Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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Finding a trusted financial adviser is increasingly important for military members and their families.
Financial advisers can help service members plan for the future, build a retirement nest egg and evaluate major purchases, including a home purchase.
But it’s also important to hire a professional who understands the unique needs and demands of military life.
Here’s a look at a few key things to consider:
Are you looking for a way to earn some extra income? Well, one option is to become a Child Development Home Provider.
Childcare providers offer children a warm and nurturing environment, while providing parents with the peace of mind needed to focus on their duties. And if you already have children of your own, by becoming a CDH provider, you’re able to increase your income with a smaller change in how you spend your time.
Each branch of the military has its own form of in-home childcare based on DoD guidelines. The Navy has Navy Child Development Homes; The Army and Marines call their program Family Child Care (FCC) Homes.
To become an in-home childcare provider, you must meet Department of Defense CDH Provider requirements. Typically, prospective providers are required to undergo 20-40 hours of intensive training, establishing fundamental knowledge of developmentally appropriate childcare practices, CPR, and discipline techniques.
Additionally, since your goal is to earn money, the training discusses business strategies as well. Together with the intensive training program, a provider must pass an extensive background check, health inspection and other program requirements.
Usually, the out-of-pocket expenses are minimal; the largest initial investment is liability insurance. Typically, many programs offer a lending closet full of items that you may borrow to reduce start-up expenses: books, toys, games, puzzles and furniture, such as cubbies, are sometimes available. Also, purchases for your childcare business are tax deductible.
As a childcare provider you would also be required to purchase USDA-approved food for the children. Fortunately, as an incentive to participate in the program, the USDA provides cash reimbursements for program participants.
The amount you decide to charge is between you and the parents. However, when considering your fee, keep in mind that the DoD has strict regulations regarding the total amount of children that can be under your supervision, so you’ll need to charge enough per child to meet your financial goals.
Photo thanks to sean dreilinger under a creative commons license from Flickr.
Investing, as with anything in life, benefits from an early start. The earlier you begin planning for retirement, the greater your potential return on investment.
This holds true for both civilians and military members. By taking advantage of your youth, you can get a head start on saving for your future.
However, if you’re not sure about the benefits of early investing, here are five reasons why it’s best to start sooner than later.
The Thrift Savings Plan (TSP) affords military members an investment package that is convenient and, under certain conditions, tax-exempt, too. But unfortunately, veterans and civil service employees are not allowed to contribute once their military employment ends; TSP eligibility is only available for active military members.
And while veterans can leave their assets in a TSP account, there are several additional options that are worth considering. In order for you to make an informed decision, here are the five possible TSP options available after leaving service.
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Whether you’re preparing for an interview, corporate affair or a day in the office, looking your best is crucial.
Luckily, building a professional wardrobe is possible without spending an exorbitant amount of money.
By exploring less conventional options, budget-conscious shoppers can find great deals on otherwise expensive items. Here are a few ways to make it happen:
With the unemployment rate hovering above 9 percent, according to the Bureau of Labor Statistics, landing a job interview has become increasingly difficult.
Because available jobs are scarce, it’s important for job applicants to make a great first impression.
While your qualifications are important, your attire is likely to have an impact on your interviewer’s initial perception, too. Remembering to dress appropriately is the best way to insure you’re not overlooked because of a simple misunderstanding.
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