Here's a 9-step guide to calculating your credit card interest - We Are The Mighty
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Here’s a 9-step guide to calculating your credit card interest

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

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

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


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 9-step guide to calculating your credit card interest

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.

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

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.

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

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.

Also read:

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

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Air Force approves incentive pay for airmen in Turkey

The Air Force recently approved incentive pay for Airmen assigned to Turkey, just months after a military coup prompted defense officials to suspend accompanied deployments there. The Pentagon had ordered Air Force dependents out of the country in March.


According to the Air Force Times, unaccompanied tours to Turkey will be reduced from 15 months to 12 months. Airmen will be given the option to extend their tours from 12 to 24 months with an incentive pay of $300 per month.

Air Force Personnel Command says that Airmen must apply for Turkey Assignment Incentive Pay either prior to leaving their current duty station, within 30 days of arriving in Turkey, or “during their date eligible for return overseas forecast and initial vulnerable to move list windows.”

Airmen who have been in Turkey over 30 days may elect to extend their date eligible for return overseas, or DEROS, for 24 months past their current DEROS. Airmen who elect to accept Turkey Assignment Incentive Pay under these conditions will begin to collect the incentive pay on the first month of the 24 month extension, the service said.

All other Airmen who are eligible for Turkey Assignment Incentive Pay, and accept it, will serve 24 months in Turkey and will begin receiving the incentive pay upon arrival in country.

The Air Force Times reports that civilians previously assigned in Turkey will automatically have their tours reduced from 24 months to 12 months, unless an extension is approved by the U.S. Air Forces in Europe commander.

Turkey, a NATO ally, has seen civil unrest progress in recent years, with terror attacks and a failed coup in July. The country is host to a key airbase at Incirlik, which is critical to the coalition fight against Islamic State terrorists in Syria and Iraq.

The Air Force Times reports that Airmen who find that this recent change in tour requirements presents a hardship for them may request a “home-base or follow-on assignment” and that the Air Force will consider cancellation requests on a case-by-case basis.

The changes to Turkey assignments do not impact personnel assigned to the U.S. Embassy or Security Cooperation Organizations in Turkey.

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15 of the most expensive projects abandoned by the US military

The US military is unquestionably the world’s strongest force with the world’s largest defense budget.


But throughout the 2000s, the Pentagon spent $51.2 billion on 15 major programs “without any fielded systems to show for it,” according to a new Center for Strategic and International Studies report.

The abandoned projects are largely due to a lack of funding attributed to the Budget Control Act and sequestration.

Sequestration, which is indiscriminate budget cuts across the board that affect every portion of the military equally, is the greatest threat to the US military currently, former Defense Secretary Robert Gates told Business Insider.

Below are a series of the military’s modernization projects that were canceled partially due to a lack of funds.

Future Combat Systems

Here’s a 9-step guide to calculating your credit card interest
U.S. Army

A prototype of the Non-Line-of-Sight-Cannon, a component of the Future Combat Systems.

Branch: Army

Sunk Costs: $18.1 billion

Follow-On: The project was ultimately superseded by the Ground Combat Vehicle Program. This program was also ultimately canceled.

Source: Center for Strategic and International Studies

RAH-66 Comanche Armed Reconnaissance and Attack Helicopter

Here’s a 9-step guide to calculating your credit card interest
U.S. Army

Branch: Army

Sunk Costs: $7.9 billion

Follow-On: The helicopter was superseded by the later canceled Armed Reconnaissance Helicopter project.

Source: Center for Strategic and International Studies

National Polar-orbiting Operational Environmental Satellite System

Here’s a 9-step guide to calculating your credit card interest
National Oceanic and Atmospheric Administration

An artist’s concept drawing of the National Polar-orbiting Operational Environmental Satellite System.

Branch: Air Force and National Oceanic and Atmospheric Administration

Sunk-Costs: $5.8 billion

Follow-On: The program was replaced by the now canceled Defense Weather Satellite System (DWSS). The DWSS is slated to be restarted as the Weather Satellite Follow-On.

Source: Center for Strategic and International Studies

Airborne Laser

Here’s a 9-step guide to calculating your credit card interest
US Missile Defense Agency

The Airborne Laser in flight with the mirror unstowed.

Branch: Air Force

Sunk Costs: $5.2 billion

Follow-On: The project was canceled without an identified replacement.

Source: Center for Strategic and International Studies

VH-71 Presidential Helicopter

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

A conceptual drawing of the VH-71 helicopter.

Branch: Marine Corps

Sunk Costs: $3.7 billion

Follow-On: The project was restarted as the VH-92A Presidential Helicopter.

Source: Center for Strategic and International Studies

Expeditionary Fighting Vehicle

Here’s a 9-step guide to calculating your credit card interest
U.S. Marine Corps

Branch: Marine Corps

Sunk Costs: $3.3 billion

Follow-On: The project was ultimately superseded by the Amphibious Combat Vehicle program.

Source: Center for Strategic and International Studies

XM2001 Crusader Self-Propelled Howitzer

Here’s a 9-step guide to calculating your credit card interest
U.S. Army

Branch: Army

Sunk Costs: $2.2 billion

Follow-On: The project was superseded by the Non-Line-of-Sight Launch System, which was also then canceled.

Source: Center for Strategic and International Studies

E-10 Multi-sensor Command and Control Aircraft

Here’s a 9-step guide to calculating your credit card interest
U.S. Air Force

An E-8, which was intended to be replaced by the E-10.

Branch: Air Force

Sunk Costs: $1.9 billion

Follow-On: The program was superseded by the Joint Surveillance Target Attack Radar System Replacement Program.

Source: Center for Strategic and International Studies

Space Based Infrared Systems — Low

Here’s a 9-step guide to calculating your credit card interest
U.S. Air Force

An artist’s rendition of the Space-Based Infrared System — Low

Branch: Air Force

Sunk Costs: $1.5 billion

Follow-On: The program was superseded by the Space Tracking and Surveillance System.

Source: Center for Strategic and International Studies

Advanced SEAL Delivery System

Here’s a 9-step guide to calculating your credit card interest
U.S. Navy Photo

An SDV is docked into place by Navy SEALs.

Branch: Navy

Sunk Costs: $0.6 billion

Follow-On: The project was superseded by the later canceled Joint Multi-Mission Submersible.

Source: Center for Strategic and International Studies

Armed Reconnaissance Helicopter

Here’s a 9-step guide to calculating your credit card interest
U.S. Army

Branch: Army

Sunk Costs: $0.5 billion

Follow-On: The project was deferred following the Army’s decision to field a mix of drones and AH-64Es instead.

Source: Center for Strategic and International Studies

Aerial Common Sensor

Here’s a 9-step guide to calculating your credit card interest
U.S. Navy

The Aerial Common Sensor was replaced with the P-8 (pictured).

Branch: Army/Navy

Sunk Costs: $0.4 billion

Follow-On: The project deferred in favor of the Navy’s P-8 program and upgrades to Army aircraft.

Source: Center for Strategic and International Studies

CG(X) Next Generation Cruiser

Here’s a 9-step guide to calculating your credit card interest
U.S. Navy

Pictured above are two DDG 51 destroyers, which were purchased instead of the CG(X).

Branch: Navy

Sunk Costs: $0.2 billion

Follow-On: The project was deferred, and the Navy purchased additional DDG 51 destroyers instead.

Source: Center for Strategic and International Studies

CSAR-X Combat Rescue Helicopter

The HH60 Pave Hawk, which was produced as part of the Critical Rescue Helicopter program.

Branch: Air Force

Sunk Costs: $0.2 billion

Follow-On: The project was ultimately restarted as the Combat Rescue Helicopter.

Source: Center for Strategic and International Studies

Next Generation Bomber

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Nothrop Grumman

Concept art for the Long Range Strike-Bomber that replaced the Next Generation Bomber project.

Branch: Army

Sunk Costs: $18.1 billion

Follow-On: The project was restarted as the Long Range Strike-Bomber.

Source: Center for Strategic and International Studies

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Pentagon considers lifetime access to Exchange system for vets

While Congress might have tinkered with the benefits many former servicemembers will receive when they leave the military beginning in 2018, the dizzying array of calculations, percentages, and investment tools now a part of a veteran’s future nest egg may come with a silver lining.


Potentially tax-free shopping for life.

The 2016 National Defense Authorization Act included significant changes to the military retirement system, including a reduction in retirement pay and matching contributions to a military Thrift Savings Plan. The so-called “blended retirement system” is similar to the kind of portable 401(k) that many civilian workers already have.

Here’s a 9-step guide to calculating your credit card interest
This could be you in twenty years.

But in a separate deal, the Pentagon is set to approve a change to the Army and Air Force Exchange Service that would allow former honorably discharged servicemembers to shop at AAFES online for life.

For those not in the know, the Exchange is a department store-like retail outlet that also operates food courts, gas stations, liquor stores, and military clothing stores on U.S. military installations worldwide. While items do not have to be sold at cost (as they do at the commissary – the military grocery stores which are also on bases) if they are sold at the Exchange, they are sold tax-free.

This could mean tax-free commercial electronics for all!

Here’s a 9-step guide to calculating your credit card interest
Time to relive those dorm room days.

The deal would not include access to the military commissary system.

Opening the Exchange service to all veterans would mean 20 million new customers and hundreds of millions in revenue for Morale, Welfare, Recreation services, which is where the dividends from Exchange services are reinvested, Military.com reports.

Access to the Exchange is currently restricted to military members who are active duty, guard, or reserve, retired or disabled military members, authorized family, and Medal of Honor recipients.

While the Pentagon says the proposal from Executive Resale Board is still under review, if approved, the new benefit would go into effect on November 11, 2017.

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Here are 7 things NOT to do before a military move

Here’s a 9-step guide to calculating your credit card interest
(Photo: Amy Bushatz, Military.com)


If you sit down at your computer and search for, “Help with PCS,” you will find dozens of articles telling you what to do. Heck, the military even hands your spouse a list that says, “DO THIS.”

This is not one of those lists.

Instead, this is a list to help you de-crazy your brain in those weeks leading up to the Big Move. This is a list that reminds you that everything that needs to get done will, in fact, get done.

And, if it doesn’t? It probably wasn’t that important to begin with.

1. Do Not expect to de-clutter, organize and label every aspect of your life before the movers come.

We have big plans to separate and label all of the junk we aren’t willing to part with this time around, and we may even purchase the storage bins as a proactive move. But, let’s face it. Moving day comes at lightning speed, and you end up lugging all those loose pictures you planned to consolidate into albums. Try again next PCS.

2. Do Not become too attached to those expected dates for your Household Goods to arrive.

Riiight, 5-10 business days? Try two weeks, or a month. Or, half of it within three days, and the other half in six months after they locate it. The point is, bring enough clothes, enough toys and at least one pot for making macaroni and cheese with you to the new duty station, and you’ll survive until the movers get here. … Whenever that is.

3. Do Not bother doing all your laundry before they pack up the house.

If you plan on driving to the next duty station, toss the laundry basket of dirty clothes in your car and finish it while you sit in temporary lodging. Trust me, you’ll need something to do while you’re waiting for your spouse to out-or in-process. Candy Crush gets boring after a while.

4. Do Not plan too many activities the week of moving day.

You will be stressed out, you will be overloaded, and you will already be racking your brain to think of the million and one things you’re probably already forgetting. Plan your last Girl’s Night Out, or your kiddos last play dates the week before, and reserve those final days for the last-minute-details that always seem to pop up.

5. Do Not assume the movers will know not to pack certain things.

Even obvious things like trash, car keys and cat litter boxes. And, if they don’t have a problem packing cat feces, they’re for sure going to assume your child’s favorite stuffed animal that they tossed on the floor — the one that they have to sleep with or the world falls apart — is fair game. So, if you don’t want them to pack it, my best suggestion would be to take open a safety deposit box at the bank and keep all of the stuff you want to take with you in it. I assume that will prevent them from finding it, but no guarantees.

6. Do Not get hung up on what the movers put in which boxes.

As long as it all generally goes in the same room—or floor—of the house, just call it good. You’ll run yourself ragged trying to micromanage an entire house move, and annoy the movers at the same time. Remember, happy movers mean the potential for less damaged items.

7. Do Not sweat the small stuff.

That first PCS will make you crazy as you balance trying to clean out base housing to the housing office’s satisfaction and feeling helpless watching as the packers touch every single item of your personal effects and pack it away for who-knows how long.

A PCS only comes around … well, to be honest, they come around pretty often, which is why a “don’t” list is something we all need. Do Not fret; you learn something from each move, and by the time you make your final one, you’ll be a pro.

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Here’s how veterans can get a head start to become a successful entrepreneur

We all know that when you leave the military, it can be a cruel employment world out there.


Despite the confusion that often comes with transitioning from service, there’s potentially never been a better time to take a stab at becoming your own boss. And fortunately, there is a host of organizations out there to help former service members crack the code on starting a successful business.

At the end of March, the organizers behind VETCON are hoping their roster of A-Listers in the tech and business world will open more than a few veterans’ eyes to the opportunities out there. Billed as an “annual gathering of visionaries, hustlers, and game-changers from around the world,” the folks at VETCON say they represent a wide community of so-called “vetrepreneurs” that want to pass on their secrets to their military brethren.

“Military veteran entrepreneurs are an untapped market with huge potential,” said Ian Faison, VETCON co-founder, West Point graduate and former U.S. Army Captain. “Despite mutual interest from both venture capitalists and veteran founders, there’s never been a conference that delivers true ROI to entrepreneurs, mentors, and investors at the same time – until now.”

Hosted in Redwood City, California, this year’s VETCON is slated to feature more than 200 veteran entrepreneurs and more than 35 professional investors, including “The Godfather of Silicon Valley” Steve Blank, Mike Maples of Floodgate Ventures, Trae Stephens of the Founders Fund, as well as leaders from Andreessen Horowitz; Facebook; GrowthX; Wildcat Ventures; HubSpot; IBM; Salesforce; and Indiegogo.

Held between March 23 and March 25, the conference is intended to “develop a 30-day plan to take your business to the next level … [with] a mixture of fireside chats, workshops, solo talks, networking events, and Action Hours.”

“VETCON changes the game for veterans and investors alike,” VETCON’s Faison said. “With programming that rivals any startup event in the country, we’re catalyzing the nationwide veteran ecosystem, providing investors with genuine business opportunities and helping entrepreneurs boost their customer pipeline and raise funding faster in 2017.”

MIGHTY MONEY

Why NCOs should never let their troops buy a car alone

Buying a car in today’s world is a necessity. Even the troops who grew up in a city where they never needed anything more than a subway pass will find themselves needing a set of wheels to call their own. Military installations are way too big and timetables are way too tight for a young private to make it around comfortably on foot.

So, be prepared to fork over a bit of your enlistment bonus just to adhere to a standard. Meanwhile, it’s kind of ingrained into military culture to belittle and mock the unfortunate lower enlisted who thinks they’re getting a good deal on a sports car and ends up paying a 28% interest rate over five years.

Instead, shouldn’t we actually, you know, help the poor soul?


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

(U.S. Army photos by Cpl. Han, Jae Ho and Dean Herrera)

You can’t throw a rock outside of a military installation’s main gate without hitting a sketchy used-car lot that boasts that “E-1 and above” are automatically approved for a loan. Because so many young troops are told they must get a car and have no idea how to do so intelligently, they’ll usually shop at the first stop — often coming away with a car without even taking it for a test drive.

Yes, a young private has few bills to pay — they’re given a barracks room rent-free and their meal card deductions hit their LES instead of their bank account — but too many troops are crippling their credit report right out the gate. A simple bad decision will follow them for life.

This is where their first line supervisor or their non-commissioned officer can step in and spend a Saturday afternoon making sure their troops are taken care of.

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

“A new set of wheels and this baby will be good as new! But for you, my special friend, I’ll see if I can sweet talk one of the guys to throw in a few air-freshening trees for the rear view.”

(Department of Defense)

Leaders have been around for a while and generally have a good sense of the installation and its surrounding area. Given that an NCO likely has a vehicle, they could talk the rideless private past all of those sketchy spots and take them to a reputable dealership. Depending on your location, this might be an hour-long drive, but it’s still better letting someone fall prey to months of ridiculously high payments.

Next comes the choice of car. The young troop, fresh out of mama’s basement, might see all those numbers in their bank account and fail to piece together that 00 isn’t really all that much to grown adults. Feeling like Mr. Moneybags, the young troop may casually stroll up to the car of their dreams — and it’s kind of up to the NCO to be the reality check.

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

Hell, NCOs could even pop out a PMCS checklist right then and there. It’ll establish dominance over any crooked salesmen and show you mean business.

(U.S. Army photo by Spc. Wilmarys Roman Rivera)

That new muscle car seems nice, but it’s not the best fit for for someone who gets paid half of federal minimum wage. So, you’ll want to pinch pennies. You might think that used cars are the best option then, but that opens another can of worms if the NCO isn’t careful.

So, here’s a little trick for you: insist that both the troop and the NCO must take the car for a test drive. The troop should be busy deciding if the car is comfortable for them, while the NCO should be looking out for deficiencies. If the car lot is reputable, they’ll always allow you both to ride. If not, you found a solid reason to move on to the next place.

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

Nipping this in the butt early can also help prevent even more paperwork if that troop has to go through financial aid.

(U.S. Army photo by Sgt. John L. Carkeet IV, 143d ESC)

Finally, we arrive at haggling. A young, dumb idiot willing to throw cash around is a used car salesman’s wet dream. If the troop doesn’t know the actual cost of a car but is willing to sign the papers because “they threw in a free tank of gas,” then they’re about to get screwed. It’s up to the NCO to be the middleman. A well-placed knife hand and serious demeanor could mean the difference of hundreds — if not thousands — of dollars.

Once the troop has found a vehicle that is within their price range, from a dealership that isn’t trying to ripoff service-members, runs excellently, and makes the troop happy, you move on to the paperwork. Read every single line before the troop signs anything. Make sure they never take the “zero-down” offer and advise them to put at least id=”listicle-2607400034″,500 down — regardless of the vehicle. Just that bit can change a horrific 28% interest rate to a reasonable 8% for someone without an established line of credit.

However, what you cannot do is co-sign the lease with them. It doesn’t matter if you trust them to pay the lease of on time or you’re willing to take the hit for your guy. It’s strictly forbidden by the UCMJ to enter a financial agreement of any kind with a direct subordinate.

What you can do is cattle prod your troop into making the payment every month. Yeah, it won’t be pleasant for them to be reminded every month to do it, but their financial security is at stake. They’ll thank you once they realize that you helped them out immensely.

MIGHTY MONEY

This Combat Camera vet used his skills to launch a civilian career as a photojournalist


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.”

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

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.

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

“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.”

Here’s a 9-step guide to calculating your credit card interest
Capt. Adam Lackey, Abu Company commander and a tribal sheikh at a meeting outside Bayji, Iraq, May 6, 2006. (Photo: Bill Putnam)

For more about Putnam’s work, visit his website here.

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The 6 best pieces of military gear, according to Amazon

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


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

1. 550 Cord – 5 Stars

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

2. Issue Anglehead Flashlight – 5 Stars

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

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The Big Red One appreciates it.

Here’s one review:

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

3. Woobie – 4.5 Stars

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

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(U.S. Army Photo)

A reviewer writes:

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

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

4. Chem-lights – 4.5 Stars

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

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

5. Gerber MP600 Multi-Tool – 4.5 Stars

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Multiversatile.

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

The reviews:

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

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

6. 100mph Tape (Duct Tape) – 4 Stars

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

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(U.S. Army Photo)

From one review:

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

What to do with your TSP after the military

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:

  1. Leave the money in your TSP account.
  2. Roll your TSP account balance into an Individual Retirement Arrangement.
  3. Roll your TSP account balance into your new employer’s 401(k) plan.

The rarely-better options include:

  1. Withdraw your TSP account balance in a lump sum.
  2. 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.

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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.

Forrest Baumhover, a certified financial planner with Lawrence Financial Planning, suggests caution when moving your TSP to a 401(k).

“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.

This article originally appeared on Military Families Magazine. Follow @MilFamiliesMag on Twitter.

MIGHTY CULTURE

You’ve never seen this many military discounts in one place

Every one who’s ever work the uniform loves that military discount. No matter how hard you try to deny it or blow off a small discount, that extra ten percent ain’t bad. In California, that’s like not paying sales tax. While we all love them and appreciate them when it happens, many of us don’t really go looking for them. Let’s be real: shopping purely for military discounts can be a lot of work. Now you can find everything you’ll ever need discounted in one place.

And what’s more, your shopping spree will go toward helping your fellow veterans.


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Then you can keep your savings in one place.

GovX has access to the products and brands everyone loves, not just veterans. From outdoor gear by The North Face to Ray-Ban accessories, this site covers most anything you can think of wanting or needing for work or play. Like the A-10 being a tough plane designed around a giant gun, GovX is a retailer designed around providing amazing discounts to military, veterans, and first responders.

The site is like the exclusive Costco for the military-veteran and uniformed community. A membership with GovX provides access to discounts on brands like 5.11 Tactical, Propper, Vortex Optical, Under Armour, and – amazingly – Yeti.

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If you’re unfamiliar with this miracle brand, I suggest you head to the Google posthaste.

But wait. That’s not what really makes GovX stand out. The real power of this site is that every month, the company selects a new nonprofit organization who does work related to first responders, military members, veterans, and their families and donates a portion of its revenues to the chosen groups. This is what GovX calls “Mission: Giveback.”

Previous Mission: Giveback recipients include the Iraq and Afghanistan Veterans of America, Firefighter Aid, National Law Enforcement Officers Memorial, the Semper Fi Fund, Team Rubicon, The Pat Tillman Foundation, and the Green Beret Foundation.

In 2019, GovX is supporting the Military Influencer Conference, a three-day event that brings together entrepreneurs and veterans from all walks of life to share knowledge, build one another up, and help mentor each other through the rigors of starting their own businesses. Learn more about it by visiting the website and look for a Military Influencer Conference near you.

Now feel free to splurge on those yoga shorts you were iffy about buying – and feel good about doing something for your brothers and sisters in arms.

MIGHTY CULTURE

How and when to tell a job you might be PCSing

Are you PCSing soon? Or is a PCS in the works? While it can be hard to tell exactly when you might be leaving before hard orders are issued, in the military world, it’s pretty much a given that you will be leaving. If not anytime soon, then soon after that.


It’s just a part of the lifestyle.

Why it’s a Potential Setback

As a military spouse who works as a civilian (but tied to military schedules and locations in “normal” careers), PCSing can throw a wrench right into your plans. Before you can promote, before you can achieve seniority … or just as you get settled, it’s time to move. That means finding another job, and wondering if you’ll have your frequent moves held against you.

But how do you tell your current job you’re PCSing? And when?

Look at Your Work Relationship

This is a tricky situation; there are horror stories of spouses suddenly being laid off once orders arrived. Don’t fall victim to this scheme. Consider the type of relationship you have with your current company and let it guide you. Do you get along well? Is there a hostile corporate environment where the competition is high?

Technically, you do not owe anymore more than two weeks of notice before you leave. But in most scenarios, it’s courteous to let your employer know when you’ll be leaving town 1) so they can start looking for a replacement and 2) you can be a part of the training process. OR secret option 3) you can start working with them on a remote position setup.

If you have a good relationship with work and get orders well in advance, tell them. Talk about possibilities for staying on, and what the change might look like. However, if you’re genuinely worried about getting the boot, keep mum. Your work is not owed any personal information, especially when you fear that sharing will hurt your income.

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Staying on Remote

A growing option among military spouses is the ability to work for a single company remotely. With easier online access and accountability, telecommuting is not only viable as a long term career, it’s cost effective.

Bring up this move to your boss; go in with a plan so they aren’t worried about logistics. Talk about your hours, your workload, and how you’d love to stay on with them well into the future. Help your chances by including stats on remote work, platforms that can help keep everyone on track, and even savings that are in it for the company but not paying for an additional office seat.

Of course, the biggest perk to working as a remote employee is that your company gets to keep you. They don’t have to train a new worker or start over with brand nuances or expertise. Play up your specialties for a solid sell.

How To Drop the News

There doesn’t need to be anything formal about sharing military orders. A simple, “Hey we’re moving to Texas!” Or “Colorado will be seeing us soon.” Remember to drop in all the hard details, as well as the ones you don’t yet have. For instance, when you’re moving, how long you’ll be there, what it means for your availability, and any specific report times.

There can be light at the end of the tunnel by letting your current job know you’re moving, and when. Consider current working relationships and how that can plan into future moves for all involved, including the possibility of remote work.

MIGHTY MONEY

Finance Friday: How to benefit from historically low mortgage rates

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


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New home purchases

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

Refinances

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

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

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

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

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

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