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MilitaryToFinance last won the day on November 10 2015

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About MilitaryToFinance

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  1. Yes, I always assumed my username was a not particularly subtle clue as to my post-AF career path. My industry is prone to booms and busts as well but I don't see any scenario where I end up back in blue at this point. I just thought it was odd to get a call in June 2018 after I got out in early 2013.
  2. The Reserves must be getting desperate for folks. I got a call today from a Lt. Col. asking me how my transition to civilian life was going and offering that the Reserves are hiring if the transition is harder than expected. I told him that my transition went great when I separated in February 2013. Waiting over 5 years to give the sales pitch for coming back to the AF was probably a little too long.
  3. MilitaryToFinance

    VA Loans

    I've been using NBKC for my loan in New York. We haven't closed on the house yet but so far they've been great.
  4. MilitaryToFinance

    Roth IRA???

    With all of the favorable tax treatments of income you get in the military you are probably correct that a Roth option is best. But what you really have to consider is your marginal rate vs. effective rate. Every dollar you contribute to the traditional TSP or a Traditional IRA comes off the top. You are deferring taxes at your current marginal rate. When you get to retirement what will matter is your effective tax rate on your combined income. If you stay a full 20 years and are replacing 50% of your base pay + social security + TSP withdrawals then this probably isn't as big a deal. However if you aren't going to have a military (or any other) pension, the effective rate on your withdrawals at retirement will likely be lower than your current marginal rate. Under the old tax code if you were in the 25% marginal rate then a traditional was most likely better. I haven't really run the numbers lately if the 22% rate works out the same.
  5. MilitaryToFinance

    VA Loans

    Thanks. I'm letting my lawyer hash it out for now, sounds like it might just be boilerplate language. The seller won't have to pay anything, I'm putting 25% down, and closing usually takes 90 days here anyway so it shouldn't delay the process. There is really no logical reason to deny the VA loan except the inspection.
  6. MilitaryToFinance

    VA Loans

    Has anybody ever seen a sale contract that explicitly says you can't use a VA loan? Purchaser shall get "a first mortgage loan, other than a VA, FHA or other governmentally insured loan."
  7. MilitaryToFinance

    VA Loans

    Where I'm buying it takes 60-90 days to go from offer to closing. So a 60 day rate lock wouldn't have done much good, plus I was expecting to spend a couple months looking which I did in the end. From a historic perspective yes rates are still amazingly low. It still sucks to watch my quote on a 30 year Jumbo VA loan go from 3.375% when I started looking to 3.625%-3.750% today. On a jumbo every eigth of a point makes a big difference.
  8. MilitaryToFinance

    The new airline thread

    I don't follow this that closely but I've been spending the last few days at an Aerospace and Defense conference. The talk today about commercial aircraft is pretty aggressive over the next 4-5 years. At a strategic level the availability of pilots to fill all these aircraft deliveries and ATC to manage the traffic growth are seen as big risks. I don't track the hiring boards but it sounds like barring a major economic downturn the AF is going to face even more competition for retention for years to come.
  9. MilitaryToFinance

    VA Loans

    Beware that interest rates are moving up. My house hunting has been slow moving and I keep watching my quoted rate move up and up. [emoji35]
  10. MilitaryToFinance

    VA Loans

    Thanks guys. Is it just the more stringent inspection that worries sellers or they aren't familiar with VA loans and people don't like what they aren't familiar with? I'll be taking out a jumbo loan so even though it's VA I'll be putting down at least 10%. I'm not sure why the seller would care how much the buyer is putting down but that's the only other big difference I can think of.
  11. MilitaryToFinance

    VA Loans

    Has anybody had problems with the seller of a house using a VA loan? I've been warned by multiple people that sellers don't really like VA loans and if there is more than one offer you will lose out to the conventional loan. I'm especially curious because I live in an area where very few people would have experience with VA loans but the rates I'm being quoted are 50-75bps better for the VA loan than conventional. I have a disability rating so the funding fee is waived for me as well so I would like to use the VA loan if possible but the stories have me worried.
  12. I'll chime in with my thoughts although I think my specific experience is probably less relevant. I'm happy to give details on my career and path here but I can count on both hands the number of veterans I know in my entire industry so it might not be that helpful. That said I have some general thoughts on civilian life. First, I think it's worth saying that when it comes to the trade off between pay and work/life balance the airlines are really hard to beat. That doesn't make it the right answer but it is worth keeping in mind. All of my peers who make decent six figure paychecks work 10-12 hours a day and many either travel a lot or work weekends. If a company offers free breakfast and dinner as a perk it isn't because they are nice, it's because they expect you to be at the office before breakfast and still working after dinner. I chose money over balance but it was an explicut choice that I knew I was making up front. If you are getting out after your commitment, not retiring at 20, both consulting and investment banking love military vets. They tend to hire young so I'm not sure they are viable options after a full career. Investment banking is a brutal grind but if you don't mind the hours it is pretty much a guarantee you'll make $300-$500k mid-career with the possibility of much more if you make Managing Director. The hiring cycle is fairly standardized and there are a number of groups/programs targeting vets. Vets on Wall Street is a good one, I also second whoever recommended ACP. I didn't get my job through them but they paired me with a great mentor who introduced me to lots of his contracts. Goldman Sachs has a veterans internship program each year and if you aren't a screwup you will get an offer for a fulltime job. Consulting is good because it opens up options if you don't really know what you want to do. Most people who start at the big firms, McKinsey/Bain/BCG are the favorites, only stay for 3 or 4 years. After that you will have worked on 5 or 6 projects with different companies in different industries and you'll have a good idea what's out there. If the consulting lifestyle isn't for you it's very easy to transition to a management role at one of the companies you consulted with. If you have a family this is a tough path because consultants are the people keeping the airlines in business. Normal month will have you on the road Mon-Thur 3 weeks a month.
  13. MilitaryToFinance

    Stocks for Dummies (Aviators)

    What about it made you laugh? The fiscal situation in Puerto Rico is similar with billions of muni debt which is currently impossible to pay. We've spent a couple hundred hours researching Puerto Rico and the various issuers, legal claims and priorities so i have a much better understanding of that than I do of the Illinois debt.
  14. MilitaryToFinance

    Stocks for Dummies (Aviators)

    I would wait on this. When Illinois gets downgraded to junk because they can't pass a budget you will see forced selling by large institutions who's investment mandates won't let them own junk debt. Even after that this is going to take years to sort out in court so there's no rush to get involved. I know the Puerto Rico situation a lot better than IL so I'm not sure exactly what kinds of debt has been issued there but if you can find bonds with any sort of special revenue pledge those will have a better legal claim. Look for bonds backed by sales tax or infrastructure. They already sold the toll road but one of the airports might have bonds paid by airport fees and taxes. Your biggest problem is the massive sucking black hole of completely unfunded pension liabilities in a state where the court has already ruled pension claims are non-negotiable. Remember the government and unions negotiated and agreed to change the pension a few years back and some retiree sued and the court agreed that even the union couldn't negotiate a decrease in their own benefits. Sent from my SAMSUNG-SM-G925A using Baseops Network Forums mobile app
  15. MilitaryToFinance

    Stocks for Dummies (Aviators)

    Merger-arb has been a very dangerous strategy in the last 18 months. If the stock is trading over 130% wide a week before the deal is closing you have to think there is a reason for that. I hope you weren't holding out for the $7. Sent from my SAMSUNG-SM-G925A using Baseops Network Forums mobile app