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isn’t a total loss—it comes with backup options like beneficiary changes and penalty adjustments if funds are withdrawn for non-qualified purposes.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
  • PCS like a Pro! Our Top Tips for Military PCS, PPM, and Being Financially Ready #175

    PCS like a Pro! Our Top Tips for Military PCS, PPM, and Being Financially Ready #175
    May 19 2025
    Navigating PCS Chaos, Saving Money, and Finding Adventure! PCSing is a constant in military life, often bringing stress, extra costs, and confusion. But it doesn't have to be a nightmare! In this episode, we dive deep into practical tips and strategies to help you survive your next Permanent Change of Station (PCS), save money, and maybe even make it an adventure. We cover everything from getting your paperwork in order to leveraging financial benefits and preparing your family for the journey. In this episode, we discuss key strategies for managing your PCS: Getting Organized & Paperwork: The importance of physical binders and electronic backups for documents. Tips for outprocessing checklists and hand-carrying essential items like orders, Power of Attorneys, birth certificates, passports, and social security cards. Keep vital documents separate from movers.Financially Preparing: The crucial need to start saving cash early for unreimbursed expenses. Access to liquid money helps with stress management and avoiding debt. Cutting expenses is the first step to saving.Understanding Financial Benefits: Dislocation Allowance (DLA): An entitlement can be taken as an advance upfront (not a loan). Rates vary by pay grade and dependents (e.g., O-5 w/ dependents $5,339, E-4 w/ dependents $3,400 in 2025). PCS Pay Advance: Option for up to one month's base pay, interest-free, paid back over 12 months. A tool for necessary situations, better than high-interest loans. Moving Your Stuff (HHG government move vs. PPM): Options include full government shipment (through TMO) or the Personally Procured Move (PPM). A partial PPM is recommended for conus moves to get paid for weight in your car. A full PPM offers significant profit potential by paying you the government's cost (examples mentioned: Jamie's $14,000 profit in 2023, and potential $10,000 profit in 2025). Challenge misinformation about PPM rules by referencing the JTR.Temporary Living Expenses (TLE) & Temporary Living Allowance (TLA): TLE (CONUS to CONUS, CONUS to OCONUS, or OCONUS to CONUS variants): Max $290/day, limited to 21 days, can be split between old and new PDS. Can be used for M&IE even when staying with family/friends.TLA (OCONUS): Up to 60 days upon arrival, 10 days upon departure. Covers lodging plus M&IE. Reference the JTR due to common misinformation. Prioritize minimizing stress over maximizing per diem. Preparing Your Family: Frame the move as an adventure. Acknowledge feelings (sadness, excitement) for everyone. Involve older kids in packing. Remember it's a team effort.Decluttering: Less stuff makes moving easier, especially with PPM. Reduces mental stress. Try methods like the hanger trick, Marie Kondo ("spark joy"), or the "poop test" for toys. Holding a garage sale can generate extra cash.Smart Travel & Leave: Explore circuitous travel or taking leave en route by getting it on your orders. PCS is a prime opportunity to take leave between assignments. Can take leave before departing or upon arrival. Understand BH timing.Inventory & Support: Video and photograph your belongings for inventory in case of loss or damage. You are not alone. Lean on your support network, friends, family, or sponsor for help. Links Mentioned: DFAS website for TLE details DTMO website for TLA details Joint Travel Regulations (JTR), Your ultimate (source document) guide for entitlements Kate Horrell's PCS checklists Previous Podcast Episode on the $14k PPM Profit Article about Circuitous Travel Podcast episode about Circuitous Travel Podcast episode about Legacy Planning for Military Families 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 ...
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    32 m
  • Is Military Retirement Worth It? | Valuing Military Retirement w/ The Enlisted Money Guy, Brandon Lovingier #174

    Is Military Retirement Worth It? | Valuing Military Retirement w/ The Enlisted Money Guy, Brandon Lovingier #174
    May 12 2025

    The military retirement is one of the best benefits in the world... but is it worth the cost in years of your life?

    Summary:

    • How is military retirement pay calculated
    • Military retirement can be worth at least $1,500,000!
    • Benefits for military retirees
    • Intangible benefits of military service
    • What veterans miss about the military after retirement

    Links:

    • Enlisted Money
    • @enlistedmoneyguy on Instagram
    • Brandon's blog post- Is Doing 20 Years in the Military Worth it?
    • past episodes w/ Brandon include:
      • ep 96- Enlisted Money Basics
      • ep 128- Continuation Pay
      • ep 143- DCFSA

    Brandon Lovingier, ChFC®, MQFP®, joined the Army right out of high school and has served over 19 years. He wasn’t always good with money, but now his family is debt-free and building wealth. He established Enlisted Money to help enlisted service members avoid his mistakes. He earned his Chartered Financial Consultant – ChFC® designation in 2022 and Military Qualified Financial Planner – MQFP® in 2023. He received The American College of Financial Services NextGen Financial Professional Award for 2024. He’s spoken at MilMoneyCon and loves mentoring other service members on their own financial freedom journey.

    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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    34 m
  • Money for Military Couples | Money for Couples, Military Edition #173

    Money for Military Couples | Money for Couples, Military Edition #173
    May 5 2025
    Most couples would rather talk about their sex life with a friend than money! What would it look like if we both felt good about money? Today we talk about how to get started with dreaming together and how to discover how to create a shared vision and discussing what kind of money stories do you want to write together as a couple Jamie's 3 main take-aways: You and your spouse have to talk about money, understand where they're coming from, and their money scriptsYour priorities will be different; find a way to get to a shared visionWhatever system you choose, shared goals and a shared vision are MOST important Spencer's main lessons: Discover how money can be a source of collaboration between you and your partnerConnect with your partner and use the medium of money to do thatMoney doesn't have to be a source of stress or strain Other topics we discussed: CommunicationDreaming conversations (visionary dreams, not costs at first)Be curious about why your spouse may have negative mindsets about money"I wonder what it would look like if we had a talk about money this week"Working each person's priorities into your budget with whatever system you chooseStarting the meeting with appreciation for each other"A budget is a tactical solution to a psychological problem" - Ramit Sethi"A budget's not going to save you, but learning how to connect over money just might!" - Ramit Sethi Housing, transportation, and food are often the 3 biggest areas military couples often overspend in Links: Money for Couples by Ramit SethiThe Money for Couples podcast Ramit's 10 Money Rules, episode 108 of our podcastRamit flow chart@militarymoneymanual on instagramYNAB (military discount)Justin Peter's FI Minded podcastMoney Scripts podcast episode #82 with Daniel Kopp 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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    51 m
  • Too Much Cash? How Much Cash a Military Family Must Have with Erik Baskin #172

    Too Much Cash? How Much Cash a Military Family Must Have with Erik Baskin #172
    Apr 28 2025

    Holding too much cash can be a drag on your gains. You shouldn't have too much of it sitting in your account without a specific purpose.

    Today you'll learn answers to questions such as: How much is too much? Where should I keep my cash? What should I do today if I have too much cash?

    Links from today's episode:

    • Erik Baskin at Baskin FP
    • Past podcast episodes with Erik Baskin include episode 72, episode 129, and episode 168.
    • Erik Baskin on LinkedIn
    • The Veteran Finance podcast with Erik Baskin

    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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    23 m
  • Lump Sum Vs Dollar Cost Averaging #171

    Lump Sum Vs Dollar Cost Averaging #171
    Apr 21 2025

    Which is better, lump sum investing or Dollar Cost Averaging? Bottom line, neither is significantly better, although lump sum investing statistically wins slightly. The more important factor in you building wealth is that you invest consistently for the long-term!

    Missing just the 10 best trading days between 2002-2022 would cut your returns by 50%. Don't play games when you know it's impossible to win. Just keep investing!

    Links from today's episode:

    • Vanguard white paper on lump sum vs. DCA
    • Military Money Manual blog post on this topic
    • How to Time the Market
    • World's Worst Market Timer (only investing at the peak)

    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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    15 m
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