Veterans in cannabis industry denied VA home loans

Veterans in the cannabis industry have been denied home loans from the Department of Veterans Affairs, prompting a response from Congress.

When one veteran was denied his home loan benefit, he reached out to Rep. Katherine Clark (D-Massachusetts), who joined with 20 members of Congress in writing to VA Secretary Robert Wilkie.

The lawmakers wanted to know why their constituents were denied loans after citing their income sources as state-legalized cannabis activities.

"Denying veterans the benefits they've earned...is contrary to the intent Congress separately demonstrated in its creation of VA benefit programs," Clark wrote in her May 23, 2019 letter.

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MIGHTY MONEY
Cheryl Lock

Here's a 9-step guide to calculating your credit card interest

When it comes to credit cards, understanding your interest rate and how it works can be the difference between staying out of debt with an excellent credit score and falling behind in your payments and dipping to sub-par credit score ratings.

Your interest rate is the amount your credit card charges you to borrow money. If you pay your credit card balance in full and on time, you generally don't need to worry much about your interest rate, which is expressed as an annual percentage rate (APR).

But if you're carrying a balance on your credit card, you'll notice you owe more over time, and that's because of the interest rate. Credit cards are notorious for being one of the most expensive types of consumer debt, with an average interest rate of about 17%.

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MIGHTY MONEY
Devon L. Suits

Deadline to transfer GI Bill benefits coming this July

Soldiers with over 16 years of service who want to transfer their Post-9/11 GI Bill to a dependent must do so before July 12, 2019, or risk losing the ability to transfer education benefits.

Last year, the Department of Defense implemented a new Post-9/11 GI Bill Transfer of Education Benefits, or TEB, eligibility requirement, which instituted a "six- to 16-year cutoff rule," said Master Sgt. Gerardo T. Godinez, senior Army retention operations NCO with Army G-1.

Further, soldiers who want to transfer their education entitlement must have at least six years of service, he said. All soldiers must commit to an additional four years of service to transfer their GI Bill.

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MIGHTY MONEY
Tanza Loudenback

4 basic things you should be doing with your money

Millennials as a group may be delusional about the future, but some are making good decisions with their money today.

Generally, many millennials have little to no credit-card debt, put a portion of their income toward retirement, and have a savings account, an INSIDER and Morning Consult survey found.

Of the 4,400 Americans polled, 1,207 identified as millennials, defined as ages 22 to 37 (237 respondents did not select a generation). The margin of error was plus or minus 1 percentage point.

Here are a few of the ways millennials are smart with their money, according to responses to our survey:

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MIGHTY MONEY
Jim Absher

5 GI Bill rates that will increase this year

The Department of Veterans Affairs has announced the Post-9/11 GI Bill rates for the 2019-2020 school year. These rates will be effective on Aug. 1, 2019. The Montgomery GI Bill and Dependents' Education Assistance programs will see a rate change on Oct. 1, 2019.

By law, the GI Bill rate increase is tied to the average cost increase of undergraduate tuition in the U.S. For the 2019-2020 school year, that increase will average 3.4%.

More than 80 percent of those taking advantage of their GI Bill benefits are doing so through the Post-9/11 GI Bill.

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MIGHTY MONEY
Hillary Hoffower

These are the successful habits of 600 millionaires

Investing can be intimidating.

But those who do it right tend to share similar characteristics, according to Sarah Stanley Fallaw, the director of research for the Affluent Market Institute. She coauthored "The Next Millionaire Next Door: Enduring Strategies for Building Wealth," for which she surveyed more than 600 millionaires in America.

During her research, she found that five components mark successful investors, including those who are rich: a personality for risk, a high-risk preference, confidence in investing, composure, and knowledge regarding investments and investing.

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MIGHTY MONEY
Sgt. 1st Class Jon Soucy

Guard to see changes in GI Bill transfer benefits

Provisions allowing Guard members to transfer some or all of their Post- 9/11 GI Bill benefits to their spouse or children are set to change, limiting the timeframe soldiers and airmen can transfer those benefits.

"You have to have a minimum of six years [in service] in order to be eligible to transfer benefits, and after 16 years you're no longer eligible," said Don Sutton, GI Bill program manager with the Army National Guard, describing the changes set to go into effect July 12, 2019.

The six-years-of-service rule isn't new, said Sutton.

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MIGHTY MONEY
David Slotnick

Apple just announced a game-changing new credit card

At an event on March 25, 2019, at its Cupertino, California, headquarters, Apple announced the next stage in the evolution of Apple Pay: a rumored Apple rewards credit card.

The card, issued by Goldman Sachs called "Apple Card," will offer cash rewards and various features and integrations with Apple's Wallet and Apple Pay apps.

The card will earn "Daily Cash," Apple's version of cash back. Daily Cash is issued to the user's Apple Pay Cash balance each day. From there, it can be spent on purchases using Apple Pay, applied as a credit toward the user's Apple Card balance, or transferred to contacts through Apple's peer payment feature in iMessage.

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