The Military Money Manual Podcast Podcast Por Spencer Reese from MilitaryMoneyManual.com arte de portada

The Military Money Manual Podcast

The Military Money Manual Podcast

De: Spencer Reese from MilitaryMoneyManual.com
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 Military Money: Investing, spending, saving, financial freedom, and getting out of debt. Real world tactics and strategies for active duty, Guard and Reserve, military spouses, veterans, enlisted, and officers. The Military Money Manual Podcast is all about achieving financial independence while you serve in the US military. Spencer and Jamie, 2 Air Force officers, share everything you need to know to achieve your financial goals while you serve in our Armed Forces. Learn about Military Credit Card annual fee waivers exclusively for active duty, Guard, Reserve, and military spouses in the Ultimate Military Credit Cards Course at https://militarymoneymanual.com/umc3 Find Spencer's book, The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or shop.militarymoneymanual.com Credit cards, travel hacking, investing in the TSP, financial independence, retiring early, military FIRE, maximizing military pay: Jamie and Spencer cover it all. Your hosts are Spencer Reese and Jamie. Spencer served for 12 years in the US Air Force flying C-17 aircraft around the globe. Jamie is currently an active duty Air Force officer.Copyright © 2025 Spencer Reese Ciencia Política Economía Finanzas Personales Política y Gobierno
Episodios
  • 529 Debate - Are 529s Helpful or Too Restrictive? Spencer & Jamie Have Differing Views on College Savings for Military Families#178

    529 Debate - Are 529s Helpful or Too Restrictive? Spencer & Jamie Have Differing Views on College Savings for Military Families#178
    Jun 9 2025
    Too restrictive or a key part of a military families financial planning? Today's episode is a no-holds-barred discussion about the pros, cons, and real-life strategies behind 529 plans. Episode Summary: In this episode, Spencer and Jamie dive deep into the world of 529 college savings plans—a tax-advantaged tool designed to save for qualified education expenses. They explore the basics of how 529 plans work (after-tax contributions, tax-free growth, and penalty-free withdrawals on qualified education expenses) and highlight recent changes that expand their flexibility beyond just college tuition. The conversation unfolds as Spencer raises his skeptical questions, while Jamie defends the plan’s benefits by sharing personal experiences and strategies. From multi-generational planning to overcoming the challenge of overfunding, the discussion covers everything you need to know to determine if a 529 plan fits into your family’s financial strategy. Key Discussion Points & Takeaways: Understanding 529 Fundamentals: Contributions are made with after-tax dollars, but the account grows tax-free, and withdrawals for qualified expenses (college, K–12 tuition, apprenticeship programs, computer equipment, and internet access) remain tax-free.Jamie explains the flexibility and evolving nature of 529 plans, including options to roll over funds to a Roth IRA (subject to annual limits and other restrictions) if the money isn’t immediately needed for education. Flexibility vs. Restriction: Spencer shares his concerns about the plan’s restrictions and whether the benefits favor high-income families more than those who might truly need the tax advantages.Jamie counters by emphasizing that the primary goal is to ensure your child’s educational expenses are covered, while also noting that any “overfunding” isn’t a total loss—it comes with backup options like beneficiary changes and penalty adjustments if funds are withdrawn for non-qualified purposes. Practical Money Management: Real-life insights on how to balance your overall financial strategy: build a solid retirement plan, clear debt, and then contribute to a 529 plan once you’ve established your own financial security.Jamie outlines his personal approach, including how much he’s contributed over the years and his strategy for managing contributions as his children get closer to college age.Discussion of exit strategies: potential rollovers, transferring balances between beneficiaries, and even using scholarship funds to unlock part of the 529 savings without penalties. Generational and Strategic Considerations: Beyond college savings, the episode explores whether 529 plans can serve as a mechanism for a multi-generational legacy—providing educational support for nieces, nephews, or future grandchildren.The balance between maximizing tax-free growth and maintaining account flexibility is a recurring theme, with both hosts stressing the importance of aligning a 529 plan with your broader financial plan. Actionable Insights for Listeners: Evaluate Your Priorities: Before you start pouring funds into a 529 plan, ensure you’ve taken care of high-priority items like debt repayment and retirement savings.Start Early: Open an account when your child is young. Even small, regular contributions can accumulate significantly over time.Customize According to Your Needs: Understand that the “perfect” plan isn’t one-size-fits-all. Consider factors like potential state tax deductions, investment options (like Vanguard 529’s low-cost index fund style), and your own financial situation.Plan for Flexibility: Keep in mind exit strategies (such as rollovers to Roth IRAs and changing beneficiaries) so that if your situation changes, you’re not locked into funds you can’t use as intended. If this episode sparked some thoughts about your child’s educational future or your family’s financial planning, drop us a message on Instagram or visit our website at MilitaryMoneyManual.com. Links mentioned: Kate Horrell's College Savings resources Episode 124 w/ Kate Horrell FINRED flyer on 529s For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. 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 ...
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    41 m
  • CZTE The Triple Tax Benefits of Combat Zone Tax Exclusion | Tax Free Pay for Military #177

    CZTE The Triple Tax Benefits of Combat Zone Tax Exclusion | Tax Free Pay for Military #177
    Jun 2 2025
    Did you know there’s a way to get tax-free income, tax-free growth, AND tax-free withdrawals—all legally? If you’re in the military, you have access to one of the most powerful wealth-building tools that civilians can only dream of. Combat Zone Tax Exclusion (CZTE) is the golden ticket, and in this episode, we break down exactly how you can leverage it to maximize your savings and accelerate your journey to financial freedom. Episode Summary: Military members deployed to a Combat Zone Tax Exclusion (CZTE) location receive tax-free pay, but did you know this can also supercharge your retirement savings? No federal income tax on military pay earned in a combat zone.Contributions to Roth IRA or Roth TSP using tax-exempt combat pay grow tax-free.Withdrawals in retirement are completely tax-free, giving you a massive financial advantage. We also discuss the Savings Deposit Program (SDP), tips for avoiding common financial mistakes, and strategies to maximize your tax-free earnings while deployed. Key Takeaways: Maximize Your Benefits: Understand the triple tax benefits and how to supercharge your Roth TSP and Roth IRA.Combat Zone Pay Benefits: Know which locations qualify and how even touching a combat zone for one day can get you CZTE benefits.Emergency Fund First: Use the extra tax-free income to build financial security before investing.Savings Deposit Program (SDP): Earn a guaranteed 10% return with this little-known military savings program.Tax Planning Strategies: Advanced moves like Roth conversions, tax-gain harvesting, and earned income tax credit eligibility.Watch Out for Common Mistakes: Avoid lifestyle inflation and missed opportunities to grow tax-free wealth. Links mentioned today: IRS Publication 3, Armed Forces Tax GuideIRS.gov CZTE locations (as of this publishing) DFAS.mil's Imminent Danger Pay (IDP) infoSavings Deposit Program (SDP) Article Responding to CP04 IRS Letter ArticleMilitary Tax Experts Alliance Episode 167 w/ Ryan Guina, Contributing up to $70,000 to TSP while Deployed! Episode 116 - Roth TSP and Roth IRA are Different!! For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. 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 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. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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    20 m
  • 7 Levels of Wealth for Military Families | Everyone Starts Somewhere #176

    7 Levels of Wealth for Military Families | Everyone Starts Somewhere #176
    May 26 2025

    Are you just trying to survive financially? Or are you on your way to building a lasting legacy?

    Discover the 7 levels of wealth adapted for military life and learn how to move from paycheck-to-paycheck living to financial freedom and abundance! This isn't about rank or time in service – it's about intention and systems.

    This episode is inspired by Ramit Sethi's video on the seven levels of wealth, viewed through a unique military money lens.

    The levels aren't tied to rank or experience; a junior service member could be ahead of a senior one. Everyone starts somewhere, and there's no shame if you're not at the final step yet.

    The Seven Levels of Wealth (with a military twist):

    • Levels 1-2: Beginner's Mindset

      • Level 1: Survival
      • Level 2: Stability

    • Levels 3-4: The Boring Middle

      • Level 3: Security
      • Level 4: Growth

    • Levels 5-7: The Advanced Phase / Financial Freedom

      • Level 5: Freedom
      • Level 6: Abundance
      • Level 7: Legacy

    Links mentioned today:

    • Dave Ramsey's The Total Money Makeover
    • YNAB app (military discount)

    For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call.

    Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!

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

    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 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.

    Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

    The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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    36 m
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How great is it that Spencer and his guests offer free, expert financial mentorship to over one million Department of Defense military servicemembers? This Podcast series is assigned listening for all of my Soldiers.

unparalleled military financial mentorship

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I love listening to the podcast! They cover so many important topics and encourage my journey towards financial independence and having options after the military! Everything from insurance and TSP to military benefits like free credit cards and travel hacking

Best podcast for military personal finance

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Great information! I either learn something or reaffirm my financial independence strategy every episode.

Good info

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