Podcasts about military dollar

How do we weather these financial storms?  We have a candid talk with Gwen Merz, Jessica Garbarino, and Military Dollar about past financial mistakes and how to survive the current recession.  

This week, we sit down and talk with Airman Mildollar, from Military Dollar.(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.Every time she received a raise, she committed to put at least 50% of that raise into her investments.In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.In This Episode We Cover:What an airman isAirman Mildollar's money journeyWhere she got her scholarshipsHow she creates financial freedomThings she did on managing her financesThe reason why she didn't do househackingOn her housing and food allowanceHow she discover FIRE communityWhat Thrift Savings Plan isHow she finance her propertiesOn her rental propertiesHer plans in the futureAnd SO much more!Links from the ShowEarly-Retirement.orgEarly Retirement ForumSaving-SherpaGet Rich SlowlyMr. Money MustacheAirbnbBiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery CarlBiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki RobinFinConBiggerPockets Money Facebook GroupBiggerPockets Money Survey

In today's episode, Cody and Justin are joined by the magnificent Military Dollar. Justin really had a blast getting to vent the military money misunderstandings  with someone who could relate. Everything gets covered here. Military housing, insurance, investing and of course retirement. Listen and follow along with the summary below and make sure to check out the links at the bottom of the page. Episode Summary When she was in college she didn't have a lot of money Her parents were also draining on her finances some in college It was clear to her that she needed to get her finances together and started tackling finance books She ended up commissioning as an Air Force officer through the ROTC program She also got a scholarship but because it was a private school, it didn't cover everything When she graduated she had $20k in student debt, credit card debt and a car payment Both of her parents are entrepreneurs but aren't very good with money Upon graduation she got a new car and had a total of $42k in debt After four years in the military she was debt free Her degree was in political science but she ended up in a very different career field Now she's making great headway towards financial independence She loves her job and never wants to work for pay after she retires Then we discuss the flaw with just choosing a job you love We then discuss why it can be beneficial to live in a high cost of living city Mil dollar then starts breaking down exactly what she makes in the Air Force Justin and Mil dollar then break down common money mistakes military make The big ones include housing and comparing military to civilian pay Then we unravel the military 401k also known as the Thrift Savings Plan (TSP) This includes some big changes coming to the TSP this year! Now the moment you've been waiting for...retirement We go over both the traditional retirement and the new blended retirement system Military Dollar finished the episode with how she plans to travel the world with free flights in retirement Key Takeaways Military is a really solid FI path: Unfortunately people think the military is something people do because they didn't have any options. In reality it's full of some of the smartest people you'll ever meet and certainly one of the most sure fire ways to retire between 38-43. People will find an excuse: Military members often spend all of there housing allowance on a house even if they could get by just find spending  a third. The mentality doesn't make any sense but it's an easy excuse for sure. FI lifestyle possibilities are endless: During the wild card question, Mil Dollar talks about this magical retirement community. That's the beauty is you can do whatever you want and there's no reason to live a cookie cutter life you don't want. Call to Action If you know someone in the military or considering the military please share this episode with them. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android   Contact Military Dollar: Via her blog Military Dollar Catch her on Twitter Join her Facebook group Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today we discuss how the military path is different than the traditional financial independence journey. Guest for today's show are: Dave Pere From Military to Millionaire Military Dollar Grumpus Maximus

Favorite quotes of the episode: “Don’t let anyone else’s story demotivate you.  Figure out where you are at and where you want to go, then learn along the way.” “Balance between saving for future goals and living life today.” “Financial Independence isn’t about the money, it’s about life fulfillment, create a life you don’t want to retire from.” Episode Overview I kicked off 2019 with a promise to discuss big issues, big ideas and provide real-world actionable solutions that we can all implement in our daily lives as busy professionals. In this episode, I talk with Dr. Marianne Krumdick, a veterinarian, a CPT in the USAR Veterinary Corps and a personal finance enthusiast who is working towards FIRE (Financial Independence Retire Early). She even led a Financial Peace University Course (developed by Dave Ramsey) while deployed.  I thought it would be fun and hopefully useful, to have a real-world conversation with real people about personal finance, which resources have helped us along the way and share our perspectives. I hope you enjoy our conversation as much as I enjoyed speaking with Dr. K! *Disclaimer: We are NOT financial professionals; this podcast is for entertainment purposes only. These podcasts are meant to start a meaningful conversation so if you would like to see additional guests share another viewpoint around any of these topics please send an email to angela@pawsconsulting.com with your comments and suggestions for future podcast guests and topics.  I absolutely cannot wait to hear from you and look forward to your insights and thoughtful comments.  I will cite all articles referenced in this podcast in our show notes so you don’t have to stop what you are doing to scramble to find a pen and paper.  So, with that, let’s jump right in.  TOPICS Tackling student loan debt while living the life of your dreams and achieving financial independence. *You don’t have to live in your parent’s basement to get there. Balance between saving for future goals and living life today. FI, FIRE, Lean FI, Fat FI, FFLC, ERE– Definitions and understand that financial independence isn’t about the amount of money but what you need to be financially stable and not need a full-time job.  It’s about life fulfillment, create a life you don’t want to retire from. Retire early and often! Step 1: Where are you today? Budget vs. Un-Budget How to Un-budget? How much can I afford to save? And do that first.  Then automate your monthly expenses from your checking account. Dave Ramsey’s plan is a good get out of debt plan, where to start. Create a budget and list where you spend your money.  It may take 90+ days to get a handle on where you spend money and where to cut or replace your current service with a less expensive alternative that gives you the same or greater value.  Discussion of Dave Ramsey’s Baby Steps Spender vs. Saver? Mindset shift: Spend into a savings account in a different bank! What’s next after you get out of debt? Where Dave Ramsey ends, and FIRE begins. Get out of the mindset of having someone else “handle it” because no one cares about your money and your financial independence more than you. Keep learning as you go.   Where to put your money? Depends on your goals. How to stay motivated: Color in a debt barometer or make a paper chain to keep the family involved and motivated! Don’t drag it out longer than you have to because you will lose motivation.  The fun account! Profit first is a way to motivate yourself and keep you focused on your goals. Everyone needs a release valve! Angela’s hypothesis, what happens when you combine Profit First and the Dave Ramsey method? 42:50- 5 Questions Segment Q1. We know that the most successful and happy people have a morning routine, what do you do each morning or evening that sets your day up for success? I set my uniform up the night before because I am living in a small space in a deployed environment currently. Q2. What's your definition of Success? Success is about finding activities in your life that you find fulfilling and surround yourself with people who you have valuable relationships with and hopefully make this world a better place. Q3. What's your definition of Happiness? Fostering relationships with friends and family and living out purpose.  If you are doing those things, you’re going to be happy and also successful. Q4. What do you know now that you wish you would have known 10 years ago? I wish I knew about index funds! I wish I knew a few simple concepts about finance and where to put my money. Q5. What do you think is the biggest issue facing busy professionals today? The biggest issue is debt. RESOURCES How to Un-budget: “The Latte Factor” book by David Bach https://www.thelattefactor.com/ “Profit First”: https://profitfirstbook.com/ JL Collins, “Simple Path to Wealth”: https://jlcollinsnh.com/ https://jlcollinsnh.com/books/   FIRE Resources: Choose FI: https://www.choosefi.com/ Afford Anything: https://affordanything.com/podcast/ Physician on FIRE: https://www.physicianonfire.com/ Military Dollar: https://militarydollar.com/   Marianne’s Blog Posts: https://militarydollar.com/2018/10/28/saving-on-veterinary-care/ https://militarydollar.com/2019/03/04/vets-advice-pet-food/ Documentary: https://www.playingwithfire.co/whatisfire Mr. Money Mustache https://www.mrmoneymustache.com/ https://www.wsj.com/articles/how-to-thrive-in-early-retirement-1539271042 Dave Ramsey Total Money Makeover https://www.daveramsey.com/store/product/the-total-money-makeover-book-by-dave-ramsey Dave Ramsey’s Baby Steps: https://www.daveramsey.com/dave-ramsey-7-baby-steps 4/10 Americans don’t have $400 to cover an emergency. https://money.cnn.com/2018/05/22/pf/emergency-expenses-household-finances/index.html NY Times article referenced: https://www.nytimes.com/2013/02/24/business/high-debt-and-falling-demand-trap-new-veterinarians.html?module=inline Angela's favorite books will be raffled off to those who leave a review! Angela will raffle off, 1 book each week for every 5 new podcast reviews. After you've submitted your review, send an email to angela@pawsconsulting.com, include where you left your review, and the username you left the review under so we can read your review on a special podcast episode and communicate with you to ship out books to our winners! Join our email list at https://www.pawsconsulting.com/p/shownotes Sign up for a free High Performance Strategy Session at https://www.pawsconsulting.com/podcast  Connect with Angela at www.pawsconsulting.com or on Twitter and LinkedIn @DemareeDVM. How to leave a review on iTunes: Go to https://itunes.apple.com/us/podcast/beyond-the-stethoscope/id1354281411 or open iTunes. Click 'View in iTunes' (or maybe you are already there)                   Click 'Subscribe' Then Click 'Ratings and Reviews' Then Click 'Write a Review'  

095R | Brad and Jonathan get an update about the “Playing with FIRE” documentary, they recap FinCon 2018, and review feedback from the community about Monday’s episode with the Military Dollar. For more information on this episode, visit the show notes at choosefi.com/095r  ——————-   Thank you for being a part of the ChooseFI community! 

095 | The author of the Military Dollar joins Brad and Jonathan to discuss the various ways that service members can optimize their finances and choose financial independence, including retirement plans, financial planning, health care benefits and the GI Bill.   Working in the military can set someone up to retire after 20 years with a pension and the ability to pursue whatever interests them. Why do many young members of the military actually have financial problems? Has Military Dollar ever seen any specific education for new servicemen? How could a young person change his/her mindset to make more frugal choices and pursue FI? Why did Military Dollar decide to pursue financial independence? How did she get started? What was MD’s savings rate early on? How has MD set herself up to potentially retire by 41? What was the moment that changed MD’s mindset and approach toward finances? How do most military members approach debt? What does the optimized path to FI look like in 2018. What’s the difference between the old Legacy Retirement and new Blended Retirement System? What advantages does the Blended Retirement System have for people who don’t stay in the military for 20 years or more? What is the biggest difference between the enlisted and the officer’s route to FI? How can people plan for and understand relatively predictable promotions and pay raises? If someone starts young and doesn’t increase their lifestyle spending, getting to a 50% savings rate is very possible. Within the military retirement system, what investment options are available? Active duty health care = free for you and your family. How does the GI Bill work, and how does that help with college expenses? The GI Bill can be passed onto family members, but does include a service commitment. If the GI Bill is used by a service member’s children, or after separating from the military, there is a housing allowance available. GI Bill will cover all tuition and fees as an in-state student for public universities. GI Bill will cover approximately $22k for private universities. What is the Yellow Ribbon program, and how does it help cover the difference? What is the minimum time of service to qualify for the GI Bill? What’s next for the MD whenever she retires from the military? How does MD balance her commitment to the military with her interest in serving her community? How will MD know when it’s time to retire? For more information, visit the show notes at https://ChooseFI.com/095

How are people making less than $50,000 in massive cities working towards financial independence / early retirement? We have Erin from Reaching for FI here to share her story.  She doesn't fit into the stereotypical FIRE mold (male, software engineer) which we say 50 times in the episode - whoops!  Erin is a twenty-something living on a modest non-profit salary in DC. We chat with Erin about: Her student loan debt Budgeting Her hesitance to share her FIRE date FIRE dating & more! She was an absolute delight to speak with! Enjoy this chat with Erin from Reaching for FI and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Reaching for FI - Erin's blog! Instagram, Twitter Personal Capital - get $20 for signing up Military Dollar's episode with us The Mad Fientist - get the spreadsheet when you sign up for his email list Saver's Credit, American Opportunity Credit, Student Loan Interest Deduction Our episode with Dandan Navigation Nowhere on Insta Key takeaways from our chat with Erin from Reaching for FI 1 - Always get references Gwen didn't get references on many occasions with her rental property and it ended up disastrous. In this latest unfortunate event, she ended up with the dingle house.     2 - While you don't always need a budget, you need to keep track of your spending somehow Erin doesn't religiously budget but she does use the free app Personal Capital to keep an eye on her spending in various categories such as food, entertainment, etc. This approach works for her and she's still crushing it. 3 - Increase your income to speed up the path to early retirement Erin works three jobs at present and is a serious hustler.  Her day job pays less than $50k so she is working on weekends and now blogging (the latter has more of a hobby pay with a job commitment). Increasing income is a way for people without six figure incomes to speed up the path to early retirement. 4 - Frugal friendly dates are cool While asking someone you just met on a hike can seem creepy, other frugal friendly dates are OK.  Erin suggests asking someone out for coffee and a stroll to check out a new neighborhood. She doesn't recommend coming across as too v0cally-frugal right off the bat.  Money talk is good but proclaiming your frugality might scare away the date!   Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.  

Visit www.chainofwealth.com to grow your wealth One of the great things about America is that we have such an amazing military. Because of them we get to go about our everyday lives with much less threat than in other places in the world. Today, we are super excited to have a military member/ personal finance wizard to help explain to us some of the perks that military people get and how to manage money while serving. Military Dollar is a personal finance blog that caters to the men and women in uniform and have been featured on sites such as Rockstar Finance! [9:23] Why do you think people struggle to achieve their dreams? Fear of trying [10:32] What other books or podcasts do you recommend? Books: Your money or your life Podcast: ChooseFI & FireDrill, NPR, Dear Hank & John [12:17] Do you have a favorite quote? “No matter how you feel, get up, dress up and show up” [12:45] Any last advice? Listen to Chain of Wealth! Sponsors Due to the special occasion- there is no formal value link round. It’ll be back on the future episodes. Value Link Round (VLR) A special thank you to Military Dollar for explaining SO much to us. We hope it answered some questions! Support this podcast at — https://redcircle.com/chain-of-wealth-debt-investing-entrepreneurship-wealth-and-more/donationsWant to advertise on this podcast? Go to https://redcircle.com/brands and sign up.

Visit www.chainofwealth.com to grow your wealth One of the great things about America is that we have such an amazing military. Because of them we get to go about our everyday lives with much less threat than in other places in the world. Today, we are super excited to have a military member/ personal finance wizard to help explain to us some of the perks that military people get and how to manage money while serving. Military Dollar is a personal finance blog that caters to the men and women in uniform and have been featured on sites such as Rockstar Finance! Welcome! [4:9] What made your decision to joining the military? Wanted to be an astronaut Planned to become a pilot so joined Air Force Changed focus in college [5:43] What branch did you join? Why that one? Air Force Nerdy- not a huge fan of dirt [6:57] What are some of your favorite perks of being a veteran? all the cool experiences the military has offered [11:32] From a listener: What do you recommend for the younger soldier who wants to come home and drop 40k cash on a truck instead of investing it etc Made smart choices before they deployed- put it aside before Saving deposit program- can only get while deployed- 10% savings interest Thrift Savings Plan- put all extra money into TSP Can use that money to live off of and contribute money to retirement Instead of a car- invest in experiences [16:2] What to do and how to handle the influx of money post deployment? Sometimes there are areas where you can spend money [17:1] What do you recommend as far as all of the offers? When should you accept deals? Ie- credit card lenders offering far more than they would to a civilian. Deals that aren’t good: Payday lenders/ used car sales Think about the deals offered Take advantage of deals offered- when it makes sense [22:25] A lot of people get in trouble because they don’t look at their paychecks and then have to back pay due to divorce or children, leaving them in debt. How do you recommend saving for an emergency fund? Backed pay story Always reach out for help- talk to finance to set up a payment plan [30:0] What are some options to organize finances when a family member is deployed? Give powers of attorney to someone you completely trust Best thing: set things up for autopay 2018- there is still internet Deployment pause: cell phone service, cable, car insurance [37:2] Veterans have special mortgage loans they can apply for when buying a house. What is the name of the loan and how do they go about purchasing? Is it different than buying a house with an FHA loan? Called a VA Loan Depends on what you are looking for Can buy a house with 0% down and there is no PMI Don’t buy more house than you can afford VA Loan MUST be owner occupied- not a rental property [42:42] You recently wrote a post, the civilians guide to understanding military pay and allowances. Can you talk a bit about that and some common misconceptions that civilians usually have? 3 main sources of money in a paycheck and explained Basic pay Housing allowance Food allowance Value Link Round (VLR) Will be talked about in the next episode 70B. Support this podcast at — https://redcircle.com/chain-of-wealth-debt-investing-entrepreneurship-wealth-and-more/donationsWant to advertise on this podcast? Go to https://redcircle.com/brands and sign up.