These 3 steps are crucial if you want to transition into your own business - We Are The Mighty
MIGHTY MONEY

These 3 steps are crucial if you want to transition into your own business

Are you ready to start the business you’ve always wanted? Do you have a million dollar idea but are not sure what to do first, second and third? Are you excited to leave military service behind and earn a living through your own entrepreneurial drive? Military service is a wonderful background for business ownership.

But there’s a difference between military service and startup business management.

A key factor that affects startup viability is how fast entrepreneurs adapt to their new job description as a business owner.

Many entrepreneurs say they started their companies for the opportunity to pursue their heart’s desire. New bakery owners like to bake. Fitness coaches like to train clients. Contractors like to build. But successful entrepreneurship is not defined just by how well you bake or coach, but how well you manage your overall business.

You can direct a brilliant film, but if you don’t make money at it, you may not get a second chance to make another film. Besides your specific passion, other skills are required to succeed.

Being the boss of a prosperous business involves focus and careful decision-making.

New business owners who assume that entrepreneurship is all about the freedom to do “whatever I want, whenever I want,” are also at high risk of business failure. Too much managerial spontaneity and freewheeling fun cost more than a young company can typically handle.

Here are three strategies to help you make the mental shift to money-making self-employment with precision.

Joke about business management: The risk I took was calculated, but boy am I bad at math.

1. Pay attention to cash.

Businesses close when they run out of cash. It’s that simple. As the boss of your startup enterprise your top priority is to make sure your company always has enough cash to operate. This means that you have to embrace numbers and money issues; take full ownership of financial projections and understand what kinds of business decisions can drain cash faster than others.

You don’t need an MBA to manage cash well, just a desire to do it. Check out some accounting books or take an accounting class to boost your money management skills.

2. Plan to achieve

It’s not enough to hope to succeed; you have to plan to succeed. Hoping for customers, won’t get them to your website. Hoping to raise money from investors won’t get you in front of top check writers. Hoping the check is really in the mail is not the best way to collect past due invoices. Successful startup entrepreneurs set specific goals and then lay out practical day-by-day strategies to secure their first paying customers and profits.

3. Get help

Just because you are the boss of your new enterprise doesn’t mean you will always have all the right answers. You will across a lot of issues and decisions that you never encountered before in your military career. It’s only natural that beginner’s mistakes will be made, sometimes costly ones.

When you face business unexpected problems in product development, product packaging, sales, marketing, customer service, or finance, don’t guess the answer. Find someone who has already “been there and done that” and ask for help. Remember, every mistake you make now comes out of your pocket.

Here’s one last tip. It’s not enough to just get by in business; your managerial objective is to get ahead in business by using your head. You have a background of excellence in your military career; now just apply it to your new business.

You can do it!

Susan Schreter is a devoted Yellow Ribbon Reintegration Program workshop presenter and founder of Start on Purpose, a service organization that empowers business owners anywhere in America to find and manage business funding with confidence. Connect with her at Susan@StartonPurpose.

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.

These 3 steps are crucial if you want to transition into your own business

(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.

These 3 steps are crucial if you want to transition into your own business

(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.

Articles

3 myths about the new military retirement system

These 3 steps are crucial if you want to transition into your own business
Veronica Ballek, wife of Col. Michael Ballek, pins a retirement pin on her husband during his retirement ceremony at Mountain Home Air Force Base, Idaho, June 2, 2015. | US Air Force photo by Tech. Sgt. Samuel Morse


You’ve probably heard that currently serving military members and their families soon will have to choose whether to switch to the new military retirement system or stick with the old one.

But retirement options and savings choices can be confusing. How can troops know which to pick?

Also read: Pentagon considers lifetime access to Exchange system for vets

Military leaders want families who are thinking through the choice to be armed with as much information as possible, said Lt. Col. Steven Hanson, who heads the Army‘s compensation and entitlements office.

He discussed three military retirement myths at a recent Association of the United States Army conference.

Myth 1: You’ll be forced into the new military retirement system.

That’s false, Hanson said.

Everyone who joins the military after Jan. 1, 2018, will be a part of the new system whether they like it or not. But those who are currently serving at that time will have to make a choice: Keep the old system or opt into the new one.

“One of the big misconceptions about this is that people will be forced into the new system and that is simply not the case,” he said. “Nobody will be moved into the blended system unless they actively choose to do so.”‘

The current retirement program is based on a pension system. Under that plan, if a military member serves 20 years, is medically retired or is forced out and qualifies for early retirement, he’ll be able to walk away with a pension based off his rank at retirement.

But most troops don’t retire out of the military — they simply leave the service. And thanks to the way the current system is set up, that means they walk away empty-handed.

That’s a problem the new “blended” retirement system is designed to fix. Instead of retirement or nothing, it gives service members a savings that is closer to what’s used by employers in the civilian sector.

Under it, troops can contribute money to their Thrift Savings Plans (TSP), and the Defense Department will match it up to a certain percent, much like a 401(k) plan. Even if a service member opts to put nothing in his TSP, the DoD will still contribute an amount equal to one percent of his base pay to the account each month.

And service members who stay in long enough to become retirees will still get a version of the pension system in the new military retirement plan as well, although payments will be based on a lower amount than they are today.

Myth 2: It’s easy to tell which plan you should use.

False. While it would be nice to know if the new system is the right choice for you simply based on how many years you’ve been in, that’s not the case. Whether the new system is right for any given service member is going to be based on a whole slew of information specific to that person and his or her family, Hanson said.

“There’s no cookie-cutter answer. Every service member is going to have different circumstances,” he said. “Everyone should do what’s best for their personal circumstances.”

Myth 3: You’re going to have to figure out which plan is best for you on your own.

Mostly false. While the final choice ultimately will be up to each individual service member, the law that required the retirement plan change also requires the Defense Department to provide a lot of education about what the change means — and how service members can pick which plan is right for them.

“We need to make sure that they have the tools, the skills and the knowledge to make an informed decision,” Hanson said. “We are putting together a training and education plan to make sure service members understand the old system versus the new system so they can make an informed choice.”

MIGHTY MILSPOUSE

Organizations offer financial support for families impacted by COVID-19

Military support organizations have distributed thousands of dollars in financial assistance to service members and their families impacted by COVID-19, with services available for living expenses, emergencies, education and more. The application process, eligibility requirements and availability of funds vary by organization. Below is a breakdown of information provided by officials from each organization:


These 3 steps are crucial if you want to transition into your own business

AIR FORCE AID SOCIETY

The Air Force Aid Society has distributed ,414 in assistance for financial needs attributed to COVID-19.

Services available: Emergency assistance through no-interest loans and grants; need-based educational grants, merit-based scholarships; and on-base community programs.

How to apply: Our central point for seeking assistance is the local base Airman Family Readiness Center. They have all been declared mission-essential by local commanders. All of them can and do take applications online and any contact is minimized. For members not near a base, we have reciprocal with our fellow relief societies. They will render assistance and we will reimburse them (see the list below). This mutual support extends to our partners at the American Red Cross, particularly for those not near any military installation. Airmen can call the dedicated American Red Cross Military Service line and be assisted.

For airmen not near a base, the Air Force Aid Society has reciprocal agreements that allow you to receive assistance through these other agencies:

  • Army Emergency Relief (located at Army installations, worldwide)
  • Coast Guard Mutual Assistance (located at Coast Guard installations, worldwide)
  • Navy-Marine Corps Relief Society (located at Navy installations, worldwide)
  • American Red Cross Service to the Armed Forces: call 877-272-7337

Visit https://afas.org to learn more about the Air Force Aid Society.

These 3 steps are crucial if you want to transition into your own business

ARMY EMERGENCY RELIEF

Army Emergency Relief has supported 128 soldiers with 2,000 disbursed in grants and zero-interest loans related to COVID-19, as of the beginning of May, according to AER officials.

Services available: Active-duty soldiers and their families are eligible for the full range of 30+ AER benefit categories if they were impacted by the DOD travel ban or PCS stop movement order. They can apply online here.

Additionally, in March, AER extended travel ban/stop movement benefits to non-Title 10 reserve and National Guard soldiers who had been impacted. More recently, AER also turned on new benefits for Title 10 and Title 32 soldiers who have been activated for any length of time by the president or their state’s governor to help with the COVID-19 response. The new Title 10/Title 32 benefits are active whenever the activation begins and for 30 days past the end of their activation. Any soldiers who are Title 10/Title 32 can apply for help with basic living expenses and/or personal transportation costs.

How to apply: Recognizing that face-to-face meetings to apply for assistance may be limited or not advisable, AER has arranged a new process to allow for soldiers to electronically submit requests for assistance. Soldiers can go to the AER website to determine the easiest way to get benefits. Soldiers who cannot get in touch with a local AER office for whatever reason can also submit a request 1) by contacting one of the other military aid societies and/or 2) through the American Red Cross by calling 1-877-272-7337 and selecting option 1 for financial assistance.

Visit https://www.armyemergencyrelief.org/covid19/ to learn more about Army Emergency Relief.

These 3 steps are crucial if you want to transition into your own business

NAVY-MARINE CORPS RELIEF SOCIETY

Navy-Marine Corps Relief Society provided COVID-19-related relief to 502 clients with over 3,000 in interest-free loans and grants, as of this month.

Services available: The services we provide are to assist with the financial needs that arise from the current pandemic, whether that is assistance with paying bills, rent etc. We currently offer a COVID-19 Rapid Response for up to 00; no lengthy application and no need for financial counseling. We also have our traditional loan services available for greater needs

How to apply: Processes for applying vary by location, visit www.nmcrs.org/locations to find out more.

Visit https://www.nmcrs.org to learn more about Navy-Marine Corps Relief Society.

COAST GUARD MUTUAL ASSISTANCE*

Coast Guard Mutual Assistance serves the entire Coast Guard community. To date, it has worked with 438 clients and distributed 2,034.97, according to its website.

Services available: Varying rates of assistance are available to those with lost wages, members in medically-induced quarantine, and travel fee reimbursement. Additional assistance exists for childcare and education assistance, and medical assistance. The full list can be viewed here.

How to apply: Find a local CGMA representative at https://www.cgmahq.org/locations.html.

Visit https://www.cgmahq.org to learn more about Coast Guard Mutual Assistance.

*Information obtained from its website

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


MIGHTY MONEY

Hilton wants a staff full of US military veterans

Working in a hotel is no joke – those jobs are hard. Think about how hard you worked in basic training under the latrine queen, using a dirty sock to dust the day room, and how clean the barracks had to be to pass a drill sergeant’s inspection. Even if you’re looking to work in management, Hilton hotels host hundreds of thousands of event every year. It’s suddenly your job to manage that. Wherever you’re working in a hotel, it takes grit, organization, and attention to detail.

Do those traits sound familiar? They do to Hilton Hotels.


These 3 steps are crucial if you want to transition into your own business

And to Hilton founder Conrad Hilton, a World War I veteran who served in France.

This might be part of the reason Hilton is all aboard with the mission of hiring 20,000 veterans by 2020. That is a good chunk of the hotel brand’s overall employees. As a matter of fact, when Hilton completes its most current mission, hires from the military-veteran community will comprise more than 17 percent of the company’s overall workforce. It first launched the initiative to hire 10,000 vets and spouses by 2020 but upon completing that mission two years early, Hilton set the goal to hire an additional 20,000 in the same time frame. That’s an astonishing dedication to the community of veterans.

It’s part of an initiative named Operation: Opportunity. The company and its CEO Chris Nassetta believes in what they call “the military skill set.” The hotel chain believes veterans bring incredible assets to their team and are affecting the company culture for the better as a result. So it makes sense for Hilton to hire as many veterans as possible. These skills include discipline, organization, problem solving, and teamwork.

These 3 steps are crucial if you want to transition into your own business

Yeah, vets might know a little something about all that.

The company says hiring veterans is not only the right thing, but is also helping the company achieve its own goals.

“Operation: Opportunity is a shining example of the convergence of doing something that is good for society, good for our business, and good for our culture,” says CEO Chris Nassetta.

Hilton has a long history of supporting veterans, dating back to founder and Army vet Conrad Hilton’s postwar years. The elder Hilton had a knack for hiring vets after World War II, giving Korean War veterans and their families free nights (and spending money!) at some of his most popular hotels. Even during Vietnam, troops could get a free RR stay at the Hiltons in Hawaii.

The decision to hire veterans picks up where Conrad’s legacy left off, ensuring veterans have sustainable employment in a growing industry with one of the world’s top hospitality brands. Hilton is even supporting a number of veteran-related non-profits, no more appropriate than the Military Influencer Conference.

These days, Hilton may not be able to give veterans their own Hilton to run, but they do provide opportunity and training to run their own businesses through donating to events like the Military Influencer Conference. If you’re interested in starting your own business and don’t know where to begin, the Military Influencer Conferences are the perfect place to start. There, you can network with other veteran entrepreneurs while listening to the best speakers and panels the military-veteran community of entrepreneurs can muster. Visit the Military Influencer Conference website for more information.

To learn more about a job with Hilton, check out Hilton’s job search website – and don’t forget to list your veteran status.

MIGHTY BRANDED

Why now is the perfect time for military families to refinance home loans

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.

These 3 steps are crucial if you want to transition into your own business

(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.

These 3 steps are crucial if you want to transition into your own business

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.

Articles

The Air Force just escalated its war with the airlines

The Air Force has just escalated its response to efforts by the airlines to hire away military pilots. They’re throwing huge retention bonuses to the pilots and boosting flight pay to $1,000 a month.


According to a report by BreakingDefense.com, the flight pay boost will add an additional $1,800 a month to the paychecks of officers. Enlisted men will see their flight pay go from $400 to $600 a month, a 50 percent increase, and taking their pay up $2,400 a year.

These 3 steps are crucial if you want to transition into your own business
Maj. Kurt Wampole, assisted by Capt. Matt Ward, 774th Expeditionary Airlift Squadron pilots, taxis a C-130H Hercules back to its parking spot. (U.S. Air Force photo by Master Sgt. Ben Bloker.)

“We need to retain our experienced pilots and these are some examples of how we’re working to do that,” said Secretary of the Air Force Heather Wilson in an Air Force release. “We can’t afford not to compensate our talented aviators at a time when airlines are hiring unprecedented numbers.”

In addition to announcing the increased flight pay, Secretary Wilson announced the creation of an “Aircrew Crisis Task Force” under Brig. Gen. Michael G. Koscheski. This task force’s formation is a sign that the pilot shortage the Air Force is facing has not improved. The Air Force release noted that at the end of Fiscal Year 2016, the Air Force was short 1,555 pilots overall, including 1,211 fighter pilots.

These 3 steps are crucial if you want to transition into your own business
An F-16 Fighting Falcon pilot, assigned to Detachment 1, 138th Fighter Wing, dons his helmet in preparation of a barnstorming performance for reporters, Feb. 1, 2017, in Houston. (U.S. Air National Guard photo/Tech. Sgt. Drew A. Egnoske)

The Air Force is looking to bring back 25 retired pilots to fill staff positions through the Voluntary Rated Return to Active Duty program, allowing pilots who are still current to be returned to front-line duties. The staff positions are non-flying, but retired pilots could have sufficient expertise to handle them.

This past June, the Air Force increased its Aviation Bonus cap from $25,000 a year to $35,000. These bonuses are paid to pilots who commit to stay past their service commitment for up to nine years.

The Air Force was also seeking to reduce the number of non-flying assignments for pilots, including headquarters positions and developmental opportunities. The Air Force is also trying to reduce additional units and add more flexibility for Airmen with families and children.

MIGHTY CULTURE

How and when to tell a job you might be PCSing

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


It’s just a part of the lifestyle.

Why it’s a Potential Setback

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

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

Look at Your Work Relationship

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

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

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

These 3 steps are crucial if you want to transition into your own business

Staying on Remote

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

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

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

How To Drop the News

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

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

Articles

House vets panel subpoenas details on VA art purchases

These 3 steps are crucial if you want to transition into your own business
The VA campus in Palo Alto, CA | VA photo


The Republican majority on the House Veterans Affairs Committee pushed through a voice vote Wednesday to subpoena documents from the Department of Veterans Affairs on millions spent for artworks at VA facilities and huge cost overruns at a Denver-area hospital.

Also read: VA awards $300 million in grants to help end veteran homelessness

“It’s unfortunate that the VA’s continuing lack of transparency has led us to this decision” to move for the subpoenas, said Rep. Jeff Miller, a Florida Republican and the committee chairman.

“I am confident we are not receiving the whole picture from the department” on spending for art and ornamental furnishings, including $6.4 million at Palo Alto, California, facilities.

The committee also wants specifics on the costs for a new Aurora, Colorado, facility that ballooned to $1.7 billion, nearly three times the original estimate.

Rep. Mark Takano, a California Democrat and the ranking committee member, argued that the VA was already working to provide answers and warned that the subpoenas could expose whistleblowers. “Now you will be outing employees who were honest with investigators” on the artworks and the spending on the Aurora facility, Takano said.

In June, Deputy VA Secretary Sloan Gibson said, “We got a lot of things wrong” with construction of the Aurora facility, but releasing an internal VA investigation would be counterproductive.

“You end up chilling the whole investigative process,” Gibson said in a news conference at the construction site.

These 3 steps are crucial if you want to transition into your own business
House Veterans Affairs chairman Rep. Jeff Miller

The subpoenas ask for all information on VA art and ornamental furniture purchases since 2010. The VA’s response in the inquiry thus far has been “wholly incomplete,” Miller charged.

“We will not accept VA trying to pull the wool over the eyes of this committee and the American people for poor decision-making and waste of funds made on the part of the department,” Miller said.

“VA claims to have spent approximately $4.7 million on art nationwide from January 2010 to July 2016, yet the committee has already substantiated over $6.4 million spent during this period in the Palo Alto health care system alone,” he said.

Miller again singled out artworks at the Palo Alto Polytrauma Rehabilitation Center, described by the VA as one of five facilities nationwide designed to provide intensive rehabilitative care to veterans and service members with severe injuries to more than one organ system. Miller made similar complaints about Palo Alto nearly a year ago in a House floor speech.

Miller took issue with “Harbor,” a huge rock sculpture in a pool that its designers said was intended to evoke “a sense of transformation, rebuilding and self-investigation.”

When installation was included, it cost nearly $1 million “to put the rock up,” Miller told the committee.

Miller also complained about an artwork called “Horizon” on the walls of the Palo Alto facility’s parking garage.

“Horizon” spells out in Morse code the “With malice toward none …” quote from President Abraham Lincoln’s famous Second Inaugural address and a quote from Eleanor Roosevelt, which says in part, “You must do the things you think you cannot do.”

Veterans

Military spouse juggles motherhood, business, and deployments

Flossie Hall has one of the hardest jobs imaginable. She’s a mother of four and an active duty Navy spouse. She’s also the co-founder and Chief Operating Officer of the Association of Military Spouse Entrepreneurs (AMSE).

As a military wife, Hall has lived at 10 different addresses over the last 14 years. For much of that time, she’s also had to be a solo parent.

“Plan something and the military laughs,” Hall quips. “Business is the same way.”

After successfully navigating the financial challenges that come with new deployments, new homes, and newborns, Hall has dedicated herself to the business of helping other military families.

AMSE is an entrepreneurship program built by military spouses, exclusively for military spouses. It teaches men and women around the world how to start their own businesses. And military spouses are perfectly suited to be entrepreneurs because, as Hall puts it, “entrepreneurs have to curve and swerve every single day.”

Like many entrepreneurs, Hall was the first person in her family to graduate from high school – let alone college.

Today, she has a daughter in college whose education expenses weren’t budgeted for because Flossie and her husband were very young when they had her. As a result, they learned the value of proper financial planning.

The Halls’ three younger children will also likely attend college. This time around, Hall and her husband are prepared. They opened college savings accounts that will help pay for each child’s education.

They started 529 accounts for each of them. These special savings accounts have allowed the Halls to save over time in a tax-advantaged way for this specific financial planning objective. Money in the accounts grows tax free until withdrawn. When it is taken out to pay for specific education expenses, it also avoids taxation.

529 plans are offered by each of the states and many educational institutions. They don’t require account owners or beneficiaries to reside in the state offering the plan, but some plans do offer specific advantages to in-state residents.

Because there are no residency requirement, there is ample opportunity to shop around in order to find a plan that best suits the needs of the beneficiary.

Here are a few other things to keep in mind when comparing plans:

1)      Every state offers at least one type of plan.

There are two types: Prepaid Tuition Plans or College Savings Plans.

2)      Some plans allow others to contribute.

Most 529 plans allow people other than the account holder to make contributions to the beneficiary’s account.

3)      The account holder owns and controls the account.

The account holder may withdraw money. The beneficiary may not.

4)      Gift tax exclusion may apply.

529 plan contributions fall under annual and lifetime gift tax exclusions.

5)      Consider a UGift® account.

UGift lets you invite family and friends to contribute to a child’s 529 account.

For more information and useful financial tools visit VCM.com/military.

MIGHTY MONEY

4 VA loan myths busted: What to know before you go

If someone were to ask me what the best advice is for someone buying a home, I would have to say “educate yourself.” I realize that sounds vague, but there is SO MUCH information, more importantly, incorrect information, out there and every family situation is unique. I’m hard-pressed to say what is most important, but breaking barriers to getting started would be first. Unfortunately, I see a lot of myths repeated on a daily basis, sometimes from fellow mortgage professionals! I will continue to share digestible pieces of information, but first, need to get these common myths out of the way, so no military family is deterred from getting started:


These 3 steps are crucial if you want to transition into your own business

There is no debt-to-income ratio cap.

The VA’s deciding factor on whether or not you can afford a loan is based on “residual income” (p.57), meaning how much money is left over every month after your debt obligations are met. This is a formula based on loan amount, geographic location and family size; it’s not always a one-size-fits-all answer. Some lenders have “overlays,” which are additional requirements that reach beyond what the VA themselves require, which is why the DTI myth is still floating around. The big takeaway here is that if you’re told by one lender your DTI is too high, they might have extra requirements on top of what the VA states, and you should SHOP AROUND! Not all lenders are created equal.

Residency requirements.

The VA has one residency requirement (pp.12-13), that you intend to make the home your primary residence and occupy “within a reasonable period of time” – usually deemed as 60 days. A spouse or dependent child can fulfill this residency requirement, but no other family member. I continuously see the myth of “one year,” circulated, but it is simply a myth. Last-minute moves and orders happen; the VA knows that, and according to their guidelines, you are not tied to live in any home for any period of time that doesn’t work for your family – period.

These 3 steps are crucial if you want to transition into your own business

County loan limits still apply for multiples.

The Blue Water Navy Vietnam Veterans Act Sec.6(a)(1)(C)(ii) that went into effect January 2020 lifted the VA county loan cap for how much money you can borrow with down, but that’s only if you have full entitlement available. A borrower can have multiple VA loans out at once, but if any entitlement is currently used, the county loan limits DO apply for bonus entitlements. You may be subject to a downpayment requirement if you exceed your remaining entitlement available.

Work history – what counts?

I repeatedly see posts in social media about a service member transitioning, receiving a new job (or job offer), and they don’t think they can qualify for a loan until two years into the job. This is totally false! Military active duty counts towards work history. The VA allows future employment income to be counted if the lender can verify a non-contingent job offer, including start date and salary. Documented retirement and disability pay also count towards qualifying income, but GI bill benefits do not.

Social media can give instant access to other people’s experiences, but some of the answers to your VA loan questions can only be found in a licensed professional. Make sure you’re talking to a lender that is passionate about educating you and your family, allowing you to make smart financial decisions. Not all financial institutions lend “by-the-book,” so ask more than one lender if something doesn’t feel right, or you’re not satisfied with the answer. An ounce of prevention, in this case, is certainly worth well more than a pound of cure!

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.

These 3 steps are crucial if you want to transition into your own business

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.

These 3 steps are crucial if you want to transition into your own business

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.

These 3 steps are crucial if you want to transition into your own business

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!).

These 3 steps are crucial if you want to transition into your own business

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!).

These 3 steps are crucial if you want to transition into your own business

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.

Articles

Air Force approves incentive pay for airmen in Turkey

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


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

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

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

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

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

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

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

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

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