In the midst of COVID-19, there is really good news for veteran and military home buyers: It is the perfect time to buy.
Kevin Parker is the Vice President of Field Mortgage Originations for Navy Federal Credit Union. Parker shared that now, more than ever, is the perfect time for veterans, service members and military families to buy. He explained that the market currently has great rates, no “junk” fees and experienced VA loan lenders ready to work for them.
Parker advises the new service member to do their research first though. “Talk to lenders early and become familiar with the company that funds them. Many who provide [originate] don’t service the loan. Navy Federal Credit Union services every one,” he said. Parker also shared that it is important to compare both the rates and the fees. He explained some lenders will even offer an estimate of fees before you apply, making it easier to understand the total costs associated with the home loan.
For many active duty military families, purchasing a home can be intimidating and even anxiety provoking. This can be attributed to the frequent moves associated with military life and the concern of being able to sell the home when it is time to PCS again. But Parker wants military families to be at ease when considering purchasing a home. “Historically, it is a good investment and can create investment power in terms of future income,” he explained.
He also suggested that military families work with Realty Plus through NFCU.
Realty plus is a program through NFCU that pairs you with a coordinator who then connects you to a real estate agent who is specifically trained to work with military families. This program also comes with a cash back offer if you close on your home with one of those agents.
Veterans or recently separated service members may have different ideas in mind for their home purchase. Many are looking at states which will be their retirement homestead. Parker suggests that they pay attention to the economy in general and seek areas with good value for their money.
Parker also said that finding an area with NFCU branches wouldn’t hurt either.
The NFCU website states that they aim to, “Be the most preferred and trusted financial institution serving the military and their families.” NFCU was Founded in 1933 and is the world’s largest credit union. When they opened their doors, they had seven members.
Now, they have over nine million members.
Membership is open to all Department of Defense, Coast Guard Active Duty, veterans, civilian and contractor personnel and their families. They pride themselves on their original charter being to the military community and for having over 40 years of experience in servicing loans. In fact, half of their loans are VA home loans.
Parker credits NFCU’s success to the company’s commitment to the culture of focusing on the families. The NFCU website also promises that, “Once a member, always a member. You can leave the military, change employers, move, retire, get married – yet always stay with Navy Federal. Your life is our mission.”
To learn more about Navy Federal Credit Union, click here. To see their current VA and Conventional Fixed Home Loan rates and decide if a mortgage with NFCU is right for you, click here.
Jack Taylor, the founder of Enterprise Rent-a-car who served as a fighter pilot during World War II, died last week at the age of 94 according to an announcement made by the company.
Taylor served as an F6F Hellcat pilot in the Pacific Theater during World War II, flying from the U.S.S. Essex and U.S.S. Enterprise (his company’s namesake). He was attached to Carrier Air Group 15, led by the top Navy ace of all time, Commander David McCampbell. CAG 15, which sustained more than 50 percent casualties during the war, was one of the most decorated combat units in the history of U.S. Naval Aviation. Taylor, who served as McCampbell’s wingman on several combat missions, was twice decorated with the Distinguished Flying Cross. He also received the Navy Air Medal.
After the war, he worked as a sales rep for a Cadillac dealership before getting into the leasing business with a fleet of 7 cars. His breakthrough idea was renting cars at places other than airports for those who needed an extra car around the neighborhood for whatever reason. His company, Executive Leasing, eventually became Enterprise. The company is among the world’s biggest rental car brands, with annual revenues at nearly $20 billion.
Taylor also a philanthropist. Since 1982, he personally donated more than $860 million to a wide variety of organizations including Washington University and the symphony orchestra in his hometown of St. Louis.
Years later, Taylor reflected back on how well his military service had prepared him for his business success, saying, “After landing a Hellcat on the pitching deck of a carrier, or watching enemy tracer bullets stream past your canopy, somehow the risk of starting up my own company didn’t seem all that big a deal.”
As summer camps wind to a close and kids make their final splashes at the pool, parents have one thing on their minds: back-to-school shopping.
But when you add up the cost of all the items on your kids’ classroom supply lists, backpacks, clothes and shoes, back-to-school is expensive! The following is a list of discounts to help military families get the kids off to school in style while staying within your budget.
1. Operation Homefront’s Back-to-School Brigade
Operation Homefront partners with Dollar Tree to collect school supplies for military children as part of their Back-to-School Brigade. Dollar Tree stores put out collection barrels from July 5 through August 11, and then Operation Homefront volunteers distribute them to military children at events throughout the country during the back-to-school season. Click here for more information and to find programs in your area.
2. Tax-Free Shopping Days
For a few days each year, some states offer a “sales tax holiday” right around back-to-school time when shoppers can buy specified items tax-free. This is a great way to save on back-to-school necessities like clothes, shoes, and other school supplies. To see if your state participates in the sales tax holidays, click here.
3. Clothing and Accessories
By the time summer is over, the kids have either outgrown all their school clothes or worn them ragged from vacation and camp. Update their wardrobe with new clothes and accessories using military discounts at Banana Republic, Claires, eBags, New York and Company and Old Navy. If you’re mall shopping, be sure to ask for a military discount in every store you stop in. Some malls, like the MacArthur Center in Norfolk, Virginia, offer military discounts in many of their stores. And outlets like Tanger Outlets offer discounts and free coupon books.
No back-to-school wardrobe is complete without new shoes. So take advantage of the military discounts offered by Payless and Rack Room Shoes.
5. Classroom Supplies
Most schools now expect parents to help stock classroom supplies like pencils, crayons, notebooks, folders, scissors, glue, and binders, as well as necessities like tissues and hand sanitizer. Find these supplies and use military discounts as Michaels, Jo-Ann Fabric and AC Moore.
6. Backpacks and Lunch Bags
Looking for backpacks and lunch bags? Pottery Barn Kids has an adorable collection of both, and they offer a 15% in-store military discount.
7. Tutoring and Test Prep
Does your child need a little extra help with homework and studying?Tutor.com, where expert tutors are online 24/7, offers free tutoring for military families.
Do you have older kids getting ready for college testing? eKnowledge donates their SAT and ACT College Test Preparation Programs to service members and their families. You pay only a minimal price per standard program to cover the cost of materials, processing, distribution and customer service.
If you’re looking to buy a computer or other necessary electronics, check out the military discounts offered by Dell.
Need tech support? My Nerds offer military discounts as well.
AT&T Wireless, Boost Mobile, Sprint, US Cellular and Verizon all offer military discounts, so if you’re in the market for new cell phone plans to keep in touch with your active student, you have a great variety to choose from. (Some offer military discounts on devices and accessories as well.)
10.Exchange Price Match Policy
Don’t forget that the Navy Exchange (NEX), the Marine Corps Exchange (MCX) and the Army and Air Force Exchange (AAFES) all offer price matching. That means if you see a lower price for the same item at another store, bring proof to the Exchange and you can buy that item for the competitor’s price.
In many ways, Lakesha Cole is the typical military spouse. A mother and wife, Cole has spent the last five years like many other military spouses: focused on a passion while juggling her family responsibilities.
But it’s the way she’s done it that sets her apart. Recently, Cole and her husband, Gunnery Sgt. Deonte Cole, and their children completed a Permanent Change of Station from Okinawa, Japan, to Camp Lejeune, North Carolina.
And along with their kids and personal effects, the Coles also took their successful business inside the Okinawa Exchange with them.
This was the second time Cole packed up her company, She Swank Too, and hauled it overseas. Two years after debuting their company aboard Camp Pendleton, California, the Cole’s took on a PCS to Okinawa, embarking on a mission to open the first brick and mortar She Swank Too there.
Cole spoke with We Are the Mighty about her experience just trying to get a meeting with the retail manager in Okinawa.
“He was reluctant to do business with me,” she recalled, after waiting for six months to secure a meeting with the manager. He argued that military spouses didn’t believe “the rules apply to them,” citing spouses who formerly ran businesses in the retail space with poor business practices.
Cole says she presented her business plan, complete with financial reports, customer data and testimonials, and samples, to the manager. They agreed to a 30 day trial run of a brick and mortar She Swank Too. Three years later, the store accompanied the Coles on their PCS.
When asked what steps an entrepreneur should take during a PCS, Cole was quick to answer, “Stay active and… communicate with your customers.” Customer interaction is one of the focal points of the company. “We tapped into the hearts and homes of our customers,” Cole said.
The motivation behind the company was simple. “We debuted our first children’s collection … to introduce entrepreneurship to our daughter,” Cole recalled.
Cole’s husband is equally involved in the business. “The least recognized role in a business is … that person’s spouse,” Cole said. Cole’s husband is not only an active participant in the company, but a financial investor as well.
Cole isn’t just a business owner. In addition to She Swank Too, Cole is a military spouse retail coach, the founder, CEO and owner of Milspousepreneur, and an active advocate for military affiliated entrepreneurship in hopes of reversing high milspouse unemployment.
“My focus remains in using this business as a vehicle to give back,” Cole said
What do you buy the woman who’s operator AF for Christmas? Guns, guns, and more guns. And maybe some leggings. Previously, we explored what to buy the man in your life who’s operator AF. The list was inspired by my quest to find the perfect gift for my husband, but that prompted him to ask me what I wanted for Christmas. Apparently a million dollars and a pool weren’t going to happen on such short notice. Thus, this list was born:
1. Sport Earmuffs
Sound Management | Honeywell Howard Leight™ Impact® Sport Earmuffs
These cancel out harmful sounds, which sounds just about right for the impending arrival of the in-laws.
Amplifies low-level sound up to 4 times
Protection against harmful noise
Folds for convenient storage
Soft headband for greater wearer comfort
Connects to iPod, MP3 and other devices
Low energy consuming features a 4-hour automatic shut-off
Features patented Air Flow Control™ technology for optimal attenuation
2. Nike Field Boots
It’s shitty, but Nike doesn’t make these in women’s sizes. Math will have to happen here.
Quick-drying synthetic leather overlays for durability and support
Multiple ventilation zones that allow the boot to breathe and drain quickly
Genuine leather footbed for durability, flexibility and comfort
Nike Free-inspired outsole, designed for traction and natural range of motion
Sticky rubber forefoot lugs for exceptional traction on all terrain
Weight: 15.9 ounces (men’s size 9)
3. Tactical Pants
WOMEN’S STRYKE PANT
These are roomy enough for kneepads… for kneeling on the range!
6.76 oz. Flex-Tac ripstop fabric
Articulated knees (kneepad ready)
Bartacking at major seams and stress points
12 pockets sized for tactical use
Operator AF or no, every woman capable of pulling the trigger should own a handgun. This tiny thing fits perfectly into numbers 5 & 6 on my list.
Caliber / System: 9×19 / Safe Action
LENGTH: 159 mm / 6.26 in.
WIDTH: 26 mm / 1.02 in.
LENGTH BETWEEN SIGHTS: 132 mm / 5.20 in
HEIGHT: 108 mm / 4.25 in.
BARREL LENGTH: 86 mm / 3.39 in.
Weight UNLOADED: 509 g / 17.95 oz.
Weight LOADED: 634 g / 22.36 oz.
TRIGGER PULL: ~2.5 kg / ~5.5 lbs.
TRIGGER TRAVEL: ~12.5 mm / ~0.49 in.
BARREL RIFLING: right hand, hexagonal
LENGTH OF TWIST: 250 mm / 9.84 in.
Magazine Capacity: STANDARD: 6
Because who doesn’t appreciate a woman in leggings.
Built-in Trigger Guard for added protection
Fast breakaway retention tab holsters your gun securely in place
No gun grips rubbing your thighs
No printing through your skirt
Fast and smooth draw time
Great for all seasons, all day/night wear
An additional accessory compartment
Right handed draw only
6. Concealed carry corset
Dene Adams® corset holsters
Buy 2. Trust me.
Actual shapewear garment
Fast breakaway retention tab holsters your gun securely in place
Fast and smooth draw time
Great for all seasons, all day/night wear
Comes with a Universal Trigger Guard Insert
Measures and stays true to size
Hand wash/ Line dry
Gun Fit: Compact to Micro (Up to 7.9 inches)
Closure: Two rows of hook and eye
Extenders: Classics Corset Size Extenders
7. Eye Pro
M FRAME® 2.0 STANDARD ISSUE BALLISTIC – ANSI Z87.1 STAMPED
Eye pro is important AF, and I don’t trust my eyes to anyone other than Oakley.
ANSI Z87.1 Stamped
Our performance sunglasses meet and exceed the impact-resistance standards of the American National Standards Institute (ANSI)
Turning conventional wisdom on its ear, one former Army Drill Sergeant has built a multi-million dollar apparel business by uniquely applying military operational techniques and culture.
During his time on active duty, Dan Alarik was deployed to Bosnia and Kosovo. Following his overseas duty, he served as a drill instructor at Fort Benning — a tour that changed his life in a very unorthodox way. Alarik pooled money with a few of his friends and they started to make t-shirts for the various units stationed there. In 2009 he had enough success that he decided to separate from the Army after 13 years and move back to his hometown of Chicago to start a t-shirt company.
Alarik’s vision for what he called “Grunt Style” was very clear. He wanted to bring the best parts of his Army experience — especially the elements of patriotism and service — to the rest of the nation.
As the company grew, Alarik took two bold steps: He moved the business out of his apartment and into an office space and he hired an employee — a fellow vet. From there growth was rapid. The company outgrew the office within five months and moved to a bigger space that they, in turn, outgrew five months after that.
But, as any entrepreneur knows, rapid growth can hobble a startup as much as the absence of it unless there’s a sound strategy behind it. And that’s where Alarik leveraged his military pedigree.
He modeled Grunt Style after the most effective military units he’d been part of during his time on active duty. The company is organized into two platoons: Maneuvers (marketing sales, and design) and Support By Fire (production and fulfillment).
And, more importantly in terms of being true to his business vision, Alarik has populated that military-themed organization with veterans. Seventy percent of his 100-plus employees are vets. (Also of note, manpower-wise, is that his wife, Elizabeth, is the chief financial officer.)
“I had my own challenges with fitting into office culture right out of the Army,” Alarik said. “From the beginning, one of my goals was to make Grunt Style feel familiar to vet employees. Not only do I love working with people who are patriotic and proud, there’s a strong business case behind that idea.”
Another military best practice that Alarik has put in place is pushing responsibility and authority to the lowest level possible. For instance, on the shop floor, “sew leaders” (the title given to front-line manufacturing personnel) work with very little oversight. He also instituted a “battle buddy” program for new hires that ensures the onboarding process is smooth and tackles any issues quickly.
“A paycheck is important, but for vets a job is more than that,” Alarik said. “They joined the military, for the most part, to be part of something bigger than themselves, something of consequence. That’s how we want them to feel about Grunt Style.”
“I knew when I met Dan that I wanted to be part of Grunt Style,” said Tim Jenson, COO and first sergeant. “It feels like ‘home’ working alongside people that get each other and work towards a common goal.”
The result of Alarik’s strategy is a $36 million business with a large facility complete with multiple warehouses for designing, printing, and packaging product. And every shirt comes with what the company calls a “beer guarantee.”
“What that means is if you’re not satisfied you can return a shirt for whatever reason — even if it’s soaked in beer — and we’ll give you a refund,” Alarik said.
And Alarik isn’t done yet. He recently launched “Alpha Outpost,” billed as “the best monthly subscription box for men.” Each month subscribers are mailed a box of interesting items around a specific theme. Previous themes have included “BBQ and Chill” (knives, grill gloves, spices, cookbook), “The Medic” (first aid equipment), and “The Gentlemen” (silk tie, flask, leaded glass).
Companies that struggle with hiring and retaining veterans can learn from Grunt Style’s approach. Alarik has found that the best way to get the most from veterans is not trying to force them into a corporate culture but rather to create a military-friendly environment where they can quickly assimilate and immediately make meaningful contributions to the company.
The Naval Criminal Investigative Service is reportedly looking into allegations that a company which runs military housing at one of California’s largest bases is scamming its residents out of money they don’t owe.
Lincoln Military Housing has reportedly been trying to get military residents to pay hundreds of dollars more than they owe for energy bills, according to statements from families obtained by We Are the Mighty. And if the residents don’t pay up, the Lincoln Military Housing’s San Onofre district office allegedly threatens to have the service members and their families evicted, these families claim.
The exact number of families who have received these eviction notices is unknown, though WATM spoke with multiple military spouses and service members who had been notified by their commands that Lincoln was ordering them out of their homes just before the Christmas holidays.
The residents, all of whom claim they are paid up on rent, all spoke on the condition of anonymity for fear of reprisal from the housing office in question.
According to one couple who spoke to WATM, an eviction notice was sent to them in early December in response to an article that appeared on the website USMC Life, which is run by military spouse Kristine Schellhaas.
“This program has been hurting our military families since its inception,” Schellhaas told WATM in a statement. “Our families should be able to live on base without the financial burden and threat of eviction from poorly executed billing.”
Schellhaas wrote about the couple on her site in December, calling for the housing office to look into its exorbitant energy bills over the previous two months. Though Schellhaas declined to use their real names, the couple had posted about their frustrations in a Facebook neighborhood group page after being threatened with eviction.
Schellhaas indicated that NCIS was investigating the allegations. When reached for comment, NCIS said it was “unable to comment on an ongoing investigation.”
The residents of the San Onofre II district aboard Camp Pendleton claim that, until roughly two months prior, their bills had been at or below the grace period, meaning they were not billed for utilities.
According to documents obtained by WATM, the residents all saw extreme hikes that had nothing to do with increased power usage.
Lincoln Military Housing declined to respond to multiple requests for comment on these allegations.
Lincoln Military Housing takes part in a program where, if residents manage to conserve energy, they can receive money back from the housing office. If they go over the allotted amount, they pay extra.
The energy bills are managed by a company called Yes Energy Management. The premise behind the company is simple — they are essentially a paid middleman for the middleman. Basically, Lincoln Military Housing — who is contracted by the Department of Defense to manage the housing on some military installations — pays Yes Energy Management to send an electric bill to the base residents.
Rather than having the actual electric company send the bill directly to the residents, both Lincoln Military Housing and Yes Energy Management oversee these bills privately — effectively eliminating any contact between the resident and the electric company.
Each of the homes is fitted with a third party Yes Energy meter that the company uses to determine how much electricity has been used.
The way the system works is that each neighborhood gets their energy usages during a trial period combined and an average is determined by Yes Energy. Those who are above that average get penalized. Those who are below it get rewarded.
Once the residents pay their bills every month, Yes Energy pays the actual energy company, takes its fee from the remainder, and sends what’s left back to Lincoln Military Housing, according to residents.
One of the problems, according to the residents of San Onofre II, is that the neighborhoods they live in weren’t built to have their energy usage measured individually. The residents say that an unnamed employee at their housing office explained that things like Camp Pendleton street lights are wired into their houses, which means that the residents are responsible for paying much more than just their own electric bill.
One resident told We Are the Mighty, “It’s just me and my husband, so when we received the outrageous bills we said something about it and come to find out, our house was hooked up to several street lights.”
Other residents allege that, in addition to paying for the streetlights, empty houses around them drive their monthly usage allotments down. Because there are no residents in those homes, according to neighbors, there is no usage – severely impacting the average usage in that community.
That isn’t a hard thing to imagine, considering Yes Energy has this on its website:
Neither of these theories exactly explain why an entire group of residents suddenly saw a significant increase in their bills despite not having changed anything in their homes, residents say.
Several residents say they questioned their bills, first going directly to Yes Energy; they claim that Yes Energy told them that the issue was not with them or the energy provider and that they should be speaking with the housing office regarding the way the communities were built.
These same residents allege that they then took their concerns to base housing, where it took months for just a handful of them to receive any type of response. Those that were fortunate enough to get a response also received messages that hinted Yes Energy was to blame for the outrageous bills.
Chelsea Levin, a service coordinator for Lincoln’s San Onofre Housing office, wrote in an email to a resident dated Dec. 7, “I am e-mailing as a follow up regarding the issues you have been having in the home with the Yes Energy account. I wanted to let you know that we are now waiting on the utility company to make the changes.”
The email is in response to a phone call placed to the housing office in September, according to the resident who provided the original email.
So where does that leave the residents?
Right where they were, for now.
The resident who originally spoke with Schellhaas alleges that they were served an eviction notice the day after Schellhaas’s post went live. According to that resident and the resident’s active duty spouse, the housing office contacted the service member’s command to deliver the notice.
In a Facebook post, the resident said that Lincoln cited the resident’s use of salty language in a phone call with the office as the reason they were being evicted.
The resident claimed that the office gave that reason directly to the service member’s command.
“They’re saying I was verbally abusive,” the resident wrote.
When We Are the Mighty reached out to the couple, the resident responded, “I feel as if the housing office saw the article that was posted in USMCLife and that is what caused them to call this morning as well as tell us we were being evicted.”
Other residents who spoke with us cited a fear of retaliation after it became public information that the original residents in Schellhaas’s story were being evicted. One resident wrote: “If you wouldn’t mind, could you please not mention our names or resident IDs? He’s a Marine.”
And another resident wrote to us regarding her husband’s concern about her speaking with us, “He’s terrified we will get evicted. I kept trying to reassure him, but the longer I was looking [at our bill] the more he started to freak out. … He says he’d rather get screwed than be homeless.”
Recently, Schellhaas was tasked with updating Joint Chiefs Chairman Gen. Joe Dunford’s wife Ellyn on “hot-button” issues facing the military community.
In preparation for that meeting, she collected energy data from 17 base homes and four off base homes. What she found was that base residents were charged nearly 45 percent more for comparable energy usage off base. An entire breakdown of her findings can be reviewed here.
Schellhaas issued this statement to We Are the Mighty in regards to the entire energy program:
“I believe there hasn’t been enough due diligence in its implementation and no one authority has demonstrated that the organizations can be made accountable for their actions,” she said. “Privatized housing blames Yes Energy and vice-versa, meanwhile our families are suffering.”
In recent weeks, Wall Street has talked a lot about the fears of a coming recession, fueled by a drop in government bond yields. The casual investor may have no idea what this means for them, but for homeowners in the military and beyond, it means now is the perfect time to refinance a mortgage.
What any potential refinancer needs to know is that the falling bond yield is pushing mortgage rates to their lowest levels in three years. In November 2018, the interest rate was steady at five percent. Eight months later, the interest rate in now at 3.6 percent and looking to fall further.
This isn’t some shady internet ad, promising easy money on Obama-era mortgage laws or new Trump-era government home loans – those certainly exist and everyone should be wary about trusting easy money. But the drop in mortgage rates comes directly from Freddie Mac, whose rate on a 30-year, fixed-rate mortgage fell to 3.6 in August 2019. The reason is that the 30-year rate is linked to 10-year Treasury Bonds. The rate of return on those bonds just fell to their lowest since October 2016.
(St. Louis Federal Reserve)
What this means is that suddenly your homeowner dollar goes a little bit further, considering the cost of taking out a new loan or refinancing an old one just dropped. According to Caliber Home Loans, a lending company who specializes in military and veteran homebuyers, the rule of thumb used to be that the interest rate for a new mortgage must be about two percentage points below the rate of a current mortgage for refinancing to make sense.
With new low- and no-cost refinancing from Caliber and other lenders, refinancing could make sense any time – especially right now, given the latest interest rates. A refinance could reduce overall interest while reducing a monthly payment. If you acted right now, you wouldn’t be alone, not by far. Falling rates boost the U.S. housing market.
It’s important to think of your home as an investment, too.
“My applications are up across the board,” said Angela Martin, a Nashville, Tenn.-based loan officer told the Wall Street Journal. “Every time the Fed starts talking is when my phone starts ringing off the hook.”
What Martin means is the Federal Reserve just cut the benchmark interest rate after a few successive rate hikes. This is when people start looking for a better deal. But be wary – lenders will sometimes employ different perks after a rate drop to entice customers to accept things like credits at closing instead of a lower rate.
For military families and veteran homeowners, look into military-oriented lenders like Caliber Home Loans. Caliber and companies like it specialize in the needs and benefits afforded to military members and veterans. Caliber is also a proud sponsor of the 2019 Military Influencer Conference, a three-day conference of service members, veterans, and spouses who work to elevate the military veteran community.
Spc. Yemima Tarber extended her commitment to the Army during a reenlistment ceremony that was presided over by her mother, Capt. Lisa Campbell at Fort Lee, Va. A new survey by military advocacy group Blue Star Families says most service members with multiple deployments wouldn’t want their kids to go through the same hardship. (Photo by Sgt. 1st Class John Brown)
A new report from military family support organization Blue Star Families shows more than half of service members would not recommend military service to their own children. Additionally, slightly less than half of the respondents would not recommend it to other young adults who aren’t related to them.
Blue Star Families has compiled the so called “Annual Military Family Lifestyle Survey” reports since 2009, which are widely used by government officials from the White House, Congress, the Department of Defense, and state and local officials to help understand the unique needs and challenges of military families. Data collected from the annual survey often impacts legislation.
This year’s survey respondents consisted of a mixture of 8,390 active duty personnel, military veterans, and military and veteran spouses — a 130 percent increase over last year’s survey.
Of those surveyed, enlisted service members who had been deployed more than three times were the least likely to recommend military service to their own children.
Among officers, those with less than two deployments and an employed spouse were more likely to recommend military service to young people who are not their children, but only if benefits they’d been promised when they commissioned were still in place — and generally only to those who might become officers.
Less than 20 percent of respondents said they would recommend service to anyone if the current trend of cutting benefits continued.
This could be bad news for those who consider military service to be a “family business.”
“The past year has seen new and emerging security threats in numerous regions while Department of Defense budget cuts and personnel downsizing continues,” Blue Star Families said in their summary of this year’s findings. “The resulting operational tempo is very concerning to service members and their families.”
According to the report, almost 60 percent of veterans had at least one parent who served in the military before them, but only 45 percent of currently serving military members had a parent who served prior.
The 2015 report noted that 80 percent of veteran respondents would be “happy” if their children joined the military. While that specific detail about happiness isn’t reported in this year’s survey, when compared to this year’s 67 percent who would not recommend service to their children, it does appear to show a downward pattern of service members who want their children to follow in their footsteps.
“Extended family separations, frequent moves, and outdated expectations that military spouses sublimate their personal, professional, and familial priorities to support their service member’s military service are the most prevalent topics identified as substantially reducing the quality of life and attractiveness of martial service,” Blue Star Families said. “Military families understand that serving may mean making sacrifices in support of service; however, DoD must also examine the military necessity of the burdens it asks military families to bear.”
The survey isn’t all bad news for the family business of military service. Military spouses who are able to maintain a career were 36 percent more likely to recommend it, and a whopping 76 percent of all spouses surveyed who felt that the military had a positive or neutral career impact were likely to recommend service.
There were two surprising findings elsewhere in the report: almost 80 percent of respondents were satisfied with the military lifestyle, and over 80 percent were satisfied with Tricare Standard.
You can view the Executive Summary on Blue Star Family’s website.
“This year’s survey results show a military community at a point of inflection. It shows the country needs to get smarter about what a healthy All-Volunteer Force really looks like—and what it needs it to look like to ensure future success,” Blue Star Families argued. “The All-Volunteer Force was not designed for our current security environment of protracted low-level conflict, nor was it designed for the modern service member—who is better educated, married with children, and living in an increasingly diverse and inclusive society.”
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
Second only to child custody, alimony is one of the most contentious and difficult-to-navigate processes in any divorce. When two people are splitting up, particularly when that split is acrimonious, the last thing either of them wants to discuss is the prospect of giving money to each other.
But, the topic has to be dealt with and the only way to do it successfully is to go in armed with as much knowledge as possible.
“Alimony is one of the very last pieces to fall into place,” says Lili Vasileff founder and President of Wealth Protection Management and of Divorce and Money Matters LLC and the author of Money Divorce: The Essential Roadmap To Mastering Financial Decisions. “Everything else happens and that’s the last piece of the puzzle that completes the whole picture and it’s usually the most complicated and complex because it’s interdependent on so many other things.”
It helps, adds Vasileff, to really go into this with realistic expectations because, by the time you’re negotiating alimony, you should have a very good idea of what all the other elements are as you close out this deal. Vasileff, who has decades of experience walking clients through alimony, offered these best practice tips for negotiating alimony.
1. Know your finances
One of the most important things, per Vasileff, to know when entering into alimony negotiations is what it actually costs for you to live — to understand what you can get by on, what you can’t live without, and what you’d love to have. By knowing that range, she says, you can negotiate from a better place of understanding in terms of what you might be accepting or even giving up.
Additionally, she says to have an idea of your own earning capacity. “Often I’m working with individuals who are perhaps out of the workforce permanently or temporarily or not fully employed and there’s a fear factor in not knowing what you’re able to attract in terms of your own capabilities,” she says. “And it’s really a great time to at least think about it and plan of how you need to be financially independent more or less at some point in your own life and what does that mean?”
2. Study the law
Take the time to learn all of the ins and outs of the laws in your state and how they apply to alimony payments. There are many different types of alimony out there and doing the research as to what you can realistically ask for in your state will not only help you build your case but also help you manage expectations. “If you’re expecting lifetime alimony and, let’s just say there’s a rule of thumb that it’s half the length of your marriage,” says Vasileff, “you could be in for a really bad surprise and be unable to negotiate without that kind of knowledge.”
3. Know your budget
You’re going to be paying retainers and attorney fees, so make sure that you actually have the resources available to make those payments on time. “Attorneys are not sympathetic and do not work for free often,” Vasileff says. Additionally, as you begin preparations for your divorce, make sure you figure out a budget. It’s an expensive process and going into it without a plan can set you up for a problem down the line. “Everybody plans for weddings or a bar mitzvah or a cruise,” Vasileff says. “Very few people budget for a divorce and you need to understand that there is a cost to divorce and it helps to think about it ahead of time so that you’re not taken by surprise and unprepared.”
4. Manage your expectations
While every state has uniform guidelines for child support, very few states have such guidelines when it comes to alimony. “It’s very discretionary,” Vasileff says. “It’s weighted by certain factors and the factors are enumerated in case law and in legal statutes. But how you apply those factors results in very different outcomes.”
An example from Vasileff: “Let’s be happy and say we have million and we’re going to divide million between the two of us. I could probably live off of the interest on million, which then kind of impacts what kind of alimony I receive because it’s taken into consideration. However, if we have 0,000 in debt, no savings and we’re paycheck people, alimony becomes even more critical as an element in this calculation. It’s case specific.”
5. Plan for contingencies
“If you’re dependent for the moment on your other spouse supporting you, you need to make sure that you’ve planned for contingencies, that you have an emergency fund in case something happens and you don’t receive support for that month or six months or if he or she falls off the face of the earth,” says Vasileff. You also want to make sure that their obligations to you are secured in case they die or something unforeseen happens. Vasileff stresses that it’s important to protect yourself against any unwanted surprises.
6. Think twice before waiving alimony
In some divorce cases, one party may choose to waive alimony, figuring that they’re earning enough on their own that they don’t need anything from their ex to get by. However, Vasileff suggests that keeping the door open slightly, even with a small amount like a dollar year, allows for renegotiation if something catastrophic happens. “If you have waived alimony, it is waived forever,” she notes. “The door has closed and you can never go back for support under any circumstances. So waiving alimony is a huge deal. There are reasons to waive alimony, but for the average person who’s on a paycheck, I would think twice about it.”
7. Don’t agree to anything out of court
Once the alimony is finalized in a judgment, one party cannot change it unilaterally and decide that, for example, they’re now only going to pay once every other month. A decision like that can only be made by going back to court. However, some couples might come to some kind of a handshake agreement and allow one partner to skip a payment here and there. This is something Vasileff advises against because of the slippery slope it leads to. “What if it becomes routine behavior?” she asks. “‘This month I don’t want to pay you but I’ll pay you in three months as a catchup.’ And then in three months they go on a vacation while you’re waiting for your check. Once you start to slip and allow that and enable it, it’s much harder to enforce.”
8. Keep emotion out of it
The notion of taking someone for “everything they’ve got” in court has become a cliche in divorce-related conversations, but the truth is, you don’t want to approach an alimony negotiation with anything like malice or greed, as it’s only going to fuel more negatively. “You’re telling me you’re going to go after everything I have and go for my jugular. What do you think I’m going to do?” Vasileff says. “I’m going to strike back. You need to come back to, ‘How does this transaction get executed and what’s in my best interests to make that happen?'”
9. Do your homework
Even if you think you’ve read everything there is read about alimony, read more, and then read it again. The better prepared you are, the less likely you are to be tripped up by something unexpected. “Preparation is the best defense you can possibly have. Because managing expectations will save you money, it’s going to save you in legal costs, therapy costs, everything. And it sets the tone for you to understand that it’s a process. It’s not a sprint. It’s going to be a marathon. And you’re going to have to last and preserve your energy at different points in time.”
This article originally appeared on Fatherly. Follow @FatherlyHQ on Twitter.
Would military spouses be happy with any ol’ job, as long as they were out of the house and earning an honest income?
My guess is, generally, no.By and large, military spouses are calling for employment that does much more than pay the bills. They want meaningful, purposeful employment that helps them advance their goals. Numerous studies support this, and the military spouse employment movement is making enormous strides.
So, if you’re a military spouse looking for meaningful employment, where should you start? What are viable career options?
Given your lifestyle, you’re probably looking for something portable, flexible, universally necessary and barrier-free. It just so happens that a number of our country’s growing industries have opportunities that fit the bill.
Let’s take a look at five promising industries that military spouses should consider for employment.
1. Health care
According to the Bureau of Labor Statistics (BLS), the health care industry will have the highest growth over the next decade, predicting over 3.4 million additional jobs by 2028. That’s a lot of opportunity!
Nurses, home health care aides, social workers and medical aides are examples of jobs in this field. These jobs generally pay well and are necessary everywhere (check!), making you highly marketable every time you PCS. While the process of transferring licenses or honoring licenses from other states has yet to be completely smoothed out, officials are working to lift those barriers (check-almost!).
One thing to consider is that not all health care-related jobs require a license. For example, home health aides, the fastest-growing subsection of the industry, may not have to be licensed, but certification requirements vary depending on the state.
You probably can’t go a day without hearing that a friend has started a home-based business, quit her job to become a freelancer or established his own web-based company. Entrepreneurship isn’t a trend that will soon fade; it’s a legit movement, which many military spouses are joining, excited to take ownership of their own careers.
While entrepreneurship can be risky, it offers you portability and flexibility (check! check!). Depending on the type of business you’re running, you may need to maintain and transfer licenses across state lines, but you’ve probably done your homework and found a niche that’s needed in the market (check!), making any paperwork worth it.
Plus, numerous organizations have established training and support programs, designed to help military spouse entrepreneurs get their businesses off the ground in the strongest way possible. As a military spouse entrepreneur, you’ll have a wide community of experts and supporters ready to offer advice and mentorship, as well as cheer you on.
3. Leisure and hospitality
Like health care, BLS predicts favorable opportunity for the leisure and hospitality industry. Over the next 10 years, BLS says that over 1.5 million jobs will be added to this sector.
This industry is growing across America, including right in the backyard of every military spouse. It just so happens that these leisure and hospitality companies were named among the 2020 Military Spouse Friendly Employers: Motel 6/Studio 6, Hilton and La Quinta by Wyndham.
These companies offer tailored onboarding practices, career portability and flexibility (check! check!), opportunities for advancement and more – specially for military spouses. Plus, you generally won’t have to worry about transferring a license or going to school for decades to begin working (check, check and more checks!).
4. Professional services and business
As a military spouse, you’re resourceful, adaptable, cool under pressure and organized. These “soft skills” make you an excellent contender for the types of jobs in the professional services and business sector.
This sector, which BLS projects will add 1.66 million jobs by 2028, includes a wide variety of jobs, such as sales managers, human resources managers, executive assistants, advertising, financial managers, operations managers and more. It even includes highly technical jobs like architects and engineers.
You can adapt your mad military spouse skills to suit a number of different career paths, and many of them could lead to remote work (check!). For example, virtual assistants are becoming hugely popular with real estate companies, corporations and high-achieving entrepreneurs. Many companies are outsourcing managerial and research work to remote employees, too.
Think about this industry as your oyster. With so many options to consider, you can zero in on just the right job that suits your ever-changing lifestyle – talk about flexibility! (Check!).
5. Information Technology
Technically, this bad boy falls under the professional services industry, but since it’s such a behemoth, it makes sense to discuss it separately. There’s not a corner of civilization that isn’t wired, making information technology experts absolutely essential to any business or organization (check!).
Despite what you might think, this industry offers a lot of flexibility, too (check!). Although your particular skill set might be defined, the type of company you can apply it to (i.e., your work environment) ranges far and wide.
From schools to ski resorts, national corporations to nonprofit offices, information technology specialists are needed everywhere. Whether you prefer working solo or with a team, in an office or at home, chances are that no matter where you PCS or how often, you’ll be able to take your work in computers with you.