In this episode, I dive into when it makes sense and does not make sense to refinance your mortgage when rates are falling.

Key Timestamps:

00:00 Introduction: Is Now a Good Time to Refinance?00:55 Understanding Refinancing Basics02:03 VA Loan Refinancing: Uncle Earl Explained03:12 When Refinancing Makes Sense06:06 When Refinancing Doesn't Make Sense08:02 Veteran-Specific Provisions for Refinancing09:50 Conclusion and Final Thoughts

Resources Mentioned:

Episode 16: VA Loans with Evan Kaufman

Episode 50: Refinancing VA Loans with Evan Kaufman

More of Baskin Financial Planning:

⁠Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠⁠Book an intro call⁠ with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: ⁠[email protected]⁠

⁠www.baskinfp.com/post/72

In this episode, I dive into the provisions of the One Big Beautiful Bill Act (OBBBA) passed on July 4, 2025 and how it is likely to impact your tax bill this year and for the years to come.

Key Timestamps:

00:00-Introduction to the One Big Beautiful Bill Act

01:22- Understanding the Tax Rate Extensions and Standard Deductions

02:43- Charitable Giving and Itemized Deductions

04:53- State and Local Tax (SALT) Deduction Changes

06:45- Child Tax Credit and Senior Deduction

08:55- Tax Exemptions on Tips, Overtime, and Business Provisions

11:16- Estate and Lifetime Gift Tax Exemptions

12:55- Vehicle-Related Tax Provisions1

5:40- Education and Trump Accounts

17:31- Actionable Takeaways and Conclusion

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/71

In this episode, I dive into the essentials of college savings, focusing on 529 plans and how to decide the best approach for your family. I cover the pros and cons, recent rule changes, and practical tips for making smart education funding decisions.

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Key Timestamps:

00:00 - Introduction and Personal Update
01:56 - Philosophy of Education Savings
04:12 - 529 Accounts Overview
06:48 - What 529 Plans Cover
08:27 - Pros of 529 Plans
11:54 - Cons of 529 Plans
14:09 - Making the Right Decision
16:41 - Outro and Resources

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More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/70

Today, I talk about how the way you consume financial news can have a huge impact on your emotional state and your long-term success as an investor. I’ve noticed that most financial media today—especially TV and digital platforms—is designed to get you riled up, not to inform you. It’s biased, sensationalized, and built to sell ads, which makes it really dangerous for investors who are trying to stay focused on the long term. Studies show that many investors underperform their actual investments by 3–7% because of emotional decision-making, often driven by news consumption. My advice? Stop watching the news and start reading it. Limit your intake—maybe 15 minutes a day or even just once a week—and stick to reliable, relatively unbiased sources like The Economist (which I read in print), The Wall Street Journal (minus the opinion section), Financial Times, Bloomberg, Morningstar, and Investopedia. Building a smarter, calmer news habit helps you stay informed without being overwhelmed or emotionally swayed—and ultimately makes you a better, more focused investor.

Key Takeaways:

• The average investor underperforms their own investments by 3–7%, largely due to behavior driven by emotional news cycles.

• The Economist and The Wall Street Journal are trusted, relatively balanced sources of financial information.

• Doomscrolling is a destructive habit, especially when it comes to financial decision-making.

• Opinion sections and talk shows are entertainment, not reliable sources of economic insight.

• Choosing quality over quantity in your news consumption makes you a more informed, more resilient investor—and a more grounded person overall.

• Most modern financial media is designed to entertain and provoke, not to inform objectively.

Key Timestamps:

(00:00) – Introduction and Personal Update

(00:33) – The Impact of News on Investing

(01:50) – The Problem with Modern Financial Media

(03:48) – Recommended Financial News Sources

(06:37) – Building Smarter News Habits

(08:12) – Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/69

I talk about the often misunderstood process of probate and why simply having a will isn’t enough to avoid it. Most people assume a will guarantees a smooth transfer of assets, but the truth is, many of those assets still go through probate - a public, court-supervised process that can take months or even years and cost thousands in legal fees. I explain why we want to avoid probate and how to do it. There are three main ways I recommend: first, owning property jointly - especially with a spouse - so it transfers automatically; second, using beneficiary designations on financial accounts and insurance policies, which actually override what’s written in a will and allow for faster transfers; and third, setting up a revocable living trust, which keeps everything private, gives you more control, and avoids probate altogether. I share how I’ve seen this work for clients and why smart estate planning is one of the best gifts you can leave your loved ones.

Key Takeaways:

• Probate is a public legal process where a court oversees the distribution of your assets after death.

• Legal fees during probate can cost 3–5% of your estate’s value, reducing what your heirs receive.

• Joint bank accounts transfer directly to the surviving co-owner, skipping probate.

• Roth IRAs must be individual accounts, so naming both primary and contingent beneficiaries is critical.

• Trusts can include specific instructions for how and when beneficiaries receive assets.

• Proper estate planning minimizes stress, cost, and confusion for your loved ones after you pass.

Key Timestamps:

(00:00) – Understanding Probate: What It Is and Why It Matters

(01:00) – The Drawbacks of Probate

(02:17) – Three Strategies to Avoid Probate

(03:26) – Beneficiary Designations: A Crucial Step

(05:41) – Setting Up a Living Trust

(07:21) – Summary and Final Thoughts

(08:15) – Conclusion and Additional Resources

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/68

Today, I explain that while a market correction - defined as a 10% or more drop - is never fun, it’s actually quite normal and often healthy. Historically, corrections happen every year or so, and the average recovery time is about four months. I walk through data showing that after 10%, 20%, or even 30% declines, markets tend to rebound strongly over one-, three-, and five-year periods. I stress that trying to time the market doesn’t work - you can’t afford to miss the best days, which often come right after the worst ones. I emphasize that policies like tariffs are temporary and shouldn’t shake our long-term investing strategy. Businesses adapt, markets recover, and the long arc of investing continues upward. For those with excess cash, downturns can be a good time to invest, rebalance, harvest losses, or consider a Roth conversion. I also encourage listeners to reassess their risk tolerance, especially if they’re nearing short-term goals. My main message: zoom out, stay focused on the long term, and remain optimistic - this time is not different.

Key Takeaways:

• Market corrections are a normal part of investing, not a reason to panic.

• Tariffs and trade tensions may cause short-term market movements, but their long-term impact is often overstated.

• Staying invested through downturns is a key to building wealth and fear-based decisions can derail years of smart investing.

• Corrections can create buying opportunities if you’re positioned wisely.

• Comparing today to past corrections helps put things in perspective.

• Volatility can test your resolve, but staying the course is usually the right call.

Key Timestamps:

(00:00) – Market Corrections: Frequency and Impact

(02:29) – Expected Market Rebounds After Declines

(05:56) – The Importance of Staying Invested

(07:55) – Temporary Nature of Policies

(10:05) – Businesses' Adaptability and Long-Term Outlook

(11:16) – Practical Steps During Market Downturns

(13:52) – Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/67

I explore the S Corp election, a tax strategy that can help business owners—especially LLCs and sole proprietors—reduce self-employment taxes. When operating as an LLC or sole proprietor, all income is subject to self-employment tax at 15.3%, but electing S Corp status allows me to split my income between a salary (taxed normally) and distributions (which avoid self-employment tax). I discuss when this election makes sense—typically when net profit exceeds $50,000 and is expected to grow—along with the need to set a reasonable salary, run payroll, and file additional tax forms. While this strategy can save money, I also highlight the downsides, including added paperwork, payroll costs, and potential IRS scrutiny if salary justification isn’t handled properly. I walk through the steps to elect S Corp status, point out common mistakes to avoid, and emphasize the importance of consulting a tax professional before making this decision.

Key Takeaways:

• Unlike LLCs and sole proprietors, S Corps allow owners to split income into salary (taxed normally) and distributions (which avoid self-employment tax).

• Generally, S Corp election makes sense when net profit exceeds $50,000, and it becomes a strong consideration at $100,000+

• The IRS requires S Corp owners to pay themselves a fair market salary before taking distributions to prevent tax avoidance.

• The IRS may scrutinize S Corps, particularly if owners pay themselves an unreasonably low salary while maximizing distributions.

• Businesses with fluctuating or low profits may not benefit from S Corp election due to payroll and compliance costs.

• S Corp owners should maintain distinct business and personal accounts and use accounting software for tracking.

Key Timestamps:

(00:00) – Understanding S Corp and Self-Employment Tax

(02:03) – Tax Benefits of S Corp Election

(03:27) – When to Consider S Corp Election

(04:29) – Setting a Reasonable Salary

(06:07) – Downsides of S Corp Election

(07:38) – How to Elect S Corp Status

(09:06) – Who Should Avoid S Corp Election

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/66

I’ve noticed that many people don’t fully understand their home and auto insurance coverage, often just relying on default options or what the agent recommends. I want to highlight four common mistakes I see: (1) Having low deductibles, which results in higher premiums for minor claims; (2) Low liability limits, which can expose you to significant financial risk in serious accidents; (3) Coverage mismatches, especially in home insurance, where the policy may not reflect the current replacement cost or include umbrella coverage for those with a higher net worth; and (4) Not shopping around for better rates every couple of years, as insurers tend to gradually raise premiums over time. The key takeaway is that insurance should be for covering major financial risks, not small, routine expenses. I recommend regularly reviewing and adjusting your coverage to make sure you’re getting the best protection and value.

Key Takeaways:

• Many people don’t fully understand their home and auto insurance coverage and often rely on default options or agent recommendations.

• Having low deductibles can lead to higher premiums for minor claims, such as windshield repairs or small damages.

• Many people neglect to shop for better insurance rates regularly, leading to higher premiums over time as insurers tend to increase rates gradually.

• Insurance should be used to cover major financial risks (like a house burning down or a serious accident) rather than small, routine expenses (like a cracked windshield).

• Regularly reviewing your insurance policy ensures that your coverage, deductibles, and liability limits are appropriate for your current needs and financial situation.

Key Timestamps:

(00:00) - Common Insurance Mistakes

(00:51) - Mistake 1: Low Deductibles

(04:30) - Mistake 2: Low Liability Limits

(07:38) - Mistake 3: Coverage Not Matching Home Value

(08:48) - Mistake 4: Not Shopping Policies Regularly

(10:03) - Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, Car Insurance, Home Insurance

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/65

I recently worked with a client on a tax planning strategy that perfectly illustrates the power of proactive financial planning. The client owned a rental property and was approaching the five-year deadline for the Section 121 exclusion, which allows homeowners to exclude up to $250,000 in capital gains if they’ve lived in the property for at least two of the last five years. After reviewing their situation, I realized that selling before the deadline would save them $33,000 in capital gains taxes. We worked together to make it happen, and they successfully sold the property just weeks before the cutoff. This experience reinforced how crucial it is to time financial decisions strategically, especially when considering income fluctuations and long-term goals. Tax planning isn’t just about looking back—it’s about thinking ahead and making informed choices that align with your future. Too often, tax preparers focus on past filings, but I believe in looking through the windshield, planning for the next five to ten years. This case was a great example of turning financial goals into action through smart, forward-thinking tax planning.

Key Takeaways:

• Proper tax planning can lead to significant, measurable savings for clients.

• Understanding whether gains are taxed as ordinary income (short-term) or at lower capital gains rates (long-term) is essential in tax planning.

• Rather than reacting to past tax years, forward-thinking tax planning helps optimize future financial outcomes.

• While tax savings are important, financial decisions should ultimately align with personal goals, not just tax benefits.

• Good planning integrates tax strategy, investment choices, and long-term goals to create a cohesive financial plan.

Key Timestamps:

(00:00) – Client Case Study: Saving on Taxes

(01:43) – Timing the Sale for Maximum Tax Benefits

(03:16) – Details of Section 121 Exclusion

(03:26) – Additional Considerations for Military Members

(05:01) – Proactive Tax Planning Strategies

(05:56) – Final Thoughts and Takeaways

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/64

In this episode, I wanted to highlight the many benefits available to veterans with VA disability ratings, as I was surprised by how extensive they are during my own claims process. I go over key benefits, especially those that are lesser known, particularly for 100% disabled veterans. These include commissary and exchange privileges, waived VA loan funding fees, tax-free compensation (which can be substantial), healthcare benefits that expand significantly at 50% and 100% ratings, student loan forgiveness for 100% total and permanent disability, property tax exemptions in some states, Chapter 35 education benefits for dependents, and even free in-state tuition in certain states. When combined, these benefits can add up to millions of dollars in value over time. I emphasize the importance of knowing your benefits, ensuring your rating is accurate, and filing for increases if warranted. If you haven't filed a VA claim but believe you're eligible, it's worth pursuing, as these are benefits you're legally entitled to. Hopefully, this episode helps veterans or their loved ones understand what’s available to them. Let me know if you have any questions, and thanks for listening!

Key Takeaways:

• Disabled veterans can access commissary and exchange privileges, hiring preferences, and burial benefits.

• Veterans with at least a 10% disability rating can have their VA loan funding fee waived, potentially saving thousands.

• Some states offer full property tax exemptions for 100% disabled veterans, while others provide partial exemptions.

• Spouses and children of 100% disabled veterans may qualify for additional education benefits similar to the GI Bill.

• Even at lower ratings, benefits can add up to tens of thousands of dollars, while a 100% rating can be worth millions over a lifetime.

• Veterans should not feel guilty about filing; these benefits are legally granted based on service-connected conditions.

Key Timestamps:

(00:00) – VA Disability Benefits

(01:36) – VA Loan Funding Fee Waiver

(02:19) – Compensation Details

(04:10) – Healthcare Benefits

(05:18) – Student Loan Forgiveness

(06:58) – Property Tax Exemptions and Vehicle Registration

(07:53) – Chapter 35 Benefits

(09:21) – In-State Tuition for Children of Disabled Veterans

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

Mentions:

Current Veterans disability compensation rates: https://www.va.gov/disability/compensation-rates/veteran-rates/ 

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: [email protected]

www.baskinfp.com/post/63