Just about everyone knows someone with family or friends in the military. But did you know that those serving our country often do so at great financial hardship? One thing is clear - they don’t do it for the money.
On this edition of MoneyWise Live, financial planner and teacher Rob West talks with former Air Force spouse and Heroes at Home founder, Ellie Kay about ways to help military families.
- Ellie explains why she'd written extensively and given much of her time to helping military families and why are they so near and dear to her heart?
- Then she tells us about the financial challenges many military families face today and how are their finances different from civilian families.
- She also discusses what takes place in the "Heroes at Home Financial Events" and where these events takes place.
- Then Ellie discusses what the "Heroes at Home Rewards” program is and how can military families benefit.
- Finally, she shows how can the rest of us can help those serving our country and their families. (https://herosathome.org)
Next, Rob and Steve answer some listener questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you have $32,000 of home equity line of credit debt and $35,000 in a car loan countered by $5,000 in a money market and $20,000 in checking, should you continue to add money to your savings or focus on paying off the car loan?
- If you just sold a rental property and made a $100,000, should you do a 1031 exchange into 1 or 2 more properties?
- If you're a vet with $16,000 of unsecured debt and an $8,000 car loan, should you consider using a "debt relief" company or should you not trust companies like this?
- If your bank offers reward points for stockpile, does it matter how much you save into stockpile first?
- Does renting a home you might want to sell later affect resale and how does it affect your finances?
- If you have a 403(b) in "DROP" program retiring at December 31, 2019 what is the best thing to do with your money - take payout or roll it over into some sort of qualified account?
- Is it a good idea to use retirement funds to pay down a mortgage?
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