A “Message to Garcia” and Its Impact on My Career
Westchase Financial Planning – April 9, 2018
My military readers may be familiar with “Message to Garcia.” If you aren’t, make sure you read the link to the story in this post. Other career types should also read it, but it’s a well-known story in the military and one that will help military professionals in their career.
I belong to a group in the military that has special training in finding solutions. We are “git ‘er done” types. That’s not to say I never ask where Garcia is – I do, sometimes. But the most successful times in my career have always been when I took initiative – and when I was allowed to take initiative.
This post is mostly about becoming better at your job, but it has a good lesson for personal finances too. There is a frequent debate in the personal finance community over whether you should DIY your finances or turn everything over to a professional. The correct answer is probably somewhere in the middle of 100% DIY and 100% outsourced, but it will vary for everybody.
I like to DIY, and I have figured out ways to handle my own finances in a minimal amount of time each year. I spend only 3-5 hours annually including all retirement planning, investing, tax optimization, and tax filing. I’m finding Garcia on my own. There are times when I need to check in with people to make sure I’m on the right track, just as Rowan definitely spoke to some people along the way. But I’m not leaving everything up to others – I’m taking the initiative.
What are you doing?
I feel too busy to be retired…
Saving for a Living – April 29, 2018
One of the most frequent things I hear from people who aren’t part of the financial independence community is that they plan to keep working until late in life because they’d be bored otherwise.
Let’s move right past the “being financially independent/retired doesn’t mean you’re never allowed to work again” thing. I’ve said it before and I’ll say it again. It’s not my point here.
Let’s talk about boredom in retirement, instead. There seems to be this belief that retirement = not doing anything. Or, at most, doing only very leisurely things, like sitting on a beach or watching TV.
Now, personally I can’t wait until I have unlimited time to sit on a beach or watch TV. But that doesn’t mean I’m going to spend unlimited time sitting on a beach or watching TV. Instead, I have a large and ever-growing list of things I want to do in retirement. Being bored in retirement isn’t a concern of mine. Not having enough time to do everything I want to do is.
Last week I was speaking to a retired Marine Colonel and his wife. I think they said they were 78 and 74, respectively. Something like that, anyway. The Col (ret) was telling me about his hobbies. His biggest one is repairing old clocks and watches, but he says he has five other hobbies that take up all of his time. We started talking about hobbies in retirement, and he used the classic line “I’m so busy in retirement, I don’t know how I ever had time for work.”
Read this post for an accounting of other things that will keep you busy during retirement. There is plenty to be done in the world. Paid work is only one of those things.
The Personal Statement of Military Compensation
Military Dollar – June 5, 2017
I think this is the first time I’ve used one of my own posts in these weekly roundups, but there is a good reason.
The annual Personal Statement of Military Compensation just got released for 2018. If you aren’t familiar with this document, it’s a personalized report that shows not only how much you have directly been paid, but also estimates your indirect compensation.
Why is that important? Well, it gives you (and others) a much better understanding of your military compensation. This can be important if you are looking to buy a home or transition to a civilian career, for instance.
The PSMC is found in MyPay for Army/Navy/Air Force and, I’m assuming, in Marine Online for USMC. Bring up your own PSMC and follow along with it as you read the post. It can be enlightening!
I had never heard of a PSMC, but after digging around on DFAS, I learned it is because it is only available to Army and Air Force. “Navy personnel may compute the value of their military compensation by using the calculator at http://www.public.navy.mil/bupers-npc/career/PayAndBenefits/Pages/default2.aspx” bummer.
That’s strange, considering I was able to find a couple examples of them from supposedly Navy members. But you are right, I verified with a Navy guy I know and it’s not in myPay. I did see something that suggested Navy commands are supposed to do them for the member – maybe you have to individually request it?