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.
A meditation company with an iTunes app is offering free downloads to veterans. Meditation Studios has developed 200 meditation tracks that can be downloaded through their app in the iTunes store.
Through a recent partnership with Give Back, the company created the Veterans Collection, a unique series of meditations that are designed to help veterans improve their focus, relieve stress, and encourage better sleep.
In a statement to We Are the Mighty, Meditation Studios said:
Please enjoy these complimentary meditations from Meditation Studio App. For more from this collection, download the app. The guided meditations in the Veterans collection will help to improve focus, relieve stress, encourage better sleep and generally bring more peace of mind. The mind can be a great source of distress when it’s out of control. When we can relax, pause or slow the mind down, it becomes a source of consolation and peace.
As we learn to meditate, we learn to recognize emotions, thoughts and sensations without reacting to them. It helps us to respond more thoughtfully, without impulse or overreaction. This can be very comforting, giving veterans more control over the thoughts and emotions that accompany a return from deployment.
The downloads are available through the app, or through SoundCloud. The app, which is $3.99 and has high ratings, features unlimited access to all of the company’s meditations and courses; population and situation specific mediations; step-by-step “courses” with instruction on proper meditation; meditations in various lengths to fit into busy schedules; a section for tracking progress, scheduling meditations, and an in-app calendar.
An uncontrolled study published in Military Medicine in June, 2011 found that meditation among Operation Iraqi Freedom and Operation Enduring Freedom combat veterans with moderately severe post traumatic stress “may have helped to alleviate symptoms of PTSD and improve quality of life in veterans of OEF/OIF with combat-related PTSD.”
A similar study by the Army in 2013 determined that meditation could have a positive impact on PTSD, and noted that more research was needed.
The VA notes that meditation, when combined with other treatments, may “improve outcomes” of treatment.
A specialized VA lender, a military-friendly real estate agent and a national homebuilder joined forces to help a disabled veteran use his VA loan benefits with a government grant to build the home he’d dreamed of for almost 2 decades.
John Swanson comes from a long line of military members. He was born at Southern California’s Fort MacArthur. His grandfather was in WWII and retired as a full bird Colonel. His father was an Army Sergeant in the Korean War, and his Uncle was an Army Captain. John was determined to carry on the family tradition. The Vietnam War was in full swing in 1971, and while he was more than ready to join, he was too young. Just before his seventeenth birthday, John enlisted in the U.S. Army Delayed Entry Program (DEP) to ensure an active duty slot when he came of age.
During an infantry training exercise, John fell 50 feet repelling from a helicopter. The medics found nothing broken, so John was ordered to keep training under advisement. He was ordered on a 10-mile compass run in shower shoes, during which John’s ankles collapsed underneath him. This time, the doctors determined he could not continue training. He was released under the discharge category “undesirable conditions. ”
“My whole purpose was to serve my country, but it wasn’t meant to be,” John shares. The Vietnam Era veteran had to fight for his honorable discharge, which he eventually received. Meanwhile, he had darting pain and decreased mobility in his arms and legs. Upon further medical examination, he was diagnosed with a chronic neurological syndrome called Reflex Sympathetic Dystrophy (RSD). Now confined to a wheelchair, John was upgraded from 60 percent to 100 percent disability.
“It was hard not to notice the wheelchair,” says John’s finance Terry Kaut, whom he met at a singles club 13 years ago. “But John was so full of life and joy. Later I found out how much pain he was in, which made his outlook even more amazing,” she added. After 10 years of dating, John and Terry decided to live together in a two-bedroom apartment near Sacramento. The only room suited for John’s disability was the bathroom.
“I’ve bruised my knee caps and broken several toes,” shares John, referring to the narrow halls and doorways in typical rentals. “I chased the American Dream for a long time, but accessible homes just don’t come up that often,” John explains. “So I lived in what was available.”
John’s housing frustrations turned to hope when he heard of a grant administered under the VA Loan Guaranty Division. Specially Adapted Housing (SAH) grants help veterans with certain service-connected disabilities build or modify homes to best suit their needs. He applied for the grant in 2012 and searched for a VA-approved mortgage lender to help him use his VA benefits.
John applied for a loan with iFreedom Direct®, a nationwide lender that specializes in home loans for veterans. Later John was connected to Sherry Dolan, a Sacramento-based Keller Williams® real estate agent familiar with the VA loan process. Sherry says, “I’ve sold a lot of homes to a lot of veterans, but this was the most challenging and most rewarding.”
The first issue was the grant. It had been months and John still hadn’t heard back from the VA. Debbie had a connection at the Department of Veterans Affairs that reported the paperwork had either been lost or never received. Together, Sherry and Debbie helped John reapply. Sherry enlisted the help of Sacramento Congresswoman Doris Matsui’s office to expedite the second application to make up for lost time. Within just a few months, John was awarded the fully-allotted $67,555.
Meanwhile, Sherry set out with the couple to look for a house. She saw John struggling. “Terry and I lugged a heavy ramp around just so he could get up the front steps,” she explained. “He couldn’t access back rooms or step-down garages.” Sherry also saw that sunken living rooms, common in California, were a problem.
Then another issue surfaced regarding renovation. John’s respiratory problems required that they live in their apartment until any construction dust settled. With John’s fixed disability income and Terri ‘s modest income as a middle school registrar, they could afford rent or a mortgage payment. Not both.
Sherry thought to seek help from a builder. She approached several, but only one took an active interest in helping John. Lennar Homes had a new subdivision in Rancho Cordova with six model homes. The company agreed to adapt a single-story floor plan under SAH guidelines to suit John’s disability. Lennar® also financed the construction phase so John and Terri could keep renting until the home was finished.
The original blueprint was modified with John and Terry in mind. The specially-adapted model resulted in a 1,794 square-foot, three-bedroom home with 42-inch doorways, wheelchair-friendly flooring, an accessible master bathroom with roll-in shower, a ramped garage, flat front and back entrances, left-handed light switches, and many more customized details.
“The home represents a unique situation for us, but the project has definitely increased our awareness and the need for adaptable homes,” says Division President Gordon Jones. “We were honored to be able to serve a veteran in this way.”
Given the venture’s success, the builder welcomes the opportunity to serve other veterans. According to Lennar®, John’s house was the first-ever specially adapted home built by the Northern California division with money from an SAH grant.
“Thanks to this dedicated team of professionals who worked together, Mr. Swanson was finally able to get into a home,” shares iFreedom Direct’s Customer Experience Director Tim Lewis, a Retired U.S. Army Major.
John may have never gotten the opportunity to serve on foreign soil, but, as fiancé Terry relays, he has served for years from his wheelchair. “He counseled GIs and other individuals with RSD and answered a hot line for years,” says Terry. “And, now because of John, the way is paved for other disabled veterans to build a Lennar® home to fit their needs.”
A housewarming party took place shortly after John and Terry moved into their new home. The entire team came together to celebrate, along with many of the couple’s new neighbors and some local veterans. To honor the special occasion, iFreedom Direct had installed a 20′ flagpole in the front yard and Tim Lewis presented John with an American flag during an emotional dedication ceremony.
(Left to Right: In front of the specially-adapted Lennar home after flag raising ceremony are iFreedom Direct loan officer Debbie Losser, Keller Williams real estate agent Sherry Dolan, homeowner John Swanson and fiancé Terry Haut and Dolan’s real estate partner Belinda Mills)
When asked what this house meant to him, John fought his emotions to get these words out, “It means the world. It’s hard holding back the tears when I think how everybody came together to make it happen for us.”
Veterans with permanent and total service-connected disabilities may be eligible for SAH grants. To apply, submit VA form 26-4555 to your VA Regional Loan Center. For information about VA loans, contact iFreedom Direct®.
iFreedom Direct®, a top VA-approved lender, has served America’s brave men and women by providing quality VA loans since 1996. These zero-to-low down payment mortgages, backed in part by the Department of Veteran Affairs, help eligible borrowers purchase and refinance homes at competitive interest rates. Pre-qualify at www.ifreedomdirect.com or 800-230-2986.
While the Air Force has gotten the F-35A to its initial operating capability, the service is having a ton of other problems — problems that could place the ability of the United States to control the air in doubt.
According to a report by FoxNews.com, the service is short by about 700 pilots and 4,000 mechanics. This is not a small issue. A shortage of well-trained pilots can be costly.
F-16s fly beside a KC-135 during a refueling mission over Ramstein Air Base, Germany. (U.S. Air Force photo/Airman 1st Class Preston Cherry)
In World War II, the United States had a strict policy of rotating experienced pilots back to the states. This is why John Thach, the inventor of the Thach Weave, had only seven kills in World War II, according to Air University’s ace pilots list.
He was sent back to train the pilots needed to fly the hundreds of F6F Hellcats and F4U Corsairs. By contrast, Japan kept pilots on the front line until they were shot down or badly wounded. It cost them experience.
Maintenance personnel also matter. A fighter on the flight line does no good if it can’t fly, and the mechanics are the folks who keep it functional. The thing is, no mechanic — no matter how good he or she is — can fix two planes at once.
So why is the United States Air Force facing this much of a shortage? An Air Force release notes that the decline took place over the last ten years, but was exacerbated by the sequestration cuts of 2011.
“The risk of manpower shortage is masked and placed on the backs of Airmen,” Air Force Chief of Staff Gen. David L. Goldfein said in that release. “Because if you go back and look at the data and the way we measure readiness, did we taxi? Yes. Did we launch? Yes. Did we make the deployed destination and accomplish the mission? Yes.”
But accomplishing the mission came at a price, Goldfein explained. “What’s masked is the fact that the shortage of people has fundamentally changed the way we do business in terms of the operational risk day to day.”
When asked for a comment by the writer, Elaine Donnelly of the Center for Military Readiness said,
“I’m not aware of an official survey to confirm what may be going on, but it appears that the mystique of being an [Air Force] pilot has been eroded by a combination of budget cuts and social agendas; e.g., Air Force Secretary Deborah James’ Diversity Initiative Fact Sheet. Mandates such as this clearly indicate that qualifications and high standards are not very important, and certain types of applicants need not apply.”
Donnelly also pointed to aircraft readiness issues in the Navy and Marine Corps, as well as the many aging airframes in the U.S. inventory.
Also of note – FoxNews.com noted that in 1991, the Air Force had 134 fighter squadrons. Today, there are only 55, marking a reduction of 59% in the number of fighter squadrons.
Nearly 2 million US veterans would benefit from raising the federal minimum wage to $15 per hour.
Approximately 1.8 million of the 9 million veterans in payroll jobs across the US would get a raise if Congress raised the federal minimum wage to $15 per hour by 2024, the liberal-leaning Economic Policy Institute determined in an analysis on the Raise the Wage Act of 2017 in honor of Veterans Day.
Nearly two-thirds of the veterans who would get the raise are age 40 or older, over 60% have some college experience, and nearly 70% work full time, the EPI found.
“This means that despite their service to the country, the intensive training that they have received, and the access to additional education provided to veterans through the GI Bill, 1 out of every 5 veterans is still being paid so little that they stand to benefit from raising the minimum wage,” the Economic Policy Institute’s David Cooper and Dan Essrow wrote.
The debate over raising the federal minimum wage has heated up over the past few years. Those against raising it argue that a higher minimum wage could lead businesses to raise their prices or to cut jobs and benefits in an attempt to offset the cost.
Those in favor of raising it, on the other hand, argue that raising the minimum wage above the current $7.25 per hour federal standard would improve living standards, and would enable consumers to spend more. That increased spending would then give a nice, healthy boost to an economy that still shows some slack several years after the Great Recession.
The current federal minimum wage is at $7.25 per hour. Parts of the country have raised their minimum wages above that, including a number of states and major cities like Seattle, Washington and Los Angeles, California.
The Raise the Wage Act of 2017 was introduced by Sens. Bernie Sanders (I-VT) and Patty Murray (D-A), and Reps. Bobby Scott (D-VA) and Keith Ellison (D-MN) back in April, 2017. It would incrementally raise the minimum wage to $15 per hour by 2024, and starting in 2025 it would be “indexed” to median wages so that each year the minimum wage would be adjusted based on the growth in median earnings. It would also increase the subminimum wage for tipped workers (which has been at $2.31 per hour since 1991) and phase out the youth minimum wage and the subminimum wage for workers with disabilities.
The real federal minimum wage peaked back in 1968 at $8.54 in 2014 dollars, according to an analysis by the Pew Research Center. The chart below from Pew compares the real (adjusted for inflation to 2014 dollars) federal minimum wage to the nominal (non-inflation adjusted) federal minimum wage since 1939.
A study from The Economist in 2015 found that “one would expect America… to pay a minimum wage around $12 an hour” based on how rich the country is and the pattern among other developed economies in the Organization for Economic Cooperation and Development (OECD) .
Numerous scams often target military members due to their consistent paychecks and many troops being young and financially inexperienced. From predatory lending to online scams, it’s important for service members to learn how to protect themselves from being taken advantage of. Here are 9 scams every military service member needs to be aware of.
1. Social Media Scams (Card Popping)
Fake accounts are being created on social media platforms such as Instagram and Twitter, where scammers often impersonate military personnel. They will then friend military troops and begin building a relationship through direct messaging. Eventually they will claim they can make you quick money by depositing money in to your account and in exchange you just send them a fee. They will ask for personal banking information such as your username, password, bank card number, and pin. Once the information is exchanged they deposit fraudulent checks and withdraw the cash, leaving you without money and possibly liable for the losses.
2. Rental Housing Scams
Scammers will post fake rental properties on classified websites in areas around military bases and communities targeting troops. Service members moving in to the area will be offered fake military discounts and be asked for a security deposit by wiring money to the landlord.
3. Military Loans
Military car and personal loans that require no credit check, have instant approval, upfront fees, or promise guarantees are highly likely to have hidden fees and terms that take advantage of service members, leaving them with crippling debt.
4. Veterans’ Benefits Buyout Scam
Military veterans hard pressed for cash may be lured into this buyout plan offering a cash payment in exchange for their future disability pension payments and benefits. However, these payouts are only about 30 to 40 percent of what their value is and structured in ways harmful to veterans’ finances.
5. Car Purchase Scams
Using websites that offer classified ads, scammers will create car ads targeting military members. They will pretend they are a service member who is being deployed or moving because they are being stationed somewhere else and need to get rid of their car quickly. They will ask for wire transfers or up front fees and will offer fake claims such as free shipping or discounts.
6. Employment Scams
Veterans and active duty members searching for jobs may come across employers who offer special consideration for their military service. Be wary of employers asking for personal information such as bank account numbers or that want to conduct a credit or background check. Some are scams that use your personal information to steal your identity and/or expose you to fraud.
7. Jury Duty Scam
Military members will be targeted by callers who claim they work with the court system and tell the service member has a warrant out for their arrest due to not showing up for jury duty. Fearing they can get in trouble by their command, the caller says it can be taken care of by providing personal information such as a social security or credit card number.
8. Veterans Affairs Scam
Military veterans are being targeted by phone scammers who call claiming they work for Veterans Affairs and say they need to update their information with the VA. The VA never calls and asks for your private information by phone.
9. Military Life Insurance Scams
Hard sales tactics are used by agents who target military members. They will make false and inflated claims about life insurance policy benefits which are expensive and most likely unnecessary.
Learn how to protect yourself!
To help military members and their families the Better Business Bureau has created a BBB Military Line to educate service members on how to protect themselves. Be sure to follow their Facebook page to keep up to date on all current scams and ways to protect yourselves.
(Note: The BBB has put out a warning about scammers trying to take advantage of the military and veteran community during Memorial Day weekend. Read how you can protect yourself.)
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.
If you received an email advertising a new vaccine for the coronavirus, would you open it? If a doctor called you requesting payment to treat your family member for COVID-19, would you share your information?
While the world is focused on the coronavirus (COVID-19), criminals are taking advantage of the situation.
“We are seeing coronavirus-related phishing attacks and we are seeing them at USAA,” warns Michael Stewart, assistant vice president of information security at USAA. “We are seeing emails advertising alleged coronavirus-related benefits and others from a healthcare perspective.”
Other potential scams include fraudsters pretending to be members of the Centers for Disease Control and Prevention or World Health Organization to obtain personal information or selling fake coronavirus test kits and vaccines that do not exist.
“Fraudsters like to take advantage of these situations,” explains Stewart. “They will leverage the coronavirus and urgency around it to get people to click on things or give up information that they might not otherwise disclose.”
Some additional scams during this pandemic period to be aware of include:
Charity scams: Stay alert of scammers contacting you to donate to fake charities. Research the organization you desire to sponsor to ensure your information is protected.
Product or services scams: Items like hand sanitizers, disinfectants and household cleaning supplies are often offered by scammers who will keep your money. Scammers also offer cures, coronavirus test kits and vaccines that do not exist. Services can range from house cleaning to doctor visits.
Employment scams: Scammers create job ads to lure unemployed consumers to fake jobs. The scammers will wire money or send a fake check to you, asking to send a portion back or use the funds to purchase goods, which are directed back to the scammer
Tips to protect your information include:
Secure your accounts: use multifactor authentication everywhere, especially with banks, phone and email providers. This extra layer of security helps keep you safe.
Stay vigilant: scammers will contact you by phone, email or text offering products, services or humanitarian opportunities. They often pose as credible companies “phishing” for login or personal information Pause to confirm it’s a credible company before proceeding.
Monitor your accounts: stay close to your personal bank accounts, report suspicious behavior and respond to alerts.
Use trusted Wi-Fi networks: as more people transition to work from home, ensuring your Wi-Fi network is password protected is critical to safeguard your information.
The Republican majority on the House Veterans Affairs Committee pushed through a voice vote Wednesday to subpoena documents from the Department of Veterans Affairs on millions spent for artworks at VA facilities and huge cost overruns at a Denver-area hospital.
“It’s unfortunate that the VA’s continuing lack of transparency has led us to this decision” to move for the subpoenas, said Rep. Jeff Miller, a Florida Republican and the committee chairman.
“I am confident we are not receiving the whole picture from the department” on spending for art and ornamental furnishings, including $6.4 million at Palo Alto, California, facilities.
The committee also wants specifics on the costs for a new Aurora, Colorado, facility that ballooned to $1.7 billion, nearly three times the original estimate.
Rep. Mark Takano, a California Democrat and the ranking committee member, argued that the VA was already working to provide answers and warned that the subpoenas could expose whistleblowers. “Now you will be outing employees who were honest with investigators” on the artworks and the spending on the Aurora facility, Takano said.
In June, Deputy VA Secretary Sloan Gibson said, “We got a lot of things wrong” with construction of the Aurora facility, but releasing an internal VA investigation would be counterproductive.
“You end up chilling the whole investigative process,” Gibson said in a news conference at the construction site.
The subpoenas ask for all information on VA art and ornamental furniture purchases since 2010. The VA’s response in the inquiry thus far has been “wholly incomplete,” Miller charged.
“We will not accept VA trying to pull the wool over the eyes of this committee and the American people for poor decision-making and waste of funds made on the part of the department,” Miller said.
“VA claims to have spent approximately $4.7 million on art nationwide from January 2010 to July 2016, yet the committee has already substantiated over $6.4 million spent during this period in the Palo Alto health care system alone,” he said.
Miller again singled out artworks at the Palo Alto Polytrauma Rehabilitation Center, described by the VA as one of five facilities nationwide designed to provide intensive rehabilitative care to veterans and service members with severe injuries to more than one organ system. Miller made similar complaints about Palo Alto nearly a year ago in a House floor speech.
Miller took issue with “Harbor,” a huge rock sculpture in a pool that its designers said was intended to evoke “a sense of transformation, rebuilding and self-investigation.”
When installation was included, it cost nearly $1 million “to put the rock up,” Miller told the committee.
Miller also complained about an artwork called “Horizon” on the walls of the Palo Alto facility’s parking garage.
“Horizon” spells out in Morse code the “With malice toward none …” quote from President Abraham Lincoln’s famous Second Inaugural address and a quote from Eleanor Roosevelt, which says in part, “You must do the things you think you cannot do.”
As a service member or veteran, the importance of fitness is ingrained into every fiber of your being. From the beginning of your military career during your basic training, to later spending years locating your PT belt before early morning sessions, you know that fitness and gains are everything.
What about your financial fitness?
How often do you check in with your income, expenditures, savings, retirement, and investments? No one’s testing you on them, no one’s leading you in weekly training sessions, and there is no chance of “busting tape.” So, what sort of battle buddy do you have for accountability when it comes to your money? Who’s staying on top of you to make sure that you’re staying financially fit?
Military Saves Keeps You On Track
We’re not drill sergeants, but we are a small team of veterans and military spouses who apply behavioral economics to motivate the military community to save money, reduce debt, and build wealth. One of our team members is even an Accredited Financial Counselor (AFC®) and the other two have proudly learned from experience (a.k.a. The School of Hard Knocks), so we’ve all been there!
Military Saves is a participant in the Department of Defense Financial Readiness Network. Our research-based program is coordinated by the nonprofit organization, Consumer Federation of America.
We won’t have you sign on the dotted line, (once was enough), but we do encourage you to take the Military Saves Pledge. Once you make a promise to yourself to embark on your financial fitness journey, you’ll join a community of #MilitarySavers, and can look to Military Saves for accountability. We’ll keep you on track with emails, text reminders, free resources, and tips to help you realize your financial goals.
Pump Up Your Money – Military Saves Month
If your money habits could use a boot camp, or your account balances could get stronger, and you’ve decided it’s time for your money to start working for you, then you’re in luck!
April is the annual Military Saves Month, a free, virtual event where hundreds of organizations come together to encourage the military community to do a financial wellness check in.
Over the course of a month, we’ll cover money-related topics from a relatable, down-to-earth, positive perspective. Savers end the month with tools, resources, and clarity on their current financial situation, new savings goals, and a realistic plan to achieve them.
In addition to this wealth of information, participants have the chance to win $500 during our #ImSavingFor Sweepstakes! It’s like pre-workout for your bank account and is a great way to propel you toward your financial fitness goals!
We also invite our Savers to submit their story of how they turned their finances around, paid off debt, bought a home, saved up six figures, or even retired early. Not only can you get featured on our blog, but we’ll send you $50 if your story is selected!
The truth is, accountability works, and we have the research to back it up. As they say, a goal without a plan is just a wish.
We look forward to having you join us for Military Saves Month in April, and cultivating a savings account that reflects your physical and mental discipline. Visit us at militarysaves.org for more information.
One of the greatest perks of military life is having a reliable, consistent paycheck. Military pay is issued once mid-month and once at the end of month. We have a chart for you to see exactly which dates are 2020 military pay days and when those funds are available through Navy Federal Credit Union* and United Services Auto Association. *NFCU funds availability is only shown for the active duty checking account, not their other programs.
Building a budget and living within your family’s means are both much easier when you know 2020 military pay dates and the USAA pay dates and NFCU pay dates.
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
“Oh, beautiful friend,” begins an email from Nigeria, “I am in need of your help to move the sum of 30,987,544.36 out of my country but, alas, I cannot.” This email scam is old as email itself but is a spin on an even older scam, one that involves a man claiming to be a political prisoner during the Spanish-American War. Apparently, he’s hidden money away and is desperate to get it before the Spanish find it. Thankfully, through friends, he’s found you, a person of considerable trust. Now if you could just send him some money…
Well, the Spanish-prisoner-turned-Nigerian-prince has transformed yet again. This time, he’s turned into an American soldier… In Nigeria.
This letter con is actually even older than the Spanish-American War. The resurgence of the scam in 1898 was just a play on American anti-Spanish sentiment. In the 1700s, it was a different kind of Spanish prisoner who needed money to smuggle a wealthy family member into or out of a country. Then there’s the 1800s’ “Frenchman in Jerusalem,” or the 1920s’ “German Winemaker Investment.”
These are all different flavors of the same scam. You pay a comparatively small amount up front for the promise of a great windfall down the road, but nothing ever comes. Like all of these schemes, the fraudster is taking advantage of a political situation, economic frustrations, or the recipient’s general lack of knowledge about the subject or region.
This is the new Nigerian Prince.
Now, schemers are looking to take advantage of all three of those weaknesses. Americans love their military, but don’t always know where the U.S. military is operating — sometimes because it’s undisclosed and sometimes because Americans don’t really care where U.S. combat troops are deployed (before anyone gets indignant about this statement, ask yourself if you really know).
This is not a trick. That’s really where Nigeria is.
But the latest scam isn’t coming from Nigeria. It’s coming from Syria. Well… it claims it’s coming from Syria.
“How are you doing my friend, great I guess! Now I know this mail will definitely come to you as a huge surprise, but please kindly take your time to go through it carefully as the decision you make will probably go a long way to determine my future and continued existence. First, let me introduce myself. I am Capt. Christopher Townsend, assigned to 2nd Battalion, 3rd Marine Regiment, 3rd Marine Division, 3rd Marine Expeditionary Force in Syria.”
For civilians who may be susceptible to this scam, I hope you tried to show this to a military friend because there are many glaring irregularities between this first paragraph and the photo of the ID sent along with it.
Blurring the edges of an ID photo is something no one does ever.
Aside from a clearly photoshopped ID photo, the CAC card above was taken from a U.S. Army Sergeant Major, not a captain of Marines. Secondly, unless that captain was also a journalist, it’s unlikely that he would abbreviate his rank using the Associated Press style. Military personnel have many different ways of abbreviating ranks, but the Marines don’t use a period. Finally, no sergeant major or captain I have ever met talks or writes like that.
And a Marine isn’t likely to make that kind of mistake, even in an informal email. Are the Marines in Syria really with the 2nd Battalion, 3rd Marine Regiment? That doesn’t matter.
It matters, but not for the purposes of deciding to send them money.
(U.S. Marine Corps photo by Sgt. Donald Holbert)
“Some money in various currencies was discovered and concealed in barrels with piles of weapons and ammunition at a location near one of President Assad’s old Presidential Palaces during a rescue operation and it was agreed by all party present that the money be shared amongst us.”
Do dictators just leave money around, hiding in barrels with arms caches? My guess is that President Assad probably keeps his money in a bank, like most of the world. Keeping illicit cash in barrels laying around one of your many houses is a surefire way to lose it. Besides, rich dictators don’t have to horde cash — they don’t care if people know they’re stealing.
The Syrian Presidential Palaces are located in Damascus and if U.S. Marines are/were in Damascus, even on a rescue mission, we probably would have heard about it by now. Most importantly, Assad never lived there.
It would not be this clean after a visit from United States Marines.
Finally, this is something more akin to the plot of Three Kings than something U.S. Marines would really do. The Marine Corps is renowned for its discipline and adherence to its core values on the battlefield. If they came across a cache of million dollars in a Presidential palace, you’d see Marines posing with it and their small arms on Instagram right before you read about it in the New York Times. Then, they’d turn it in.
If you ever have a question about something fishy sent from someone claiming to be a U.S. troop, just ask a veteran. We all need a good laugh.