Finance Friday: 4 reasons why talking to a lender should be your first move - We Are The Mighty
MIGHTY MONEY

Finance Friday: 4 reasons why talking to a lender should be your first move

The idea of relocating immediately sparks a desire to jump online and start looking at houses. It is a natural curiosity to start visualizing where home will be. One late night jump down the rabbit hole of internet home searching will have you falling in love with the stainless steel kitchens, shiny polished floors, and before you know it, you’ll be itching to book a realtor and make this possibility a reality! What I’m about to tell you goes against everything in your gut, but I promise it makes sense to press pause.


Four reasons you NEED to talk to a lender first:

    Time is valuable

    Any realtor that values their time and takes their jobs seriously is going to ask you if you are pre-approved. A realtor will want to make sure they get you in front of homes that are within your budget and not waste time researching and showing homes that are outside of this range. A realtor also wants to make sure you’re in a financial position where homeownership is the right choice for you.
    Finance Friday: 4 reasons why talking to a lender should be your first move

    Be ready to jump on your dream home

    You want to have a solid pre-approval once you begin browsing homes. Some markets are more competitive than others. Especially here, you want to be financially ready to jump in with that solid pre-approval (and not a pre-qualification) to have your offer taken seriously.

    Solid financing=increased offer acceptance rate

    If you start a pre-approval before home shopping, you are better positioned for a quicker closing time, which makes for happier agents and sellers. Bonus points when your lender calls the listing agent when you make an offer to tell them that you have a full-document pre-approval, which is a reassuring sign that financing is not going to fall through.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    Expectation management

    Once you start looking at homes online, if your price range drops, nothing will meet the same expectations that you had when you started imagining moving into those larger, fancier homes. To set the right expectations up front, it’s best to have an honest conversation with a lender about short term and long term financial goals.

    Once you start home shopping, there is a lot coming your way between contracts, inspections, addendums, moving boxes, and more. Taking the time to understand various procedures and costs ahead of finding your dream home will leave you less stressed and more confident in your choice. Having the right lender to be your partner in the process is key!

    Articles

    Disabled Veteran’s Specially-Adapted Home a Dream Come True

    (This is a sponsored post.)


    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.

    Real VA Loan Stories by iFreedom Direct®

    Finance Friday: 4 reasons why talking to a lender should be your first move

    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.

    Finance Friday: 4 reasons why talking to a lender should be your first move
    (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.

    MIGHTY MONEY

    FEMA says counties near military bases eligible for disaster assistance

    Widespread devastation from Hurricane Matthew has prompted the Federal Emergency Management Agency to designate residents from a total of 55 counties as eligible for individual disaster assistance. States like Florida; South Carolina; Georgia; and North Carolina were hit hard by the storm — both in coastal communities and further inland past Fort Bragg.


    Finance Friday: 4 reasons why talking to a lender should be your first move
    Specialist Jerimyha Pectol, 689th Rapid Port Opening Element, stages humanitarian aid intended for victims of Hurricane Matthew at Port-Au-Prince, Haiti, October 17th.

    As the damage is assessed, FEMA has added counties from all four states where individual residents may apply for disaster relief funding.

    Hurricane Matthew made its first landfall by slamming into Haiti on Oct. 4, resulting in over 800 casualties in that island nation. Matthew tore over Cuba and the Bahamas, before impacting the southern Atlantic states. By the time Matthew made its way back out to sea, the death toll had reached nearly 1,400.

    The United States Southern Command released a statement Oct. 18 that the command had deployed more than 2,000 personnel and 11 helicopters aboard the USS Iwo Jima to deliver over 223 metric tons of aid and supplies to Haiti. SOUTHCOM expects that the military involvement will recede once “more experienced experts arrive” on the ground in Haiti.

    President Obama declared a state of emergency in the four states Oct. 7, opening up federal financial aid. Each of the states’ governors declared states of emergency, and the National Guard was activated to several locations.

    According to Newsy, Moody’s Analytics reported that the financial damage from Hurricane Matthew could surpass the $70 billion price tag of Superstorm Sandy.

    As a direct result of the damage and the expected cost, FEMA has been quick to update its systems to open up aid to individuals in the stricken areas. There are several ways to request disaster relief funding. Individuals may visit the FEMA website, or call FEMA directly at 800-621-3362.

    FEMA also recommends that those affected by the storm call their insurance company to make claims, document the damage with photographs, and complete a proof of loss. Insurance companies can help individuals with this process.

    Currently, the list of counties that FEMA has approved for individual disaster relief includes:

    • Flagler County, Putnam County, St. Johns County, and Volusia County in Florida
    • Bryan County; Bulloch County; Chatham County; Effingham County; Glynn County; McIntosh County; and Wayne County in Georgia
    • Beaufort County; Bertie County; Bladen County; Columbus County; Craven County; Cumberland County; Dare County; Duplin County; Edgecombe County; Gates County; Greene County; Harnett County, Hoke County; Hyde County; Johnston County; Jones County; Lenoir County; Martin County; Nash County; Pender County; Pitt County; Robeson County; Sampson County; Tyrrell County; Washington County; Wayne County and Wilson County in North Carolina
    • Allendale County; Bamberg County; Barnwell County; Beaufort County; Colleton County; Darlington County; Dillon County; Dorchester County; Florence County; Georgetown County; Hampton County; Jasper County; Lee County; Marion County; Orangeburg County; Sumter County and Williamsburg County in South Carolina
    Articles

    Feds allege business scammed $100 million in TRICARE drug fraud case

    Finance Friday: 4 reasons why talking to a lender should be your first move
    An airman in the pharmacy at Ramstein Air Base in Germany mixes a compound drug. No military pharmacies were named in the fraud indictment.


    More than a dozen civilians are accused of scamming over $100 million dollars from TRICARE by writing prescriptions that weren’t medically necessary and then overcharging for them.

    Earlier this month the Department of Justice and the U.S. Attorney’s Office announced that they had added 10 people to an indictment originally handed down in February.

    Named in the updated indictment are two businessmen, three marketing specialists, two doctors, and five pharmacy owners.

    Also Read: TRICARE beneficiaries have one month to transfer prescriptions

    The 36 page indictment outlines a massive scheme to defraud the government through a series of kickbacks, money laundering, and medical malpractice.

    The feds allege the conspiracy began in 2014 when Richard Cesario and John Cooper founded CCMGRX, LLC (later renamed CMGRX). The premise of the company was to market compounded prescriptions to service members, retirees, and their dependents, documents show.

    Compound prescriptions are drugs which are mixed in an effort to provide a unique prescription that meets the specific needs of the patient. They are not approved by the FDA, but may be prescribed when a patient is unable to have a specific ingredient in a drug, or the drug is not available in a specific form, such as prescriptions for children who can’t swallow a pill and must have a liquid version of the medication.

    Cesario and Cooper enlisted the help of three marketers, Joe Straw, Luis Rios, and Michael Kiselak, to recruit pharmacies and patients, the indictment shows.

    The patients allegedly were oblivious to the scam, instead being told that they were taking part in a medical study being done by an independent non-profit organization, the Freedom From Pain Foundation. The company was operated by Cesario and Cooper, who used the company to launder the money they received from TRICARE, Justice says.

    Money was allegedly paid to five different pharmacy owners and two doctors.

    After paying beneficiaries for participating in the study, kickbacks were allegedly sent in the form of checks to the doctors, pharmacy owners, and marketers. The rest was pocketed by Cesario and Cooper, the feds say.

    More than 30 separate counts were filed against the men, including conspiracy to commit healthcare fraud.

    The indictment also outlines some of the punishment the men will face should they be found guilty, beginning with a list of properties in Texas, Florida, and Costa Rica that the men will have to turn over to the government.

    Additionally, 32 vehicles, including Ferraris; Maseratis; Aston Martins, Corvettes; Mercedes-Benz; Jaguars; Porsches; Hummers; Cadillacs; BMWs and several trucks and SUVs will be seized by the government upon conviction of any single offense.

    The indictment goes on to list multiple boats and recreational vehicles, bank accounts in the names of the men and family members, cash, investment accounts, firearms, jewelry, other property, and “working interest” in several oil companies, as well as a “money judgement” that could all be seized by the government in an effort to recoup the over $100 million scammed by the group.

    According to the press release regarding the indictment, Cesario and Cooper, who were placed in custody earlier this year, are being held until trial. The other 10 men all made bail until their trial.

    Each of the charges against the men is punishable by between 5 and 10 years, and a $250,000 fine.

    The FBI and the Defense Criminal Investigative Service helped investigate and breaking up the alleged conspiracy ring.

    MIGHTY MILSPOUSE

    5 best industries for military spouses to work in

    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.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    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.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    2. Entrepreneurship

    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.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    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!).

    Finance Friday: 4 reasons why talking to a lender should be your first move

    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!).

    Finance Friday: 4 reasons why talking to a lender should be your first move

    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.

    Explore more for you:

    Is it time to find just the right job for you? Explore our complete list of Military Spouse Friendly Employers, where you can search companies by industry.

    This article originally appeared on Military Spouse. Follow @MilSpouseMag on Twitter.

    MIGHTY MONEY

    The feds crack down on fake veteran charities

    You may have seen them standing outside convenience stores, those guys dressed in camo that vaguely resembles a uniform. They have signs saying claiming they are charities that help veterans. Are they legit?

    Well, not all of them are.


    The Federal Trade Commission, along with law enforcement officials and regulators from offices in every state, DC, American Samoa, Guam and Puerto Rico, announced more than 100 actions and a consumer education initiative in “Operation Donate with Honor”.

    The action was a crackdown on fraudulent charities that con consumers by falsely promising their donations will help veterans and service members.

    “Americans are grateful for the sacrifices made by those who serve in the U.S. armed forces,” said FTC Chairman Joe Simons. “Sadly, some con artists prey on that gratitude, using lies and deception to line their own pockets. In the process, they harm not only well-meaning donors, but also the many legitimate charities that actually do great work on behalf of veterans and service members.”

    Two charities face federal charges

    Finance Friday: 4 reasons why talking to a lender should be your first move

    (Flickr photo by Keith Cooper)

    Help the Vets

    Neil G. “Paul” Paulson, Sr. and Help the Vets, Inc., (HTV) will be banned from soliciting charitable contributions under settlements with the FTC and the states of Florida, California, Maryland, Minnesota, Ohio and Oregon, for falsely promising donors their contributions would help wounded and disabled veterans.

    The defendants were charged with violating federal and state laws related to their actions. According to the FTC’s complaint, HTV did not help disabled veterans, and 95 percent of every donation was spent on fundraising, administrative expenses, and Paulson’s salary and benefits.

    Operating under names such as American Disabled Veterans Foundation, Military Families of America, Veterans Emergency Blood Bank, Vets Fighting Breast Cancer, and Veterans Fighting Breast Cancer, HTV falsely claimed to fund medical care, a suicide prevention program, retreats for veterans recuperating from stress, and veterans fighting breast cancer.

    In addition to the ban on soliciting charitable contributions, the proposed settlement order bans Paulson from charity management and oversight of charitable assets. To ensure that donors to HTV are not victimized again, HTV and Paulson must destroy all donor lists and notify their fundraisers to do so.

    The order imposes a judgment of .4 million, which represents consumers’ donations from 2014 through 2017, when HTV stopped operating. The judgment will be partially suspended when the defendants have paid a charitable contribution to one or more legitimate veterans charities recommended by the states and approved by the court. Paulson must pay id=”listicle-2591219370″.75 million – more than double what he was paid by HTV – and HTV must pay all of its remaining funds, ,000.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    (Photo by Steven L. Shepard)

    Veterans of America

    The FTC charged Travis Deloy Peterson with using fake veterans’ charities and illegal robocalls to get people to donate cars, boats and other things of value, which he then sold for his own benefit.

    The scheme used various names, including Veterans of America, Vehicles for Veterans LLC, Saving Our Soldiers, Donate Your Car, Donate That Car LLC, Act of Valor, and Medal of Honor. Peterson allegedly made millions of robocalls asking people to donate automobiles, watercraft, real estate, and timeshares, falsely claiming that donations would go to veterans charities and were tax deductible.

    In fact, none of the names used in the robocalls is a real charity with tax exempt status. Peterson is charged with violating the FTC Act and the FTC’s Telemarketing Sales Rule.

    At the FTC’s request, a federal court issued a temporary restraining order prohibiting Peterson from making unlawful robocalls or engaging in misrepresentations about charitable donations while the FTC’s enforcement action is proceeding.

    State enforcement actions

    States also identified and charged several charities and fundraisers who sought donations online and via telemarketing, direct mail, door-to-door contacts, and at retail stores. These groups falsely promised to help homeless and disabled veterans, to provide veterans with employment counseling, mental health counseling or other assistance, and to send care packages to deployed service members.

    Some actions charged veterans charities with using deceptive prize promotion solicitations. Others targeted non-charities that falsely claimed that donations would be tax deductible. Some cases focused on veterans charities engaged in flagrant self-dealing to benefit individuals running the charity, and some alleged that fundraisers made misrepresentations on behalf of veterans charities or stole money solicited for a veterans charity.

    Nationwide education campaign

    As a result of these actions, the FTC and its state partners are launching an education campaign to help consumers avoid charity scams and donate wisely.

    The FTC has new educational materials, including a video on how to research charities, and two new infographics. Donors and business owners can find information to help them donate wisely and make their donations count at FTC.gov/Charity.

    This article originally appeared on Military.com. Follow @militarydotcom on Twitter.

    Articles

    Military spouse helps pass legislation to benefit military retirees in Arkansas

    When Brittany Boccher was approached by retired Major General Kendall Penn and the Arkansas Secretary of State Military and Veterans Liaison Kevin Steele to help get proposed legislation passed to protect the retirement pay of military retirees, Boccher jumped at the opportunity to serve her current community.


    Boccher, a mother of two and the spouse of a special agent with the Air Force Office of Special Investigations, began the task by hosting the General and the Military and Veteran’s Liaison at one of the Little Rock Spouses’ Club meetings, where the men presented the proposed legislation to the local military spouses.

    Finance Friday: 4 reasons why talking to a lender should be your first move
    Brittany Boccher was invited to attend the signing of legislation into state law on Feb. 7, 2017. The law exempts military retiree pay from state taxes. (Photo courtesy of Brittany Boccher.)

    The proposal specifically addressed the taxation of pay for military retirees. While active duty personnel in Arkansas do not pay a state tax, retired veterans’ pay is taxed.

    That tax didn’t sit well with Governor Asa Hutchinson and Lieutenant Governor Tim Griffin, who have seen their state ranked at 48 in attracting and retaining working age military retirees and veterans.

    “A lot of them will retire really young in their 40s, 50s, 60s. And what do they do? They have that steady income and start other businesses or they go work a new job,” Griffin said.

    Hutchinson agreed, saying, “I believe it will help us to bring more military retirees here, welcome them back to Arkansas.”

    Boccher committed to calling or emailing every state senate committee member directly to discuss his or her support for Hutchinson’s proposed tax initiative. Then she set out to round up military families that would benefit the most from the initiative in order to testify before the state house and senate committees.

    Boccher, a business owner in Arkansas herself, told We Are the Mighty that her family reflected the target audience the state was hoping to attract with the proposed tax break.

    “They were seeking a young family close to retirement to showcase that they would have a second career after the military. We are a 17 year military family, we’re young, and with two small children. We want to stay in Arkansas and we own a business in Arkansas.”

    Boccher said her family “checked all the boxes” for what Steele and Penn wanted to present as the ideal family the state was trying to attract.

    Penn asked Boccher to testify before the state house and senate committees.

    As a result of her hard work and commitment to the legislation, Boccher and her family were invited to the bill signing ceremony earlier this month.

    On February 7, Hutchinson released a statement that read, in part, “…beginning in January [Arkansas] will also exempt military retirement pay. This initiative will make Arkansas a more military friendly retirement destination and will encourage veterans to start their second careers or open a business right here in the Natural State.”

    For her part, Boccher is proud of what she’s accomplished for veterans while simultaneously running an apparel company, a photography company, and a non-profit organization, the Down Syndrome Advancement Coalition.

    Additionally, Boccher is the president of the Little Rock Air Force Base Spouses’ Club and the 2016 and 2017 Little Rock Air Force Base Spouse of the Year.

    Boccher had this to say about her work, “The military community is resilient, adaptable, dedicated, independent, supportive, and resourceful, but most of all they can make a difference, their voice can be heard, and they can and will make change happen!”

    MIGHTY MONEY

    Small nonprofits that make a big difference: The Military Health Project

    Finance Friday: 4 reasons why talking to a lender should be your first move
    Jacob Angel speaks to guests at the Veterans Day Reception in San Francisco on Nov 11, 2016.


    Today there are over 40,000 nonprofits that focus on military and veteran issues, according to Charity Watch.

    Most of those registered as nonprofits are chapters of larger organizations, but some of them are single chapter projects that focus on specific needs within the veteran community.

    Here at We Are the Mighty, we wanted to explore some of those advocacy groups you might not have heard of in a bit more depth.

    The Military Health Project & Foundation is based in San Francisco and is run by Jacob Angel. Founded in April 2013, the nonprofit was originally designed to address mental health issues through pushing national legislation.

    Angel tells us it took the nonprofit eight months to realize where it was failing.

    “We were making the same mistake that the Department of Veterans Affairs and Department of Defense were making,” he says. “We were treating mental and physical health care as two separate areas of care.”

    The nonprofit re-aligned itself to better connect mental health and physical health, and in March 2014 it went to work garnering support for the Excellence in Mental Health Act, a bill that Angel says eventually became law after a long battle.

    “Thus far, the program is going very well,” Angel says. The law, according to Angel, makes counseling and other mental health service available to everyone “regardless of socioeconomic status or insurance coverage.”

    In March 2015, The Military Health Project & Foundation announced the creation of the Military Support Fund, a dedicated financial resource to address coverage gaps for military and veteran families.

    Angel tells that since its creation, the Military Support Fund has assisted 40 families in securing funding for specialized medical services and equipment.

    Chief Petty Officer Carla Burkholder’s son was the recipient of a $2,500 grant for specialized medical equipment from The Military Health Project & Foundation.

    “It feels like a great weight has been lifted off my shoulders,” she wrote.

    The organization is focused on addressing both physical and mental health needs through direct assistance and legislation.

    “We are now a hybrid organization,” Angel says.

    The Military Health Project is the advocacy wing where the nonprofit helps to create policy that addresses the ever-changing needs of the military and veteran community through legislation.

    The Military Health Foundation works to provide for military and veteran families in the interim.

    “They should not have to wait for treatments that they require and frankly deserve.”

    Articles

    6 things to know about the VA home loan

    The Veterans Affairs home loan can be incredibly confusing, and it’s easy to get overwhelmed with all of the information found on the VA website. So we have broken it down into six basic questions for you: who, what, when, where, why, and how?


    *As always, when making decisions that impact your personal finances, make sure you’re sitting down with a financial advisor. Most banks have financial advisors on staff who are always willing to work with customers.

    Finance Friday: 4 reasons why talking to a lender should be your first move
    Veterans Affairs employs assessors and appraisers to ensure that each home purchased by service members is priced correctly.(U.S. Army photo by Sgt. Eric Glassey, 4th Inf. Div. PAO)

    1. Who:

    Lendee eligibility is determined by service status:

    Active duty personnel must have served a minimum of 90 continuous days to be eligible

    Reserve or guard members must:

    • have six years of service in the selected reserve or National Guard, and
    • be discharged honorably, or
    • have been placed on the retired list, or
    • have been transferred to Standby Reserve or to an element of Ready Reserve (other than the Selected Reserve after service characterized as honorable), or
    • still be servicing in the Selected Reserve

    Spouses can be eligible as well.

    2. What:

    The VA home loan program is a benefit for eligible service members and veterans to help them in the process of becoming homeowners by guaranteeing them the ability to acquire a loan through a private lender.

    Utilizing the VA home loan, lendees do not make a down payment and are not required to pay monthly mortgage insurance, though they are required to pay a funding fee. This fee varies by lender, depends on the loan amount, and can change depending on the type of loan, your service situation, whether you are a first time or return lendee, and whether you opt to make a down payment.

    The fee may be financed through the loan or paid for out of pocket, but must be paid by the close of the sale.

    The fee for returning lendees and for National Guard and members of the reserve pay a slightly higher fee.

    The fee may also be waived if you are:

    • a veteran receiving compensation for a service related disability, or
    • a veteran who would be eligible to receive compensation for a service related disability but does not because you are receiving retirement or active duty pay, or
    • are the surviving spouse of a veteran who died in service or from a service related disability.

    3. When:

    Lendees may utilize the loan program during or after honorable active duty service, or after six years of select reserve or National Guard service.

    4. Where:

    Eligible lendees may use the VA home loan in any of the 50 states or United States territories

    5. Why:

    Veterans Affairs helps service members, veterans and eligible surviving spouses to purchase a home. The VA home loan itself does not come from the VA, but rather through participating lenders, i.e. banks and mortgage companies. With VA guaranteeing the lendee a certain amount for the loan, lenders are able to provide more favorable terms.

    6. How:

    Eligible lendees should talk to their lending institution as each institution has its own requirements for how to acquire the loan.

    Articles

    Filing for effect: some troops’ tax refunds may not come quickly

    Many taxpayers plan their holiday shopping and other purchases around getting their tax refunds from the Internal Revenue Service at the earliest possible date.


    Finance Friday: 4 reasons why talking to a lender should be your first move

    In 2017, that may no longer be the case.

    The Protecting Americans from Tax Hikes Act, signed into law in December 2015, requires the IRS to hold tax refunds for people claiming Earned Income Tax Credit and Additional Child Tax Credit until at least Feb. 15, 2017.

    Also, new identity theft and refund fraud safeguards by both the IRS and individual states may mean some tax returns and refunds face additional review.

    Beginning in 2017, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC. The IRS said the change helps ensure taxpayers get the refund they are owed by giving the agency more time to help detect and prevent fraud.

    “This is an important change, as some of these taxpayers are used to getting an early refund,” said IRS Commissioner John Koskinen. “We want people to be aware of the change for their planning purposes during the holidays. We don’t want anyone caught by surprise if they get their refund a few weeks later than in previous years.”

    As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should submit returns as they normally do.

    Although the IRS cannot issue refunds for some early filers until at least Feb. 15, it reminds taxpayers that most refunds will be issued within the normal timeframe: less than 21 days after being accepted for processing by the IRS.

    The Where’s My Refund? tool on IRS.gov and the IRS2Go phone app remain the best way to check the status of a refund.

    Articles

    Wells Fargo illegally repossessed hundreds of US troops’ cars

    While Army National Guardsman Dennis Singleton was getting ready to deploy to Afghanistan, Wells Fargo suddenly repossessed his car. Now Singleton is getting some retribution.


    The Justice Department says the repossession was illegal under the Servicemembers Civil Relief Act, which requires Wells Fargo to get a court order before repossessing a military member’s vehicle. DOJ also says the bank didn’t stop there. According to the Los Angeles Times‘ Jim Puzzanghera, Wells Fargo charged Singleton and his family a $10,000 balance and then reported the repossession to credit agencies.

    Wells Fargo allegedly did the same thing 413 times, according to the Justice Department — more in a series of misdeeds and misuses of customer information that now has the bank and its CEO in hot water, especially with the U.S. Congress.

    CNN’s Jackie Wattles reports the bank will pay $10,000 to each service member, with interest. They will also pay for the lost equity on the cars and repair their credit for a total of $4.1 million.

    Wattles’ report says the Office of the Comptroller of the Currency also fined Wells Fargo $20 million for denying federally mandated protections for active duty military members, which includes capping interest rates at 6 percent.

    Finance Friday: 4 reasons why talking to a lender should be your first move
    This is Wells Fargo making off with your credit rating.

    “In those instances where some service members did not receive the appropriate benefits and protections, we did not live up to our commitment and we apologize,” the company said in a statement. “We have been notifying and fully compensating customers and will complete this work in 60 days.”

    Aside from its infractions against military members, Wells Fargo is also accused of creating millions of fake bank and credit card accounts over five years. The bank allegedly set up an incentive system for its employees who falsified customer accounts to reach sales targets.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    In its largest fine to date, the Consumer Finance Protection Bureau fined Wells Fargo $185 million for opening 1.5 million fraudulent deposit accounts and more than 560,000 credit card accounts in its customers’ names. The bank repaid $5 million to its affected customers.

    Since the story broke, Wells Fargo fired 5,300 of its employees, withheld $41 million of CEO John Stumpf’s unvested stock awards, and denied him an annual bonus as well as a chunk of his $2.8 million salary.

    Finance Friday: 4 reasons why talking to a lender should be your first move
    Wells Fargo CEO John Stumpf testifies before the House Financial Services Committee. (Photo: CSPAN)

    The New York Times reports that in recent years, the bank has paid $10 billion in fines for violations like subprime loan abuses, discrimination against African-American and Latino mortgage borrowers, and various home foreclosure violations.

    Articles

    What is Career Incentive Pay and why do you need it?

    Finance Friday: 4 reasons why talking to a lender should be your first move
    The Seawolf-class fast-attack submarine USS Connecticut (SSN 22) departs Puget Sound Naval Shipyard for sea trials following a maintenance availability.


    Career Incentive Pay is another part of the U.S. military’s Special and Incentive pay system and is intended to help the Services address their manning needs by motivating service members to volunteer for specific jobs that otherwise pay them significantly more in the civilian sector.

    Each career incentive pay amount is in addition to base pay and other entitlements.

    Title 37 U.S. Code, chapter 5, subchapter 1 outlines several types of S&I pay, and sections 301a, 301c, 304, 305a and 320 address incentive pays that are career specific.

    Section 301a

    1. Aviation Career Incentive

    Who: Military pilots

    How much: $125 to $840 per month, dependent on number of years serving as an aviator. This lasts the duration of the pilot’s aviation career.

    Section 301c

    2. Submarine Duty Incentive (SUBPAY)

    Who: Navy personnel aboard submarines.

    How much: The Secretary of the Navy has the ability to set SUBPAY up to $1,000 per month, but it is currently between $75 and $835 per month.

    Section 304

    3. Diving Duty

    Who: Service member divers.

    How much: $340 for enlisted personnel and $240 for officers per month.

    Section 305a

    4. Career Sea

    Who: Naval officers who’ve been assigned duties above and beyond what might be typical for an officer in the same rank and which are critical to operations.

    How much: $50 – $150 per month, dependent on rank. There is a limit on payments made to O-3s to O-6s, and only a certain percentage of personnel in each rank can qualify for the pay.

    Section 320

    5. Career Enlisted Flyer

    Who: Enlisted personnel on flight crews for the Air Force and Navy.

    How much: $150 – $400 depending on years in the aviation field.

    For more information on hazardous duty incentive pay and other S&I pays, check out Military Compensation.

    MIGHTY MONEY

    These are the successful habits of 600 millionaires

    Investing can be intimidating.

    But those who do it right tend to share similar characteristics, according to Sarah Stanley Fallaw, the director of research for the Affluent Market Institute. She coauthored “The Next Millionaire Next Door: Enduring Strategies for Building Wealth,” for which she surveyed more than 600 millionaires in America.

    During her research, she found that five components mark successful investors, including those who are rich: a personality for risk, a high-risk preference, confidence in investing, composure, and knowledge regarding investments and investing.


    But millionaire investors do one thing differently: They make more effort with the final component.

    “They spend time building knowledge and expertise in managing investments,” Stanley Fallaw wrote.

    Millionaire investors spend more time planning for future investments

    According to her, millionaire investors spend an average of 10.5 hours a month studying and planning for future investments. That’s nearly two hours more than under-accumulators of wealth — defined as those with a net worth less than one-half of their expected net worth based on age and earnings — who spend 8.7 hours a month doing so.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    (Photo by Adeolu Eletu)

    In her study, 55% of millionaires said they believe their investing success is because of their own efforts in studying and becoming educated, rather than advice provided by professionals.

    “Their literacy in financial matters means that they are more tolerant of taking investment-related risks,” Stanley Fallaw wrote. “Future outlook and financial knowledge typically relate to taking greater financial risk, so the time they spend in managing and researching investments helps in decision-making.”

    Financial literacy is related to financial “success” outcomes more so than cognitive ability, according to Stanley Fallaw. Having the knowledge required to make appropriate financial decisions — along with a long-term and future-oriented outlook, as well as a calm manner — allows millionaires to make better financial decisions, she said.

    Millionaires also favor index funds

    Millionaire investors also have something in common when it comes to investing strategies: They act simply, according to John, who runs the personal-finance blog ESI Money and retired early at the age of 52 with a million net worth. He interviewed 100 millionaires over the past few years and found that many of them use the same investing strategy: investing in low-cost index funds.

    “The high returns and low costs of stock index funds (I personally prefer Vanguard as do many millionaires) are the foundation that many a millionaire’s wealth is built upon,” he wrote in a blog post.

    Finance Friday: 4 reasons why talking to a lender should be your first move

    (Helloquence photo)

    “Index funds are the most straightforward, cheapest, and most likely way to see strong long-term returns,” the former hedge-fund manager Chelsea Brennan, who managed a id=”listicle-2633716796″.3 billion portfolio, previously wrote in a post for Business Insider. “Index mutual funds offer instant diversification and guarantee returns equal to the market — because they are the market.”

    Even the billionaire investor Warren Buffett has championed low-cost investing, often recommending Vanguard’s SP 500 index fund for the average investor, Business Insider reported. He previously called index funds “the most sensible equity investment.”

    Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.

    Featured image by Sharon McCutcheon.

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

    Do Not Sell My Personal Information