Military Financial Advice

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Whether you’re looking for help in finding the best shopping deals at your local exchange or commissary, seeking investment information as you start preparing for retirement or working to repair your credit, our financial columnists are a great source of advice. You’ll find their columns here, along with information on military-specific state and federal tax issues.

Bills would expand VA home loan offerings, foreclosure protection
A House subcommittee voted April 23 to update the veterans home loan program to expand availability of government-backed mortgages to service members, cut loan fees and stall foreclosure on mortgages...
Lawmakers balk at Tricare fee hikes
Two key senators said April 16 that they will not go along with Bush administration pleas for dramatic increases in Tricare fees for military retirees, and also will work on providing better health...
Commissioner defends proposal for drill duty
Defense officials reacted angrily when a congressionally appointed commission recommended Jan. 31 that the Pentagon should replace the traditional 48 drills per year for reservists with 24 days of...
Go online to get your W-2 faster
Tax season is just around the corner, and those all-important 2007 W-2 forms will start being mailed to service members in early to mid-January. But here’s a reminder: Those who can access...
Group offers free credit scores to troops, families
Service members and their spouses can now get a free credit score — an analysis of their creditworthiness — as well as a personalized action plan to improve that score.
Congress tries to fix GI Bill for reservists
A bipartisan bill to fix a glitch in GI Bill eligibility that has denied thousands of National Guard and reserve members the right to bigger education benefits has run into an unexpected hurdle...
Some charities choose to it alone in the CFC
Among the 278 new national and international charities that have made it through the Combined Federal Campaign’s vetting process this year are USA Cares, a Radcliff, Ky.-based charity that has...
Law restricts family loan options
Some military personnel and their families will find that certain loans are no longer available to them Oct. 1, as payday loan companies and other lenders consider their options in preparing for a...
Officials: Scheme may have cost troops $50M
State and federal agencies are investigating an allegedly fraudulent investment scheme targeting service members that apparently has spread to 23 states — and to troops in Iraq and Afghanistan,...
Sending mail to troops gets more costly
The cost of postage stamps may have increased by two cents, or 5 percent, but rates for packages have gone up a lot more in some cases, say those who support the troops.
TSP funds unfazed by teetering stock market
By July, the collapse of the subprime mortgage market was throwing investors around the world into a crisis.
National and international charities new to the CFC
The following charities have become part of the Combined Federal Campaign.

Credit Matters

A HUD glossary
Mortgage modification: If you can make payments on your loan but don’t have enough money to bring your account current or can’t afford your current payment, your lender may be able to...
VA loans solid during crisis
While the collapse of the subprime mortgage market has rocked the U.S. economy and frightened homeowners, the veterans’ home loan program has remained steady as a rock.
Mortgage troubles? Consider your options
If you are having trouble paying your mortgage, or think there’s the slightest chance that you will have trouble paying it, do not ignore the problem.
Bill allows service members more leeway for death gratuity
Congress has opened a broad, temporary window that lets service members decide who would get up to half of the $100,000 death gratuity if they die on active duty.
10 strategies to make good credit even better
At a lecture I gave, I met a woman who complained that her credit scores, once more than 800, had dipped down to the 770 area and asked what she could do to get them back up to the magical 800 mark.
10 tips on managing your credit cards
The fastest ways to send your credit scores skyrocketing — or make them crash and burn — all have to do with credit cards.
Don’t let renting ruin your credit rep
Buying a home comes with its own credit challenges, but renting has its booby traps and ambushes, too.
Preparation can save your credit during divorce
The casualties of divorce include children, family, friends and society. Add one more: credit.
Prying eyes can steal your ID, so take secure steps
In the movie “Enemy of the State,” Will Smith’s character had his life destroyed by renegade government intelligence officers. Police believed he murdered his friend, and he was...
Stay in driver’s seat when you buy a car
You’re young (or not) and you want your first car (or your fifth). The big G is paying you and paying for your housing, too. What else are you going to spend your money on — beer? The...
Don’t let car dealers run you over
Bad credit. No credit. Bankruptcy. It doesn’t matter. You want to buy a vehicle? There is financing available for you.
Making millions is easier than you may think
Are you being taken advantage of (ripped off, cheated, scammed, defrauded) by companies and businesses that see you as nothing more than a fistful of dollars? In fact, many companies see you as years...
Buying home doesn’t require perfect credit
Being a homeowner can help make you a multimillionaire or it can crash you into bankruptcy, foreclosure — or worse — or somewhere in between.
Get handle on high-interest credit cards
Do you suffer from high credit card interest rates and/or heavy debt? Millions of people do.
Credit repair need not take years
“My credit scores are terrible! They want 19 percent interest for my car loan! Help me get my scores up, pleeeeze!”
Good credit leads to good fortune
Money. The stuff just causes stress, doesn’t it? We want more of it, can’t get enough of it, spend it too fast, borrow it too often, fight about it, dream about it and scream about it....
4 tips to avoid getting burned by credit card companies
Lawmakers are starting to ask representatives of the credit card industry about abusive practices and confusing rules.
7 tactics for success in collection agency battles
You can get caught in an ugly trap if you let unpaid accounts go to a collection agency.
When home-loan shopping, don’t be afraid to pay points
“What’s your rate?” “What’s your rate?” This is the major question most home borrowers seem to ask when shopping for a loan.

Savvy Investor

7 common-sense rules for increasing your wealth
Money is a fascinating subject to most of us. We think about it, dream about having lots of it and fantasize about how wonderful our lives will be when we have “enough” money to be happy...
Create wealth with mutual fund share builder accounts
Mutual funds are an excellent vehicle for monthly investments, as they automatically give a degree of diversification to your investment not possible when investing in individual stocks.
3 steps to finding the right mutual fund investment
Many people are familiar with mutual funds as an investment, but few people have a coherent strategy for mutual fund investing.
Law protects civilian retirement plans for Guard, reserve members
Under the Uniformed Services Employment and Re-employment Rights Act, Guardsmen and reservists have a number of rights to protect them against discrimination from their civilian employers because of...
Getting the most out of your combat-pay exclusion
You know that basic pay, allowances and bonuses received while in a combat zone are tax free.
Dividend-paying stocks can work -- if you manage them effectively
Dividend-paying stocks can yield above-average returns with below-average risk, if you manage them properly.
New law gives troops a second chance to add to IRA
The Heroes Earned Retirement Opportunities Act, signed into law May 29, is significant for those who have spent or will spend much of the year deployed to an area eligible for the combat-zone tax...
With 1031 exchange, you can beat big home-sale tax bills
Purchasing a home before retirement and renting it until you retire can be an excellent strategy.
Make rental property part of retirement plan
If you are fairly sure where you want to relocate after you leave the service, purchasing a home in that area and renting it out until you retire can be an excellent strategy.
4 tips to find a financial planner
Most people would greatly benefit by getting their financial house in order: creating a workable budget, planning for retirement and college educations, starting a periodic investment program...
Paying off mortgage has long-term benefits
Deciding whether to pay off your mortgage is an important part of your financial planning process. Although mortgage rates are low and there’s a probability of getting equal or greater returns...
23 rules for boosting wealth
I've been investing a long time, and almost everything I have learned has been by trial and error, and a lot of both. Being a stubborn person, I've been known to make the same mistake...
Long-term credit cost of a big-screen TV
Credit cards are a wonderful invention. Used properly, they allow people to buy and sell with ease. Bills can be paid by telephone or on the Internet, and the wise use of credit cards establishes...
Simple rules for buying rental property
In general, buying rental real estate is simply an investment decision. You need to ask yourself if buying this single-family home, town house or condo makes sense as an investment. To determine the...
No time like the present to invest in your future
It's never too late to start investing and planning your financial future, even if you are in your 50s or 60s.
Reinvestment is key to long-term growth
Buying dividend-paying stocks that increase their dividends each year, reinvesting those dividends, and, if possible, buying additional stock each month are excellent ways to achieve above-average...
Regular investments are an easy way to save
12/13/2004During the 1990s, the magic road to riches meant buying the right tech stock and watching your investment soar in value....
Military pension would be hard to match
It's fairly easy to calculate the dollar amount of a military pension after 20 years of active service, and we know a military pension is indexed for inflation so that it goes up over time as...
How to make Roth IRAs work for you
All pay, including regular pay and special allowances, is tax-free while a service member is serving in a combat zone.

Sgt. Shopper

Stopping unwanted sales calls, mail can protect your credit
We get pummeled from every angle by people trying to sell us something — or scam us — through e-mail, snail mail and by phone.
Exchange card offers rewards, off-base purchasing power
If you need another reason to do your shopping on a military installation, this might be it:
Send new boxes to beat post office rate hikes
The May 12 postal rate increase will hit your wallet — but you’ll still get a break shipping larger flat-rate boxes to APO and FPO addresses.
Foreclosure may affect more than your credit score
Marine spouse Rebecca Hartman asks a timely question: How would a home foreclosure or a “deed in lieu of foreclosure” affect her husband’s career?
Free help for military tax filers: No taxable income? You can still qualify for stimulus payouts
Got questions on your taxes? Wondering if you need to file because you spent the year in a war zone and had no taxable income?
Budget strategy a big part of downsizing your debt
On March 10, 2007, Sgt. 1st Class Reno Peterson and his wife, Lisa, made a rash decision. They decided to live on their income, within their means, and stop buying on credit.
Law limits troops’ options for tax-refund loans
If you’re counting on getting a refund anticipation loan ... don’t. Those are loans for the amount of your anticipated tax refund until the refund itself comes in to repay the loan...
Military-friendly lenders may be helpful during housing crisis
With all the news about mortgage loans gone bad, homes in foreclosure and housing prices dropping, you may be wondering what you can expect if you’re looking to buy a home or refinance your...
Interest rate is only one factor when comparing credit cards
Listen up. A Navy chief wants to know why the exchange services’ Military Star card carries a high interest rate.
Get creative when tackling holiday debt
Listen up. Still feeling that holiday glow? Will you still feel it when the bills start hitting your mailbox this month?
Remedies for holiday spending hangovers
Listen up. Did you wake up in 2008 with a financial hangover from that holiday spending frenzy?
Coupons can mean big savings — if they’re real
Listen up. Coupons are popular with military families looking to stretch their money. Nearly 128 million coupons were redeemed in military commissaries in 2006, with a total savings of nearly $94...
Sgt. Shopper
Listen up.
You’re entitled to free credit reports
Listen up. Keeping tabs on your credit report is important for a lot of reasons. Mistakes on the reports can cost you money in higher interest rates. And if someone steals your identity, you might...
Overdraft fees could have you seeing red
Listen up.
Quick cash: options to payday loans
Listen up. Have you tried to get a payday loan lately? Do you plan to rely on a payday loan or refund anticipation loan to pay your holiday bills early next year?
Consider shipping costs when ordering overseas
Listen up.
Some troops qualify for loan interest rate reductions
Listen up. You’ve likely heard about the Servicemembers’ Civil Relief Act, the law that provides protections for troops in a variety of ways, many of which apply to anyone who deploys.
How to handle yourself at ‘selling’ get-togethers
Listen up. In that tightly knit military community where you work and live, you may know spouses who sell kitchenware, jewelry, baskets, skin-care products and any other item imaginable.
11 ways to pay less at the pump
Listen up. Feeling the cash crunch of high gas prices?
Buying on credit isn’t ideal layaway alternative
Listen up. The Marine Corps Exchange has dropped its layaway program — one more example of a growing trend.
Learn how your insurance works — before you need it
Listen up. When you spend your hard-earned dollars on personal items, from a TV to clothes and dishes, you want to protect your investment in case something happens to your home, whether you own or...
New long-distance options could save you $$$
Listen up. Your options for making international phone calls at a reasonable cost are increasing almost daily.
Rewards program for exchange credit cards
Listen up. Do you rack up rewards points on your credit card when you make purchases? Like earning 1 percent or more cash back, or points toward free airline tickets?
Program aids home sellers affected by base closings
Listen up. Here’s the situation: You bought that great house near your current duty station several years ago, hoping to serve a couple of tours there. The housing market was booming, and you...
Be careful with your power of attorney
Listen up. Do you know where your power of attorney is?
Don’t get trapped in a cell phone contract
Listen up. Choosing a cell phone company and deciphering cell phone contracts can be difficult at best. But cell phone contracts present even more challenges when you’re in the military —...
Deployed? Make sure businesses treat you right
Listen up. Conducting personal business when you’re deployed to Iraq can be a challenge.
Avoid payday loans; try your bank first
Listen up. The Federal Deposit Insurance Corp. is looking out for you, encouraging banks to offer affordable loans for the military community.
Protect yourself if you plan to sell your home
Listen up. Many of you will move to other duty stations for new assignments in the coming months.
Cheaper alternatives to payday loans are surfacing
Listen up. More credit unions and banks are beginning to provide loans that are better alternatives to payday loans, for both the military and civilian communities.
9-year-old sets comparison-shopping example
Listen up. Maybe it's time to shake things up and re-evaluate some of the food you're buying and products you're using. Are you getting the best bang for your buck?
Never send money first to get a loan
Listen up. It's still happening. Scam artists are bilking troops and their families out of hundreds, even thousands, of dollars with illegal loans. The sad thing is, it's difficult to catch...
Make call for phone discounts
Listen up. As the holidays loom, we’re all even more vigilant than usual in looking for the best deals to make phone calls to friends and loved ones who may be halfway around the world.
Free help to plan your finances
Listen up. Investing: Where do you begin? By firing up your computer.
Tips for buying identity-theft insurance
Listen up. We all want to keep our Social Security number and other personal information safe from sleazebags who are trying to steal it so they can drain our bank accounts and charge the moon on our...
If your purchase doesn't measure up, speak up
Listen up. Whether you're buying diamonds or meat, do not settle for less if you're not satisfied.
Deployed? You can cut credit card interest rates
Listen up. If you're deployed or preparing to deploy, you might be able to get a break on your credit card payments.
Before moving, consider full replacement coverage
Listen up. Extra insurance on your household goods before you move could save you heartache.
Insurance can be safety net for pets
Listen up. We all love our pets, and many of us know how expensive it can be when they get hurt or sick. That explains the growing popularity of pet health insurance.
Before you mail out goodies, think gift certificates instead
Listen up. Whether you're on your first deployment to Iraq or Afghanistan or your fifth, you can help your friends and family get the most for their money when sending care packages to you.
Sometimes, military discount is not best offer
Listen up. Kudos to a 24-year-old soldier who reminded us how important it is to dig a little deeper into military discounts.
10 tips for success when dealing with debt collectors
Listen up: Pay your bills if you want to avoid debt collectors.
Foreign currency may not be smart investment
Listen up. Before you send your hard-earned U.S. dollars to “invest” in Iraqi dinars, think again.
No need for holiday shopping to break bank
Listen up.

Tax Center

Lawmakers consider military tax breaks
Army National Guard Maj. Alan Johnson, 44, was killed Jan. 26, leaving behind his wife, Victoria, and a 15-year career as a Yakima County, Wash., corrections officer.
Don’t forget to ask for your phone tax refund
Taxpayers have already received almost $87 billion in income tax refunds this year, but many are neglecting to ask for a modest refund from a now defunct
Navigate your state (N – Z)
Below is a state-by-state guide with general information on filing your state income tax return for 2006. For more information, see the Web sites or call the phone numbers listed for each state.
7 credits all troops should know
There are a number of credits that can make a nice dent in the amount of taxes payable, from the Earned Income Credit to credits for children and education-related expenses.
Road to a big refund
Good intelligence is essential to success in combat — and tax season is no different.
Essential intel: Links to military tax info
One of the most critical documents you need at tax time is your W2 form, which you include with your tax documents when you file. Like Leave and Earnings Statements, service members’ W2 forms...
Withholdings and taxes: What you need to know
The following are details on common withholdings and tax issues for service members.
Taxpayers have until April 17 to file, pay
Taxpayers around the country will get an extra two days, until April 17, to file 2006 returns and pay taxes owed, the Internal Revenue Service said.
Navigate your state (A – H)
Below is a state-by-state guide with general information on filing your state income tax return for 2006. For more information, see the Web sites or call the phone numbers listed for each state.
Navigate your state (I – M)
Below is a state-by-state guide with general information on filing your state income tax return for 2006. For more information, see the Web sites or call the phone numbers listed for each state.

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Armor of God
High-relief coin is 1 3/4" (44mm) and made of antiqued bronze. Pays tribute to the brave service members risking their lives every day. Military Appreciation Month - Save 10%