Finance Friday: How to benefit from historically low mortgage rates - We Are The Mighty
MIGHTY MONEY

Finance Friday: How to benefit from historically low mortgage rates

You might be living under a rock if you haven’t heard about the 10 Year treasury at an all-time low and the federal reserve cutting interest rates. Or, far more likely, you’re just not a numbers and data nerd like me with a vested interest in all things finance. Luckily, if you’re a prospect or existing homeowner, one thing is certain, and that’s a win for you in this economic time. Breaking this further down into how it applies to your earned VA Home Loan benefit, there are two subsections that need to be explored: purchase and refinances.


Finance Friday: How to benefit from historically low mortgage rates

live.staticflickr.com

New home purchases

What these amazing low rates mean for you is more purchasing power. For example, a 0,000 30-year home loan at 4.5% is a whopping 1 MORE every single month than it would be at 3.5% (,000 over the full lifespan of the loan). An alternate way to look at this is that you can purchase a 0,000 at the 3.5% rate for the same monthly cost as a 0,000 loan at 4.5%. That’s an increase in ,000 upfront purchasing power for the SAME MONTHLY COST. If that doesn’t scream raining money to you, I don’t know what can.

Refinances

If you already have a VA home loan and just had some sort of feelings about missing out on this amazing opportunity, the good news is you can still capitalize on this opportunity through a VA Interest Rate Reduction Refinance Loan (IRRRL, also known as a streamline refi). Just like anything else, there are myths floating around out there, and you know I’m going to break through them.

You do not have to be currently living in the home you wish to refinance. If you have a home that was once your primary residence, which is the only kind of loan the VA writes, then you qualify for a VA IRRRL (but NOT a cash out refi and NOT switching from conventional to VA when it’s not owner-occupied). It really is that simple. Easy peasy!

If you’re looking at a transition but living in the home right now, you are NOT obligated to extend your plans to live in the home for any certain period of time. Just like any VA loan, there are absolutely no minimum residency requirements.

Finance Friday: How to benefit from historically low mortgage rates

live.staticflickr.com

A refinance is exponentially easier than a purchase transaction. No appraisal or inspection is required for a streamline refi. You DO need to be able to prove an ability to repay, so employment verification is required. Lower documentation requirements all around make for an easier process, however. Bank statements, pay stubs, proof of homeowners insurance and a current mortgage statement are what you can expect your lender to ask for.

Expectation management is important. Expect a slower closing turn time than your traditional 30-day purchase loans. It is not a sign of incompetence on the lender’s behalf, it is simply a prioritization. When compared to a purchase contract that is tied to multiple parties for timelines to move, the urgency for a refi comes secondary. No one’s earnest money deposit and moving schedule is driving the need, and there is a lot more skin in the game on a purchase deal. Expect to see a 45-day rate lock on your refi and know that it’s nothing personal.

Articles

How a Navy pilot-turned-Superbowl winner made it on Wall Street

Finance Friday: How to benefit from historically low mortgage rates
Phil McConkey is not your average Wall Streeter.


His father worked three jobs to put him through private school. He served in the US Navy as a nuclear weapons transshipment pilot, before winning a National Football League Superbowl title with the New York Giants.

He is now president at Academy Securities, a broker-dealer founded in 2009 that employs veterans and service-disabled veterans in areas like investment banking and trading.

McConkey sat down with Skiddy von Stade, CEO of finance career services company OneWire, to talk about his background, and Academy Securities.

During that conversation, he laid out why experience with the military is valuable for those who want to break into the cutthroat financial services industry.

Military culture is honesty, integrity, loyalty, teamwork and by the way, service. We’re in a service industry. Who knows more about those qualities than military veterans? When those qualities and experiences come into helping our clients, it really resonates.

He added:

We’re a small company, growing. We’d like to be a bulge-bracket investment bank broker-dealer at some point. We don’t have the resources that the big banks have, but we’re nimble, we’re quick, and we have differentiated types of value that we add. We got nine senior-level retired generals and admirals, people who have fingers on the pulse of geopolitical macro world we live in. And that’s a value to customers if they’re in capital markets. If they’re managing money.

Watch the full interview with Phil McConkey here.

MIGHTY MONEY

5 great last-minute Christmas gifts for military families

Finance Friday: How to benefit from historically low mortgage rates
A Marine and his son pick out a Christmas tree during the Trees for Troops event aboard Marine Corps Air Station Miramar, Calif., Dec. 2.


We’re down to the wire at our house for Christmas gifts. Due to our crazy travel and flight schedules over the last two months, my husband and I have barely even scratched our shopping list for gifts this year.

And yeah, I know we suck.

So we decided we’d find a few quick gifts that are still awesome and won’t totally break the bank.

1. You almost can’t go wrong with Disney

Finance Friday: How to benefit from historically low mortgage rates
The United States Air Force Honor Guard performs at Disneyland in Anaheim, Calif., July 2, 2015. During the Fourth of July weekend each year, Disneyland invites military units to the park for special performances, a tradition started by Walt Disney on opening day. (U.S. Air Force photo/Staff Sgt. Nichelle Anderson)

Disney offers a special program for the military called the Armed Forces Salute. Service members or their spouses can purchase either a five-day or four-day package for $224 or $209, respectively. This is a savings of nearly 50 percent.

Total cost of taking my family to Disney for five days: $1,120 (does not include lodging).

2. Buy an iPhone and get $250 off an iPad

Finance Friday: How to benefit from historically low mortgage rates
(U.S. Navy photo)

Verizon does this thing where, if you buy an iPhone, you pay for it monthly, and only pay the tax up front. But right now, if you buy that new iPhone your daughter has been eying, you’re going to get $250 off an iPad — which puts the iPad mini at around $150.

Don’t forget to sign up for your military discount if you haven’t already. Total cost of my Verizon shopping trip today for tweenager gifts: less than $250.

3. Great news those of you who wear Oakleys

Finance Friday: How to benefit from historically low mortgage rates
And who doesn’t want to sport some Oakleys at the range? (U.S. Army photo)

If you don’t already know, Oakley has a thing called the Oakley Standard Issue, offering approved eye-pro sunglasses to service members at about a 25 percent discount. Total cost of my husband’s preferred shades: $128.

4. Pretty much anything from Best Buy, amiright?

Finance Friday: How to benefit from historically low mortgage rates
Videos and consoles and games oh my! (Photo from U.S. Army)

Best Buy has a 15 percent military discount, so it looks like tomorrow I’ll be buying a bunch of electronic gifts I won’t know how to use.

But the kids and husband will be stoked!

5. Last (but certainly not least), adult grape juice

Finance Friday: How to benefit from historically low mortgage rates
How else are you going to handle those annoying in-laws and bratty kids all year? (U.S. Marine Corps photo)

It’s kind of like a gym membership, except you don’t have to go anywhere, and you don’t have to wear yoga pants (though I do recommend wearing something comfy).

The only thing is that instead of the gym, you get a case that you pick up and set down. Okay, it’s wine — a wine club membership, to be exact.

With the military discount at Twisted Roots Vinyard, it’s $255 every four months. That’s a lot of wine, and it’s worth it.

Because Christmas means in-laws.

Articles

How life changed in one moment for this Marine


At age 18, Cpl. Andrew Richardson was serving in the Marine Corps in Iraq. His squad maintained a perimeter around a medical sanctuary where local civilians could get treatment. Doing so gave Richardson an overwhelming sense of satisfaction and value.

Returning to civilian life, Richardson struggled to find that same sense of value. For five years he floated from job to job, doing construction and working as a roadie and security guard, among other gigs.

Today, he enjoys a fulfilling career in the tech industry, working at Microsoft, and has discovered a passion for programming — all thanks to a chance encounter while tending bar and an intensive 18-week technical training and career-development program.

Curious? Check out the video to see Richardson’s story and then go learn more about Microsoft Software & Systems Academy.

MIGHTY MILSPOUSE

Recent changes with the 2020 NDAA and how they impact you

The National Defense Authorization Act (NDAA) is an annual piece of legislation which gives authority and funding to the United States Military. While it is a detailed body of work that doesn’t make for light reading, it should be read. This legislation is filled with items that impact the military family directly.


It addresses military pay

The 2020 NDAA provided a 3.1% pay raise to military service members. This pay raise was the biggest one to be received in the last decade and was reflected in the first paycheck received by service members of 2020. The bill also extended specific bonuses and special pay. One of the big take-aways of this bill is the focus on supporting not just the member, but the military family as a whole.

Military spouse education and employment

Within the bill there are increases in support of professional licensure for spouses. With the new 2020 bill, spouses are currently eligible for up to 00 in reimbursement for licensure costs accumulated when moving. This is twice the amount that was authorized in last year’s bill. It also addresses license portability by giving authorization to the Council on State Governments to research ways to create reciprocity across state lines.

The bill also extended opportunities for spouses for education. The My Career Advancement Account program is an example of this, as it is a valuable resource for military spouses. It offers up to 00 in assistance for licensure, certification, or an associate’s degree in a field that is portable. The eligibility for this is limited to E-1 through E5, W-1 through W-2, and O-1 spouses. The initial pilot program had it available to all spouses but rising costs and enrollment forces restrictions in who can utilize this benefit. In this bill language, Coast Guard spouses were also included even though they fall under the Department of Homeland Security.

Military housing reforms

One of the key elements of this bill is that it addresses the issues within military privatized housing. The bill created new accountability for these companies by enforcing quality assurance measures. It also increased the number of required inspections. This bill provides an additional 1.8 million dollars to make sure that each housing office has the vital personnel it needs to ensure military families are taken care of.

One of the tools that will be utilized going forward is a way to assess and evaluate for risks within military housing. This includes things like mold and lead. It also allows for the BAH to be withheld from the private housing entity until issues or disputes are solved. Another key piece is that it forces transparency by requiring these entities to disclose repairs or issues prior to lease signing. There will also now be a required Tenant Bill of Rights and minimal livable standards established.

Military family needs

The NDAA also authorized million for the STARE BASE program, which is a DOD youth program. It is an American military educational program for grades K-12 that teaches science and math in hands on ways. It was created to tackle the low rates of readiness in these subjects by implementing a program that makes math and science fun and interactive. To learn more about this program and to see if it’s located in your area, click here.

One of the chief concerns outlined in the 2018 Blue Star Families survey was that 72% of military families cannot find reliable childcare. An amendment was included in the NDAA for 2020 that creates more coordinator positions on bases to assist with childcare and extends childcare hours for families.

Another key piece to this legislation is that it created the ability of military service members to sue under administrative claims for medical malpractice by a military provider. Although there was existing legislation for under the Federal Tor Claims Act, the United States itself was immune. After countless hearings within congress over a decade, this amendment passed within the NDAA. If a service member sustains injury or death they can file a claim and receive up to 0,000 as long as they file it within two years.

Surviving spouses receive relief

Finally, one of the biggest parts of the 2020 NDAA is the elimination of what is known as the “widows’ tax” in phases. For multiple decades surviving families have not received their full benefits as they deserve, even though they paid into the benefit programs. This is a piece of legislation that has been debated and fought over for almost twenty years. Finally, change is coming and it will be finalized by 2023.

If you’d like to look through the 2020 NDAA, you can find it here. Fair warning, it is 1119 pages long. However, a pro tip is to utilize the search ability within the document to enter terms that you want to specifically read about. This will bring you exactly where you need to go. Happy reading!

This article originally appeared on Military Spouse. Follow @MilSpouseMag on Twitter.

MIGHTY MONEY

6 things you should know about the GI Bill

1. Be strategic about your degree

Choose a degree that leads to a career and a school that can help build a career network. I know it looks tempting to get the BAH, and take random classes. Don’t take that temptation. If you have to, go to a community college for two years to get a taste for school, and then choose a direction.


Read More: GI Bill gets huge boost with this new law

2. Research schools

Choose a school that lets you go to school year-round. If you can take 6 classes per semester, do it. If four is better for your school-life balance, do that. Remember, it may be more economical to take more classes. If your school charges the same for 12 credits as 18, take 18 credits. It might be hard, but you will be pushing through more effectively. Again though, you want to succeed, so only take a course load that helps you succeed.

Finance Friday: How to benefit from historically low mortgage rates
Life hack: bend your young, naïve classmates to your war-hardened will.

3. Plan it out

Plan your classes down to the day. Look at the schedule for each semester. The GI Bill is prorated down to the day. If you have even one-day left, you will qualify for the entire semester including BAH. By planning this, you’ll be able to get more from your GI Bill. Also, the BAH is lower for an online program, but if the degree gives you something of benefit, it might be worth it to take a lower BAH rate. Focus on the long-term plan.

4. Choose a school based on the professors and the network they offer you

This is not GI Bill specific, but your professors and fellow-students will be your network in the future. Look at alumni. Look at the research by your professors. Look at who works for the school in a consulting or a part-time capacity. These relationships are super important towards shaping your future. Utilize them.

Read More: 4 schools the GI Bill pays for other than traditional college

5. Don’t be afraid to change direction and re-plan everything

I did this in my first semester of undergrad. I had a plan that wasn’t smart. My professors pushed me toward a degree that would get me to my goals. That being said, my last semester of Graduate School, I changed my mind on what I wanted to do with my life. It happens. I am creating my own peacebuilding business instead of going to work for the UN. I have all the skills for this from my two degrees, and it fits my interests better.

Finance Friday: How to benefit from historically low mortgage rates
You’re never too old to mess with the bell curve.

6. Be active in planning, preparing, and choosing all aspects of your degree path

This is part of planning your schedule, but it’s also about taking classes that will help you in your career. Don’t take a math class that you don’t need. Don’t take gym just to take it. Take classes that teach you things that you will use. If you do this, you’ll get more than your money’s worth from the GI-Bill.

This is how I’ve used the GI-Bill with purpose, and how I think you can do the same.

Articles

The 6 best pieces of military gear, according to Amazon

We all have our favorite gear, for whatever reason. Maybe it saved our asses, maybe it repaired a weapon, maybe it just made it possible to get a few hours sleep through a long, cold night. There’s nothing better than a reliable piece of gear to keep coming back to over and over. Often, troops will try to keep as much of their field gear as possible when they separate.


After reading through a few Amazon reviews, it’s easy to understand why. What’s your favorite?

1. 550 Cord – 5 Stars

Also known as parachute cord, the 550 comes from its breaking strength of at least 550 pounds. It’s made of nylon, wrapped around an internal core which increases strength and keeps the main rope from fraying. The cord was originally used in parachute suspension lines, but its use became widespread as paratroopers would cut the cord from the chutes as a useful tool for the future. These days, troops use it to secure packs to vehicles, set up camouflage nets, make lanyards, or tie up bracelets or belts that can be unraveled when needed.

2. Issue Anglehead Flashlight – 5 Stars

The anglehead design was first used by the U.S. military in World War II and has been a staple of all branches ever since. The chief supplier of these lights, Fulton, supplied them to the U.S. government since the Vietnam War. There are plenty of knockoff versions of it. If yours is a real one, it will have “MX-991/U” imprinted on the side of the light.

Finance Friday: How to benefit from historically low mortgage rates
The Big Red One appreciates it.

Here’s one review:

“I served in the Army over 20 years ago under SOCOM, so this flashlight has a minimum of that many years under its belt and all the action marks that comes with it… I clicked on the power button – not expecting anything special, and… IT TURNED ON.”

3. Woobie – 4.5 Stars

The “Woobie” is a nylon-polyester blanket, really the liner for the standard-issue poncho. It’s known as a Woobie because of the great affection troops have for it, the way a baby loves its blanket. Woobies are lightweight, easily packed, and do a great job of keeping troops warm in cooler temperatures.

Finance Friday: How to benefit from historically low mortgage rates
(U.S. Army Photo)

A reviewer writes:

“Of all the pieces of U.S. military kit I’ve ever seen (through 20+ years of military service), none equal the Wubbie [sic] for value for money, utility, and comfort.

I bought my first poncho liner in Vietnam in 1964. It was one of the old ones from back when they were made from parachute silk. Now, almost fifty years later, I’m still using it. I guess I’m a 65 year old man with a blankie!”

4. Chem-lights – 4.5 Stars

Chem-lights are designed for 360-degree visibility up to a mile away for up to 12 hours. There are, of course, some variances. They also need to be durable, waterproof, and flame retardant. They have a number of uses when a flashlight or fire isn’t the right tool, and the light gets brighter as the temperature gets warmer.

The reviews:
“In my decade and a half in the military I have probably gone through thousands of Cyalume ChemLight just myself. They have a million uses, both fun and functional. But most important the Cyalume models have proven to be utterly reliable and bright.”
They can also be used as flares to mark an area without worrying about fire or flame. The uses for them are only limited by imagination, from Christmas lights to Fourth of July ‘rockets’ there is a lot of fun and use to be had.”

5. Gerber MP600 Multi-Tool – 4.5 Stars

Finance Friday: How to benefit from historically low mortgage rates
Multiversatile.

This tool’s usefulness practically speaks for itself. With 14 components, providing knives with different edges, screwdrivers, a ruler, bottle and can openers, wire cutters, crimpers, and a file, all with a lanyard ring (perfect for 550 cord loops), the multitool is perfect for minimizing space and weight while providing myriad uses.

The reviews:

“It has all the tools I need as a soldier and it has done very nicely for me.

With a potential need to carry in a deployed environment, the matte black finish is certainly a plus.”

6. 100mph Tape (Duct Tape) – 4 Stars

Also known as “olive drab green reinforcement tape,” it covers shiny objects and tapes things down to reduce rattling noises when on patrol, but it’s so much more than that. Since supplies have historically been an issue in the large scale wars of the past, troops needed an all-purpose way to make quick fixes without all the necessary equipment.

Finance Friday: How to benefit from historically low mortgage rates
(U.S. Army Photo)

From one review:

“The only downside that I can find is that it is literally so strong that anything even touching the edge of the roll will stick to it just from the small amount of adhesive that comes in contact with it. All duct tape is not created equal
I always have a roll of this stuff, and 550 Cord in my Gear. I’ve used it for everything from quick repairs, marking my luggage, to camouflaging my gear for Patrols. Not sure about the 100 MPH thing, but I do know that once you tape it to your gear, you’ll need to cut it off.”
MIGHTY MONEY

Now you can directly invest in hiring veterans – here’s how

When the opening bell at the New York Stock Exchange rang out on Monday, July 23, 2018, it was Chris Isola, head of Veterans Affairs at UBS, ringing the bell. You may not know who Chris is, but you will be interested in what he’s bringing to the New York Stock Exchange: Veterans – and in a big way.

Isola represent UBS, an investment bank like many others on Wall Street, providing financial advice and other products to wealthy institutions, individuals, and corporate clients all over the world. The bank has indexed the price movements of certain companies’ stock — companies with policies, practices, and outcomes that support the employment of American veterans.

From that index, you can now buy into an Exchange Traded Fund that supports the best companies that meet UBS’ liquidity and stability standards while being the best example of military veteran employers. It’s all based on Viqtory’s Military Friendly employer rating.


In a world where both Main Street and Wall Street are increasingly removed from the wars and conflicts currently fought by the military, the economic powerhouse that drives America is working to create jobs and opportunities for the men and women who make the world’s largest economy possible: U.S. military veterans.

“We believe this is an innovative way for investors to express their support for the veteran community,” said Richard Cea, Executive Director of Exchange Traded Products at UBS. “This ETF provides investors with exposure to companies that recognize the value of our nation’s veterans to the workforce.”

ETFs are financial products that trade like common stock, complete with a ticker symbol, but is essentially a pool of different stocks owned by the fund. Investing in an ETF means you’re buying shares of the pool of companies owned by the fund. The overall value of the pool is divided into shares.

In this case, the ticker symbol HONR represents the InsightShares Patriotic Employer ETF and the fund owns stocks in businesses that value veteran employees, based on Viqtory’s Military Friendly employer reviews. The HONR fund also actively donates portions of its profits to veteran-related charities. Some of the stocks held by HONR include:

  • Devon Energy
  • Proctor Gamble
  • Boeing
  • Verizon Communications
  • Coca-Cola
  • IBM
  • Walmart
  • JPMorgan Chase Co.
  • Honeywell
  • Southwest Airlines
  • T-Mobile US
  • Starbucks Corporation
  • General Mills, Inc.

So when you buy into the HONR fund, you’re buying into a fund that supports only corporations who proved their mettle in hiring America’s veterans, are genuinely good business investments, and will routinely give back to military-veteran oriented charities and nonprofits.

It’s a small way of giving a buck to veterans while doing something good for your retirement portfolio.

Articles

Veterans clap back at those demanding Starbucks hire 10,000 vets

Starbucks Armed Forces Network, a private group within the company of Starbucks, released a statement yesterday asking that those calling for Starbucks to hire 10,000 veterans instead of refugees check their facts.


Recently, Starbucks came under fire for announcing that they would hire 10,000 refugees. The general reaction was anger and calls for boycotts of Starbucks until they vowed to also hire 10,000 veterans.

Finance Friday: How to benefit from historically low mortgage rates
Devin Craig (second from right), a district manager for Starbucks Coffee Company, Wash., and his team talk to Soldiers and Veterans during the Boots 2 Work Military Career Fair at Cheney Stadium, Tacoma, Wash., Aug. 27. The career fair gave Soldiers the opportunity to meet with local businesses and learn job hunting skills. (U.S. Army photo by Sgt. Cody Quinn, 28th Public Affairs Detachment/Released)

The problem with that? Starbucks vowed to hire 10,000 veterans in 5 years way back in 2013. And they’re ahead of schedule.

One of the many internal groups at the coffee giant, Starbucks Armed Forces Network, penned a note to their customers to explain why the anger at the refugee program was misdirected.

The note, simply signed by The Men and Women of Starbucks Armed Forces Network (AFN), began, “We write to you today as representatives of the thousands of veterans and spouses who currently work for Starbucks Coffee Company.”

The writers went on to express their gratitude to their customers and then they moved right into addressing the refugee and veteran initiatives.

“The false and inaccurate statements [about the veteran hiring initiative were] deeply troubling to those of us who’ve served,” the group wrote.

The statement described how the CEO and his wife, Howard and Sheri Schultz, had visited military installations around the country to learn more about how they could advocate better for veterans and military spouses after announcing the veteran hiring initiative in November 2013. The couple invested their own personal funds into “plans for transitioning service members,” according to the group.

“We respect honest debate and freedom of expression,” the statement read. “But to those who would suggest Starbucks is not committed to hiring veterans, we are here to say: check your facts. Starbucks is already there.”

The 5 year initiative has only used about 60 percent of its time, but has met 88 percent of its goal. This means that, if they continue at this rate, Starbucks will surpass their initial goal of hiring 10,000 veterans by 2018 by 4,600 veterans.

Starbucks operates 32 Military Family Stores near several major installations. Owned by veterans, military spouses, or family members, the stores participate in “Military Mondays.” Weekly, Starbucks partners with local Veteran Service Organizations to provide space for the organizations to offer pro-bono legal support and other services to the military community.

The company also offers Military Service Pay to employees who have to report for National Guard or Reserve assignments. Eligible partners can receive up to 80 hours of paid time to fulfill their reserve service obligations yearly.

Starbucks provides a Military Allowance to eligible employees that are called to active duty, as well.

Starbucks has made a name for themselves as a veteran friendly company, even being awarded Gold status by G.I. Jobs in this year’s annual “Military Friendly” list.

MIGHTY MONEY

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.


Finance Friday: How to benefit from historically low mortgage rates

Read the letter:

In the letter, shared with Roll Call, Clark stated, “A substantial number of veterans earn their livelihoods in this industry and, in coming years, that number is likely to further rise. The VA must acknowledge this reality and ensure veterans who work in this sector are able to clearly understand and can equitably access the benefits they’ve earned.”

She also acknowledged that “the ambiguity under which the cannabis industry operates is unique, and we fully understand the VA’s resulting aversion to legal and financial risk. [However]…in recent years, the Department of Justice has substantially narrowed its prosecutorial priorities in this area, and Congress has taken action to prevent federal interference with the implementation of state cannabis laws.”

More: Time to slay the myth around the magical unicorn called the ‘VA Loan’

Though Marijuana remains a Schedule 1 drug, illegal under federal law, Military.com points out that “thirty-four states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands now have some variation of medical marijuana programs, while a dozen other states allow cannabidiol that is low in tetrahydrocannabinol — or THC, the psychoactive component of pot that makes a user high — for medicinal purposes.”

U.S. Marine Corps veteran Dan Anglin, CEO of CannAmerica, was also denied a VA home loan due to his work in the cannabis industry — and he’s not afraid to speak out about it.


Veteran Dan Anglin Denied Home Loans Due to Owning a Cannabis Company

www.facebook.com

Veteran Dan Anglin speaks out

Also read: Why this Army vet ditched pills for cannabis and yoga

MIGHTY CULTURE

11 valuable tax tips and benefits for military families

The holidays are over, and we are now in the year 2020. It’s a good time to start working on our 2019 taxes, because April 15 will be here before we know it. Taxes are overwhelming and complex, but there are numerous tax benefits for military families, so it is important to understand the basics.


Finance Friday: How to benefit from historically low mortgage rates

Income

Servicemembers receive different types of pay and allowances. It is important to know which are considered as income and which are not. For servicemembers, income typically includes basic pay, special pay, bonus pay, and incentive pay.

Exclusions

Items normally excluded from income include combat pay, living allowances, moving allowances, travel allowances, and family allowances, such as family separation pay.

Combat pay exclusions are a substantial benefit to servicemembers and spouses. Combat pay is that compensation for active military service for any month while serving in a designated combat zone. This may also include a reenlistment bonus if the voluntary reenlistment occurs in a month while the servicemember is serving in the combat zone. Note that for commissioned officers, there is a limit to the amount of combat pay you may exclude.

The most common living allowances are Basic Allowance for Housing and Basic Allowance for Subsistence. Moving allowances are those reasonable, unreimbursed expenses beyond what the military pays for a permanent change of station.

Sale of Homes

Servicemembers and spouses often decide to purchase homes when moving to new duty stations. Often, we then turnaround and sell the homes a few years later before moving again.

What happens if you make a profit from the sale of this home? If you are fortunate enough to profit, you may qualify to exclude up to 0,000 of the gain from your income, or up to 0,000 if you file a joint return with your spouse. This is referred to as the Sale of Primary Home Capital Gain exclusion. Normally, this exclusion requires that you owned the home for at least two years and lived in it for at least two of the last five years. There is an exception, however, for servicemembers. If you were required to move as the result of a permanent change of station before meeting these requirements, you still may qualify for a reduced exclusion.

Claim for Tax Forgiveness

If a servicemember dies while on active duty, there are circumstances where the taxes owed will be forgiven by the IRS. Contact your closest Legal Assistance Office immediately for assistance using the website provided later in the article.

Extensions

If April 15 is quickly approaching and you are running out of time, remember, there are several different extension requests that military families may make. If the servicemember is in a combat zone, an automatic extension covers the time period the servicemember is in the combat zone plus 180 days after the last day in the combat zone.

Avoid Tax Scams

In November 2019, I wrote an article on common scams during the holidays. Unfortunately, scams are not limited to the holidays. There are numerous tax scams that have stolen personal information and millions of dollars. Scammers use the mail, telephone and email to initiate contact. Please remember that the IRS never initiates contact by email, text messages or on social media pages to request personal or financial information. The IRS initiates most contact through the regular U. S. Postal Service mail. Finally, the IRS never uses threats or bullying to demand payments.

If you have any questions, contact the IRS with a telephone number you find on its website (www.irs.gov) and verify what you received is legitimate before doing anything. To protect yourself, only use an IRS telephone number from its website. Do not use a telephone number you received that you suspect may be part of a tax scam from an email, text message or social media page.

Finance Friday: How to benefit from historically low mortgage rates

Signing Tax Returns

Normally, both the servicemember and spouse must sign jointly filed tax returns. If one spouse will be absent during tax season, it is advisable to have an IRS special power of attorney, IRS Form 2848 (Power of Attorney and Declaration of Representative). You may access this form on the IRS website.

Military Tax Centers

Annually, many Legal Assistance Offices worldwide help servicemembers and spouses file their federal and state income tax returns starting in early February. Last year, for example, Army Legal Assistance personnel and volunteers prepared and filed over one hundred thousand Federal and over sixty-four thousand State income tax returns saving servicemembers and their families more than million in tax preparation and filing fees.

If you don’t live near a military installation, visit the Department of Defense Military One Source website at https://www.militaryonesource.mil for additional information on accessing free online tax assistance.

Legal Assistance Offices

If you have specific tax questions or receive correspondence from the IRS, contact the closest legal assistance office to schedule an appointment. Use the Armed Forces Legal Assistance website (https://legalassistance.law.af.mil) that I provided in the October 2019 blog to locate your nearest legal assistance office. The quicker you address your issues, the better likelihood that you will successfully resolve them.

Finance Friday: How to benefit from historically low mortgage rates

Valuable Tax Tip for 2020

Finally, here is a valuable tip for next year’s taxes. Does it seem like every year you are scrambling to find tax documents and receipts from throughout the tax year? Relieve this stress by getting a folder and writing “Tax Year 2020” on the front of it. Keep it in an easy-to-find place, and every time you receive a document or receipt that may impact your taxes place it in the folder. That way, at the end of this year, you will have most of the supporting documents you need already together.

Future Blogs

Be on the lookout for future blogs that will continue to discuss specific legal issues often encountered by servicemembers and military spouses. As always, this blog series will help to protect your family and you!

This article originally appeared on Military Spouse. Follow @MilSpouseMag on Twitter.

MIGHTY MILSPOUSE

5 best industries for military spouses to work in

Would military spouses be happy with any ol’ job, as long as they were out of the house and earning an honest income?

My guess is, generally, no.By and large, military spouses are calling for employment that does much more than pay the bills. They want meaningful, purposeful employment that helps them advance their goals. Numerous studies support this, and the military spouse employment movement is making enormous strides.

So, if you’re a military spouse looking for meaningful employment, where should you start? What are viable career options?


Given your lifestyle, you’re probably looking for something portable, flexible, universally necessary and barrier-free. It just so happens that a number of our country’s growing industries have opportunities that fit the bill.

Let’s take a look at five promising industries that military spouses should consider for employment.

Finance Friday: How to benefit from historically low mortgage rates

1. Health care

According to the Bureau of Labor Statistics (BLS), the health care industry will have the highest growth over the next decade, predicting over 3.4 million additional jobs by 2028. That’s a lot of opportunity!

Nurses, home health care aides, social workers and medical aides are examples of jobs in this field. These jobs generally pay well and are necessary everywhere (check!), making you highly marketable every time you PCS. While the process of transferring licenses or honoring licenses from other states has yet to be completely smoothed out, officials are working to lift those barriers (check-almost!).

One thing to consider is that not all health care-related jobs require a license. For example, home health aides, the fastest-growing subsection of the industry, may not have to be licensed, but certification requirements vary depending on the state.

Finance Friday: How to benefit from historically low mortgage rates

2. Entrepreneurship

You probably can’t go a day without hearing that a friend has started a home-based business, quit her job to become a freelancer or established his own web-based company. Entrepreneurship isn’t a trend that will soon fade; it’s a legit movement, which many military spouses are joining, excited to take ownership of their own careers.

While entrepreneurship can be risky, it offers you portability and flexibility (check! check!). Depending on the type of business you’re running, you may need to maintain and transfer licenses across state lines, but you’ve probably done your homework and found a niche that’s needed in the market (check!), making any paperwork worth it.

Plus, numerous organizations have established training and support programs, designed to help military spouse entrepreneurs get their businesses off the ground in the strongest way possible. As a military spouse entrepreneur, you’ll have a wide community of experts and supporters ready to offer advice and mentorship, as well as cheer you on.

Finance Friday: How to benefit from historically low mortgage rates

3. Leisure and hospitality

Like health care, BLS predicts favorable opportunity for the leisure and hospitality industry. Over the next 10 years, BLS says that over 1.5 million jobs will be added to this sector.

This industry is growing across America, including right in the backyard of every military spouse. It just so happens that these leisure and hospitality companies were named among the 2020 Military Spouse Friendly Employers: Motel 6/Studio 6, Hilton and La Quinta by Wyndham.

These companies offer tailored onboarding practices, career portability and flexibility (check! check!), opportunities for advancement and more – specially for military spouses. Plus, you generally won’t have to worry about transferring a license or going to school for decades to begin working (check, check and more checks!).

Finance Friday: How to benefit from historically low mortgage rates

4. Professional services and business

As a military spouse, you’re resourceful, adaptable, cool under pressure and organized. These “soft skills” make you an excellent contender for the types of jobs in the professional services and business sector.

This sector, which BLS projects will add 1.66 million jobs by 2028, includes a wide variety of jobs, such as sales managers, human resources managers, executive assistants, advertising, financial managers, operations managers and more. It even includes highly technical jobs like architects and engineers.

You can adapt your mad military spouse skills to suit a number of different career paths, and many of them could lead to remote work (check!). For example, virtual assistants are becoming hugely popular with real estate companies, corporations and high-achieving entrepreneurs. Many companies are outsourcing managerial and research work to remote employees, too.

Think about this industry as your oyster. With so many options to consider, you can zero in on just the right job that suits your ever-changing lifestyle – talk about flexibility! (Check!).

Finance Friday: How to benefit from historically low mortgage rates

5. Information Technology

Technically, this bad boy falls under the professional services industry, but since it’s such a behemoth, it makes sense to discuss it separately. There’s not a corner of civilization that isn’t wired, making information technology experts absolutely essential to any business or organization (check!).

Despite what you might think, this industry offers a lot of flexibility, too (check!). Although your particular skill set might be defined, the type of company you can apply it to (i.e., your work environment) ranges far and wide.

From schools to ski resorts, national corporations to nonprofit offices, information technology specialists are needed everywhere. Whether you prefer working solo or with a team, in an office or at home, chances are that no matter where you PCS or how often, you’ll be able to take your work in computers with you.

Explore more for you:

Is it time to find just the right job for you? Explore our complete list of Military Spouse Friendly Employers, where you can search companies by industry.

This article originally appeared on Military Spouse. Follow @MilSpouseMag on Twitter.

Articles

Military Saves Week kicks off worldwide

Military Saves Week kicked off at U.S. military installations worldwide on Monday.


Every year, America Saves, a non-profit foundation designed to help Americans make smarter financial choices, hosts Military Saves Week, a military oriented campaign observed aboard military installations and sponsored by various financial institutions and other organizations.

Military Saves Week focuses on helping to educate military service members and their families on healthy saving and spending habits as well as assessing their own savings status, reducing their debt, and increasing their wealth.

Military Saves Week offers events and classes across all branches of service at over 100 installations worldwide during the week. Some of the events include luncheons, workshops, youth focused savings discussions, and prizes.

Finance Friday: How to benefit from historically low mortgage rates
SCHOFIELD BARRACKS — Military Saves Week runs from Feb. 27 to March 3. The Financial Readiness Program is offering financial counseling, classes, and other events to help service members and their families manage their money. (U.S. Army photo by Kristen Wong)

Most of the events will focus on benefits and how best to use them, with nearly every installation hosting at least one event focused on the new Blended Retirement System.

Military Saves Week works alongside the Department of Defense’s Financial Readiness Campaign.

General Dunford wrote in a memo for the chiefs of the military services on Oct. 7, 2015, in preparation for last year’s Military Saves Week:

“Military Saves Week is an opportunity for our military community to come together with federal, state, and local resources, to focus on the financial readiness of military members and their families and help them reduce debt and save their hard-earned money.”

Dunford went on to write, “We are asking our military members to commit to feasible financial goals.”

Participants in Military Saves Week are asked to sign a pledge that reads “I will help myself by saving money, reducing debt, and building wealth over time. I will help my family and my country by encouraging other Americans to Build Wealth, Not Debt.” The pledge goes on to help the participant set goals for savings, with the option to receive text message updates for savings tips and financial advice.

Do Not Sell My Personal Information