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 …Read More
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 …Read More
I wrote this article a couple of months ago, which you can find here. However, I’ve made some changes, because there are some things you will want to take note of in the military.
The largest purchase most people will make in their lifetime is their home. It’s also the longest-lasting purchase most people will make. With that in mind, it is important that you buy a home that brings you joy instead of grief.
Too many people stretch their finances beyond the breaking point, buying a home they can’t afford and paying the price via financial strain, a …Read More
While I normally try to write to people looking to either retire or separate, this article is intended for people who plan to retire. However, there are some items of consideration for separating members as well. This article is the first of two articles about how to better understand your post-military life, specifically your cash flow needs.
One of the major considerations of military retirement is what you want to do in terms of replacing your military job. We spend a lot of time talking about the financial transition, but don’t always talk about what type of work you will …Read More
In the military, when you make the decision to sell your home, it can be for any number of reasons: relocation, buying a bigger home, downsizing, retirement/separation, or because it makes financial sense to do so. Whatever the reason for selling your home, let’s take a look at three tax considerations you should account for:
Your realized gain
When selling any real estate, the IRS definition of realized gain accounts for many things you may not have thought about. According to the IRS, the basic formula for calculating your realized gain is: Selling price – selling expenses – adjusted basis. …Read More