In this episode, Mike and Amy speak with Tracy Crawford, a realtor in Jacksonville, Florida, who shares her journey from being an Army nurse to a real estate professional. Tracy discusses the importance of education in the home buying process, especially for military families navigating VA loans and the complexities of closing costs. She highlights recent changes in real estate practices, the roles of buyer and seller agents, and offers insights on how to find the right realtor. Tracy also addresses the decision-making process between renting and selling a home, emphasizing the importance of connecting with trustworthy professionals in the industry.

Chapters

00:00 Introduction to Real Estate and Military Transitions

06:36 Understanding the Home Buying Process

11:27 Navigating Changes in Real Estate Practices

16:31 The Role of Buyer and Seller Agents

21:40 Preparing for a Move: Timing and Research

21:43 Understanding Home Buying Timelines

22:48 Choosing the Right Realtor

25:49 Virtual Home Buying Experience

28:18 Criteria for Selecting a Realtor

29:00 Sell vs Rent: Making the Right Decision

32:08 The Value of a Realtor's Network

34:05 Final Thoughts on Real Estate Transactions

Takeaways

• Tracy emphasizes the importance of education in the home buying process.

• Military families often overlook closing costs when using VA loans.

• Recent changes in real estate practices focus on transparency.

• Buyers can negotiate the commission for their agents.

• The relationship between a realtor and client is crucial for a successful transaction.

• Timing is key for transitioning service members to start their home search.

• Finding a military-friendly realtor can ease the home buying process.

• Renting may be a better option for some military families than selling.

• Realtors can provide valuable connections to other professionals in the industry.

• Knowledge is power, and sharing it helps military families make informed decisions.

You can reach Traci at her website https://newlifetimememories.com/ or email her at tracicrawford@newlifetimememories.com

Operation Retirement Readiness: www.operationretirementreadiness.com

Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/

Schedule a consultation with Amy: https://www.instarfp.com/contact

Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.

In this conversation, Amy and Mike welcome back Paul Allen from PymTax to discuss the One Big Beautiful Bill Act (OBBA) and its implications for military families and retirees. They explore various tax changes, including the auto loan interest deduction, expanded child tax credit, and the SALT cap increase. Paul provides insights on charitable contributions, end-of-year tax planning, and the importance of preparing for the upcoming tax season. The discussion emphasizes the need for proactive tax strategies and awareness of new deductions and changes in tax law.

Chapters

00:00 Introduction to the One Big Beautiful Bill Act

02:40 Impact on Military Families

04:25 Considerations for Military Retirees

06:21 Understanding the SALT Cap

08:28 Charitable Contributions Changes

11:34 Surprises and Overlooked Opportunities in OBBA

16:57 End of Year Tax Planning

19:13 Roth Conversions and Phase Out Limits

22:12 Preparing for 2026 Tax Year

23:47 Final Thoughts and Action Items

Takeaways

• The One Big Beautiful Bill Act has specific provisions for military families.

• Auto loan interest deduction will be available for new vehicles in 2025.

• Expanded child tax credit will benefit many military families with children.

• The SALT cap increase will primarily benefit higher income earners.

• Charitable contributions will have a new 0.5% floor starting in 2026.

• Planning ahead for taxes is crucial to avoid last-minute stress.

• Be aware of the IRS's staffing issues and potential delays this tax season.

• Roth conversions can be beneficial but should be approached carefully.

• Understanding state tax implications is important for military retirees.

• Organizing financial documents early can streamline tax preparation.

Paul Allen - Pim Tax – https://pimtax.com/

Military Tax Experts Alliance - https://militarytaxexperts.org/

Operation Retirement Readiness: www.operationretirementreadiness.com

Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/

Schedule a consultation with Amy: https://www.instarfp.com/contact

Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.

Happy Thanksgiving from Amy and Mike!

In this episode, Mike and Amy discuss the options available for managing your Thrift Savings Plan (TSP) after military service. They explore the pros and cons of keeping the TSP versus rolling it into an IRA, including considerations like cost, investment options, legal protections, and beneficiary rules. The conversation emphasizes the importance of understanding personal circumstances and seeking unbiased financial advice.

Chapters

00:00 Thanksgiving Greetings and Listener Inspiration

01:24 Understanding TSP Options After Military Service

08:13 Reasons to Keep Your TSP

11:14 Reasons to Roll Over Your TSP

22:01 Final Thoughts on TSP Decisions

Takeaways

• You don't need to make an immediate decision about your TSP.

• TSP has historically been a low-cost investment option.

• The G fund offers unique benefits not found in other accounts.

• Consolidation of accounts can simplify financial management.

• Limited investment options in TSP may lead to a desire to roll over funds.

• Non-spousal beneficiaries face strict withdrawal timelines from TSP.

• Roth conversions can now be done within TSP, simplifying the process.

• Legal protections for TSP funds can be beneficial in certain situations.

• Consider the implications of beneficiary designations when managing TSP funds.

• If unsure, keeping funds in TSP may be the safest option.

Operation Retirement Readiness: www.operationretirementreadiness.com

Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/

Schedule a consultation with Amy: https://www.instarfp.com/contact

Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.