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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

00:11:26

The Art of the Backdoor Roth IRA for High Earners | E73

The Veteran Finance Podcast ·

2025/09/24

In this episode, I discuss the art of the backdoor Roth IRA for high income earners. We walk through what it is, how to do it, and key mistakes to look out for. ‍Key Timestamps:00:00 Introduction to the Backdoor Roth IRA02:21 Step-by-Step Guide to Backdoor Roth IRA04:51 Key Caveats and Pro-Rata Rule07:26 Fixing Past Contribution Mistakes10:06 Conclusion and Final Tips10:47 Additional Resources and Disclaimer‍‍More of Baskin Financial Planning:⁠⁠Download the Ultimate Military Finance

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00:11:41

When Does it Make Sense to Refinance the Mortgage? | E72

The Veteran Finance Podcast ·

2025/09/10

In this episode, I dive into when it makes sense and does not make sense to refinance your mortgage when rates are falling. Key Timestamps:00:00 Introduction: Is Now a Good Time to Refinance?00:55 Understanding Refinancing Basics02:03 VA Loan Refinancing: Uncle Earl Explained03:12 When Refinancing Makes Sense06:06 When Refinancing Doesn't Make Sense08:02 Veteran-Specific Provisions for Refinancing09:50 Conclusion and Final ThoughtsResources Mentioned: Episode 16: VA Loans with Evan

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00:21:04

Unpacking OBBBA: What it Means for Your Tax Bill | E71

The Veteran Finance Podcast ·

2025/08/27

In this episode, I dive into the provisions of the One Big Beautiful Bill Act (OBBBA) passed on July 4, 2025 and how it is likely to impact your tax bill this year and for the years to come. Key Timestamps:00:00-Introduction to the One Big Beautiful Bill Act01:22- Understanding the Tax Rate Extensions and Standard Deductions02:43- Charitable Giving and Itemized Deductions04:53- State and Local Tax (SALT) Deduction Changes06:45- Child Tax Credit and Senior Deduction08:55- Tax Exemptions on Tips,

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00:17:39

How to be thinking about 529s and Saving for College...

The Veteran Finance Podcast ·

2025/08/13

In this episode, I dive into the essentials of college savings, focusing on 529 plans and how to decide the best approach for your family. I cover the pros and cons, recent rule changes, and practical tips for making smart education funding decisions.‍Key Timestamps:00:00 - Introduction and Personal Update01:56 - Philosophy of Education Savings04:12 - 529 Accounts Overview06:48 - What 529 Plans Cover08:27 - Pros of 529 Plans11:54 - Cons of 529 Plans14:09 - Making the Right Decision16:41 - Outro and

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00:10:36

Doomscrolling Is Draining Your Portfolio | E69

The Veteran Finance Podcast ·

2025/05/14

Today, I talk about how the way you consume financial news can have a huge impact on your emotional state and your long-term success as an investor. I’ve noticed that most financial media today—especially TV and digital platforms—is designed to get you riled up, not to inform you. It’s biased, sensationalized, and built to sell ads, which makes it really dangerous for investors who are trying to stay focused on the long term. Studies show that many investors underperform their actual investments by

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00:09:10

Avoid Probate: 3 Smart Estate Planning Moves | E68

The Veteran Finance Podcast ·

2025/04/30

I talk about the often misunderstood process of probate and why simply having a will isn’t enough to avoid it. Most people assume a will guarantees a smooth transfer of assets, but the truth is, many of those assets still go through probate - a public, court-supervised process that can take months or even years and cost thousands in legal fees. I explain why we want to avoid probate and how to do it. There are three main ways I recommend: first, owning property jointly - especially with a spouse -

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00:14:59

Don’t Panic: Market Drops and the Bigger Picture | E67

The Veteran Finance Podcast ·

2025/04/16

Today, I explain that while a market correction - defined as a 10% or more drop - is never fun, it’s actually quite normal and often healthy. Historically, corrections happen every year or so, and the average recovery time is about four months. I walk through data showing that after 10%, 20%, or even 30% declines, markets tend to rebound strongly over one-, three-, and five-year periods. I stress that trying to time the market doesn’t work - you can’t afford to miss the best days, which often come

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00:11:10

Should You Elect S Corp Status? When It Makes Sense &...

The Veteran Finance Podcast ·

2025/04/02

I explore the S Corp election, a tax strategy that can help business owners—especially LLCs and sole proprietors—reduce self-employment taxes. When operating as an LLC or sole proprietor, all income is subject to self-employment tax at 15.3%, but electing S Corp status allows me to split my income between a salary (taxed normally) and distributions (which avoid self-employment tax). I discuss when this election makes sense—typically when net profit exceeds $50,000 and is expected to grow—along with

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00:11:04

Did Your Car Insurance Go Up? Fix These 4 Coverage...

The Veteran Finance Podcast ·

2025/03/19

I’ve noticed that many people don’t fully understand their home and auto insurance coverage, often just relying on default options or what the agent recommends. I want to highlight four common mistakes I see: (1) Having low deductibles, which results in higher premiums for minor claims; (2) Low liability limits, which can expose you to significant financial risk in serious accidents; (3) Coverage mismatches, especially in home insurance, where the policy may not reflect the current replacement cost

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00:08:54

Case Study: How a Client Saved $33,000 in Taxes | E64

The Veteran Finance Podcast ·

2025/03/05

I recently worked with a client on a tax planning strategy that perfectly illustrates the power of proactive financial planning. The client owned a rental property and was approaching the five-year deadline for the Section 121 exclusion, which allows homeowners to exclude up to $250,000 in capital gains if they’ve lived in the property for at least two of the last five years. After reviewing their situation, I realized that selling before the deadline would save them $33,000 in capital gains taxes

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00:12:08

Are You Missing Out on These VA Disability Benefits?...

The Veteran Finance Podcast ·

2025/02/19

In this episode, I wanted to highlight the many benefits available to veterans with VA disability ratings, as I was surprised by how extensive they are during my own claims process. I go over key benefits, especially those that are lesser known, particularly for 100% disabled veterans. These include commissary and exchange privileges, waived VA loan funding fees, tax-free compensation (which can be substantial), healthcare benefits that expand significantly at 50% and 100% ratings, student loan

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00:14:38

8 Likely Tax Changes in 2025 Republican Tax Bill | E62

The Veteran Finance Podcast ·

2025/02/05

In this episode, I break down the key changes we can expect in the 2025 Republican tax bill and what they might mean for you. With a Republican majority in Congress and President Trump back in office, major tax reforms are likely on the horizon—think lower individual tax rates staying in place, a potential repeal or increase of the SALT deduction cap, and a higher child tax credit. Business owners could see an expanded QBI deduction and the return of 100% bonus depreciation, while there’s also talk

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00:10:27

Should Your Spouse Quit Their Job? (Case Study) | E61

The Veteran Finance Podcast ·

2025/01/22

I explore a common question I hear frequently: “Can my spouse quit their job?” Using a real-life client case study, I break down the financial and emotional considerations of transitioning to a single-income household. By analyzing their $350K combined income, with $800K already saved for retirement and a strong financial foundation, they decide the tradeoff is worth it for less stress and more family time. This exercise highlights the importance of evaluating not just numbers but also lifestyle

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00:09:07

2025 Tax & Contribution Updates | E60

The Veteran Finance Podcast ·

2025/01/08

As we step into 2025, I wanted to take a moment to review the routine tax and contribution limit changes that come with the new year. This episode focuses on the updated limits for 401(k)s, IRAs, HSAs, and other retirement plans, along with key adjustments to Social Security, the annual gift tax exclusion, and standard deductions. For instance, the 401(k) elective deferral limit is now $23,500 for those under 50, with a special new catch-up contribution for those aged 60-63. While most changes align

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00:13:52

How to Gift 18K a Year and Avoid Estate Taxes in 2024...

The Veteran Finance Podcast ·

2024/12/18

In this episode, I tackle key questions about estate tax and gifting strategies, highlighting the importance of proactive planning to pass wealth to future generations. Annual gifting is one of the simplest ways to remove money from your taxable estate without reducing your lifetime exemption per spouse. I clear up common misconceptions, such as the belief that gifts over $18,000 are taxable (they aren’t; they simply require reporting and reduce your lifetime exemption) and that recipients of gifts

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00:15:26

How Trump's Win May Impact Your Finances: 3 Key Areas...

The Veteran Finance Podcast ·

2024/12/04

Erik discusses how the recent election win by Donald Trump and the Republican party could potentially impact your financial portfolio. Erik highlights three main areas of concern: financial markets and investments, interest rates, and taxes. The discussion covers possible inflationary effects, changes in financial market dynamics, expected volatility in interest rates, and potential tax code modifications. Erik emphasizes the importance of staying invested, monitoring interest rates, and

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00:11:50

How Veteran Business Owners Can Save 5 Figures on...

The Veteran Finance Podcast ·

2024/11/20

I dive into the Southwest Companion Pass, a travel hack I’m currently using that offers huge savings for frequent travelers. The pass allows you to bring a companion along on any Southwest flight for just the cost of taxes, making it an incredible deal if you often fly with someone. To earn the pass, you need 135,000 qualifying points, which can be done efficiently through Southwest credit cards and carefully timing your spending to hit signup bonuses early in the year. I stress the importance of

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00:25:09

Life and Disability Insurance for Military and...

The Veteran Finance Podcast ·

2024/11/06

Today, I welcome Broc Buckles, co-founder of BC Brokerage, an insurance partner for fee-only financial planners specializing in diverse insurance types, including life, disability, and long-term care. We discuss BC Brokerage’s unique approach, emphasizing honesty and transparency, especially for military veterans and active-duty members who may face insurance hurdles due to health screenings. We highlight the importance of adequate life insurance, especially for transitioning military personnel, and

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00:12:08

3 Fall Tax Planning Moves for Veteran Business Owners...

The Veteran Finance Podcast ·

2024/10/23

I outline the top three year-end tax planning strategies that can benefit you this fall. I emphasize the importance of assessing your tax situation as the year draws to a close, highlighting that by this time, you typically have a clearer picture of your income and taxes due to bonuses and other financial events. The first strategy I discuss is Roth conversions, which can be advantageous in years of lower income, allowing you to pay taxes on the converted amounts now rather than later. The second

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00:13:23

Employee Benefits 101 During Open Enrollment l E54

The Veteran Finance Podcast ·

2024/10/09

I dive into the critical components of employee benefits packages during open enrollment season. I walk through key considerations like health insurance options (HSA and PPO plans), life insurance, and disability insurance, explaining how they fit into both personal and family financial plans. I also touch on underutilized benefits like dependent care FSAs, 401k matches, and ESPPs, emphasizing how to maximize these offerings based on individual needs. Ultimately, this episode is a reminder to

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75 results

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