Afleveringen
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"I'll always be broke." "I can't build wealth with this salary." "I'm just a spender- I can't help it."
In this episode, Jamie and Spencer discuss how adopting a growth mindset versus a fixed mindset can transform your approach to personal finance.
Drawing from Carol Dweck's book "Mindset: The New Psychology of Success," they explore how changing your perspective from "I'm not good with money" to "I'm not good with money yet" can open up opportunities for financial growth and learning.
Main Topics Covered:
• Definition and differences between fixed mindset and growth mindset
• How mindset affects financial behavior and decision-making
• The power of labels in personal development
• Common financial mindset traps in the military community
• Ways to develop a growth mindset with money
• The impact of mindset on relationships and money managementLinks We Discussed Today:
Look for personal finance books on the Libby App (using free DOD MWR library) Carol Dweck's "Mindset" book See quick book summary on fs.blog or her TED talk "I Will Teach You to be Rich" by Ramit Sethi "The Simple Path to Wealth" by JL Collins "The Psychology of Money" by Morgan Housel "Rich Dad Poor Dad" by Robert Kiyosaki Military One Source Personal Finance ClubFor a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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This may surprise you!
Want to experience an easier and simplified strategy for military credit cards? That's fine!
We'd ask "why" you don't want more, but in today's episode we share which cards we'd recommend for listeners who reach out wanting smaller numbers.
Links:
Ultimate Military Credit Cards course (free) Chase Sapphire Reserve (CSR) Amex Gold Card Amex Platinum Amex Hilton Aspire Amex Platinum for Charles Schwab Chase Ink Business cards Marriott Bonvoy Brilliant Amex FINRED's benefits page (official of Financial Readiness)For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Zijn er afleveringen die ontbreken?
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A new benefit for military families! How good is it?
In fall of 2024, SecDef announced a new Healthcare Flexible Spending Account (HCFSA) for military families. In March 2025, you'll be able to sign up for it for the first time. It may give you a minor tax savings but also may complicate your situation a little.
We break down the details of this pre-tax benefit, explaining how it works, who's eligible, and whether it's worth signing up for.
Main topics and questions covered:
What is the new Healthcare Flexible Spending Account (HCFSA)? Who is eligible for the HCFSA? What can the HCFSA be used for? How much can be contributed to the HCFSA? How does the contribution process work? What are the tax benefits of the HCFSA? Are there any risks or downsides to the HCFSA? How does the "use it or lose it" rule apply? What are some potential use cases for the HCFSA? Is the HCFSA worth signing up for? How does the HCFSA compare to other military benefits? Where can listeners find more information about the HCFSA?Links Mentioned:
FSAfeds HCFSA official page Eligible Expenses List FSAfeds app HCFSA calculator- how much tax savings would it be for you? Military One Source's info on HCFSA FINRED's benefits page (official of Financial Readiness)For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Did you know Required Minimum Distributions (RMDs) will be a factor in your future that you may not be tracking?
If you have any traditional TSP or IRA money, you'll be required to take a portion of that money starting at 73 (as of 2024, scheduled to go up to 75), and that distribution will be taxable income. This can affect how to withdraw from accounts in retirement and how you decide to contribute to your accounts now.
RMDs are also required for your beneficiaries on traditional IRAs you pass on (taxable income for them). While RMDs are required for some Roth IRAs for your beneficiaries as well, they're not taxed. (Inheritance tax is 2024 is $13,610,000. As long as you pass on less than that, no federal taxes. If it's all in a Roth IRA for example, no tax at all. If it's an inherited Traditional retirement account, your beneficiary owes taxes on the money as they withdraw funds per RMD schedule.)
Today main takeaways:
RMDs are important for you to understand They affect your beneficiaries who receive your accounts after you pass Understanding RMDs may affect how you choose Roth or Traditional investments now If you inherit an IRA, it's complicated but important to get right. Hiring some fee-only help (links below) may be a great idea.Links from today's episode:
Military Financial Advisors Association (MFAA) Nectarine (includes 10% off military discount w/ this link) Military Tax Experts Alliance IRA RMD Calculator at Schwab (just one of many examples) IRA RMD Calculator at Vanguard (just one of many examples) Inherited IRA RMD CalculatorFor a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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How do you finance the life between possible early retirment and 59.5 years old when you can access you retirement accounts? A gap fund is one common approach.
Today we discuss:
What is a gap fund? Is it necessary? Where does it fall in priority order when saving for early retirement? How do you invest a gap fund?For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! Just e-mail us at [email protected] for the free promo code.
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Dependent care flexible spending account- is it even worth your time? (note: this is different than the HEALTHCARE FSA which was announced in Sept 2024- we have an episode coming out on that in a few weeks)
Open season is coming up in mid-November to mid-December!
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
We are publishing this episode now so you can think about it and prepare for open enrollment season coming up in mid November!
A Dependent Care Flexible Spending Account (DCFSA) allows up to $5,000 of pre-tax earnings per household, per year for eligible dependent care expenses. If you have dependents, you're married, your spouse is working or going to school, and you have dependent care expenses, the DCFSA may be for you. Highlights of today include: Basics of the DCFSA and what it can be used for How to decide if it's right for you Amount of contributions allowed and how to use it each calendar year How to enroll during the open season or after a qualifying life event Comparison to the existing tax credits and other childcare program/subsidies What types of dependent care expenses would apply Links: EnlistedMoney.com http://enlistedmoney.com/ Brandon's DCFSA article https://enlistedmoney.com/dependent-care-flexible-spending-account-dcfsa/ FSA Feds https://fsafeds.com/explore/dcfsa FSA Feds Calculator https://fsafeds.com/support/savingscalculators/dcfsa Financial Readiness (FINRED) Resources https://finred.usalearning.gov/DCFSA Find a Personal Financial Counselor for Free Near You https://finred.usalearning.gov/pfcMap EnlistedMoneyGuy on Instagram https://www.instagram.com/enlistedmoneyguy/Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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In this mailbag episode, Spencer and Jamie answer various listener questions about investing, credit cards, and military-specific financial topics. They provide insights on compound growth, TSP options, Roth vs. Traditional accounts, credit card strategies, and investment return estimates.
Questions discussed:
- Is there a benefit to combining multiple investment accounts?
- Should I move out of TSP for lower fee investments?
- How do I choose investments for a spouse's 401(k)?
- Is contributing 6% to TSP good for an E4?
- Are there ways around Amex family restrictions for credit card bonuses?
- Are traditional reservists eligible for annual fee waived cards?
- What are go-to cards for regular spending while stationed overseas?
- How do I get out of Amex pop-up jail?
- What happens to fee waivers after separating from active duty?
- How should I estimate returns for my investment portfolio?Resources mentioned:
- MLA (Military Lending Act) database
- Chase Sapphire Reserve
- Amex Platinum, Gold, and Green cards
- Hilton Honors Aspire card
- Vanguard funds (VTI, VXUS)
- TSP funds (C, S, I)
- Personal Capital (now Empower)
- Kubera.com
- Investor.gov compound interest calculatorFor a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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$85,000 in debt and a brand new truck to a wealthy and generous life?!
In this episode, Air Force officer Garrison shares his financial journey from $85,000 in debt to working towards financial independence. He discusses following Dave Ramsey's Baby Steps, buying a home in the military, running a crash pad rental business, and helping his Airmen with financial education. Spencer and Jamie explore Garrison's experiences with budgeting, investing, and balancing financial goals with personal passions like Disney vacations.
Topics:
Opting into the Blended Retirement System (BRS)? How did Garrison start his financial journey as a young officer? What sacrifices did Garrison make to pay off debt? Is buying a house in the military a good idea? How does Garrison's crash pad rental business work? How does Garrison help his Airmen with financial education? How does Garrison balance financial goals with personal spending?Resources mentioned:
Dave Ramsey's Financial Peace University (military discount) The Military Money Manual book TSP Course Spencer and Jamie created (promo code below) Monarch Money app Rich Dad Poor Dad book Our podcast episode about the Baby StepsFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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The May 2024 Military Family Financial Readiness study from Armed Forces Bank highlighted unique financial challenges military families faces due to the nature of their service. Today, Spencer and Jamie are joined by Tom McLean and Jodi Vickery, hosts of the Militarily Speaking podcast, join us to discuss the financial challenges military families face, identifying good banking product, avoiding predatory "advisors," and common sources of financial information for our military families.
Spoiler alert- the findings aren't really positive. We have so much work to do to continue securing the financial readiness of our troops!
Links mentioned in today's show:
Military Family Readiness Report Military One Source Armed Forces Financial Guide (or free PDF copy) Annual Credit Report (free- the official government option) Armed Forces Bank's blog Armed Forces Bank Armed Forces Bank financial education resources Militarily Speaking podcast (or on Spotify)For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Enlisted Airmen with half a million dollars invested?! Meet Darren Thedieck, US Air Force E-7 who was recently featured by CNBC. and Stripes. We talk very practical tips with Darren about how he learned to save, where he saves, speicific ETFs we like, and handling his family's journey from debt to financial independence.
How to handle debt Where to park my savings? How much am I actually paid? (Be sure to review your annual Personal Statement of Military Compensation) Handling financial conversations with a spouse Is 100% stocks ok? Retirement accounts vs taxable brokerage accounts Balancing saving goals vs enjoying life and travelingLinks mentioned in today's show:
Darren's Facebook page Darren's Facebook group, financial dream to reality Our Rich Journey YouTube Our Rich JourneyBooks mentioned:
Stock Investing for Dummies Personal Finance For Dummies The Essays of Warren Buffet: Lessons for Corporate America Unshakeable by Tony Robbins Psychology of Money by Morgan HouselFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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What's the point of building wealth if you're not healthy enough to enjoy it? Today, Spencer and Jamie explore the connection between physical health and financial health. Although this is a slight diversion from our money-focused podcast, we want to encourage you to keep both portions of wellness in balance as you grow towards a wealthy life that you can enjoy.
Links mentioned in today's show:
The Peter Attia Drive podcast Casper mattresses Vuori shortsKey takeaways:
You have to be intentional about maintaining your health- it doesn't happen without intentional planning (just like growing your money!) Don't live inside the spreadsheet in an attempt to maximize savings and have a perfect budget if you won't even be healthy enough to play with your kids or go on vacation The bedrock of good health is sleep Little habits that you repeat over time build on themselves to make you healthier AND wealthier You can prioritize spending on your wellness and health (good mattresses, gym membership, quality food, good running shoes, etc.) Start working to increase your healthspan- the amount of your lifespan that you're actually healthy Being healthier will enable you to have more energy to excel at work and at home If you've been out of balance, let today be the day to ask for helpFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Does a simple Bogleheads style of investing work for military families? YES! The Bogleheads are followers of the philosophy of Vanguard founder John C. "Jack" Bogle.
Live below your means Develop a workable plan Never bear too much or too little risk Invest early and often Diversify Invest with simplicity Use index funds when possible Keep Costs Low Minimize taxes Stay the courseBy the way, you can also recreate a bogleheads' style portfolio in your TSP! We talk about it in the Confident TSP Investing course. Lifecycle funds basically build a simple, 3-fund portofilio for you. Check out the course info below.
Links mentioned in today's show:
The Little Book of Common Sense Investing by John C. Bogle on Libby App or Amazon Bogleheads.org Bogleheads forums r/bogleheads on reddit Jeremy Schneider's two rules from Personal Finance Club- spend less than you earn & invest the difference International vs US stock performance chart Nectarine's hourly financial advise Military Financial Advisors AssociationFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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The L2070 lifecycle fund is available now in your TSP as of July 2024. If you were born after 2005, this will be your default fund you'll be automatically enrolled to contribute to. This is for those of you who'll reach retirement age around the year 2070 (2068-2072 ish). We discuss what lifecycle funds are, what mix of C/S/I/F/G funds is in the L2070 fund, what actions are required from you to maximize your retirement savings, and how to avoid high-fee investments.
Main take-aways from this great episode:
No action is required for the average TSP participant. No need to go change anything based on this new fund option. Lifecycle funds are a very solid option as your begin your journey. And you have plenty of time to research and develop a different strategy if you want before the lifecycle fund starts shifting slowly towards more bonds. If you want to learn more about the TSP, visit militarymoneymanual.com/tsp for our great course! We also give the course away to any E-4 or below. Just e-mail us- [email protected] for the code. The TSP and the L2070 option is still very low cost (0.054%) and a great way to build wealth.If you need help, for a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Dave Ramsey's 7 baby steps have helped millions of families. Do they work for military families?
Today, we discuss each of the 7 baby steps and how they can work for military families. Both Spencer and Jamie started on the Dave Ramsey plan. We highly recommend the Total Money Makeoever book (check your base library- many have it for free), Financial Peace University, and the Ramsey podcast or YouTube.
Military families can get 50% off FPU too!
If you need help, for a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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It's okay to rent on active duty! You don't need to buy a house to build wealth. You can safely ignore the push from VA loan sellers, real estate agents, and mortgage brokers.
In this episode of the MMM podcast, Spencer and Jamie challenge the common belief that buying a house is essential for building wealth, especially for active duty military personnel. We explore why renting might be a smarter financial decision for those who move frequently, and debunk popular myths about homeownership.
We discuss the hidden costs and risks of real estate investment, including unexpected repairs, market fluctuations, and the impact on lifestyle flexibility. The episode also touches on the misconceptions surrounding real estate as a passive income source and the true nature of home equity.
Whether you're an active duty service member considering buying a home or simply curious about alternative wealth-building strategies, this episode offers valuable insights to help you make informed financial decisions. Join us as we examine why renting might be the better option for many and how you can build wealth without relying on real estate.
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Listener Brian joins us today to share how he used annual-fee waived credit cards to save about $6,000 on his honeymoon by saving big on his flights and hotel.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course for FREE at militarymoneymanual.com/umc3.
Big take-aways:
If you're expecting a big expense, open a new credit card like we recommend to easily meet your minimum spend requirements for your welcome offer The perfect military travel hacking redemption can be hard to do unless you have a very flexible schedule How to research big redemptions and balance hotels vs flight redemption options including using transferable points to partner airlinesFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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New officer's guide to personal finance! In this episode, Spencer and Jamie share all the financial advice they'd share with a new officer in their unit. You CAN become rich on active duty as a military officer!
If you're an enlisted servicemember, go check out episode #131 covering all the personal finance advice for an enlisted member.
Topics include:
Career starter loans Tracking your expenses Balancing enjoying your new life with keeping expenses down Buy a car (use the lemon lot to look for a ~$10,000 used car) Focus on easy plans to focus on learning your job and being the best officer you can be. Learning to be an officer and do your job well is your #1 priority for now. Emergency funds Picking the right bank without fees Starting your credit history (pay off your card every month!) Thrift Savings Plan (TSP) Insurance Real estate investing Security and two-factor authenticationTotal stock market index fund options Spencer mentioned:
VTSAX at Vanguard or VTI (ETF version) FZROX at Fidelity SWTSX at Schwab or SCHB (ETF version)Links mentioned:
Military Money Manual: A Practical Guide to Financial Freedom by Spencer Reese Episode 9 on Career Starter Loans Monarch Money YNAB WiseFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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New enlisted servicemember's guide to personal finance! In this episode, Spencer and Jamie share all the financial advice they'd share with a new enlisted troop in their unit. It is possible to accumulate and save while on active duty as an enlisted service member!
If you're an officer, go check out episode #132 covering all the personal finance advice for a new officer!
Topics include:
Money mindset Banking Tracking spending Debit vs Credit Emergency Fund Keeping up with the Joneses Prioritizing what matters to you Temporary sacrifices bring long-term gain Thrift Savings Plan (TSP) Roth IRAs SGLI and insurance Account security/two-factor authentication Why you shouldn't buy a house while on active dutyFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Links mentioned in today's show:
The Confident TSP Investing Course (free for E-4 and below- just send us an e-mail for a promo code!) Military Money Manual: A Practical Guide to Financial Freedom by Spencer Reese Monarch Money YNAB WiseOur new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Taxes can be complicated. Military families have a number of unique concerns when thinking about their taxes- which state(s) to file in, how to withhold taxes, how a gig economy or side hustle affects the plan, how to handle rental property, etc.
Today's main points include:
Common tax problems for military families Important tax implications for families with a rental property or side hustle Warning signs when looking at financial advisors Filing in multiple states Filing wholly on your own or wholly through a CPA are not your only optionsFor a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Links mentioned in today's show:
PIM Tax Services MFAA- Military Financial Advisors Association Military Tax Experts Alliance MQFP search Nectarine service for financial advisor hourly meeting MilTax via Military One Source Paul Allen on LinkedInOur new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Real-estate returns, disability insurance, time-blocking techniques, and more! Erik Baskin is a Certified Financial Planner (CFP) and Air Force veteran. He's a fee-only, fiduciary financial planner and entrepreneur. Main points: Separating from the military and lessons learned during the transition Military veteran entrepreneurship Knowing if real estate investing is good for you IUL policies- the math doesn't work out Why it's good to invest at all-time highs Holding onto too much cashLinks:
BaskinFP.com https://www.baskinfp.com/ BLUFfinance Podcast https://www.baskinfp.com/podcast Personal Finance Club Detailed Review of IUL Math https://www.personalfinanceclub.com/is-iul-a-scam-yes/ Just Keep Buying book by Nick Maggiulli https://www.amazon.com/Just-Keep-Buying-Proven-wealth/dp/0857199250 Erik Baskin on LinkedIn https://www.linkedin.com/in/erikbaskin/Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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