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PODCAST

The Veteran Finance Podcast

Erik Baskin, CFP®, CEPA®, MBA

The Veteran Finance Podcast delivers actionable weekly financial planning strategies to help Veterans optimize their money to build purpose past the 9-5. Host Erik Baskin, CFP®, CEPA®, MBA is an Air Force Academy Graduate turned financial planner and the founder of Baskin Financial Planning.

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All Episodes

00:23:59

52. Marriage and Money with Shelley Baskin

The Veteran Finance Podcast ·

2024/09/25

In episode 52, I welcome my wife, Shelley Baskin, to talk about how we handle finances in our marriage. We share our thoughts on joint versus separate finances, the importance of open communication, and how we balance our individual spending preferences. We also dive into managing our household finances while running a business and setting long-term financial goals. Shelley and I emphasize how crucial shared values and honest communication are in creating financial harmony.Key Takeaways: • Should

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00:15:48

51. Investing During an Election Year

The Veteran Finance Podcast ·

2024/09/11

In this podcast, I explore how to approach investing during election years, addressing the common questions I hear from investors about whether to adjust their portfolios as election season approaches. I discuss the historical performance of the U.S. stock market under different political parties, comparing returns during Democratic and Republican presidencies. Using examples from 1928 to the present, I show how staying invested consistently through election seasons often results in better long-term

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00:08:56

50. What Should I Do with My TSP After the Military?

The Veteran Finance Podcast ·

2024/08/28

In this episode, I discuss options for managing your TSP after leaving the military: keeping it in the TSP, rolling it over to an IRA or an employer-sponsored plan, or taking a distribution or purchasing an annuity. Keeping it in the TSP is easy and low-cost but offers limited investment options and multiple account management. Rolling it into an IRA provides more investment choices and easier management but can complicate backdoor Roth IRA contributions. Rolling into a new employer’s 401(k)

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00:36:04

49. Refinancing VA Loans with Evan Kaufman

The Veteran Finance Podcast ·

2024/08/14

I welcome Evan Kaufman from WeVetHomeLoans, a fellow Air Force Academy graduate and economics major, to discuss VA loan refinancing amidst the fluctuating mortgage market. Evan explains the current state of interest rates, specifically for VA loans, and how recent trends have made refinancing particularly advantageous. We cover the unique benefits of the VA Interest Rate Reduction Refinance Loan (IRRRL), also known as 'Uncle Earl,' including no appraisal or income documentation requirements,

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00:08:57

48. Getting Married? Checklist These 8 Financial Steps

The Veteran Finance Podcast ·

2024/07/31

I address common questions and concerns that arise before and after getting married, such as whether to change your name and how to update various accounts. I emphasize the importance of having open financial discussions before marriage to decide on joint or separate finances. I provide a detailed checklist, starting with the name change process at the Social Security Office, followed by updating banking information, credit cards, real estate titles, investment accounts, vehicles, insurance

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00:05:54

47. What Your Car Payment is Really Costing You

The Veteran Finance Podcast ·

2024/07/24

I get into the hidden costs of car payments and their long-term financial impact. Using a hypothetical scenario, I illustrate how a large car payment can significantly diminish potential investment returns over a 40-year period. For example, purchasing a $30,000 car with a $15,000 down payment results in monthly payments of $296, which over five years totals $21,148, and leads to a lost opportunity cost of $225,793 in investments. I break down various car purchase prices, from $30,000 to $80,000,

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00:08:48

46. Why I Like Reverse Budgeting

The Veteran Finance Podcast ·

2024/07/17

In this episode, I delve into the concept of reverse budgeting as a stress-free approach to managing your finances. The idea is to automate savings and debt payments first, ensuring that your essential financial goals are met before any spending occurs. After prioritizing taxes, savings, and fixed expenses, establish a target checking account balance for your monthly spending, giving you the freedom to spend confidently knowing that your financial responsibilities are already covered. By automating

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00:08:19

45. Cowboy and Cowgirl Accounts

The Veteran Finance Podcast ·

2024/07/10

In this episode, I discuss the concept of having a "cowboy or cowgirl account" as a way to enjoy some speculative investing without jeopardizing your financial future. The idea is to allocate a small portion, ideally less than 5%, of your investable assets into high-risk, high-reward investments such as cryptocurrencies, NFTs, or individual stocks, while keeping the bulk of your assets in long-term, diversified portfolios. I emphasize the importance of maintaining financial discipline by

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00:40:39

45. Military Separation, Side Hustles, and VA Disability

The Veteran Finance Podcast ·

2024/07/03

I hope you enjoy my conversation with Jamie and Spencer from the Military Money Manual.More of Baskin Financial Planning: Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom. Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit. Questions or comments, drop me a note at: erik@baskinfp.com

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00:08:00

44. Best Accounts to Use for a New Child

The Veteran Finance Podcast ·

2024/06/26

In this episode, I delve into the important decision of choosing the right savings account for your child's future, a critical step for new parents aiming to ensure financial security for their children. I cover essential account options such as 529 plans, UTMA accounts, taxable brokerage accounts, and Roth IRAs. Using a comprehensive analysis, I demonstrate how to evaluate these options, offering practical examples and considerations. I also explore the tax benefits, flexibility, and impact on

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00:08:52

43. Should I Buy or Rent?

The Veteran Finance Podcast ·

2024/06/19

I tackle the frequently asked question of whether to buy or rent in a new location, which is especially pertinent for military families or those with jobs requiring frequent relocations. I cover essential considerations such as mortgage interest rates, down payments, and financial health. Using NerdWallet's calculator, I demonstrate how to evaluate these factors, offering a case study of a client's situation. I also explore the impact of interest rates, transaction costs, and the

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00:10:24

42. Should I Rent My House Out or Sell It?

The Veteran Finance Podcast ·

2024/06/12

I explore the common question of whether to keep a house as a rental property or sell it. Using a recent case study of a 39-year-old client from Virginia, I break down the detailed financial analysis involved. The client's home, valued at $480,000 with a $431,000 mortgage at a 5.63% interest rate, would result in a monthly deficit of $1,074 if rented out. My comprehensive walkthrough includes considerations of rental income, property management fees, taxes, maintenance, and vacancy rates. To

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00:11:26

41. Mortgage Types and Down Payments: A Guide for...

The Veteran Finance Podcast ·

2024/06/05

Let’s discuss how to take a holistic view on finding a mortgage that works for your situation. There are various mortgage types, including 15-year and 30-year conventional loans, 5 year adjustable rate mortgages, 30 year VA loans, all with different down payment options, and FHA loans. With buying a house being such a large decision, let’s examine these options, emphasizing the importance of considering both qualitative and quantitative factors in your financial situation. We’ll go through detailed

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00:11:07

40. Stay In or Get Out? The Value of a Military Pension

The Veteran Finance Podcast ·

2024/05/29

I tackle the common question, "Should I stay in the military or get out?" by diving into a real client case study. And I promise, if you do, you don’t have to live under a bridge or eat cat food the rest of your life. My client, an Air Force major with 13 years of service, is contemplating leaving the military and is exploring three scenarios: immediately transitioning to a civilian job, joining the reserves, or completing 20 years of service. I analyze each scenario in depth, examining

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00:13:45

39. Managing Your Personal and Business Cash Flow...

The Veteran Finance Podcast ·

2024/05/22

I discuss the 'Profit First' system by Mike Michalowicz, which helps business owners and individuals manage their finances effectively. The concept involves setting predetermined and strategically assigned percentages for various financial categories such as profit, operational expenses (OPEX), taxes, and owner’s compensation. I explore how to apply 'Profit First' principles to both business and personal finances, including setting up automation to manage cash flow efficiently. I

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00:12:07

38. Understand Your Annual Tax Return to Save Thousands

The Veteran Finance Podcast ·

2024/05/15

I dive into the complexities of understanding tax returns. I share my yearly process of reviewing every client's tax return to identify forward-looking planning opportunities and to correct any errors from previous reporting. I discuss the importance of Roth contributions, the implications of the Tax Cuts and Jobs Act, and strategies for managing business and personal taxes, including the use of Schedule E and the benefits of regularly reviewing taxable interests and dividends. Further, I cover

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00:12:24

37. Donor Advised Funds: One of the Most Powerful Tax...

The Veteran Finance Podcast ·

2024/05/08

In this episode, I delve into the benefits and mechanics of donor advised funds (DAFs) and their role as a savvy tax strategy for charitable giving. If you're a high-income earner who's both charitably inclined and invested in the stock market, this is for you. I'll break down how DAFs function, highlighting their tax advantages, especially in light of the 2017 tax changes, and identifying who stands to gain the most from utilizing them.Drawing from real-life scenarios, I'll show

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00:15:23

36. How I've Invested My Money From 2nd Lieutenant to...

The Veteran Finance Podcast ·

2024/05/01

I'll share my financial journey from a second lieutenant fresh out of the Air Force Academy to a successful veteran business owner. I'll discuss the investment accounts I utilized at different stages, my strategy for allocating excess cash, and how my goals and priorities have shifted over time. Initially, I was focused on retirement accounts like Roth IRAs and Roth TSPs, but later on, I came to emphasize the importance of liquidity and the diverse goals of a veteran business owner. These

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00:13:28

35. Why Disability Insurance Is The Biggest Hole In...

The Veteran Finance Podcast ·

2024/04/24

In this episode, we delve deep into the topic of disability insurance and its critical role in financial planning. Disability insurance is often overlooked, especially among military families and veteran business owners, despite the statistics showing that one-fourth of individuals are expected to become disabled before retirement age. Let's talk about the essential features of disability insurance policies, including coverage specifics, the importance of insuring future income, and why a

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00:16:07

34. The Superpowers of a Roth IRA

The Veteran Finance Podcast ·

2024/04/17

In this episode, I talk about the superpowers of the often overlooked Roth IRA account. I go through what it is, the rules around it, and the three main benefits that it provides.Time Stamps: 00:00-01:47: Intro 01:47-06:06: The Benefits of a Roth IRA 06:06-08:55 : Withdrawal Rules 08:55-11:20: Tax Free Compound Growth Example 11:20-14:30: Retirement Income Diversity Example 14:30-16:07: Wrap Up www.baskinfp.com/post/34-the-super-powers-of-a-roth-ira --- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Download

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