs offer a strategic approach to giving back.Throughout the episode, I'll differentiate between those best suited for DAFs and those who might not reap as many benefits. I stress the importance of having a charitable mindset, discuss the potential tax ramifications of appreciated securities, and consider how the standard deduction impacts charitable contributions.My goal is to provide listeners with actionable insights to support their favorite causes while optimizing their financial plans. So, if you're eager to make a difference while making the most of your resources, tune in for some valuable guidance.Key Takeaways & Timestamps:(00:00) Introduction(00:54) The Tax Mechanics of Donor Advised Funds(04:01) Who Should Consider Donor Advised Funds?(05:56) Who Might Not Benefit from Donor Advised Funds?(07:36) Illustrating the Impact of Donor Advised Funds With an Example(10:59) A Recap of What Criteria to Consider about Donor Advised Funds(11:48) Download the Ultimate Military Finance Checklistwww.baskinfp.com/post/37-donor-advised-funds-one-of-the-most-powerful-tax-planning-toolsMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

I'll share my financial journey from a second lieutenant fresh out of the Air Force Academy to a successful veteran business owner. I'll discuss the investment accounts I utilized at different stages, my strategy for allocating excess cash, and how my goals and priorities have shifted over time. Initially, I was focused on retirement accounts like Roth IRAs and Roth TSPs, but later on, I came to emphasize the importance of liquidity and the diverse goals of a veteran business owner. These goals include preparing for potential kids, moving houses, and ensuring business success. I advocate for a simple, long-term focused investment approach, free from market timing or speculative assets like cryptocurrency. This episode aims to provide a framework for listeners, especially those in high-income households or owning businesses, on intelligently allocating their money to achieve financial freedom.Key Takeaways & Timestamps:(00:00) Introduction(00:55) Investment Strategies: From Military Service to Entrepreneurship(01:53) Early Career: Accounts, Implementation & Goals(04:18) Veteran Business Owner: Accounts, Implementation & Goals(07:19) Future Financial Planning: Building Resilient Wealth(13:09) Simplicity and Long-Term Focus in Wealth Accumulation(14:44) Download the Ultimate Military Finance Checklistwww.baskinfp.com/post/36-how-ive-invested-my-money-from-2nd-lieutenant-to-veteran-business-ownerMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, we delve deep into the topic of disability insurance and its critical role in financial planning. Disability insurance is often overlooked, especially among military families and veteran business owners, despite the statistics showing that one-fourth of individuals are expected to become disabled before retirement age. Let's talk about the essential features of disability insurance policies, including coverage specifics, the importance of insuring future income, and why a personal disability insurance policy remains vital across different job transitions and for business owners. Selecting the right policy is crucial. We discuss aspects like 'own occupation' coverage, inflation protection, and the intricacies of policy premiums. I also share a powerful example to illustrate the long-term benefits of securing a private disability insurance policy. It's important to highlight the general lack of awareness and misinformation surrounding this type of insurance. Disability insurance can be a lifeline in challenging times, and it's a cornerstone of financial security that shouldn't be overlooked.Key Takeaways & Timestamps:(00:00) Why is Disability Insurance Overlooked?(02:04) Introduction(02:23) Disability Insurance Through Your Employer(03:47) The Importance of Personal Disability Insurance(05:03) How Much Disability Insurance Should You Have?(05:59) Essential Features in Disability Insurance(06:58) The Ultimate Military and Veteran Financial Checklist(07:20) When to Get Your Insurance Policy?(08:49) Why is Disability Insurance Valuable?(10:39) Challenges in Acquiring Disability Insurance(11:17) The Questions to Ask Yourself About Disability Insurance(12:49) Closing Remarks and ResourcesMore of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I talk about the superpowers of the often overlooked Roth IRA account. I go through what it is, the rules around it, and the three main benefits that it provides.Time Stamps: 00:00-01:47: Intro 01:47-06:06: The Benefits of a Roth IRA06:06-08:55 : Withdrawal Rules08:55-11:20: Tax Free Compound Growth Example11:20-14:30: Retirement Income Diversity Example14:30-16:07: Wrap Upwww.baskinfp.com/post/34-the-super-powers-of-a-roth-ira ---More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I walk through my financial order of operations to give you a framework for how to allocate your money in a way that makes sense on a quantitative and qualitative basis.Time Stamps: 00:00-01:53: Intro 01:53-06:02: Emergency Fund, 401(k) Match, and High Interest Debt06:02-09:04 : HSA, Roth IRA, and Children's Education09:04-11:43: Max 401(k), Rental Real Estate, Lower Interest Debt11:43-15:28: Taxable Brokerage Account, Mortgage, and Extreme Generosity 15:28-17:17: Wrap Upwww.baskinfp.com/post/33-the-financial-order-of-operations---⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I discuss the recent $418 Million settlement by the National Association of Realtors (NAR) and it's impact on your personal financial planning situation. Time Stamps: 00:00-01:40: Intro to the Settlement01:40-02:25: Background on the Settlement02:25-07:39: The Changes Coming07:39-11:56: Financial Planning Impacts and Wrap Upwww.baskinfp.com/post/32-financial-planning-implications-of-the-nar-settlement-on-realtor-commissionsResources: NAR Wants VA to Change RegulationsNAR Settlement---More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I talk with 2018 USAFA Graduate and Air Force Veteran Business Owner Jason Lee from Murphy Home Buyers. Jason and I discuss his journey to and passion for entrepreneurship, how Murphy plans to buy 12 homes a month this year, and what Jason sees as the future for the business. Time Stamps: 00:00-06:42: Intro to Jason06:42-14:10: What Jason Does at Murphy Home Buyers14:10-20:36: How Interest Rates Affect Business and How Jason Finds Private Properties20:36-26:12: How Jason Offers Return to Private Money Lenders26:12-29:20: The Structure and Future Vision of Murphy Home Buyers29:20-33:33: Why Jason chose the path of Entrepreneurship33:33-35:12: Jason's Biggest Challenges Early On35:12-38:27: Jason's Advice for Aspiring Entrepreneurs and Wrap Upwww.baskinfp.com/post/31-building-an-off-market-real-estate-business-with-jason-lee-from-murphy-home-buyersResources: Jason’s LinkTreeJason’s InstagramJason’s LinkedInEmail JasonAlamo City Investing ShowMurphy Home Buyers---More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠

In this episode, I discuss how to use your paystubs to optimize your tax withholdings to ensure you have proper cash flow throughout the year and aren't in for any surprises come tax time. Time Stamps: 00:00-02:37: Intro02:37-05:50: An Example05:50-09:27: Why Would Withholdings Be Off?09:27-13:51: The Impacts of Good Tax Planning13:51-15:50: Wrap Upwww.baskinfp.com/post/30-optimizing-tax-withholdings-to-minimize-tax-time-surprisesResources: 2023 TurboTax CalculatorTurboTax W-4 EstimatorIRS Guidance on Estimated Tax Payments---More of Baskin Financial Planning:Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join the waitlist here!⁠⁠⁠⁠Questions or comments, drop me a note at: ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠