Military Money Manual Podcast

$22,500: The 2023 Thrift Savings Plan IRS Contribution limits for the Traditional TSP and Roth TSP

$6,500: The 2023 IRS contribution limits for the Roth IRA and Traditional IRA

Happy New Year! Look for more episodes of The Military Money Manual Podcast in 2023.

In this episode, Spencer Reese and Jamie answer 2 reader questions:

1. Should you split your Thrift Savings Plan (TSP) contributions between the Roth TSP and Traditional TSP?
2. Should I focus on contributing to my TSP or should I just rely on my military pension?

While government TSP matching must deposit into your Traditional TSP, you can contribute all of your funds to the Roth TSP and you will still get the matching.

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

The Marriott Bonvoy Brilliant® American Express® Card and the Hilton Honors American Express Aspire Card annual fee is waived for military servicemembers and military spouses.

In this episode Spencer Reese and Jamie break down the differences between two of the best Amex hotel credit cards available: The Amex Bonvoy Brilliant and the Amex HIlton Honors Aspire Card.

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Jaspreet Chawla, Senior Vice President of Savings Products at Navy Federal Credit Union, joins Jamie and Spencer to talk about Certificate of Deposit or CD ladders, Money Market Savings Accounts (MMSA), and inflation fighting tips.

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Annie and Nicole from My First Nest Egg join Jamie and Spencer today to talk about how military families can use apps to help teach their kids the core financial concepts of spending less than you earn, compounding interest, and generously sharing your resources with those around you.

Learn more at https://www.myfirstnestegg.com/ or in the Apple or Google store on your phone or tablet.

Spencer offers a 100% free course on military travel hacking and getting military annual fee waived credit cards for active duty, guard, reserve, and military spouses. The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card are all fee waived. Learn how to get yours in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

Jesse Mecham from the popular budgeting software You Need a Budget YNAB joins Spencer and Jamie today to talk about how pistol marksmanship is like personal finance, how many samauri swords Jesse would buy if he was stationed in Japan, and why you still need a spending plan if you make a $1,000,000 per year.

You can sign up for a 34 day risk free trial at militarymoneymanual.com/ynab , no credit card required to sign up.

Spencer offers a 100% free course on military travel hacking and getting military annual fee waived credit cards for active duty, guard, reserve, and military spouses. The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card are all fee waived. Learn how to get yours in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

Jeremy Schneider from Personal Finance Club joins Spencer Reese and Jamie to talk how to money like a millionaire, how to invest in index funds in 2023, and the difference between cheap and frugal.

Jeremy helps over 400,000 followers on his Instagram account @personalfinanceclub and his website PersonalFinanceClub.com. He sold his first company for $5 million dollars and retired at the age of 36. Now, he helps people become millionaires through 2 simple rules: spend less than you earn and invest early and often.

Until 31 December 2022, you can get $20 off either of Jeremy's courses at https://www.personalfinanceclub.com/courses/ using promo code "militarymoney" Spencer bought both of them recently and found them jam packed full of practical information to increase your wealth.

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Spencer Reese from Military Money Manual and his co-host Jamie chat with their friend Paul, an Air Force officer and real estate investor.

Paul has built up a small real estate empire in his 12+ years in the Air Force. He focused on long term rentals when he PCSs and short term rentals near military training bases, also known as military crash pads.

Paul shares some of his tactics, techniques, hacks, and tips for succesful real estate investing.

If you have a question you would like us to answer on the podcast or just need some extra guidance and help with your military money, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Colleen Salchow of Salchow Coaching joins Spencer and Jamie to talk about how important it is to include military spouses in any family financial decisions.

You can find Colleen on Instagram, email, and the web at:

• www.salchowcoaching.com
• [email protected]
• https://www.instagram.com/salchowcoaching/

Colleen works remotely over a year long program to help miltiary families maxizine their military paycheck and benefits. One of her clients was able to save $4700 in the first month of working with her.

If you have a question you would like us to answer on the podcast or a military money success story to share, please reach out on instagram.com/militarymoneymanual or email [email protected]

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking for active duty, military spouses, Guard, and Reservists. All US military branches can get annual fee waived credit cards like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve®. Learn how in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Listener Will writes "Will Amex and Chase stop waiving my annual fees on my credit cards when I get out of the militay?"

Spencer has a great article on annual fees on credit cards after you leave the military.

The short answer is no, you will not be immediately charged annual fees on your credit cards when you separate or retire from the military.

The longer answer is American Express takes a while to start charging you annual fees again. Chase usually sends a letter to you 3 months after you leave the military. The Chase letter states that the MLA database shows you no longer on active duty and Chase will start charging you annual fees in 24 months.

So don't panic, relax, you have time to decide which cards you want to keep and which cards you want to close. Even if you need to close a few cards, you shouldn't have much impact on your credit score if you keep your oldest account open and continue to pay your bills on time.

If you have a question you would like us to answer on the podcast or just need some extra guidance and help with your military money, please reach out on instagram.com/militarymoneymanual or email [email protected]

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon at or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.