Latest Posts

  • Person holding a Social Security Benefit Form considering their options in theses Social Security Case Studies.

    Social Security Case Studies: Claiming for Couples

    Social Security Case Studies: Claiming for Couples Planning for retirement involves numerous decisions, and one of the most significant factors is Social Security.  Social Security retirement benefits provide inflation-adjusted lifetime payments to recipients and survivors.  [...]

  • Retired couple sitting at table reviewing Social Security for copules

Social Security For Couples

September 14, 2023|Comments Off on Social Security For Couples

Social Security For Couples: Spouse and Survivor Benefits Planning for retirement involves numerous decisions, and one of the most significant factors is Social Security. Social Security retirement benefits provide inflation-adjusted lifetime payments to recipients. Even [...]

  • Blank Social Security card

Social Security: The Basics

September 8, 2023|Comments Off on Social Security: The Basics

Social Security: The Basics You pay your payroll taxes every month but unless you’re close to retirement, you probably don’t give Social Security much thought. Maybe you think about it once a year when the [...]

  • Teenage Girl holding 2 handfuls of 100 dollar bills smiling broadly. She's going to open her Roth IRA for kids

Start Them Early – Roth IRA For Kids

August 24, 2023|Comments Off on Start Them Early – Roth IRA For Kids

Start Them Early - Roth IRA For Kids “Compound interest is the 8th wonder of the world”. While there is little evidence that Einstein actually said this, compound interest is amazing. But to really see [...]

Planning

  • Person holding a Social Security Benefit Form considering their options in theses Social Security Case Studies.

Social Security Case Studies: Claiming for Couples

September 27, 2023|Comments Off on Social Security Case Studies: Claiming for Couples

Social Security Case Studies: Claiming for Couples Planning for retirement involves numerous decisions, and one of the most significant factors is Social Security.  Social Security retirement benefits provide inflation-adjusted lifetime payments to recipients and survivors.  [...]

  • Retired couple sitting at table reviewing Social Security for copules

Social Security For Couples

September 14, 2023|Comments Off on Social Security For Couples

Social Security For Couples: Spouse and Survivor Benefits Planning for retirement involves numerous decisions, and one of the most significant factors is Social Security. Social Security retirement benefits provide inflation-adjusted lifetime payments to recipients. Even [...]

  • Blank Social Security card

Social Security: The Basics

September 8, 2023|Comments Off on Social Security: The Basics

Social Security: The Basics You pay your payroll taxes every month but unless you’re close to retirement, you probably don’t give Social Security much thought. Maybe you think about it once a year when the [...]

  • Husband and Wife Review SPB Open Season document with an advisor

SBP Open Season

August 10, 2023|Comments Off on SBP Open Season

SBP Open Season:  Should You Opt In or Opt Out? You often don’t get a second chance on your SBP decision, but this year’s NDAA provides that rare opportunity. So what are the SBP Open [...]

  • SBP Case Study - Graphic showing Income Vs Expenses with SBP

Survivor Benefit Plan (SBP) Case Study

July 21, 2023|Comments Off on Survivor Benefit Plan (SBP) Case Study

This is part 3 of our series on the Survivor Benefit Plan (SBP).  It provides an SBP Case Study.  Links below will take you to parts 1 and 2 with some of the background information. [...]

  • Desk with figures of a family of four with an umbrella drawn over them signify the protection the SBP decision can provide.

SBP Decision (or Insurance) To Solve A Cash Flow Problem

July 11, 2023|Comments Off on SBP Decision (or Insurance) To Solve A Cash Flow Problem

SBP Decision (or Insurance) To Solve A Cash Flow Problem This is part 2 of our series on the Survivor Benefit Plan (SBP).  The SBP decision is one of the biggest considerations facing military members [...]

  • Miltiary family with 2 kids

Survivor Benefit Plan – The Big Decision

July 7, 2023|Comments Off on Survivor Benefit Plan – The Big Decision

Survivor Benefit Plan - The Big Decision One of the biggest decisions military members face during their retirement transition is whether or not to take the Survivor Benefit Plan (SBP).  The SBP decision can be [...]

  • Plastic house with coins in various stacks. Yellow yield sign that says retirement ahead and a text box with Am I Behind?

Am I Behind?

June 8, 2023|Comments Off on Am I Behind?

I feel like I'm starting late. Am I Behind? I’ve talked with several people recently who have all expressed the concern that they were approaching military retirement and felt like they were behind where they [...]

  • Tax & financial papers lying on a desk with a hand holding a magnifying glass over them

Mid-Year Tax Review

June 2, 2023|Comments Off on Mid-Year Tax Review

Mid-Year Tax Review I know you’re probably feeling like you just finished taxes, but as we head into the middle of the year it’s a good time to check your tax situation. Most people will [...]

  • Perspective drawing with 3 boxes - Closest labeled Plan, then Process, Then Product

Plan Process Product

May 15, 2023|Comments Off on Plan Process Product

Plan Process Product Trying to decide on what you’ll invest in before understanding where you are and where you want to go is like trying to decide if you should use a hammer, a wrench, [...]

  • Simplified Tax Profile with Cumulative Taxable and Non-Taxed Income Streams and the tax brackets adjusted for inflation.

Tax Strategy & Tactics: Build and Execute Your Plan

April 24, 2023|Comments Off on Tax Strategy & Tactics: Build and Execute Your Plan

Tax Strategy & Tactics: Build and Execute Your Plan Did you pay enough in taxes this year?  You may be saying Mike, that is a dumb question. I paid TOO much in taxes. But are [...]

  • Notional graph showing spending level and income. Red box highlighting the 5 years on either side of retirement labeled the Retirement Red Zone

Retirement Red Zone

March 27, 2023|Comments Off on Retirement Red Zone

Retirement Red Zone The retirement red zone is the 5 years before and after retirement.  This is the time when the sequence of portfolio returns is most important.  The sequence of returns is the danger [...]

  • Tax form with amount you owe highlighted

Avoid The Post-Military Retirement Tax Shock

March 11, 2023|Comments Off on Avoid The Post-Military Retirement Tax Shock

Avoid The Post-Military Retirement Tax Shock Your military retirement transition introduces big changes across many fronts.  Many of the decisions you will make during this period can have a long-term financial impact.  While not a [...]

Discretionary Dollars

March 1, 2023|0 Comments

Discretionary Dollars In a previous article (LINK), I introduced the concept of Minimum Lifestyle Expenses (MLE).  MLE is composed of your Food, Utilities, Transportation, Housing, and Healthcare.  Income above this level is discretionary.  There are [...]

  • Table of important numbers for 2023 taxes and financial planning

Important Numbers for 2023

February 21, 2023|0 Comments

There are lots of important numbers to keep in mind when thinking about financial planning and taxes. In some cases, those numbers are annual limits that change each year. Other times, the figures do not [...]

  • Book cover for Die With Zero

Die With Zero

January 25, 2023|0 Comments

Die With Zero Ronald Reed, a former gas station employee and janitor died in 2014.  He left most of his $8 million to the local library and hospital.  No one guessed he was worth anywhere [...]

  • Compass with Arrow Pointing To Retirement

Secure Act 2.0

January 4, 2023|0 Comments

SECURE Act 2.0 Congress passed the Omnibus Spending Bill on December 23, 2022.  Included in the monstrous 4,000+ document were numerous changes to retirement savings accounts collectively known as SECURE Act 2.0 (Setting Every Community [...]

  • Financial statements with stethoscope and calculator on them

Financial Health Checkup

January 2, 2023|0 Comments

Financial Health Checkup January is the perfect time to talk about financial wellness and to do a financial health checkup.  I'll show you how to assess where you are on your financial journey and look [...]

  • Image with horizontal straight line on the left and Advice From An Algorithm Above it. A line with lots of squiggles with Real Life written above it

Algorithm Versus Real-Life

December 6, 2022|0 Comments

I find myself answering more and more questions about financial topics with “It depends”.  Because as much as we all want a simple formula, finances don’t fit into a neat little box. In recent years, [...]

  • End Of Year Planning Checklist Highlighting Cashflow, Investment, Insurance and Estate Planning topics you should consider before the end of the year
  • https://calendly.com/nextmissionfinancialplanning/introductory-meeting

End Of Year Planning

December 1, 2022|0 Comments

End-of-Year Planning If you’re like me, you’re probably thinking how can it be December?  Where did 2022 go?  Before we turn the page to 2023, there could be some actions you could take to improve [...]

  • Goal = Guess written in black sharpy on a white background

Goal = Guess

October 19, 2022|0 Comments

Goal = Guess Do you get stressed when someone asks you about your goals?  Concerned about either not reaching them or not sure what you want?  Are you concerned because you’ve hit previous goals and [...]

  • Paper doll family with a human hand holding an umbrella labeled insurance over them

3 Ways to Estimate Your Life Insurance Need

October 9, 2022|0 Comments

3 Ways to Estimate Your Life Insurance Need  Life insurance is an important pillar within your financial plan.  It can provide money for the people who rely on you should the worst happen.  There are [...]

  • Puzzle with 3 center pieces in blue labeled financial plan

6 Critical Financial Plan Elements

October 5, 2022|0 Comments

Wednesday, October 5th marks the 6th annual World Financial Planning Day.  My favorite made-up day of the year 🙂  So what should you have in your financial plan? When most people think of financial plan, [...]

  • Drawing shoing box with Micro-Action in it connected via squiggly path to 3 other boxes labeled positive outcome

Micro-Actions Lead to Big Results

June 7, 2022|0 Comments

Micro-Actions Lead to Big Results When tackling big, audacious goals, you don’t need big, audacious actions. All you need is the contagious magic of micro-actions repeated consistently. Let me give you an example. Some of [...]

  • Time Bomb

Tax Time Bomb

May 18, 2022|0 Comments

Are you building a retirement tax time bomb? UPDATED April 14, 2023 to reflect SECURE Act 2.0 RMD Changes Conventional wisdom says retirees will be in a lower tax bracket in retirement than when they [...]

  • Financial Planning Cone of Plausibility

Financial Planning Under the Cone of Uncertainty

November 16, 2021|0 Comments

I am fascinated by hurricane tracking models.  Strange because I’ve never lived in an area prone to hurricanes.  The cone or funnel shape of the forecast shows the probable path of the storm over 5-7 days.  The “spaghetti” models are also interesting.  These are the individual forecasts that one of the weather supercomputers thinks the storm will take.  Sometimes they cluster together.  Other times they are wildly different.   The forecast improves and the cone narrows as the hurricane progresses and new information is obtained.

  • Curvey line from reality to goal illustrating how we build a financial plan

Less Wrong Tomorrow

October 31, 2021|0 Comments

Real Financial Planning is not about being right today, it’s about being less wrong tomorrow. Airline pilots know this. For years, every time I met one, I would ask two questions. The first was, “Do you prepare a flight plan for every single flight?” And every pilot I asked answered “Yes.” The second was, “How often does the flight go exactly as you planned?” To which they always answered “Never.”

Next Mission Answers Ten Questions For A Financial Planner

October 31, 2021|0 Comments

In a previous article, I discussed why it’s important to perform due diligence when you’re hiring a financial professional and how military members have unique requirements they should seek to address because of their benefits. Based on the questions I compiled, I believe it’s only fair and transparent that I publish my answers

  • Couple talking to a financial advisor.

10 Questions Military Should Ask Before Hiring A Financial Planner

October 31, 2021|0 Comments

Do a quick Google Search on “Questions to ask your financial advisor” and you’ll find a page of articles. All have a slightly different focus depending on whether they emphasize planning like this one from the CFP Board, or investments likes one from Nerd Wallet, or some personal questions like this one from Dave Ramsey.  While good starting points, none focus on financial planning for military members and the unique benefits available to members.  With that in mind, consider these questions when interviewing advisors.

Saving & Investing

  • Teenage Girl holding 2 handfuls of 100 dollar bills smiling broadly. She's going to open her Roth IRA for kids

Start Them Early – Roth IRA For Kids

August 24, 2023|Comments Off on Start Them Early – Roth IRA For Kids

Start Them Early - Roth IRA For Kids “Compound interest is the 8th wonder of the world”. While there is little evidence that Einstein actually said this, compound interest is amazing. But to really see [...]

  • Chalkboard labeled Pareto Principle and circle with 2 pieces...labeled 20% efforts and 80% results

Get The Big Things Right – Accumulation Phase

May 9, 2023|Comments Off on Get The Big Things Right – Accumulation Phase

Get The Big Things Right - Accumulation Phase Personal finance, like most things in life, is subject to the Pareto Principle which says 80% of the results come from 20% of the effort. This means [...]

  • Ways To Save More - page 2
  • Ways To Save More Checklist - Page 1

15 Ways To Save More [Checklist]

January 9, 2023|0 Comments

15 Ways To Save More During January and February, we like to help clients identify proactive ways to start the year off right and save more. Perhaps you… Received a bonus or a raise and [...]

  • 2 boxes the one on the left is larger and it is labeled pain from loss. The smaller one on the right is labeled pleasure from gain.

Loss Aversion

September 23, 2022|0 Comments

We feel the pain of loss more than we feel the pleasure from gain. Because of this, we try to avoid loss. This is called loss aversion.

  • Large Stack of 100 Dollar Bills As ALump Sum illustration

3 Considerations for Investing a Lump Sum of Money

September 8, 2022|0 Comments

3 Considerations for Investing a Lump Sum of Money Investing is typically an ongoing process tied to the steady rhythm of receiving their pay.  Occasionally though you may receive a larger lump sum of money [...]

  • Multiple I Bonds displayed

The What and How of I Bonds

July 16, 2022|0 Comments

I Bonds are currently yielding 9.62%. What are they and might they be a good place for you to save money you don't need for at least a year.

  • Illustrate Money Growth

How To Diversify Your TSP Holdings

February 24, 2022|0 Comments

The proposed TSP Mutual Fund Window is too expensive for small accounts. Here are some other options to diversify away from TSP and when and how you might consider using the Mutual Fund Window.

5 Ways to Optimize Your Saving

January 19, 2022|0 Comments

Saving money is a critical component of long-term wealth.  Making savings a continuous habit is key.  Here are some tips to make it easier.  

College Planning, Saving, and Funding

  • Student in front of a green chalkboard background with stairs drawn on it. Stairs are labeled steps to get to a graduation cap at the top. Following this freshman and sophomore checklist will get you there.

College Bound – Freshman and Sophomore Checklist

August 21, 2023|Comments Off on College Bound – Freshman and Sophomore Checklist

High School Freshman and Sophomore Checklist Preparing for College For students planning to attend college, starting off their high school career strong is very important. While 4 years may seem like a long time, it’ll [...]

  • Mom and daugher sitting at a desk reviewing the junior year checklist

College Bound – Junior Year Checklist

August 6, 2023|Comments Off on College Bound – Junior Year Checklist

College Bound - Junior Year Checklist A student’s Junior year in high school is arguably the most critical year for college preparation. It’s the last full year of information a college will evaluate when making [...]

  • College student standing in front of building. She got there by using the senior year checklist.

College Ahead – Senior Year Checklist

June 23, 2023|Comments Off on College Ahead – Senior Year Checklist

Senior Year Checklist to Prepare for College It’s here…senior year. You’re child has worked hard and this will be the culminating event of their high school career. They will likely be busy with school and [...]

  • Little girl with a graduation cap on sitting at a table with a piggy bank on it and lots of change in front of her.

Get The Big Things Right – College Planning / Funding

May 22, 2023|Comments Off on Get The Big Things Right – College Planning / Funding

Get The Big Things Right - College Planning / Funding The decisions around college can be emotionally charged.  It’s nearly always an expensive decision. The list price for top schools is now $350,000 for 4 years. [...]

  • Female college graduate holding diploma with arms stretched above head in celebration

4-Year Graduation Rate: How to increase your odds

April 6, 2023|Comments Off on 4-Year Graduation Rate: How to increase your odds

4-Year Graduation Rate:  How To Increase Your Odds College is expensive. And it’s getting more expensive every year. One way to help keep costs down is to make sure your student graduates in four years. [...]

  • Woman standing in front of doors holding folder that says Financial Aid Appeal

Financial Aid Appeal: Should You Do It?

March 12, 2023|Comments Off on Financial Aid Appeal: Should You Do It?

Financial Aid Appeal:  Should You Do It? I’ve written before about college aid award letters and making sure you understand your true out-of-pocket expenses.  You can read that here (LINK).  So now that you have [...]

  • Spreadsheet in background with numbers on it and a magnifying glass in the upper right corner and a steno notebook with 529 College Savings Plans written on the top sheet

5 Ways To Get More Money Into 529 Plans

February 23, 2023|0 Comments

The 529 Savings plan is a great option to save for your children’s education. 529 plans can be used to pay for qualified college, K-12 tuition, apprenticeship programs, and possibly for student loan repayment. 529 [...]

  • Piggy Bank labeled 529 Plan standing on a pile of cash

529 College Savings Plan: A Primer

January 31, 2023|0 Comments

529 College Savings Plans: A Primer Are you looking for a way to save for your children’s college education? A 529 College Savings Plan is a great way to start. A 529 plan is a [...]

  • Northeastern College Award Letter Example

The College Aid Award Letter

January 9, 2023|0 Comments

The College Aid Award Letter When I talk to parents about college most have 2 concerns.  The first is their child getting into the college they want to go to.  Once they've gotten in, the second [...]

  • Student Loan Application with calculator and pen on top

Student Loans: How Much Is Too Much?

December 26, 2022|0 Comments

Student Loans:  How Much Is Too Much? Student loan debt is growing at $3,000 per second (student loan debt clock link). It is now approaching $2 Trillion.  Most 4-year colleges now cost at least $100,000 [...]

  • 100 dollar bills with Ben Franklins face centered and Tax Credits for College written below

College Tax Credit

November 21, 2022|0 Comments

College Tax Credit Paying for college for you, your spouse, or any dependents you can claim on your taxes?  If so, you could be eligible for a college tax credit when you file your federal [...]

  • Paper labeled Scholarship Application with a calculator and glasses laying on it

Where To Find College Scholarship Money

October 25, 2022|0 Comments

Where To Find College Scholarship Money Many people I talk to about preparing for college assume their children will qualify for scholarships.  They are surprised though when we talk about where most of the scholarship [...]

  • Jar with money labeled college next to a piggy bank with a graduation cap on it representing the GI Bill

5 Mistakes to Avoid When Splitting the GI Bill

September 8, 2022|0 Comments

5 Mistakes to Avoid When Splitting the GI Bill The Post 9/11 GI Bill is a fantastic benefit for those who served in the military after 9/11/2001. The ability to transfer the benefit to military [...]

Life

  • White canvas with Buy Good Things written at the top with an arrow pointing to Own Them A Long Time at the bottom and an arrow pointing back to the top to create a circle.

Buy Good Things…Own Them A Long Time

August 14, 2023|Comments Off on Buy Good Things…Own Them A Long Time

Buy Good Things - Own Them A Long Time Thrift or as some (my wife) might say being cheap, is one of my core values. I never had to go without any necessities growing up. [...]

  • What is the next smallest step written at top of page. Arrow to Do That Thing at the bottom of the page with arrow back to the top completing the loop

Next Smallest Step

January 16, 2023|0 Comments

Next Smallest Step Do you have big ideas about things you’d like to do?  How often do actually complete them?  How about the things you REALLY want?  Is there a difference between the ones that [...]

  • Graph with a downward sloping line with the vertical axis labeled Quality of the Experience and the horizontal axis labeled stuff. This is alpine-style

Alpine Style Living

November 14, 2022|0 Comments

I usually write something original when I post these images, but I really liked Carl Richard’s thoughts on extending alpine-style to life.  I’ll have a few more comments at the end. When people think of [...]

  • Recency Bias - Curve going down and then up which is labeled surprise. There is also a dashed line following the trend that says expectation.

Recency Bias

August 24, 2022|0 Comments

We are great at projecting what has happened recently will continue to happen in the future. This is also known as recency bias.

  • Your Future Self 4 Circles labeled today, tomorrow, next year and 30 years. The circles get smaller as the time increases.

Your Future Self

July 26, 2022|0 Comments

It's often hard to imagine our future self even in the near-term. Thinking about our future self is important.

  • 4 boxes with check marks labeled process; 4 other boxes with 1 checked labeled outcomes

Process Over Outcomes

June 27, 2022|0 Comments

Process Over Outcomes Have you ever made a decision that didn't work out as you had planned or hoped?  Did that make it a bad decision?  Maybe, but maybe not.  I believe in process over [...]

  • Square with Is Mine Bigger Than Yours? written underneath

Comparisons

May 5, 2022|0 Comments

Comparisons Many people seem obsessed with comparisons to others.  This is pointless behavior, of course. How other people are doing has nothing to do with how you are doing. But it’s what we do. Last week [...]

  • Two circles - Things that Matter & Things I can control. Slight overlap of the circles shaded. Shaded area labeled what I try to focus on

Focus On What You Can Control

April 5, 2022|0 Comments

There are many things that matter in life. There are also things that I can control. The overlap is what you should focus on. What should focus look like for your financial life?

  • Getting Ahead versus having enough

Enough

March 8, 2022|0 Comments

Are you continually trying to "get ahead" or are you satisfied with having enough? Enough usually requires much less.

Removing Our Blind Spots

December 9, 2021|0 Comments

We all have blind spots, and by definition, you can’t see your own. Let me give you an example. One time, I was having a conversation with a friend of mine. Let’s call him Dave. Dave was a retired investment banker who really knew his way around money. If anyone knew how to invest, it was him. But he was looking for help managing his portfolio. I asked him, “Dave, of all the people I know, you’re in the best position to deal with your own money. Why do you need help?”