When you’ve made the decision to start shopping for a home loan, it is important to make sure you find a lender who will be your partner in the home buying process. It is encouraged to shop around; you won’t be penalized because the credit bureaus expect it. This is a lot of money you’re about to invest! The most frequently asked question from home loan shoppers is, “What is your interest rate?” but it is absolutely essential to understand that there is so much more to a home loan than just a rate.
Dealmakers and breakers beyond the stated interest rate:
You want to make an apples-to-apples comparison, and that goes far beyond rate. Take a look in “Section A” of the lender estimate to look out for things such as origination fees, processing fees, underwriting fees, and points. All of these fees impact your bottom line, and even if the interest rate is better, it could still be the worse deal for you. Mortgage math can be complicated; you want a lender that will not charge these fees and break down your estimate line by line. Your lender should empower you to make an informed decision, rather than boxing you in a loan product that wasn’t necessarily the “right choice” for you.
Is your lender accessible?
When you’re out shopping for a home on your evening and weekend time, you want someone who is available to answer financing questions on the particular property. A good lender will work real-time with your Realtor to send over updated approval letters specific to the home, to include accurate property tax information (which is important because I’ve seen many cases where a lower-priced house costs more monthly because of taxes or HOA). You want a lender who will answer your frantic calls on the weekend when you have a burning question that just can’t wait. You want a lender who will answer a text when you have something pop up. You want a partner in the process that values you as a person, not just another file.
Can you close on time?
Look at your lender’s track record of closing turn time. Some lenders will advertise interest rates with a lock period of 45+ days. That is an indicator of how long it is going to take them to get the job done. Most mortgages need to close within 30 days or less, and the last thing you want is to jeopardize the contract on your home or the sweet rate you’ve locked in.
Does your lender educate you?
You want a trusted guide that takes the time to answer all of the questions you ask, and the ones you didn’t. A mortgage loan is full of information you don’t know that you don’t know. You want someone who takes the time to explain #allofthethings and makes you feel well informed and empowered throughout the entire process, start to finish.
Bottom line is you want to feel like you’re working with a lender that is your advocate and partner throughout the entire home purchase experience. It is important to have a relationship you can trust with the most important of all investments – your home.
If someone were to ask me what the best advice is for someone buying a home, I would have to say “educate yourself.” I realize that sounds vague, but there is SO MUCH information, more importantly, incorrect information, out there and every family situation is unique. I’m hard-pressed to say what is most important, but breaking barriers to getting started would be first. Unfortunately, I see a lot of myths repeated on a daily basis, sometimes from fellow mortgage professionals! I will continue to share digestible pieces of information, but first, need to get these common myths out of the way, so no military family is deterred from getting started:
There is no debt-to-income ratio cap.
The VA’s deciding factor on whether or not you can afford a loan is based on “residual income” (p.57), meaning how much money is left over every month after your debt obligations are met. This is a formula based on loan amount, geographic location and family size; it’s not always a one-size-fits-all answer. Some lenders have “overlays,” which are additional requirements that reach beyond what the VA themselves require, which is why the DTI myth is still floating around. The big takeaway here is that if you’re told by one lender your DTI is too high, they might have extra requirements on top of what the VA states, and you should SHOP AROUND! Not all lenders are created equal.
The VA has one residency requirement (pp.12-13), that you intend to make the home your primary residence and occupy “within a reasonable period of time” – usually deemed as 60 days. A spouse or dependent child can fulfill this residency requirement, but no other family member. I continuously see the myth of “one year,” circulated, but it is simply a myth. Last-minute moves and orders happen; the VA knows that, and according to their guidelines, you are not tied to live in any home for any period of time that doesn’t work for your family – period.
County loan limits still apply for multiples.
The Blue Water Navy Vietnam Veterans Act Sec.6(a)(1)(C)(ii) that went into effect January 2020 lifted the VA county loan cap for how much money you can borrow with down, but that’s only if you have full entitlement available. A borrower can have multiple VA loans out at once, but if any entitlement is currently used, the county loan limits DO apply for bonus entitlements. You may be subject to a downpayment requirement if you exceed your remaining entitlement available.
Work history – what counts?
I repeatedly see posts in social media about a service member transitioning, receiving a new job (or job offer), and they don’t think they can qualify for a loan until two years into the job. This is totally false! Military active duty counts towards work history. The VA allows future employment income to be counted if the lender can verify a non-contingent job offer, including start date and salary. Documented retirement and disability pay also count towards qualifying income, but GI bill benefits do not.
Social media can give instant access to other people’s experiences, but some of the answers to your VA loan questions can only be found in a licensed professional. Make sure you’re talking to a lender that is passionate about educating you and your family, allowing you to make smart financial decisions. Not all financial institutions lend “by-the-book,” so ask more than one lender if something doesn’t feel right, or you’re not satisfied with the answer. An ounce of prevention, in this case, is certainly worth well more than a pound of cure!
Returning to civilian life after active duty can be confusing and somewhat daunting. Whether you have been in the military for many years or if you have returned home after a grueling tour, adjusting to your previous life is definitely not an easy task. While there is a myriad of questions you need to answer and many issues you need to tackle during this adjustment period, one of the most pressing questions is how to achieve financial freedom for your family.
5 Investment Opportunities for Veterans
Achieving financial stability can seem like a huge task for a veteran, but you can achieve it by creating passive income and even returning to the workforce. Most importantly, to achieve financial stability and freedom down the road, you need to make the right investments in your professional and personal realms.
These investments range from setting up a retirement plan to actively investing in real estate, but this can also include upskilling and getting certified to take on a completely new career path. Let’s put the best options into perspective and look at some important life investments every veteran should make.
Investing in health and life insurance
First and foremost, you need to set up your health insurance, which is especially important for veterans requiring long-term medical treatment, professional counseling, and more. Unless you have been in the service for 20 years and have health insurance through Tricare, you will have to look into health coverage outside of the military. Keep in mind–if you have a medical condition that is a direct result of your time on active duty, you may be eligible for Veteran Affairs health care coverage.
If you’re not eligible for either of these, then private health insurance is the way to go. You can find a plan that works for you through the Affordable Care Act or a new employer. Take your time to learn the key terms like deductibles, copays, coinsurance, and out-of-pocket maximums and how different insurers use them in their policies. You can extend your military healthcare coverage for up to 36 months post-service through the Continued Health Care Benefit Program to buy more time and sort out your health insurance.
Consider Investing in Real Estate
The next big move you should make is to invest in real estate as a retired veteran. Due to rapid urbanization across the US and the world–real estate continues to be a thriving sector with many opportunities for long-term professional growth. Becoming a real estate investor allows you to sell properties for a quick influx of cash or rent real estate to business leaders and tenants to create a steady income. Both commercial and residential real estate investing are good options–and you should strive to invest in both over time.
Now, starting in real estate investing is best done with an experienced professional at your side – and by educating yourself first. There are many online platforms where you can learn the ropes quickly. The most -important step is to do your research to find up-and-coming real estate markets and good deals on properties and new developments. Over time, you should diversify your investments into commercial and residential properties–with a focus on sales-oriented and rent-oriented real estate.
Get Certified and Invest in a New Career Path
Another great way to build financial stability over the long term while actively working is to change career paths through upskilling and online certification. For example, if you were a corpsman or a medic in any military branch– you might want to pursue a career in medicine and continue helping others in the civic healthcare system.
Now that the COVID-19 pandemic has created a need for highly-trained medical professionals– investing in advanced medical certification online is a great way for veterans to transition quickly into the healthcare industry and find stable employment. As a medic, you are already familiar with emergency response techniques and practices–now all you have to do is get the right certifications to work in a hospital or private practice.
Because of the pandemic and many other socio-economic factors, the healthcare industry will be booming in the years to come, which is a great opportunity for you to thrive professionally.
Set up a retirement plan
When you leave active duty, the first thing that can come to mind is how to ensure a healthy retirement. Naturally, you need money to do so, and you can do it by ensuring a steady cash flow from your real estate and other investments. However, you can also set up a retirement plan in other ways, mainly by saving up over the next few decades.
If you have 20 years of service, you are eligible for regular military retirement and a steady pension. If not, then you should start saving up now to meet your goals when you reach your retirement age. You can do this by opening up an individual retirement account (traditional or Roth), or you can contribute to a 401(k) plan.
Invest in reducing your debt
Finally, make an investment plan to reduce your debt over the long term. It might not sound like an investment at first, but reducing and eliminating debt is one of the best ways to ensure a financially stable future. Make sure to set up a debt-repayment roadmap, and consider working with a financial advisor to minimize your losses and retain as much of your wealth as possible.
Coming home from active duty can be tough–, and while you might want to deal with other immediate issues first, you should prioritize your finances and long-term stability. Consider making these investments now and over the next few years to build financial stability and freedom.
Pfc. Harley Dennis, of Anderson, who serves with the Missouri National Guard’s 276th Engineer Company in Pierce City, assists Sgt. 1st Class Eric Corcoran to deliver more than 300 Valentine’s Day balloons to area school kids in the southwest Missouri town. (Photo by Staff Sgt. Dennis Chambers/Missouri National Guard)
In our house, Valentine’s Day isn’t really a thing. As a general rule, the Marine isn’t home for the “holiday,” and since there are a lot of holiday’s he spends away, courtesy of the USMC, this is one day we just don’t really concern ourselves with.
But this year we ran into a snag. Their names are Bethany, Zachary, and Christopher — also known as the three youngest members of the Foley Fire Team.
On the edge of the dreaded teenage years, Bethany came home a few days ago armed with a love note from her “boyfriend” (that asshole), and sat down with her younger brothers to plot out “The Best Valentine’s Gift Ever;” it apparently consists of a lot of bacon (they DO take after their mother, after-all), and a seven-hour nap time while they’re at school. Because adulting is hard.
They presented their plan to the Marine, and then waited with bated breath for him to tell them his grand scheme for the Day Of Love.
“I just bought Mom curtains and a new curtain rod. I suppose I could hang them up before she wakes up?”
The two youngest of the fire team promptly ran off to tattle on Daddy. Not buy Mom a “love” gift? He’s practically an abomination to them right now.
While the boys were relaying the horrifying ordeal to me, I wondered how the Marine was going to get out of this one. It’s perfectly fine to explain to the 12-year-old that sometimes Dad just doesn’t really subscribe to romantic things. As a girl she’s going to have to come to terms with the fact that dudes like him really do exist.
But try explaining that to two 8-and 9-year-old boys who are currently at the dining room table gluing pink and red hearts all over their camouflage Valentine boxes because they know that, while they like camo and guns, girls sometimes like hearts. How Daddy doesn’t understand this is totally beyond their capacity.
“Maybe Daddy is planning a surprise and he doesn’t want to ruin it,” I whispered conspiratorially. The boys nodded and agreed that that’s exactly what was happening. It was the only thing that made sense to them.
“You’re going to want to brain storm some last minute ideas, dude,” I told the Marine later.
“Can you do that crowd-sourcing thing you do on your Facebook and I’ll pick something from that?” he asked.
So that’s exactly what I did, and let me say, I was surprised. Not one girl said she wanted flowers, chocolate, jewelry, or even anything expensive or time consuming, and a lot of their gift suggestions included food.
In fact, because I know the Marine isn’t the only one out there who is finding himself in a gift pickle at the last minute, here’s what actual military spouses said they really want for Valentine’s Day, word for word and complete with all their annoying little emoji things:
1. Bacon roses
Because Valentine’s Day just screams “pork,” right?
2. Not celebrating Valentine’s Day at all.
Jeesh, more “romance” in our marriage/dating? We already have enough of that already…
3. Homemade vouchers for cool stuff
How about a movie night, a kiss and makeup session no matter how upset I am, free kisses anytime all day, etc.
4. Stay at home “date”
My husband is hitting up the USO tomorrow during lunch for flowers and cheap chocolate. ?. Yes he told me he wants to do that. He’s ridiculous. Lol. But in seriousness, even a nice walk or living room picnic on the floor. Super cheap, corny, and fun
5. Waffle House
Hands down. If you sneak them like $10, they’ll let you smuggle in wine sometimes (not that I’m speaking from experience or anything).
6. Beach stroll
This year we are going to take a few hours during the day to run to the beach and just put our toes in the sand before kids get home from school.
7. Mom time
Netflix movie, homemade desert, and pjs. 🙂
8. Cheap sushi
We went to Hamazushi last night because it’s very inexpensive (most items are ¥100 a plate), all you can eat, good quality sushi. Plus it’s all served on conveyor belts and ya can’t beat the novelty of that. 😉 Also, [He] started college again and has a lab tonight, so he won’t be home for “actual” Valentine’s date stuff.
9. A cuddle
After being apart—just being together is enough. I know that may sound cheesy, but it’s so the truth. Being preggo and sick, I’m hoping our date will include pj’s and our couch and the latest “this is us” episode.
10. Couch time
We spend all our budget on the kids. We will stay home with popcorn and a movie to celebrate it.
11. Old School necking
In the car…in the driveway!! ??
12. A load of beef … with love
I’ll make him his fave meal at home… meat loaf!
13. Learn something new
We are taking a couples cooking class tomorrow ❤️
14. A full-on pizza and bubbly extravaganza
[He] & I have done the same thing every year since we’ve been together: Heart-shaped homemade pizza (with mini heart pizzas for the puppies) + our favorite prosecco (the same brand from our wedding) and chocolate covered strawberries (sometimes homemade, sometimes from HEB)… and then turning on a cheesy movie or tv show on Netflix.
It started out the first year or two as our “thing” because we really couldn’t afford too much else. But now it’s a special, almost sacred ritual for us. I wouldn’t trade our little cozy tradition for a world-class meal. It’s just too important to me. I should clarify and say “every year he was actually HERE to celebrate.”
15. Some shootin’
Well, we got married Valentine’s day. We celebrate by hanging out and we go to dinner either the day before or the day after (since payday is always afterwards)because it’s always less crowded. This year is our 20th and we both took the day off. We’re having a range and lunch date. Since it’s a work day, lunch isn’t as crowded and definitely cheaper.
So what are you doing for Valentine’s Day?
And if the Marine is reading this, bacon roses are totally appropriate.
The U.S. military has a reputation for being overworked and underpaid.
But we all knew that going in.
The virtue of service and pride of wearing the uniform makes up for much of the disparity in pay compared to the civilian market. Still, it’s nice to get that bump in our paychecks every year.
Yet, the pay increase for 2017 won’t be so big. In an August 2016 letter to Congress, President Obama announced a 1.6 percent raise for the armed forces, consistent with the budget he sent to The Hill earlier in the year.
Across-the-board pay increases for other federal employees will be 1 percent.
“These decisions will not materially affect our ability to attract and retain a well-qualified Federal workforce,” Obama said in his letter to Congress.
Pay raises for the military peaked in 1983 when President Reagan instituted a 14.3 percent pay raise. Since then, the increase hovered steadily between 3 and 5 percent, with an average of 4.2 percent, according to the Congressional Research Service.
In the military’s acronym-packed lingo, SGLI stands for “Service Members Group Life Insurance,” and according to the U.S. Department of Veterans Affairs, it is a “program that provides low-cost term life insurance coverage to eligible service members.”
Troops that are eligible for SGLI are active duty in any of the service branches; commissioned members of the National Oceanic and Atmospheric Administration or the U.S. Public Health Service; cadets, or midshipmen of a U.S. military academy; members, cadets, or midshipmen of an ROTC unit and engaged in authorized training or practice cruises; a member of the reserve or National Guard and are scheduled to attend a minimum of 12 periods of inactive training per year; or a service member who volunteers for mobilization in the Individual Ready Reserve.
Service members who are eligible for SGLI are automatically enrolled at the maximum rate of $400,000, though they may choose to decline or lower their coverage and make changes to it.
Service members retain their SGLI coverage for 120 days after separation from the service, though completely disabled veterans may extend that coverage for a maximum of two years after separation.
Reserve members who do not qualify for coverage are allotted “part-time” coverage.
So why do you need SGLI anyway?
Being a service member is obviously a high risk job. High risk jobs, according to CheatSheet, can cost as much as $2000 extra annually for life insurance companies, which is roughly 500 percent more than you’ll pay through your SGLI.
The bottom line is that SGLI is incredibly inexpensive, at just $29 a month, and it’s worth it for your family to have some peace of mind should something happen to you in the line of duty.
Leaving the military means making a lot of decisions — big decisions — often in a short period of time. One important decision, thankfully, doesn’t have a time limit: What should you do with the balance in your Thrift Savings Plan account?
Several myths and rumors surround the answer to that question, with plenty of salesmen wanting you to believe that you should move your money out of the TSP. Five clear options exist for service members and their TSP account assets after transitioning from the military. Even though there’s no single answer for everyone, three choices are more optimal for most people, and two choices are less right for most people.
The usually-better options include:
Leave the money in your TSP account.
Roll your TSP account balance into an Individual Retirement Arrangement.
Roll your TSP account balance into your new employer’s 401(k) plan.
The rarely-better options include:
Withdraw your TSP account balance in a lump sum.
Transfer your TSP account balance to a qualified annuity.
Leave the balance in your TSP account
Once you have a TSP account, you can leave your money in there until you have to take required minimum distributions. There is no requirement to move it anywhere, at any time. In fact, most military-savvy financial planners recommend that you leave your retirement funds in TSP.
“As an entering argument, we don’t advocate doing anything different with your TSP,” says Sean Gillespie of Redeployment Wealth Strategies. “Just because you can’t contribute to it any more doesn’t mean you have to move it. And with low cost being one of the leading predictors of maximizing your returns, it’s darned difficult to do better than you will with TSP.”
Pros: Leaving your money in the TSP is by far the easiest option, and it’s a good option for many situations. The TSP has very, very low fees. You can move the money elsewhere later. TSP understands tax-free contributions from a Combat Zone Tax Exclusion. You can roll new money from other qualified plans into your TSP account to take advantage of the low costs.
Cons: TSP offers limited distribution options, though they are scheduled to expand this fall. You have limited investment options in TSP. You can’t roll from Traditional TSP to Roth TSP, so if you are trying to move your Traditional money into Roth accounts, it will have to be out of TSP. You can’t take multiple partial withdrawals out of your TSP account.
Roll your TSP balance into an Individual Retirement Arrangement
Pros: You have total control of how you invest your money, and unlimited investment options. You can still roll the money into a 401 (k) in the future. You can convert money that is currently in a Traditional account into a Roth account, but it will be a taxable event. And it’s really nice to put everything in one place!
Cons: IRAs don’t have any loan options, and will probably have higher fees.
Roll your TSP balance into your new employer’s 401 (k) plan
Pros: Moving your TSP balance will streamline your accounts, and that balance will be available for borrowing with a 401 (k) loan. (But don’t do it!)
Cons: Most 401 (k) plans have higher costs than TSP. You’ll still be limited to the investment options in the new plan. There may be a waiting period to participate in your new employer’s 401 (k). Not all 401 (k) plans have a Roth option.
“When you leave military service, don’t be quick to jump out of TSP. It has better and lower-cost investment options than 401 (k) plans.”
Withdraw your TSP account balance in a lump sum
Pros: Cash in hand.
Cons: Withdrawing money from your TSP account may be subject to withdrawal penalties (10%) and taxes (probably in the 20% range). More importantly, you’ll lose all future earnings on that money, and you can’t replace that money into a tax-advantaged account because they have yearly contribution limits.
Transfer your TSP account balance to a qualified annuity
Pros: Predictable, guaranteed income stream for life.
Cons: It is a permanent decision. There may be high fees involved. You may not get anywhere near the full value of your contribution. If it isn’t indexed for inflation, the purchasing power of your monthly benefit will decrease each year.
This is a relatively short overview and can’t possibly cover every possible situation. As with everything, there are exceptions and nuances for many different scenarios. If you are considering moving your TSP to another investment, you may find value in consulting a financial advisor to figure out which choice is right for you and your specific situation.
Lacey Langford, AFC ®, The Military Money Expert ®, suggests several reasons why you might want to consider using a fee-only financial planner vs. the advisor offered through a bank, insurance company or investment company.
“Fee-only allows you to have a clear picture of what you’re paying for and how the advisor is being compensated for the advice and recommendations they’re giving you,” Langford added.
In a report released earlier this summer, the Department of Defense Inspector General has determined that the Army’s finances are a world-class mess. Reportedly, the service made $2.8 trillion in adjustments to make their books balance just in one quarter of 2015 in spite of the fact that the entire defense budget for that fiscal year was $585 billion.
According to Reuters, the Army’s books are so jumbled that they may be impossible to audit – and the Army is facing a September 30, 2017 deadline to be ready for one. The harsh IG report concluded the Army “materially misstated” its financial statements for 2015.
Making the task of squaring the Army’s books harder is the fact that over 16,000 documents have vanished from the Army’s computer system. The Defense Finance and Accounting Services (DFAS), the Pentagon’s primary agency responsible for accounting services, routinely changed numbers without justification at the end of the year, something employees of that agency referred to as the “grand plug.”
“Where is the money going? Nobody knows,” DOD critic and retired analyst Franklin Spinney told Reuters.
The Army has taken issue with the IG report, claiming that the total discrepancies total just under $62.5 billion. An Army spokesman said, “Though there is a high number of adjustments, we believe the financial statement information is more accurate than implied in this report,” that and that the Army “remains committed to asserting audit readiness” and that steps are being taken to root out the problems.
Retirement planning can be stressful, but figuring out how to finance it takes a great deal of the stress away. Enter the government’s Thrift Savings Plan, or TSP. The first step in understanding TSPs is answering five basic questions: who, what, where, when, and why.
Who: The thrift savings plan is available to federal employees and members of the uniformed services. It is managed by BlackRock, a financial planning and investment firm headquartered in New York City.
What: TSP is a retirement savings plan similar to a private sector 401(k). Federal employees and military personnel can contribute up to a certain percentage of their base pay to their TSP. BlackRock assigns a broker to manage TSP accounts. Brokers are not held to the same standards as fiduciaries in that a broker has no vested interest in your funds; rather a broker’s only job is to invest money in suitable securities.
When: If you are a federal employee who joined your agency after 2010, you’re automatically enrolled in TSP with 3 percent of your base pay sent to your TSP; your agency matches this contribution automatically. If you joined your agency before 2010, an automatic 1 percent of your base pay is sent to TSP; your agency matches your additional contributions above the 1 percent. Military members must set up their own contributions and there is no matching contribution from the military.
Where: Military members can set up contributions to TSP through MyPay. Which type of funds you decide to invest in will determine when you can access the funds from that investment. There are L Funds, which are “lifestyle funds” that you can withdraw from at a predetermined time. Then there are G, F, S, C, and I funds, which rely on you to make your own investment decisions with a broker, according to the government’s TSP summary.
Why: A thrift savings plan gives you the ability to participate in a long-term retirement savings and investment plan. Additionally, you can choose between a regular TSP and a Roth TSP. Traditional TSP is tax free as you contribute, but you’ll pay taxes when you withdraw the funds. A Roth TSP allows you to pay taxes upon investment, and withdraw at a later date tax free. The upside to utilizing the government’s TSP is that you won’t pay fees to invest, and you’ll have a broker to manage the funds.
In a moved that shook the federal workforce, President Trump ordered a freeze in the hiring process of all executive branch departments, effective at noon on January 22, 2017.
A report from the Office of Personnel Management estimates that veterans made up about 44 percent of new hires in the executive branch during fiscal year 2015. The total number of veterans employed was 623,755, or roughly 31 percent of the entire executive branch.
So what does this mean for veterans now in the process of seeking employment with the government? Unfortunately, even federal employees currently working in the executive branch aren’t sure.
We Are the Mighty consulted with a Division Director at one of the federal departments, who asked to remain anonymous due to the department being ordered to cease all public communications.
“We just don’t have many answers,” the source told WATM. “This is a very different political environment and we don’t know what to expect.”
We Are the Mighty obtained the “Memorandum for Heads of Executive Departments and Agencies,” signed by acting director of Office of Management and Budget Mark Sandy.
Sent to the heads of the departments, the memorandum read, in part, “An individual who has received a job offer/appointment prior to January 22, 2017, and who has received documentation from the agency that specifies a confirmed start date on or before February 22, 2017, should report to work on that start date.”
Individuals who were offered a position before Jan. 22 but do not have a start date (or a date after February 22) may find that employment offer rescinded. According to the Memorandum for Heads of Executive Departments and Agencies, those positions offered will be under review.
Agencies will be tasked with considering “merit system principles, essential mission priorities, and current agency resources and funding levels” when it comes to determining whether job offers should be rescinded.
At this time, the hiring freeze applies to every executive department except for the Department of Defense, and even then, it only allows for recruiting into active duty.
The leadership in any given executive department may grant an exemption to the freeze if he or she believes it to be in the best interest of national security or public safety, according to the press release from the White House.
This public safety exemption rule could be what helps the Department of Veterans Affairs continue to attempt to fill what it might deem necessary positions among the 3,473 jobs listed on its website — though it is unclear exactly how many of those positions could be considered in the interest of national security or public safety.
That same argument can be made for a large number of positions available at the Department of Defense. As DoD employees are directly related to national security, the department seems to have wide latitude over how it will respond to the hiring freeze.
The President has given the Office of Management and Budget 90 days to present a “long-term plan to reduce the size of the Federal Government’s workforce through attrition.” Upon implementation of that plan, the executive order will expire.
This hiring freeze is part of one of the many campaign promises President Trump made last year to drastically shrink the federal government.
Scenario #1: A young service member walks into their newly assigned barracks room and notices how nasty it is. And on top of that, they have to share the small space with two or three other people that may or may not be very clean. The struggle is real.
Scenario #2: A service member may just have received orders to go on a 13-month deployment wants to make some cash while they’re gone.
Both of these very real circumstances of military life can be strong motivators for troops to tie the knot — and not for love.
Often called a “contract marriage,” these pairings are purely for monetary gain or medical benefits. No one is suggesting you do this versus saving your money or getting a second job if your command allows, but if you do it, keep these very important things in mind.
If you do get a divorce, the military typically won’t stop the extra pay right away. So don’t go spending all that extra cash too fast. The government will take back every cent from your paycheck until they recoup what’s theirs.
The answer is, yes. (images via Giphy)You’re welcome America!
Widespread devastation from Hurricane Matthew has prompted the Federal Emergency Management Agency to designate residents from a total of 55 counties as eligible for individual disaster assistance. States like Florida; South Carolina; Georgia; and North Carolina were hit hard by the storm — both in coastal communities and further inland past Fort Bragg.
As the damage is assessed, FEMA has added counties from all four states where individual residents may apply for disaster relief funding.
Hurricane Matthew made its first landfall by slamming into Haiti on Oct. 4, resulting in over 800 casualties in that island nation. Matthew tore over Cuba and the Bahamas, before impacting the southern Atlantic states. By the time Matthew made its way back out to sea, the death toll had reached nearly 1,400.
The United States Southern Command released a statement Oct. 18 that the command had deployed more than 2,000 personnel and 11 helicopters aboard the USS Iwo Jima to deliver over 223 metric tons of aid and supplies to Haiti. SOUTHCOM expects that the military involvement will recede once “more experienced experts arrive” on the ground in Haiti.
President Obama declared a state of emergency in the four states Oct. 7, opening up federal financial aid. Each of the states’ governors declared states of emergency, and the National Guard was activated to several locations.
According to Newsy, Moody’s Analytics reported that the financial damage from Hurricane Matthew could surpass the $70 billion price tag of Superstorm Sandy.
As a direct result of the damage and the expected cost, FEMA has been quick to update its systems to open up aid to individuals in the stricken areas. There are several ways to request disaster relief funding. Individuals may visit the FEMA website, or call FEMA directly at 800-621-3362.
FEMA also recommends that those affected by the storm call their insurance company to make claims, document the damage with photographs, and complete a proof of loss. Insurance companies can help individuals with this process.
Currently, the list of counties that FEMA has approved for individual disaster relief includes:
Flagler County, Putnam County, St. Johns County, and Volusia County in Florida
Bryan County; Bulloch County; Chatham County; Effingham County; Glynn County; McIntosh County; and Wayne County in Georgia
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An unraveling marriage is not unlike a sinking ship. Everyone is scrambling, trying to salvage whatever they can while, in the wheelhouse, everyone is pointing fingers and figuring out who’s to blame. And, just like on a sinking ship, there are always a few people who set aside their scruples in favor of saving their own skins. This usually means hiding money in hopes that, when the dust settles, they’ll have a little nest egg for themselves.
Ask any divorce lawyer and they’ll tell you that hiding money is never, ever, the right move. “It is always a bad idea to hide money or assets,” says Benjamin Valencia II, a partner and certified family law specialist at Meyer, Olson, Lowy and Meyers, who says that, in California, where his practice is located, ” if you are caught committing fraud in failing to disclose an asset, the court has the ability to award 100 percent of the asset to the other party as a sanction.”
Consequences aside, it’s also just a really shady thing to do. Nevertheless, people still try and keep their assets under wraps in all sorts of ways, ranging from the mundane to the totally outrageous.
Christina Previte, a divorce lawyer and the CEO of NJ Divorce Solutions has seen quite a lot of money-hiding schemes in her 15 years of experience. Some of the more pedestrian ones include making regular ATM withdrawals that aren’t large enough to draw attention but frequent enough that the cash is likely being pocketed rather than spent, or earning cash from a cash-heavy business and then neglecting to report or deposit the funds.
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Previte also said that she’s encountered those who’ve planned out their cash-stashing well in advance and taken withdrawals from various assets either holding them as cash or putting the withdrawals in someone else’s name. This way, when the discovery process begins, she explains, the withdrawals don’t show up as being recent transactions.
“One egregious but very clever one I heard from an accountant once,” she says, “was overpaying on the credit card accounts so that the bank issues a refund in the form of a check, which the spouse then cashes and pockets.”
Another shocker Previte also recalled was one partner forming a limited liability corporation and then funneling all of her earnings through the LLC. “That was particularly egregious and required a tremendous amount of trust in the other party holding the LLC,” she says.
Then there are the really crazy stories, the ones that sound like they were penned by a script writer.
“The craziest one I’ve had was an opposing party who hid diamonds in his father’s prosthetic leg,” says Valencia. “He then sent his father to Israel to sell them so wife could not track them. His father was detained at the airport when the diamonds were detected and we found out.” The wife, Valencia says, was awarded all of the diamonds as a sanction against the husband for his fraudulent conduct.
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Valencia also recounted a story in which a husband hid a $350,000 recreational vehicle in a hangar in Arizona.
“We only knew it was in Arizona because we saw an invoice for a gas purchase in Arizona accidentally produced in discovery,” he says. “At trial he was ordered to disclose where the RV was hidden and refused. The judge charged him with 150 percent of the value (there was money owed on it) as a sanction against his interest in the family residence.”
Previte, too, has seen more than her share of oddball schemes. One guy, she says, siphoned off millions of dollars over a five-year period from various assets. “He gave them to his foreign escort who was apparently part of a drug cartel and absconded with the money.”
As long as there is divorce, there are going to be people thinking that they can put one over on either the spouse, the courts or both. However, both Valencia and Previte advise strongly against it. “I hope you are not planning on using these in your own divorce,” Previte cautions. For one, it’s a morally objectionable — and illegal practice. For another, she says, you’ll almost never get away with them.
“These are almost all discoverable in some way if you have a clever attorney.”
This article originally appeared on Fatherly. Follow @FatherlyHQ on Twitter.