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 all accounts be joint? When should accounts become joint?

• Who pays for what? And is there a right answer?

• Monthly financial check-ins.

• How common values can guide financial decision making.

• When do prenups actually make sense?

• When the kids grow up, how do we want them to see money?

Key Timestamps:

(00:00) – Welcome and Introduction

(00:56) – Joint vs. Separate Finances

(03:23) – Spending Priorities and Values

(10:17) – Monthly Financial Reviews

(12:04) – Business Finances and Household Impact

(14:10) – Early Financial Planning and Saving Strategies

(15:34) – Defining Financial Goals and Comfort

(19:40) – Views on Prenups

(21:40) – Teaching Kids About Money

(23:14) – Closing Thoughts and Resources

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, marriage, common values, monthly financial check in

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

www.baskinfp.com/post/52

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 returns than trying to time the market. I emphasize the importance of focusing on your long-term investment goals rather than reacting to election-related news, pointing out that market fluctuations during election periods are hard to predict and usually don’t warrant major changes to your investment strategy.

Key Takeaways:

• Who is better for the stock market? Democrats or Republicans?

• Is there enough data to really know?

• The dangers of trying to time the market around an election.

• The best strategy is to focus on your long term investment goals.

• Stock market election years from 1928 to 2020.

• Is this election any different?

Key Timestamps:

(00:00) Introduction: Investing During Election Years

(01:45) Comparing Returns: Democrats vs. Republicans

(04:52) Case Studies: Elections 1928 to 2016

(09:28) Monthly Returns Analysis

(12:36) Concluding Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, 2024 election, US election, presidential election

Mentions:

https://ofdollarsanddata.com/sp500-calculator/

https://www.nasdaq.com/articles/heres-average-stock-market-return-under-democratic-and-republican-presidents-hint-it-may

https://www.fool.com/investing/2024/04/02/average-stock-market-return-democrat-republican-pr/

https://123jump.com/Monthly-Returns

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

www.baskinfp.com/post/51

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) consolidates accounts and preserves Roth IRA opportunities, though fees and options vary. Taking a distribution or buying an annuity offers different benefits and risks, including potential penalties and lower returns. The best choice depends on your personal circumstances and financial goals. Tune in to get a better idea of these options.

Key Takeaways:

• Keeping your TSP where it is can be a simple way to keep costs low and your financial life simple.

• Rolling your TSP into an IRA or 401(k) is a great way to broaden investment opportunities or consolidate accounts.

• Be cautious about taking a distribution from your TSP too soon, before 59 and a half, there can be penalties (though exceptions apply).

• Annuities are a transfer of risk to an insurance company, and can be considered, but the benefits really depend on your goals.

• To keep your TSP open, leave $200 in the account.

• The best decision depends on your situation and goals.

Key Timestamps:

(00:00) - Introduction: What to Do with Your TSP After Leaving the Military

(00:46) - Option 1: Keeping Your TSP in Place

(02:26) - Option 2: Rolling Your TSP to an IRA or Employer Plan

(04:51) - Option 3: Taking a Distribution or Purchasing an Annuity

(06:50) - Conclusion: Making the Best Decision for Your TSP

Key Topics Discussed:

Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, TSP, Roth IRA, 401(k), employer sponsored retirement plans, retirement savings, low cost savings

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

www.baskinfp.com/post/50