The Veteran Finance Podcast

In this episode, I talk about why I am not recommending Trump Account contributions beyond any free money, and how to save for your kids instead. Key Timestamps: 00:00 Introduction and What Trump Accounts Are 03:56 Problem 1: Kiddie Tax 07:07 Problem 2: Inflexibility 08:44 Problem 3: State Taxes 10:24 How to Save for Kids 15:14 Summary and Wrap Up Resources Mentioned: Trump Account Website to Open...

In this episode, I talk about the Iran War and its' implications on markets and personal finance. ‍ Key Timestamps: 00:00 Introduction 01:47 How Markets React to Wars 04:20 Oil, Inflation, and Interest Rates 8:01 Personal Finance Takeaways 11:40 Wrap Up and Disclaimer Resources Mentioned: Investopedia article on the impact of war on markets across time Inflation Adjusted Barrel of Oil History...

In this episode, I talk about the top 5 most impactful personal finance books I've ever read that I would recommend you check out in the new year! ‍ Key Timestamps: 00:00 Intro and Top 5 Personal Finance Books Overview 00:51 Book 1: The Psychology of Money 02:05 Book 2: Your Money or Your Life 03:25 Book 3: Die With Zero 05:29 Book 4: A Random Walk Down Wall Street 06:37 Book 5: The Millionair...

‍In this episode, I talk about red flags to look for in investments that are too good to be true, including three real life examples I've seen in my financial planning practice. Key Timestamps: 00:00 Introduction and Announcements 01:20 Core Principles of Sound Investing 02:20 Identifying Red Flags in Investment Opportunities 04:34 Real-World Examples of Investment Scams 09:02 Protecting Yours...

‍In this episode, I go through the three tax-efficient strategies for maximizing the value of your charitable giving. ‍ Key Timestamps: 00:00 – Intro 01:25 – Standard deduction explained 04:40 – Strategy 1: Bunching 05:46 – Strategy 2: Donor-Advised Funds 07:04 – Strategy 3: QCDs 08:41 – Recap & final thoughts Resources Mentioned: Episode 37 on Donor Advised Funds (DAFs) ‍ More of Baskin Finan...

In this episode, I go through the three things that need to be true for it to make sense to keep your house as a rental property. ‍ Key Timestamps: 00:00 – Introduction 00:49 – 1. The Math 03:31 – 2. Qualitative Fit 05:21 – 3. Long-Term Fit 09:06 – Recap & Final Thoughts More of Baskin Financial Planning: Think you might be a good fit form my firm? ⁠⁠⁠⁠⁠ ⁠⁠⁠Join the waitlist here!⁠⁠ Questions...

‍In this episode, I discuss the basic principles of term insurance and why for most families it is the preferred method of life insurance over permanent insurance, SBP, and VGLI. Key Timestamps: 00:00 Introduction & why term life insurance 01:10 Principles of Term Insurance 03:35 How much term insurance do you need? 05:35 Calculating your coverage 07:10 Comparing Term vs. Permanent, VGLI, and...

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 IRA 02:21 Step-by-Step Guide to Backdoor Roth IRA 04:51 Key Caveats and Pro-Rata Rule 07:26 Fixing Past Contribution Mistakes 10:06 Conclusion and Final Tips 10:47 Additional Resour...

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 Refina...

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 Act 01:22- Understanding the Tax Rate Extensions and Standard Deductions 02:43- Charitable Giving and Itemized Deductions 04:53- State and Local...

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 Update 01:56 - Philosophy of Education Savings 04:12 - 529 Accounts Overview 06:48 - What 529 Pl...

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 s...

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...

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...

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...

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...

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...

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 b...

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...

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 fa...

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...

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...

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 modif...

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 a...

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 h...