Author Archives: Forrest Baumhover

About Forrest Baumhover

Forrest Baumhover is a Certified Financial Planner™ and tax professional. His firm, Westchase Financial Planning, focuses on the unique financial planning needs of servicemembers and families looking to separate or retire from active duty.

If you’d like to learn more about Forrest or his services, please check out the About Forrest page at the top of this article.

From the Mailbag: Term Life Insurance or SBP?

Term Life Insurance or Survivor Benefit Plan? Recently, I received the following question: My husband is now facing retirement. He will retire as an E7 with 26 years of service.  We have decided to go the term life route.  However, … Continue reading

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Dangers of Taking Out a TSP Loan

Recently, Michael Kitces published an article titled, “Why Paying Yourself 5% Interest On A 401(k) Loan Is A Bad Investment.”  My first thought was, “If it’s a bad idea for a 401(k) loan, it must be even worse for Thrift … Continue reading

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Are You Ready To Be A Landlord? Five Questions You Need to Answer

In the military, we face this decision more than most folks.  We buy a house because we intend to stay in it for a while.  We hope that we can hold it long enough to actually have prices rise over … Continue reading

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Employee Benefits For Transitioning Personnel-Employee Stock Options

There are many employer benefits that just aren’t available to servicemembers.  Before separating from service, it’s important to understand what types of benefits exist, and what impact they may have on our personal finances.  This article focuses on employee stock … Continue reading

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Financial Regulation Offices (by State)

While the gossip of the moment is about the fiduciary standard, it’s important to realize that people can fall victim to bad financial advice, even from a fiduciary.  Most fee-only financial planners are registered as investment advisers. Every registered investment … Continue reading

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Five Financial Lessons I Learned From My Mother

My mother isn’t what you would call a financial planner.  She isn’t even really that savvy when it comes to money.  In fact, a few years ago, she asked me to help her manage her finances.  When I looked at … Continue reading

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State Community College System Websites (by State)

College affordability is a hot topic.  Community colleges can provide a cost effective way to obtain a college diploma from a public university.  Many states allow community college attendees to transfer credits within their public university system. Not only that, … Continue reading

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Why SGLI Isn’t Enough Life Insurance For Most Military Families (Part 2)

This is the second of a two-part article, designed to outline why SGLI isn’t enough life insurance for most military families.  Part one discussed SGLI coverage on the servicemember.  This article discusses the reason why Familymember SGLI (FSGLI) is usually … Continue reading

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Why SGLI Isn’t Enough Life Insurance For Most Military Families (Part 1)

Most people know that SGLI is the cheapest life insurance available.  At $28.00/month for $400,000 in coverage (or about 7 cents/month for every $1,000 in coverage)—by far.  Unfortunately, this creates two problems: SGLI’s pricing leads people into thinking that all … Continue reading

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10 Considerations About the Blended Retirement System (BRS)

Recently, I sat down with someone who asked me whether she should take the military’s Blended Retirement System (BRS).  As most people know, the BRS is the military’s attempt to slowly move away from a defined benefit pension to a … Continue reading

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