Cyber criminals have many motives and goals, but separating you from your hard earned cash is one of the most lucrative for the criminals and potentially devastating for you.  I've put  a checklist on my website at https://www.moneypilotadvisor.com you can download for free with more details and tips. Do you use the same password to log into multiple websites? Or use common phrases or personal information in your passwords?  If someone gets your login for one account they may be able to log into other important accounts, like your bank account or investment accounts. I know it’s ..read more

This week I'm speaking at Military Money Conference near Raleigh, NC. It's the biggest gathering of the military and money community ever. If you've ever thought about a career in the personal finance field, this conference is for you.  Attendees can expect inspiration and actionable advice and connecting within the personal finance community. Here's all the information  https://milmoneycon.com/register/  Today I'll talk about some of the different career options related to personal finance. First, personal financial planning and Certified Financial Planner (CFP) designation. ht ..read more

You may have heard that the Thrift Savings Plan (TSP) may finally be joining us in the 2st century. There are some good and important changes coming, and there's going to be a transition period when you won’t be able to access to your TSP. According to TSP, it is launching its official mobile app that will give you access to your TSP My Account. You'll be able to log onto your account using biometric identification software on your mobile device, like fingerprint access and facial recognition which will add an extra level of security. They are also promising virtual assistance  via the mo ..read more

There are two types of 529 plans: prepaid tuition plans and education savings plans. Today I'm only focusing on the 529 Education Savings Plan which is an investment account you use to save for future education tuition and expenses. The plans are set up by each state. You to invest your savings in the plan, where your investment grows tax-free. And when you withdraw the money for approved education expenses, that distribution is also tax-free.  You can use it to pay for higher education tuition, mandatory expenses, room and board at any college or university, and some vocational schools ..read more

Most of you already know that digital assets like Bitcoin, Etherium, and Nonfungible Tokens (NFT) experience huge price swings or volatility. Today's focus is diversification of your portfolio and digital assets. When you choose from among different investment options, you diversify. You likely already started do this by investing in mutual funds or exchange traded funds through a workplace retirement plan like the Thrift Savings Plan or a 401k. If you  have a portfolio of stock and maybe bond funds, what happens  if you add in VERY volatile digital assets in the hopes of earning a b ..read more

I've put a small, tax season gift for you on my website moneypilotadvisor.com. You can go there and download a free checklist “What Should I Consider When Reviewing My 2021 tax return”. This information also should help you prepare your return.  If you take the standard deduction and made cash contributions to qualifying charities you can deduct up to $300 if you single or $600 for married filing jointly. A deduction reduces the amount of income we have to pay tax on. Be sure to have your donation receipts. If you recently married or divorced, review your filing status which is determined ..read more

Hello and welcome back to the podcast. I was listening to something this week about Maslow's hierarchy of needs. You may remember this from school or reading. It’s basically a pyramid where one need has to be met before you are motivated and are able to address the next level up the pyramid. The most basic needs, at the bottom of the pyramid are physical like shelter and food. Then the next higher is safety and security. Above that is love and belonging, then the next up is esteem and respect. Then at the very top of the pyramid is self-actualization the need to realize your potential and grow ..read more

I’ve had clients close to retirement to asking, “Should I pay off my mortgage before I retire?”  The bottom line up front is that in the long run, dollar for dollar its very likely you would much better keeping a low interest mortgage and investing that cash in a moderate risk portfolio. But YOUR decision to keep or pay off your mortgage depends on a lot more than just a spreadsheet.  First do you have the cash available to pay off your mortgage or  some extra income now that you can use to make extra payments and pay it off sooner? Why are you considering paying it off early?&n ..read more

When you separate from military or federal employee service without a retirement or a family member leaves a current job, you lose your healthcare associated that employment.  For active duty military and reservists covered under Tricare if you separate without a retirement you qualify for the Continued Health Care Benefit Program (CHCBP). The deductibles and cost shares are relatively low, but premium for individual coverage about $6,000 a year. For a family it’s a little over $16,000 a year. https://www.humanamilitary.com/beneficiary/benefit-guidance/special-programs/chcbp/ If you are a ..read more

Today we’re talking about combat pay and the Thrift Savings Plan (TSP). I’ll be throwing around some tax terms terms, so let me take a minute to go over them. Tax-exempt - You don’t pay any state or federal income taxes on tax-exempt pay, ever. This applies to all of the pay our enlisted and warrant officers earn in a combat zone. For commissioned officers combat pay is tax-exempt up to $107,868 for 2022, your pay above that is taxed as normal. Pre-tax, also called tax-deferred - Contributions to Traditional TSP are pre-tax or tax deferred. Your TSP contribution is pulled from your pay first ..read more