Author - Forrest Baumhover

1
Term Life Insurance Vs. Survivor Benefit Plan—A Side By Side Comparison
2
Back to Basics – How Much Money Should I Have In My Emergency Fund?
3
Does the IRS Owe You Money?
4
Thrift Savings Plan Highlights
5
What’s Your Five Year Plan?

Term Life Insurance Vs. Survivor Benefit Plan—A Side By Side Comparison

Caveat: This is the third article that I’ve written about Survivor Benefit Plan. It is meant to be read with the other two articles so you can formulate your own educated opinion about your personal situation, which may be different from outlined here.   This article is also the basis for a chapter for an ebook that I’m currently writing about the Survivor Benefit Plan, which I plan to release by summer.  If you’d like to receive updates, please send me an email or join Military in Transition on Facebook.  I hope you like it.

I’ve written a couple of …

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Back to Basics – How Much Money Should I Have In My Emergency Fund?

This is the next article in my ‘Back to Basics’ series. You can read my first article, on compounding interest or my follow up article on predatory lending  This article is meant for everyone. If you’re a junior enlisted person or junior officer, please share this with a friend. If you’re a leader of junior troops, feel free to use this article as a set of talking points for your one-on-one sessions. The focus of this article is to protect our junior personnel, many of whom may still be trying to get a handle on the responsibilities that military life …

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Does the IRS Owe You Money?

With-131-Million-Returns-Filed-Millions-of-Amended-Returns-Expected"IRS, 5 million people were expected to file amended tax returns for 2014, out of 131 million original filings. For 2015, the IRS expects over 150 million individual returns, which means even more amended returns can be expected.

Many amended returns actually result in a refund that would have been awarded if the original return had been filed correctly. If you prepare your own taxes, changed accountants, or had a major life change (such as change in marital status, dependents, or house move), how can you really be sure that you’re not leaving money on the table? Conversely, …

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Thrift Savings Plan Highlights

Normally, I write all of my blog posts, based upon research that I’ve personally done.  However, last week I received a letter from TSP’s Executive Director, Greg Long.  It accompanied the TSP year-end statement, and is normally the type of document most people throw away with junk mail.  However, I actually read it.  Moreover, I liked what I read, specifically the Myth/Answer section.  In case you missed the letter (or threw it away, like I used to do), I’ve recapped the Myth/Answers below for your benefit.  Keep in mind, this isn’t the entire letter, and I’m not sure where you …

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What’s Your Five Year Plan?

I was catching up with an old friend the other day, and he told me that his favorite question to ask Sailors is, “What is your 5-year plan?” That question immediately resonated with me in so many different ways, because it’s a philosophy that has resonated with me throughout my career, even if I never thought of it in terms of that exact question. This article serves to outline some of the dimensions in which you could (and probably should) think about in terms of a 5-year plan. JW-Thanks for the idea!

Military career-Obviously, since this blog is focused …

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