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%.
While in most cases you probably don’t need to calculate your credit card card interest rate — your statements should clearly reflect how much interest is owed on any unpaid balance and your APR should be clear on your statement and your bank’s website — you may want to get an idea of how much your balance is costing you on a day-to-day basis.
Here’s a quick cheat sheet to help you when it comes to calculating your own credit card interest rate.
1. Pull up your credit card information
Log on to your financial institution’s website or pull out your latest statement (if you haven’t switched to paperless billing yet, get on that!) to find the pertinent information you’ll need to calculate your credit card interest.
You’ll need to find:
your purchase APR
the number of days in your billing cycle
2. Get to know the terms
The way your credit card works boils down to a few different terms, two of which include annual percentage rate (APR) and, more generally, your interest rate.
Although APR stands for annual percentage rate, your credit card company uses this percentage number to determine the interest you’ll be charged each month when you don’t pay your credit card off in full and carry a balance.
Keep in mind that your credit card may have different types of APR, like a:
purchase APR (usually applied to the overall purchases you make with a card),
balance transfer APR (usually applied to any balances transferred from another credit card)
introductory APR (usually applied to purchases made during the promotional period after opening a new credit card)
3. Find your purchase APR
In order to calculate the interest you owe on any leftover balances on your credit card, you’ll need to find your purchase APR. If you can’t find this information readily, try calling your bank, or click on your card’s terms and conditions section.
4. Determine your average daily balance (or balance subject to interest)
This is the aggregate total of what you spent and either paid off and/or were refunded every day throughout your billing cycle, divided by the number of days in your billing cycle.
If you’ve always paid your purchases in full by the due date, you won’t have any interest payments to make and your average daily balance isn’t really a factor. However, if you plan to carry a balance, to calculate your average daily balance when you need to determine interest, log onto your bank account online and track the charges and credits that went through on each individual day, creating a rolling total as you move through the days of your billing cycle.
This will provide you with an aggregate total that you can then divide by the number of days in your billing cycle (which you’ll find in step five).
5. Get the number of days in your billing cycle
Different credit cards have different amounts of time between billing cycles. A typical credit card statement is paid out in 30-day billing cycles.
6. Divide your APR by 365
Since your APR is your annual interest rate, you’ll need to divide your APR by the number of days in the year to get your daily interest rate. So for example, an APR of 13.99% would become: 0.1399/365 = .00038 daily interest.
7. Multiply your daily rate by your average daily balance
Once you know what you’re charged daily for interest, you can multiply that number by your average daily balance to find the daily interest you’ll owe. So for example, if your leftover balance after paying your credit card is id=”listicle-2639175991″,000, you would get: .00038 x id=”listicle-2639175991″,000 = .38.
8. Multiply your daily interest rate by the number of days in your billing cycle
If you determined that you have a 30-day billing cycle, then the credit card interest you would owe on a balance for the 30-day cycle in this example would be: .38 x 30 days = .50 in interest.
9. Ask about your credit card’s grace period allowance
Some credit cards offer a grace period between when items are purchased and when they absolutely need to be paid off before accruing interest. Check in with your bank to learn if you have a grace period on your accounts and what the exact grace period is in order to better avoid paying interest.
The federal government invests a lot of time and money into training service members of the armed forces. As a result, it’s to the advantage of the government to retain service members for as long as possible. Retention programs and bonuses incentivize service members to stay in, but if you no longer wish to volunteer for an all-volunteer service, you can leave (provided your contract is up, of course).
After all, skills and certifications acquired in the military are highly sought after in the civilian workforce. Whether you’re a missileer who goes to work for Raytheon, an intel analyst with a secret clearance who gets scooped up by Booz Allen Hamilton or a diesel mechanic who takes a job with Union Pacific, your experience and training in the military makes you a valuable asset to any organization. For those that want to continue serving their country outside of the military, many federal agencies are more than willing to hire vets to fill their ranks.
In 2009, President Obama signed an executive order establishing the Veterans Employment Initiative. Meant to promote the hiring of veterans in the executive branch, the program has also served as a model for companies in the private sector to make hiring veterans a priority. “As the nation’s leading employers, the federal government is in need of highly skilled individuals to meet agency staffing needs and to support mission objectives,” said the director of veteran services at the U.S. Office of Personnel Management and Air Force vet, Hakeem Basheerud-Deen. “Veterans get a lot of training and development during their military service, and their wide variety of skills and experience—as well as their motivation for public service—can help fulfill federal agencies’ staffing needs.” In no particular order, these are some of the best federal jobs for veterans of any background.
(National Park Service)
1. Park Ranger
If you’ve been stationed in Alaska, Colorado, Fort Drum (you have our condolences) or any other location where outdoor activities are plentiful, you may have developed an affinity for open-air recreation. If you have, you might consider a job as a ranger for the National Park Service. As a ranger, you would investigate complaints and violations of park regulations, provide visitors with guidance and information, and generally protect the land set aside for future generations to enjoy. If an office job sounds like a prison sentence, this might be the job for you.
(Fort Bliss Public Affairs Office via DVIDS)
2. Law Enforcement
Looking for a post-military career that will keep you in the action? You might consider a job in federal law enforcement. This is a very broad job field, though. You could work as a federal police officer at a military installation, a park police officer under the National Park Service or even an FBI agent serving as a legal attaché to an overseas embassy.
Another commonly thought of job under this umbrella is Border Patrol Agent. However, under Customs and Border Protection, you can also find CBP Officers. These are the men and women who protect the country at all ports of entry. From screening passengers at passport control to combing through cargo containers for illicit cargo, CBP Officers oversee everything coming into the country. Aside from DEA and FBI agents who train at Quantico, Federal Law Enforcement agents train at specialized Federal Law Enforcement Training Centers. FLETC is headquartered at the former Naval Air Station Glynco in Georgia and operates two other residential training sites in Artesia, New Mexico and Charleston, South Carolina.
(207th Regional Support Group via DVIDS)
3. Human Resources
Paperwork is the lifeblood of the government. It moves information, initiates action, and can mean the difference between you getting paid or owing money. Though many systems have moved online to database or system entries, there is still a plethora of Standard and Agency-specific Forms that the federal government relies on.
Coming from the military, you’ll be familiar with having to fill out paperwork for everything from life insurance and emergency contacts to leave requests and requisition forms. Though more senior positions might require civilian HR certifications (a good time to use that post-9/11 GI Bill), there are still entry-level positions that allow veterans to get their foot in the door with their service experience alone. If it’s not on paper, it didn’t happen.
(U.S. Army Drill Sergeant Academy via DVIDS)
4. Range Tech
Almost everyone who has donned the uniform has been to a range. Even some chaplains hop on the firing line to test their aim (unofficially, of course). You know those civilians who run the computers? You could be one of them! Though some bases contract these jobs out to private companies, there are still jobs that pop up on USAJobs.gov for range tech positions across the country.
As long as you have some experience learning something new and working with your hands (you went to basic training, after all), you’re good to go. Now, there’s a bit more to it than just pressing buttons, laughing at the people who struggle to qualify, and refreshing the ancient program running on Windows 95. But, if you like being on the firing line and you’re willing to learn how to maintain and operate a range, this job could be your perfect fit.
5. Postal Service
As of February 2020, the USPS employs more than 97,000 veterans and is one of the largest employers of veterans in the country. Don’t want to be a letter carrier or work customer service? Contrary to popular belief, Postal Service careers extend beyond the aforementioned positions. USPS offers careers in accounting and finance, operations, marketing and sales, human resources and admin, processing and delivery, and many more. If you’ve deployed overseas, you know just how valuable mail is. Especially during the COVID-19 timeframe, the personal touch of a physical letter can be just what someone needs to brighten their day. Neither snow nor rain nor heat nor gloom of night…
Whether you’re retiring from the military or separating after your first contract, your service and experience in the armed forces sets you apart from people that haven’t served. A federal job allows you to continue that service. A steady paycheck and maintaining your TSP aren’t bad perks either.
The Department of Defense says the service branches aren’t spending enough taxpayer dollars to fund their morale, welfare, and recreation (MWR) programs, according to a memo sent to each of the services last month.
Military Times reported this week that Todd Weiler, assistant defense secretary for manpower and reserve affairs, sent the memo to each branch to remind them that they were responsible for using a specific percentage of taxpayer funds to operate MWR programs.
“These standards are not optional and are not subject to Military Department waiver,” Weiler wrote.
MWR programs are required to receive a percentage of funding from Congress through either appropriated funds or non-appropriated funds, or a combination of the two.
The DoD requires that programs determined to be “Category A” must receive 85 percent of funding from taxpayer dollars. “Category A” are considered “mission sustaining programs” and “promote the physical and mental well-being of the military member,” according to Military One Source.
“Category B” requires 65 percent of operational costs to come from taxpayer dollars. Those programs consist of community support programs like child development centers, which charge families for use and therefore get some funding from customers.
“Category C” are programs that are nearly fully self-funded and include golf courses, base clubs, and recreational lodging. These programs are authorized some limited appropriated funds.
Weiler had previously sent a memo in June to remind the services to return their feedback on MWR funding by August, but both the Army and the Navy missed their deadlines.
Rather, the Army decided to cut $105 million from MWR funds, and the Navy only sent feedback on its Category A funding.
“I thought we needed to up our communication,” Weiler said in response to the Army’s planned slashing of the MWR budget.
The executive director of The National Military Family Association, Joyce Raezer, told Military Times that, due to budget cuts, sequestration, and changes to various other budgetary items, she believed families didn’t expect much from the services. “There are too many other worries,” she said.
Of the services, only the Marine Corps did not meet the 85 percent requirement, coming in at 77 percent of Category A program expenses funded by taxpayer dollars.
Every service fell short of utilizing the required percentage of taxpayer funding for Category B programs.
Weiler called out the Air Force specifically for not having met the requirements for four straight years, with no plan in place to correct the issue.
In the memo sent to the Army, Weiler asked Army Secretary Eric Fanning to halt the planned $105 million cut, a plea that was accepted and approved by Fanning. The Army plans to complete an analysis of its MWR programs and funding later this year.
Military.com reported that Colonel James Love told them that the $105 million cut would go into effect once the Pentagon approved the Army’s requested changes. He blamed a lack of “good business” practices, such as not raising prices for MWR programs, for the decision to cut the Army MWR budget.
“It’s good for families,” Love told Military.com. “But it’s not sustainable.”
“Worry about the dollars and the pennies take care of themselves.” — anonymous
It’s worthwhile to keep that adage above in mind when you are being pitched to buy a franchise business.
One of the most costly mistakes veterans can make is paying too much upfront for a franchise that you can’t sell for the same price the next day. It’s the venture equivalent of buying a used Chevy for the price of new BMW.
I hate it when I receive letters from veterans who “want out” of a franchise they just bought. They feel snookered, trapped, and annoyed at themselves for not looking at the details before signing on the dotted line.
The best way to avoid buyer’s remorse is to become a smart shopper of franchise opportunities. Here are five tips to help you assess if you are more likely to make money or lose money in the franchise world.
1. Set higher standards
If your objective is to merely “go into business for yourself” or “own a franchise” then your aspirations are not high enough to be a successful business owner. After all, you will achieve your goal of business ownership the day you sign the franchise contract! Then what?
A more purposeful objective is to own a franchise that will make money for you. When you set high standards for your financial return on your invested time and savings your tire-kicking “due diligence” questions become more precise and purposeful.
2. Understand sales rep motivations
When you start to explore different franchise opportunities, you will come in contact with franchisor representatives and business brokers who have just one purpose—to sell you a franchise as fast as possible. These individuals are not your trusted friends or unbiased financial advisors. Certainly don’t sign any franchise agreement without prior review from an experienced corporate attorney who understands franchise valuations and royalty obligations.
3. Add up cost of acquisition
Sneaky franchise brokers are adept at hiding the true investment cost of a franchise purchase. If you sign up to buy a franchise, your cost of acquisition is more than the down payment. Include the amount you have to borrow to acquire the franchise plus other savings you may have to apply to the business until it achieves at least cash flow breakeven. (when net sales revenues exceed expenses every month) This is the total amount you will have at risk in your new business. How comfortable are you with this amount? What would happen if you lost it all?
4. Evaluate owner’s compensation
Another trick of franchise sales reps is to present impressive financial projections of average franchise unit performance. Look closely at these projections. Do they include a budget allocation for the owner’s salary, healthcare, adequate insurance and other real world expenses associated with running a business? If there is no allocation for an owner’s salary and benefits and you intend to work full time in the business, beware!
Remember, year-end profits should be your financial return on your invested capital, not your sole source of compensation for working 40 to 70 hours a week to keep the franchise alive! Of course, the business could fail to generate a profit too which means you as the founder earns nothing for a lot of work.
5. Understand market value
Buy low, then sell high. If you pay $25,000, $50,000, or $100,000 to buy into a franchise, then you should find evidence that other franchises can be sold at least for that much or more. Unfortunately, the opposite is often true.
Research the market for this brand of franchise. What are the average resale purchase prices in your state? Who buys up franchises when the owner wants out? Does the corporate office buy back franchises? What does the franchise agreement call for? Frequently, one regional franchise operator buys distressed properties at deep discounts.
Given all the risks associated with owning a business and personal obligation to repay debt, you should walk away from any franchise that cannot eventually be sold for at least two times your invested capital.
Unfortunately, I get too many letters from franchise buyers who are desperate to get out of a money-losing franchise. They realize they overpaid for a franchise usually within a year of purchase. They didn’t pay attention to the quantitative issues where they could lose hard cash because the sales reps kept their attention on how great it will be to at last be the boss of a money making business. At the end of the day, they didn’t make any money and didn’t have any fun as a business owner.
Now you know better.
Susan Schreter is a devoted Yellow Ribbon Reintegration Program workshop presenter and founder of Start on Purpose, a service organization that empowers business owners anywhere in America to find and manage business funding with confidence. Connect with her at Susan@StartonPurpose.
When Brittany Boccher was approached by retired Major General Kendall Penn and the Arkansas Secretary of State Military and Veterans Liaison Kevin Steele to help get proposed legislation passed to protect the retirement pay of military retirees, Boccher jumped at the opportunity to serve her current community.
Boccher, a mother of two and the spouse of a special agent with the Air Force Office of Special Investigations, began the task by hosting the General and the Military and Veteran’s Liaison at one of the Little Rock Spouses’ Club meetings, where the men presented the proposed legislation to the local military spouses.
The proposal specifically addressed the taxation of pay for military retirees. While active duty personnel in Arkansas do not pay a state tax, retired veterans’ pay is taxed.
That tax didn’t sit well with Governor Asa Hutchinson and Lieutenant Governor Tim Griffin, who have seen their state ranked at 48 in attracting and retaining working age military retirees and veterans.
“A lot of them will retire really young in their 40s, 50s, 60s. And what do they do? They have that steady income and start other businesses or they go work a new job,” Griffin said.
Hutchinson agreed, saying, “I believe it will help us to bring more military retirees here, welcome them back to Arkansas.”
Boccher committed to calling or emailing every state senate committee member directly to discuss his or her support for Hutchinson’s proposed tax initiative. Then she set out to round up military families that would benefit the most from the initiative in order to testify before the state house and senate committees.
Boccher, a business owner in Arkansas herself, told We Are the Mighty that her family reflected the target audience the state was hoping to attract with the proposed tax break.
“They were seeking a young family close to retirement to showcase that they would have a second career after the military. We are a 17 year military family, we’re young, and with two small children. We want to stay in Arkansas and we own a business in Arkansas.”
Boccher said her family “checked all the boxes” for what Steele and Penn wanted to present as the ideal family the state was trying to attract.
Penn asked Boccher to testify before the state house and senate committees.
As a result of her hard work and commitment to the legislation, Boccher and her family were invited to the bill signing ceremony earlier this month.
On February 7, Hutchinson released a statement that read, in part, “…beginning in January [Arkansas] will also exempt military retirement pay. This initiative will make Arkansas a more military friendly retirement destination and will encourage veterans to start their second careers or open a business right here in the Natural State.”
For her part, Boccher is proud of what she’s accomplished for veterans while simultaneously running an apparel company, a photography company, and a non-profit organization, the Down Syndrome Advancement Coalition.
Additionally, Boccher is the president of the Little Rock Air Force Base Spouses’ Club and the 2016 and 2017 Little Rock Air Force Base Spouse of the Year.
Boccher had this to say about her work, “The military community is resilient, adaptable, dedicated, independent, supportive, and resourceful, but most of all they can make a difference, their voice can be heard, and they can and will make change happen!”
There is another Murph the military comes to know through the years, and he does not come with an Instagram worthy WOD. We’re talking Murphy’s law, the one that wreaks havoc on your government issued bank account.
Years of service and plenty of direct hits to the checking account later, a few of us have learned how to add a bit of financial padding to military life.
Here are 4 tips for disaster proofing your finances:
Quit going through cars like you go through (fill in the blank)
Car buying is a longstanding way to get screwed over as military personnel. Unlike the rest of the world, buying a vehicle for military life requires a whole new set of things to consider. Take this list into consideration before you go through cars like you go through…other things. Your savings account will thank you.
Always go for AWD or 4WD.
It needs to drive well in Alaska, Arizona or the Alps. If it can’t, you’ll be forced to buy again at almost every post.
Be prepared to ditch the second vehicle.
Shipping a second vehicle for OCONUS assignments means an average ,000 out of pocket each way. Is it worth it? Probably not.
Get to know the Military Lending Act
Every used car salesman will claim to be a retired First Sergeant, and every one of them cannot wait to strap you into an interest rate higher than your IQ score.
This is why we can’t have nice things
Government contracted movers are exactly why we can’t have nice things. Before you buy, ask yourself: Will this survive being thrown off a moving truck? If the answer is no, buy something cheaper. In military life, you need to know the household goods to save or splurge on.
Tough boxes (splurge)
Investing in tough boxes is a smart way to keep things both organized and safer from moving-related damages. Use them to house everything from tools to your heirloom china dishes.
Everyday furniture (save)
Screws will get stripped, scuff marks will happen, and eventually, you will replace a fair bit of the goods you acquired. Save your investment pieces for things like mattresses or multifunctional pieces that can be utilized as a dresser or TV cabinet in the likely chance something won’t fit or something else won’t make it.
Quit buying houses like they are forever homes
Bold enough to buy a home while in the military? Spoiler alert, it’s nothing like buying on HGTV. Whatever you buy better have universal appeal because two years from now it will be someone else’s American dream.
The savvy military landlord knows to buy with these tips in mind:
Choose something with rental potential.
Your mortgage should be significantly lower than BAH and the potential rental income (think 0-0 cheaper).
Choose something that will be easy to sell.
Slap the twinkle right out of your eye when looking for homes to buy while serving. Your oddball taste or preference to live in a secluded cabin ten miles into the wilderness will quickly go from dream to nightmare once you’re paying two mortgages after your one of a kind place didn’t sell.
I’ve got the power…of attorney
Who knew a little document could do so much damage? Carefully and thoughtfully designating not just anyone as your power of attorney is a decision not to take lightly. Here’s some basic left and right limits for your money.
Do- Put your money in more than one bank.
Don’t- Give power of attorney to the stripper who is “a really good listener.”
Do- Name an alternate or limit power if you aren’t on good terms.
Don’t- Give it away to your brand new girlfriend or boyfriend as a trust exercise.
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.
The Veterans Affairs home loan can be incredibly confusing, and it’s easy to get overwhelmed with all of the information found on the VA website. So we have broken it down into six basic questions for you: who, what, when, where, why, and how?
*As always, when making decisions that impact your personal finances, make sure you’re sitting down with a financial advisor. Most banks have financial advisors on staff who are always willing to work with customers.
The VA home loan program is a benefit for eligible service members and veterans to help them in the process of becoming homeowners by guaranteeing them the ability to acquire a loan through a private lender.
Utilizing the VA home loan, lendees do not make a down payment and are not required to pay monthly mortgage insurance, though they are required to pay a funding fee. This fee varies by lender, depends on the loan amount, and can change depending on the type of loan, your service situation, whether you are a first time or return lendee, and whether you opt to make a down payment.
The fee may be financed through the loan or paid for out of pocket, but must be paid by the close of the sale.
The fee for returning lendees and for National Guard and members of the reserve pay a slightly higher fee.
The fee may also be waived if you are:
a veteran receiving compensation for a service related disability, or
a veteran who would be eligible to receive compensation for a service related disability but does not because you are receiving retirement or active duty pay, or
are the surviving spouse of a veteran who died in service or from a service related disability.
Lendees may utilize the loan program during or after honorable active duty service, or after six years of select reserve or National Guard service.
Veterans Affairs helps service members, veterans and eligible surviving spouses to purchase a home. The VA home loan itself does not come from the VA, but rather through participating lenders, i.e. banks and mortgage companies. With VA guaranteeing the lendee a certain amount for the loan, lenders are able to provide more favorable terms.
Eligible lendees should talk to their lending institution as each institution has its own requirements for how to acquire the loan.
The Navy’s 2018 budget request is out – and it looks like more new ships and aircraft are going to be on hold for at least a year. However, if this proposal holds up, the recent trend of short-changing training and maintenance will be reversed.
According to a report by BreakingDefense.com, the Navy will get eight ships: A Ford-class aircraft carrier (CVN 80, the new USS Enterprise), two Arleigh Burke-class guided-missile destroyers, a littoral combat ship (or frigate), two Virginia-class submarines, a salvage tug, and an oiler.
Aircraft procurement will include two dozen F-35B/C Lightning II multi-role fighters and 14 F/A-18E/F Hornets. Despite reducing the F-35C buy by two aircraft, the Navy still expects to be on pace to achieve initial operating capability with the carrier-based variant of the Joint Strike Fighter in 2019.
The big focus on the fiscal 2018 budget, though, is restoring readiness. The Navy is getting a $1.9 billion increase in a category known as “Other Procurement, Navy.” This fund is used to purchase new electronic gear, and more importantly, spare parts for the Navy’s ships and aircraft.
The biggest winner in the budget is the operations and maintenance account, which is getting a $9.1 billion boost to a total of $54.5 billion. This represents roughly a 20 percent increase, with no category getting less than 87 percent of the stated requirements. Most notable is that Navy and Marine Corps flight hours have been funded to “the maximum executable level” – breaking a cycle of shortchanging training.
A F/A-18E Super Hornet assigned to Strike Fighter Squadron (VFA) 115 conducts a touch-and-go landing on Iwo To, Japan. (U.S. Marine Corps photo by Cpl. James A. Guillory)
“We tried to hold the line in our procurement accounts,” Rear Adm. Brian Luther, the Navy’s top budget officer, told BreakingDefense.com. He pointed out, though, that under Secretary of Defense James Mattis, “the direction was clear: fill the holes first.”
SAN ANTONIO – USAA, the country’s fifth largest property-casualty insurer, will be returning $520 million to its members. This payment is a result of data showing members are driving less due to stay-at-home and shelter-in-place guidance across the country. Every member with an auto insurance policy in effect as of March 31, 2020, will receive a 20% credit on two months of premiums in the coming weeks.
As a member-owned association, USAA historically returns a portion of profits to members. In 2019, we returned $2.4 billion in dividends, distributions and bank rebates and rewards. This brings the total amount returned to members since January 2019 to nearly $3 billion.
“We understand the impact this pandemic is having on our country, and especially our military community and their families, many of whom also are working on the front lines of the crisis. Returning premiums provides timely help for our members,” said USAA President and CEO Wayne Peacock. “USAA has been facilitating the financial security of military members for nearly 100 years, and this is another way we can serve them well.”
Early data trends show USAA members are heeding the calls to suspend nonessential travel, leading to fewer miles driven and fewer accidents.
How it works
Members will automatically receive a credit applied to their bill. They do not need to call, and no additional action is required.
Ways USAA is providing financial relief for members
This is just one of several steps USAA has taken to provide financial assistance to members, including:
Special payment arrangements are available to assist members experiencing financial difficulties. USAA will not cancel members’ auto or property insurance policies or charge fees due to late payments on USAA auto and property insurance coverage through June 17, 2020.
Expanded auto insurance coverage for members who use their personal vehicles to deliver food, medicine and other goods for commercial purposes.
USAA Bank is offering special payment assistance programs for eligible members including a 90-day credit card payment deferral, a 60-day payment extension on consumer loans, and special mortgage and home equity line of credit payment assistance.
USAA Life Insurance Company is offering special payment arrangements on life and health insurance policies, including a 60-day extension to the 30-day grace period.
USAA Life Insurance Company is waiving and reimbursing deductibles and co-payments for coronavirus-related testing received on or after Feb. 4, 2020, for members who have USAA Medicare Supplement plan.
USAA Investment Management Company is reducing managed portfolio fees 50% (effective April 1 through May 20‚ 2020).
Additionally, USAA has taken steps to help ensure its employees stay safe and able to serve members by enabling nearly all 35,000 employees to work from home and committed .4 million to help military-focused and other nonprofits respond to this pandemic.
CLEVELAND, Ohio — There was a bit of irony in Bill Putnam’s first job as a civilian who’d just transitioned out of the military: He was sent back to Iraq to cover the war, the same place where he’d honed his skills as a photographer for the U.S. Army.
“I knew before I got out of the Army that I wanted to specialize in news photojournalism,” Putnam says. “I happened to meet a lot of people along the way who saw my work and told me I had the drive and talent to do it in the civilian world. It was all about reaching out to people and meeting the right people at the right time.”
Among “the right people” that Putnam ran into along the way was Michael Ware, Time magazine’s bureau chief in Baghdad.
“When I was a soldier going home from Iraq I ran into Michael,” Putnam says. “I was getting out of the military, and I told him I was willing to go back to Iraq. He wrote a letter on my behalf and that helped make it happen.”
Putnam explains: “This one was made fairly early in the morning after an all-night raid. The unit, Centurion Company, 2-1 Infantry, had been sent out with an SF team and bunch of Iraqi Army to hunt down a car bomb builder. They didn’t find him. This was early in the unit’s deployment (they were the guys who were extended in 2006 for three months during an early and not so effective ‘surge’ into northwest Baghdad). To me it says a lot, not really about that war, but just war in general, especially war down at the nasty end of the spear. Hunter, the guy pictured, just looks exhausted. War is exactly that – exhausting in every sense – but this is physical exhaustion. The kid waving the gun (it was unloaded) was actually playing with a newly-installed laser pointer.” (Photo: Bill Putnam)
After working in the war zone for nearly a year, he returned to the U.S. and freelanced his way from Washington, DC to Oregon, diversifying his portfolio and expanding his network. Eventually, he was picked up by Zuma Press Agency, and the assignments started coming in at a more regular clip.
To date, his photos have been published in The Washington Post, Boston Globe, Newsweek, Army Times, The Oregonian, Columbia Journalism Review, The New Republic, NPR.org, and digitaljournalist.org. His work also appeared in the Academy Award-nominated documentary “Operation Homecoming: Writing The Wartime Experience.”
He opened a 40-print solo exhibition of his Afghan work titled “Abu in Bermel: Faces of Battle” in February of 2011 at St. Vincent College in Latrobe, Pa. That exhibition moved to Point Park University in Pittsburgh, Pa., in April 2011. His work has also been included in group shows at Glen Echo Photo Works in Glen Echo, Md., and Montgomery College in Rockville, Md. And in August 2013 Putnam opened a 60-image solo exhibition at Healthy Rhythm Gallery in Fairfield, Texas. Life as a civilian photographer was quite different than military life, but his hard work paid off.
“It’s really all about hustle,” he says. “You gotta hustle to make that transition. You have to constantly be on the phone with people, you have to constantly think about new projects and what you want to do next.”
And that sort of proactive stance is what brought him to Cleveland to cover the Republican National Convention for Verify Media, a new agency that specializes in mobile device video. At the same time, Putnam has his classic 4-by-5 film camera, which he uses to capture the atmosphere surrounding the convention for Zuma.
Putnam is an imposing figure — tall and bearded — but he possesses a casual manner and calm demeanor that allow him to blend into the background — a very desirable attribute for a photojournalist. As he takes in the scene along Fourth Street, Cleveland’s famed walk lined with bars and restaurants, he’s barely noticed even though he’s a full head taller than the crush of delegates, pundits, TV personalities, protesters, and regular civilians around him.
Watching Putnam in action it’s obvious that he loves his work. He moves through the crowd with an easy gait, taking everything in, at once in the weeds and mindful of the big picture. But for all of his apparent satisfaction with his career choice, he’s quick to note that getting to where he is was a hard-fought series of rejections and missteps. He points out that — unlike the military — oft times pursuing an unorthodox civilian career is a non-linear proposition.
“When I got back from the war, I was dumbfounded that I had to find all of this on my own,” Putnam says. “I like going out and doing stuff, but to get from Point A to Point B, I had no idea how to do that.”
In the face of that reality, Putnam says, “You just do it and hope you find the right path.”
For more about Putnam’s work, visit his website here.
What are the most important lessons to teach children about money? It’s a good question to consider, particularly because, thanks to a distinct lack of a broad financial literacy curriculum in schools, it falls on parents to be the ones who instill the core concepts of spending, saving, and handling money in general. While there are certainly lessons all parents should be teaching kids about money, we wondered, what do financial planners, accountants, and others who work in the financial industry teach their kids about money? What concepts are essential and how do they distill them down so they can be understood by, say, a seven-year-old? That’s why we asked a broad array of financial professionals, “What lessons do you teach your kids about money?” The varied responses include everything from envelope systems and understanding wants versus needs to the creation fake debit cards and engineering simple lessons about compound interest. All provide inspiration and instruction on how to help kids get a head start on the road to financial success and serve as a reminder that it’s never too early to begin teaching kids about money.
Try the Sticker Chart Reward System
“We use a sticker chart reward system with our young ones, who are in Kindergarten and second grade. You get a sticker for doing homework, practicing, household chores, and the like. After earning 20 stickers each child then gets to pick out a toy, experience, goodies, etc. of their choosing (up to a $ value). This is a foundational value in our household; to instill that effort and hard work is required to earn many of the ‘wants’ in life. And that it takes time.” — Ronsey Chawla, Financial Advisor at Per Sterling Capital Management.
Incorporate Financial Topics into Everyday Life
“This can be as simple as taking my kids to the bank to open a checking/savings account, involving my two kids — I have a 14-year-old son and 11-year-old daughter — in household budgeting conversations during a trip to the store, or planning for a family vacation. It’s important to share lessons and what you learned from your experiences with money management, with the depth of that conversation being up to your individual family. It’s also a good idea to start them saving early. Developing smart saving habits is the first step to becoming money-wise. Encouraging children to contribute a realistic amount to savings, even if it’s just a month, is an easy way to put them on the right track for future financial success.” —Daniel Cahil, SVP, North Dallas Bank Trust Co.
Trust the Lemonade Stand
“With my own kids, who were four and six at the time, we opened lemonade stands, as cliché as it may be. It teaches them literally the fruits of their labor. The help made the lemonade, with real lemons, at every step, until they have the product ready for market. They learn the lessons of “location, location, location,” understanding that where they set up can make a big difference in the traffic they can expect. Setting up on the corner brings some traffic, but not nearly as much as by a nearby field on a hot day where a bunch of kids are at soccer practice.
When they’re done, they bring their profits back home and count it up. This helps them identify and understand what different coins and paper currency mean. They also have piggy banks that are broken up into four different chambers – save, invest, spend and donate. This helps them understand the different utilities of money, immediate gratification, delayed gratification and being a contribution to others.” — Chet Schwartz, RICP, registered representative with Strategies for Wealth, a Financial Advisor with Park Avenue Securities, and a Financial Representative of Guardian Life Insurance
Teach Them to Save — But Also Enjoy the Rewards
“To clarify, this all starts with being responsible, working hard, and earning some dough. But this particular piece of advice is about what I do with that earned money. When I come into some kind of bonus or non-recurring income, I always, without fail, carve off some small-ish amount of that bonus for me, my wife, and my daughter, and we all go out together and buy something fun for ourselves, something that we would not otherwise have bought because we thought it was frivolous or hard to justify. We save the bulk, but the rule is that we have to spend that smaller allocated amount on something fun, and we have to do it together as a family.
This is important to me because one, if you don’t enjoy some part of your money “now,” you may never get the chance, and two, it gets us out, as a family, doing something that breaks the normal rules of saving and spending. I’m all about saving of course, but I’m also about enjoying the rewards of hard work, and that’s what this is really all about. If you don’t treat yourself well, you sure as heck shouldn’t expect anyone else to.” — Dan Stampf, VP, Personal Capital Cash
Use “Skip Counting”
There’s more than one way to count to 100. You can take the long way, starting with the number one. Or you can also count by twos, tens, twenties, even fifties to get there faster. Learning to “skip count” is an important precursor to developing fluency in calculation, number sense, and the basis for multiplication and division — not to mention counting money. Just pour a bunch of coins on the table and put them into piles by coin type (pennies, nickels, dimes, and quarters). Work with your child to “skip count” using different coins and values, reinforcing what they’ve learned. For example, ask them if they notice any patterns (e.g. while counting by 2s, 5s, and 10s). If “skip counting” is still too complex for your kids, continue practicing by changing the number of coins they are counting. That will encourage your children to figure out another total value.” —Jeremy Quittner, Resident Money Expert Editorial Director, Stash
Put Pocket Money to Good Use
“It’s important to teach your children about saving, and the potential benefits. I think a fun way to do this is with their pocket money. Say you give your child for the weekend. Once its spent, it is gone. But I like to introduce the offer that if, for every change they bring back at the end of each week, that change is matched from my money, and saved until it reaches 0, and they can buy themselves something special. For example, if they bring me change, I put aside for them, and this pot grows until it hits 0. The opportunity here is for the children to really think about what they are spending their money on, while also seeing that saving can result in a better purchase that is actually wanted at the end.” — Andrew Roderick, CEO of Credit Repair Companies
Use The Token Economy with Toddlers
“Make money fun. Toddlers can start to experience a ‘token economy’ by pretending to play in grocery stores or banks: games that can actively involve your child in playing and beginning to understand money. It’s also important to recognize that it may be more constructive to create other activities for older kids, by introducing them to easy-to-read financial books, like this one. Explain to them how your family approaches investing, paying for taxes, and seeking financial advice from an advisor” – Dillon Ferguson, CFP, Head of Product, Zoe Financial
Make the Concept of Prioritization Crucial
“We ask our three kids to do certain activities at home that are outside of their normal chores for which we compensate them with small amounts of money. This way they learn that to make money they need to put extra effort and work hard. They also learn that the money they make at home can be spent on a variety of different things, but we teach them about the concept of prioritization, since money is a scarce resource. Most importantly, we teach them that the best investment they can ever make is their own education, since education leads to better job opportunities and better quality of life.
We opened college savings accounts for all three kids via UNest and our older one is already contributing into her own account. We show her how money grows over time and teach about the concept of investing, compound interest and tax-free growth. In addition, we emphasize that lack of savings can lead to the student debt. Money that is borrowed can be very expensive and the need to pay off student loans would create setbacks in life and delay other important decisions like buying a house or starting a family. Putting a small amount aside each month and investing for education teaches our kids discipline and motivates them to think long-term.” — Ksenia Yudina, CEO and Founder of UNest
Teach them About Coins — And the Four Pillars
“I think that six years old is a good age to start teaching kids about money. A great first objective is teaching them about coins. While that might seem simple, it is not as easy a subject as you might think. Take a step back and think this through: Why is the big nickel worth less than the small dime? I think it’s fun to play games with kids once they understand the value of each coin by having them make different combinations to get to one dollar. 10 dimes. 20 nickels. Four quarters. One-hundred pennies. Fifty pennies and two quarters.
Start with teaching them one of the four pillars of financial literacy: save, spend/budget, invest and charity. For younger children, savings is the easiest as you can simply use a clear jar where they can put loose coins and see them build up. Remember to keep lessons age-appropriate and that developing money-smarts is not an exercise in trying to create the next Warren Buffet. It is about making them feel comfortable talking about money, understanding basic money vocabulary, and eventually starting good habits that will last a lifetime. You want to avoid the firehose method of teaching where you pile on too much information too soon. Rather consider using the drip-drip-drip method that starting them at a young age gives you plenty of time for them to build a great foundation.” — Thomas J. Henske, Partner, Lenox Advisors
Be Open About Your Financial Goals
“When my kids were younger, my wife and I agreed on an aggressive goal to pay off our house in a set number of years. When that goal was reached, we agreed to take the family on a trip to Disney World. We bought a Mickey Mouse puzzle, assembled it, and disassembled it in a way that for each id=”listicle-2646259052″,000 we reduced principal on the loan, we put so many pieces of the puzzle together. It created a visual representation of our progress. We explained our goal to the kids in terms they could understand so they saw the progress and the reward at the end after several years of work. While the kids now understand the financial side of the goal, it is the visual representation of the puzzle they recall most.” — Phil Kernen, CFA | Portfolio Manager, Mitchell Capital
Teach Them About Compound Interest
“As a financial planner and fastidious investor, my kids are being taught about compound interest at a young age. When my five-year-old daughter receives birthday money from our relatives, I show her how putting 25 percent of her money away can give her many more Barbies and dolls in the future. Would you rather buy one Barbie today, or be able to buy five Barbies later, I ask? Even a child can understand that by deferring some instant gratification today, they can enjoy greater luxuries later.” — Thanasi Panagiotakopoulos, Financial Planner, Life Managed
Never Say ‘There is No Money’
“Say instead, money is valuable and needs to be used wisely. Or money is not to be wasted. The reason is that children should not grow up with a limitation mindset but an abundance mindset while learning to be careful with money. Saying ‘there’s is no money,’ tells the child that when they get money in their hands, they can throw it away, and that’s not a good thing.” — Kokab Rahman, author of Author of Accounting for Beginners
Don’t Forget the Power of Delayed Gratification
“My children are 2 and 4 years old currently, and while it’s definitely too early to teach any significant money lessons to the two-year-old (aside from showing him how to put coins in a piggy bank), the four-year-old is another story. I recently tried this simple method of teaching savings and it worked well. Each night, I gave her a quarter for straightening up her toys before bed. She could choose to use a quarter to get a treat from the candy dish, but if she saved five of her quarters, we could do something special that weekend (go to the zoo, a favorite restaurant, etc.). Delayed gratification is such a valuable skill to learn at a young age, and I plan to use more complex ways to incentivize saving as she gets older.” — Matt Frankel, CFP, The Ascent
Turn Financial Mistakes into Teachable Moments
“We don’t pay our kids for daily chores like making their bed, feeding the dogs, or picking up after themselves. But I do pay them for mowing the yard (my 10-year-old) or helping cut firewood (all my children), things that are above and beyond their normal family contributions that they worked hard to attain. It’s also important to let them make mistakes. Recently my 10-year-old wanted to purchase a new movie release for .99, so I let him. The next day he wanted to buy a video game. I said sure pay me and he could buy it. He then realized he spent all his money on the movie. That’s the time to have a good conversation around it. Was it worth it? What could you do differently?” — Joel Hodges, CPA, Intuit, Tax Content Group Manager
Explain The Difference Between Needs and Wants
One of the most important money lessons I’m already teaching my young children is the difference between needs and wants. If she holds up something at a store — say, something from the candy aisle — I’ll ask ‘Do you need that, or do you want that?’ It took a few tries, but she got the hang of it. It can be helpful to set a firm cap on the ‘wants,’ such as one per week, while showing that we always take care of our needs.”— Matt Frankel, CFP, The Ascent
Introduce the idea of Money Early and Often
“At home, we value speaking openly about our financial lives and the value of saving such that our kids learn by example. A great way we teach our 4-year old about money is to have them understand the value of a purchase. The other day my son wanted us to buy him a new game for his iPad. To ‘convince us,’ we had him walk through the value in relation to the actually cost of the game. It’s never too early for your children to understand the cost of things. “- Andres Garcia-Amaya, Founder, Zoe Financial
Enlist the Envelope System
“Kids are never too young to learn how to handle money, one fun way for them to learn about money is to have them separate their allowances on what they want to spend. They can do this by having small envelopes and placing a certain amount from their allowances. This helps them learn about budgeting and the value of money when that certain envelope reaches the goal amount. Children are also allowed to have bank accounts, so it is good for them to have their accounts so that they can start learning to save early. — Leonard Ang, CMO, iProperty Management
Try The “Bank of Dad” Approach
“By the time my daughter started elementary school, she had a few chores each week for which she got a small allowance and she might get the odd bill in an Easter card from her grandparents. Instead of a piggy bank, we went forward looking and with the ubiquity of debit cards, I created ‘The Bank of Dad.’ Using an old hotel key card I made a make-believe Bank of Dad debit card and she opened an ‘account.’
At 12 years old and a long-time Bank of Dad customer, she was definitely ready for a real account. With our bank, the account was connected to a parent’s account so we had visibility into everything. At the start, we sat down and introduced the basics of a budget. We talked about understanding how much she “made,” how everyone needed savings for an emergency/rainy day, and how to also save for something “big” like those fancy new embroidered and bedazzled jeans she just had to have.
Now at 24 years old, my daughter came to me and asked if I could help her fix a spreadsheet she made because she wanted to try and pay off her student loans early, but couldn’t make the formulas work. If there’s anything that makes an accountant parent happier than hearing ‘Hey dad, will you check my spreadsheet?’ Turns out she was very close, but having her do the work and walk me through it, made fixing her error make sense to her and empowered her. — Gregg Gamble, Intuit, Lacerte Tax Content Development Manager
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
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
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
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?
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
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.