Weekend Wrap-up: Military Personal Finance Articles You Should Read (10/21-10/27)

I hope you enjoy this week’s version of the Weekend Wrap-up! Below are four of the top articles that I’ve read this week.  Most of these articles hail from our military financial blogger community. So, without further ado, here are this week’s articles:

  1. State Taxes When Selling a House In Kate Horrell’s article, she outlines a tax component of home sales that many people should take into consideration.  While Section 121 tax exemption rules might address the federal tax impacts of a home sale, it’s important to consider the state tax rules.  Since rules can differ from state to state, you should do your own research.  Start with this article.
  2. Five Signs It Is The Wrong Time to Buy a Car In this Paycheck Chronicles article, Kate outlines many of the reasons you shouldn’t put a new car at the top of your priority list, particularly if you are still working on basic financial needs, like establishing an emergency savings fund.
  3. The One Monthly Payment KILLING Your Wealth In a similar vein, Jeff Rose’s article discusses the wealth you can build when you don’t have to continue paying car debt.  With car payments averaging over $500, and lasting as long as 72 months, it’s become increasingly easier to keep yourself in a perpetual cycle of vehicle debt.  Keep yourself out of this trap.
  4. The 14 Best New Small Business Ideas and Opportunities to Start Today Are you looking to try your entrepreneurial skills?  This Good Financial Cents article outlines 14 of the best opportunities for you to succeed as a business owner.

Also, in case you missed it, check out Don’t Convert SGLI to a Commercial Policy. Go VGLI Instead!.  This article discusses the choice that faces you as you transition from the military.  When looking to convert your SGLI coverage, you should take the time to fully evaluate the choices you have.

If there’s an article that I missed, please feel free to post a note in the comments section below.  Also, if there’s anything I can help you with, feel free to email me or join the Military In Transition Facebook Group!

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.
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