Author - Forrest Baumhover

1
Why I Became a Financial Planner
2
12 Lessons Learned From My Homeowner’s Insurance Claim
3
5 Tax Planning Considerations of a Roth Conversion for Your TSP Account
4
TSP Rollover to an IRA Account—Should I do it or Not?
5
What Military Landlords Should Know About Section 1250 Depreciation

Why I Became a Financial Planner

As my financial planning practice grows, I’ve noticed that people are asking me how to become a financial planner.  The other day, I answered an email from someone asking how to become a financial planner.  It was at that point that two things occurred to me:

  • At the time of this writing, I’ll have written about 150 articles on this website. None of them talks about why I became a financial planner.
  • Military in Transition contains an “About Me” page, but it doesn’t really explain my journey from the military to becoming a financial planner.

This article is a first …

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12 Lessons Learned From My Homeowner’s Insurance Claim

Executive Summary

This story is about my personal experience in dealing with a homeowner insurance claim for a roof replacement.  Although virtually every other home in my neighborhood experienced the same damage (from a freak hailstorm), my insurance claim became a long, drawn out affair.  While the settlement terms are beside the point, I hope this story will help steel someone for the challenges they might face if they’re dealing with a particularly tough insurance company.

Disclaimer:  Sorry, but I have to put this up front.  I’m a fee-only financial planner.  My firm, Westchase Financial Planning, is a registered investment …

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5 Tax Planning Considerations of a Roth Conversion for Your TSP Account

Introduction

Many people have taken advantage of the Roth TSP option since its inception in 2012.  However, there are still many federal employees and service members with most of their retirement savings in traditional accounts.  Naturally, this begs the question: “How do I convert my traditional account to a Roth account?”  This is also known as a Roth conversion.

The more appropriate approach should be to ask two questions:

  • Should I convert my traditional account to a Roth account?
  • If so, how do I do this in the most effective manner?  Effective manner indicates minimal loss of money through fees,
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TSP Rollover to an IRA Account—Should I do it or Not?

This is a question that I received the other day from someone who has a lot on his plate.  He’s getting his financial life in order and was trying to figure out whether a TSP rollover was the right thing.  While everyone has different perspectives and situations, there is one constant:

Any financial decision you make should be consistent with a financial plan that reflects your values and goals.

This article will discuss the pros and cons of rolling your TSP account into an IRA.  However, any decision you make should be consistent with the long-term plan or strategy you …

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What Military Landlords Should Know About Section 1250 Depreciation

Just because you joined the military, you shouldn’t have to give up the right to buy a house.   While there are many things to consider, you may:

  • Buy a starter home
  • Purchase a home that you plan to live in, fix up, and sell for profit
  • Buy a home that you plan to live in after leaving the military

Whatever the reason, things don’t always work out as planned.  When that happens, many military people become landlords.  This article looks at one of the more overlooked aspects of being an accidental landlordSection 1250 depreciation.

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