TAP GPS PFR

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  • Wrap-Up
  • Go to input and use following examples:E5 > 5 yearsSingle1 ExemptionLocal Income Tax 1% South CarolinaHealth Care: $4552 (Using CHCBP)Dental: $500Vision: $500 Look at OutputO5> 22MarriedOther annual income: $45,0004 ExemptionsLocal Income Tax 0% IllinoisHealth Care: 1000Dental: 500Vision: 500 Look at Output
  • TAP GPS PFR

    1. 1. 1 Disclaimer: The information provided herein does not constitute a formal endorsement of any company, its products, or services by the Department of Defense. Specifically, the appearance of external hyperlinks does not constitute endorsement by the U.S. Department of Defense of the linked web sites, or the information, products or services contained therein. The U.S. Department of Defense does not exercise any editorial control over the information you may find at these locations. This information is being provided as informational resource material to assist military personnel and their families and should be used to assist in identifying or exploring resources and options. Competencies: Completion of a working/realistic spending plan for transition that will contain current spending, transitional spending, and future requirements.
    2. 2. 2 Agenda The DoD has developed six core financial readiness areas that will aid in the successful transition from the military. At the conclusion of today’s briefing you will have a better understanding of the following financial readiness competencies. • • • • • How to plan and prepare financially Develop a solid Individual Transition Plan Familiarity with the tools to help manage your finances Awareness of available benefits How to use your resources before transition
    3. 3. 3 Module 1 Credit Reports Core PFRP for Transition
    4. 4. 4 Why Is It Important To Look At Your Credit Report? There are several reasons why it is important to review your credit reports on a regular basis. 1. Check for accuracy-55% of all military members have errors on their reports 2. Ensure you are not the victim of identity theftIdentity theft is the fastest growing crime in the world. 3. To see how lenders and merchants view you as a liability or risk. 4. ETC.
    5. 5. 5 Analyzing Your Credit Report & Score 13.3 5
    6. 6. 6 Credit Reports A credit report is a record of an individual’s credit history. It contains:  Credit  Employment  Residences  Judgments  Tax Liens  Bankruptcies  Inquiries 6
    7. 7. 7 Credit Report Components Personal Identification Name Address Date of Birth Social Security Number Employment Information Payment History (Trade Lines) – Credit Accounts Inquiries - List of everyone who accessed your credit report within the last two years Public Record Information Public records Wage attachments Liens Bankruptcies Judgment Foreclosures 713.4
    8. 8. 8 Credit Reporting Agencies 8
    9. 9. 9 FACT Act Provisions • One free copy of your report from each CRA each year • Right to a copy of your credit score for a reasonable fee • One-call fraud alerts • Active-duty alerts • Trade-line blocking 9
    10. 10. 10 10
    11. 11. 11 What to Expect • You’ll need to provide and validate: • • • • • • Name Address SSN Date of birth Current & previous address (if moved in last 2 years) Other information listed on your file • An additional free report can be obtained if: • • • • • • Denied credit, insurance, employment, rental housing Adverse action was taken against you based on your credit file Unemployed Receiving public welfare assistance Your state offers a free or reduced-price credit report You’ve been a victim of identity theft 11
    12. 12. 12 What Is A Credit Score? 12
    13. 13. 13 What Is A Credit Score? Vantage 13
    14. 14. 14 The Score Matters Higher scores = lower interest rates & more credit 14
    15. 15. 15 Where To Get A Score 1513.5
    16. 16. 16 Credit Score Components Fair Isaac & Co (FICO) Score Vantage Score 1% 10% 10% 35% 30% 9% 9% 15% 23% 30% Payment History Amounts Owed Length of Credit History Types of Credit New Accounts 28% Available Credit Length/Type of Credit Total of Balances % of Credit Limit Used Payment History Recent Credit 16
    17. 17. 17 Improving A Score Ensure credit report is accurate Don’t exceed 10% of the limit on a credit card Make all payments promptly Pay down installment loans Stay within credit limits Don’t add new accounts to lower balances on older ones Take advantage of auto payment plans/options Establish new credit only if you have little existing history Set up a bill-payment calendar Keep your older accounts in good standing Match credit to appropriate purchase Limit inquiries 17
    18. 18. 18 Correcting A Report Avoid credit repair agencies! Request positive missing information be added Request errors/erron eous information be removed Request outdated information be removed Place a consumer statement on the report 18
    19. 19. 19 Fixing A Report 19
    20. 20. 20 Fair Credit Report Act • Consumers have the right to: – – – – – – – – – know the contents of their report an accurate and complete file have mistakes fixed tell their side of the story a fresh start understand their report know who has seen their report confidentiality know if their report has been used against them – sue the CRA 20
    21. 21. 21 Who Can See Your Credit Report? 21
    22. 22. 22 Obtaining Your Free FICO Score • 1. Personal financial planning component – www.saveandinvest.org/creditscore – Financial Educator Code: ARLFb4hv (valid through 31 January 2014)
    23. 23. 23 What’s Worth Knowing? Wrap-Up 23
    24. 24. 24 Module 2 Cost of Living Analysis CORE PFRP FOR Core PFRP for Transition TRANSITION
    25. 25. 25 Cost of Living Analysis When relocating, consider what could impact your financial plan – Salary – Housing – Utilities – Taxes (including tax benefits for veterans) – Food – Child care – Commuting costs, clothing, entertainment, school costs, climate, health insurance
    26. 26. 26 Cost of Living Comparison Lives in NC $26,388 Energy Bill Increases Moves to TX $162 up to $185 $25,116 Health Care Increases Home prices decrease $85 up to $93 $243K down to $197K www.bestplaces.net www.bankrate.com www.retirementliving.com www.kiplingers.com www.military.com
    27. 27. 27 Military to Civilian Pay Determine salary range based on current military pay, allowances, benefits and future career Consider a salary comparison calculator Realistically assess the worth of your skills and experience Consult Bureau of Labor Statistics (BLS) website for national wage data Research your job skill, career field, and job projections www.salary.com www.payscale.com www.onetonline.org/crosswalk/MOC www.bls.gov/bls/blswage.htm Consider implications on finances Track salary info (use handout) O*Net Online can translate your military skills to civilian language
    28. 28. 28 O*Net Online Salary & Projected Job Growth* Bus/Truck Mechanic & Diesel Engine Specialist Automotive Specialty Technician Aircraft Mechanics & Service Technician $17.21 hr ($35,796) $19.64 hr ($40,851) 3-6% job growth Office Clerk General $12.79 hr ($26,603) $25.68 hr ($53,414) 3-6% job growth 3–6% job growth Electrician Police Patrol Officer $23.20 hr ($48,256) $25.74 hr ($53,539) 7-13% job growth 7–13% job growth Information Security Analyst 7–13% job growth Bookkeeper, Accountant & Auditor $16.36 hr ($34,028) 7–13% job growth $36.37 hr ($75,649) 20% job growth Network & Computer Systems Administrator $33.25 hr ($69,160) 20% + job growth *Median wages (2010) & projected job growth 2008–2018
    29. 29. 29 A Pay Comparison Monthly Military Pay (Single E5 > 4 yrs) Monthly Civilian Pay ($26/hr) Base Pay $2487.60 Base Pay $4507.04 BAH $1671.00 Fed Tax $-751.14 BAS $348.44 State Tax $-213.33 Fed Tax $-310.02 FICA $-254.65 State Tax $-57.13 SDI $-45.07 FICA $-140.55 Medical $-183.00 Net Pay $3999.34 Net Pay $3059.85
    30. 30. 30 Military to Civilian Pay Calculator http://calculator.gijobs.com/paycalculator.aspx 30
    31. 31. 31 Compensation Comparison • Use “Compensation Comparison” handout to compare compensation packages and track future job offers • Include retirement plans, healthcare, insurance, and other benefits • Consider what you will need for both replacement income and benefits
    32. 32. 32 Personal Statement of Military Compensation ‘Total Military Compensation Package’ Pension + TSP Discounted Services Commissary ($137.80) vs. Supermarket ($200) Gym $0 vs. $45 BAH + BAS + Special/Incentive Pay + Bonuses Federal & State & Local Tax Advantages Education Programs Tuition Assistance/ GI Bill PFM ($250 + savings) Transition Assistance ($4,200 savings) OHA + COLA + FSA + CRA Medical Care + Dental + Life Insurance + SBP + Long Term Care Legal Counseling Savings Consultation: $200 Wills: $250 Power of Attorneys $50 Calculate your Basic Compensation
    33. 33. 33 Benefit Package and Perks Which is the better offer? Company A $45,000 Annual salary Benefits Package: $200 @ month parking voucher worth $2400 Free annual gym membership worth $720 Health care plan worth $700 annually Company B $48,000 Annual salary No Benefits Package
    34. 34. 34 Benefit Package and Perks Company A $48,820 Company B $48,000
    35. 35. 35 Civilian Health Insurance Individual vs. Group Health Insurance Individual Health Insurance Group Health Insurance Purchased from an insurance company Lower rates Generally very expensive Many employers provide it as a benefit Easier to obtain
    36. 36. 36 Methods of Covering Health Care Costs INSURANCE PAY/SAVE ON YOUR OWN Health Maintenance Organization (HMO) MUST get care from providers who work with the HMO Three methods; each with their own rules: Preferred Provider Organization(PPO): More flexible than a HMO; can get care from provider of your choice/no referrals Point of Service Plan (POS): More flexible than HMO but less than PPO Primary Care Physician must be within the participating provider list Health Savings Account (HSA) Flexible Spending Account (FSA) Health Reimbursement Account (HRA) Designed to reimburse employees for outof-pocket costs (deductibles, co-insurance payments, eye exams, etc.) Check with your HR Department, or the IRS website (www.irs.gov) for the more information
    37. 37. 37 Continued Health Care Benefit Program (CHCBP) • For Service-members separating from active duty (& families) – Must be under other than adverse conditions – Eligibility is for up to 18 months of CHCBP health benefits after enrollment • Enrollment & Fees – Must enroll w/in 60 days of loss of military health care benefits – Coverage must be effective as of the date eligibility for military health care is terminated – Quarterly premiums • $1,138 (FY13) member only / $1,193 (FY14) member only • $2,555 (FY13) mbr and fmly / $2,682 (FY14) mbr and fmly – Enrollees responsible for paying cost shares and deductibles
    38. 38. 38 Consider These Comps Significant vacation/personal/sick leave Co-share insurance costs Money for education and certifications Relocation services Paid job relocation Company investment plan Transportation reimbursement Discounted/free gym membership Promotion opportunities Life insurance Strong retirement package Short term/long term disability
    39. 39. 39 Module 3 Retirement Pensions
    40. 40. 40 Retirement Pensions Questions to ask a potential employer “When do company contributions start?” “When will my account be credited with 100% of company’s contributions as my own?” “Does your company do a graduated or cliff vesting schedule?”
    41. 41. 41 Retirement Pensions Defined-Benefit Plan Traditional company pension plan; ultimate retirement benefit is definite and determinable as a dollar amount Example is a military retirement pension ① ② ③ Funded mostly by the employer Responsibility for payment of the benefit & risk on funds invested rests with the employer Like separation pay & unemployment pay, it is considered a type of compensation
    42. 42. 42 Retirement Pensions Defined-Contribution Plan A qualified retirement plan in which the contribution is defined yet the ultimate benefit to be paid is not Examples are 401(k) and 403(b) plans, Roth 401(k), Thrift Savings Plan (TSP), SIMPLE IRA, SEP, Employee Stock Ownership (ESOP), and profit sharing ① ② ③ ④ Contributions are from the employee A portion may/may not be matched by employer Each participant has an individual account The benefit at retirement depends on amounts contributed + investment performance of account ⑤ Investment risk may rest solely with the employee due to opportunity to choose from a number of investment options
    43. 43. 43 Thrift Savings Plan (TSP) Options • Leave funds in TSP account (if balance is more than $200) • Roll your TSP into another eligible account i.e., IRA, annuity, civilian 401(k) • Withdraw your TSP funds completely Some funds may include tax-exempt contributions! Contact ThriftLine (1-TSP-YOU-FRST) www.tsp.gov
    44. 44. 44 Early TSP Withdrawal Before 59 1/2 Penalty Taxes Example Not waiting will cost a Member @ 42 withdrawalspenalty Factor in a minimum 20% $10,000 A premature withdrawal tax rate minimumcost $2,000 balance of $3,000! that costs $1,000TSP will from
    45. 45. 45 Cutting Taxes While Investing • Tax-deferred accounts allow the investor to delay paying taxes on earnings. • Immediate benefit is that the contribution is deducted from paychecks before income taxes are calculated, so taxable pay is reduced today.
    46. 46. 46 Module 4 Housing: To Rent Or Buy
    47. 47. 47 To Rent or Buy? Renting makes sense if you… • Move frequently or suddenly • Need to determine long-term desirability • Are low on cash • Advantages of owning vs maintenance/improvementsfor everyone! Don’t have time/desire/funds for renting are different • Consider theseloss of equity personal situations along with your Don’t want to risk important • Don’t need/want tax advantages long-term goals before youmakes .sense if you… Buying decide . • Don’t want to be a landlord • Have money for the larger initial investment • Are ready for stability • Desire a sense of community • Can financially support two homes • Like to remodel/fix/personalize • Can financially manage fluctuating expenses
    48. 48. 48 To Rent or Buy?
    49. 49. 49 To Rent or Buy?
    50. 50. 50 Relocation Assistance The Relocation Assistance Program (RAP), Transportation Management Office (TMO) and Personal Financial Management Specialist (PFMs) can assist with information regarding: • Entitlements • Allowances • Needs • Costs 50
    51. 51. 51 Beyond Renting vs Buying A Personal Financial Management Specialist (PFMs) can assist with: • Selling Your Home • Buying a Home • Short Sales • Foreclosure • Negative Equity Additional resource: http://www.freddiemac.com/homeownership/educational/?intcmp=AHTRER 51
    52. 52. 52 Module 5 Taxes Core PFRP For Transition
    53. 53. 53 Military Tax Issues • Tax Advantages • • • FICA (Social Security) Federal taxes State taxes • Withholding • • Marital status Exemptions Use VITA, www.irs.gov, state calculators 53 5.7
    54. 54. 54 Tax Considerations • No more auto extension • May need assistance for TSP tax issues • Important to factor state tax laws into salary considerations & budget • Separating veterans only have one year from separation to view/print myPay W-2 • Advantages of educational expenses
    55. 55. 55 Contact Installation Legal Office Determine distribution of assets during lifetime and at death • Include several items: – Will – Trusts (as needed) – Power of Attorney (POA) – Medical directive or medical POA – Financial plan to care for survivors • Ensure information on designated beneficiaries is current and correct • Update every couple of years or when major life changes occur
    56. 56. 56 Module 6 Spending Plan Core PFRP for Transition
    57. 57. 57 Learning Objectives • Define long-term/short term – Income Statement transition goals – Savings & Expenses • Determine cost of each goal – Indebtedness Summary • Determine current financial situation – Action plan / Goals using the Financial Planning – Daily Expense / Spend Plan Worksheet for Transition • Develop a post-service, 12-month • Compare current financial spending transition spending plan plan to goals • Analyze current/desired financial state • Anticipate future requirements • Complete the following sections in their financial spending plan – Net Worth Statement
    58. 58. 58 Why? A spending plan is a tool that helps you build the financial part of your plan to meet your transitional goals.
    59. 59. 59 Spending Plan Characteristics Guide & servant No need to account for each penny Easy to understand Reflects wants & needs Based on current income/expenses Practical & realistic Flexible Provides for necessities and fun
    60. 60. 60 Why a Spending Plan is Important • Live within your income • Realize personal goals • Maintain good credit history • Get more for your money • Reduce financial stress • Enjoy financial freedom
    61. 61. 61 The Financial Planning Worksheet Six components of the worksheet 1. Net Worth Statement 2. Income Statements 3. Savings & Expenses 4. Indebtedness Summary 5. Action Plan / Goals 6. Daily Expense / Spending Plan
    62. 62. 62 Elements of a Budget Income Savings Budget Elements Expenses Debts To calculate net worth, subtract balance from value
    63. 63. 63 4.12
    64. 64. 64 Estimating Net Worth www.savingsbond.gov www.homegain.com www.nada.com
    65. 65. 65 Income to Savings Total pay + allowances = Gross Income Gross income – tax deductions = Net Income Net income – additional deductions such as allotments = Take-Home Pay 4.13
    66. 66. 66 Complete the Income and Savings portion of the worksheet 4.13
    67. 67. 67 Example 1 E-5 over 8 years w/dependents Total compensation (A) $4,774.64 SGLI (self/family/spouse), TSGLI, AFRH, federal taxes, FICA (social security/medicare) (B) $351.29 NET INCOME (A – B) (C) $4,423.35 (D) $263.83 Base Pay $2,845.20, BAS $348.44, BAH $1,581.00 Total tax deductions Total additional deductions Monthly savings $200, monthly investing $63.83 TOTAL TAKE HOME PAY (C - D) $4,159.52
    68. 68. 68 Example 2 E-7 over 20 years w/dependents Total compensation (A) $6,605.54 (B) $926.28 NET INCOME (A – B) (C) $5,679.26 Total additional deductions Monthly savings $200, Monthly investing $200 (D) $425 Base Pay $4256.10, BAS $348.44, BAH $2001.00 Total tax deductions SGLI (self/family/spouse), TSGLI, AFRH, federal taxes, FICA (social security/medicare) TOTAL TAKE HOME PAY (C - D) $5,254.26
    69. 69. 69 Living Expenses
    70. 70. 70 Tracking Expenses • Track spending for 2-4 weeks • Record all expenses daily • Group expenditures by category
    71. 71. 71 Calculate the living expenses on the Financial Planning Worksheet 4.13
    72. 72. 72 Expenses E5 over 8 years Rent E8 over 20 years $1,600 Rent Electric $2001 $49 Insurance Insurance $190 $190 Cable/Internet Cable/Internet $175 $124.50 Cell Phone Cell Phone $250 $200 Food Clothing $900 $43.50 Transportation $550 Child Support Food Transportation $250 $500 $275.50 Charity $200 Personal $100 Other TOTAL EXPENSES $23.93 $3,032.50 TOTAL EXPENSES 73% OF INCOME $4,589.93 87% OF INCOME
    73. 73. 73 Debt Management Creditor Balance Due Minimum Payment Interest Rate Total
    74. 74. 74 Summary • Total pay equals all compensation • Total compensation minus all deductions equals take home pay • Take home pay is what you live on for the month
    75. 75. 75 70-20-10 Ratio Savings 10% Debt 20% Expenses 70% Percentages will vary based on lifestyle, but guidelines prove effective in helping to develop a sound financial plan and keeping debt at a reasonable level. 75 4.18
    76. 76. 76 Calculate the indebtedness & summary section of the Financial Planning Worksheet 4.13
    77. 77. 77 Total Monthly Debt Payments / Net Income x 100 77
    78. 78. 78 70-20-10 Ratio Savings 10% Debt 20% Expenses 70% Use caution Fully extended Overextended Seek assistance <15% 15-20% 21-30% >30% 78 4.18
    79. 79. 79 The Action Plan
    80. 80. 80 Improving a Spending Plan Increase Income Decrease Living Expenses Decrease Indebtedness 80
    81. 81. 81 Sources of Help
    82. 82. 82 Spending Plan MONTHLY EXPENSES MEMBER AND SPOUSE'S NAME TAKE HOME PAY SAVINGS GOAL: 10% OF NET INCOME EMERGENCY FUND (1-3 MONTHS) RESERVE FUND "GOAL-GETTER" FUND INVESTMENTS/IRAS/TSP/ETC PAY PERIOD SAVINGS AND INVESTMENTS (10%) 0 ACTUAL 0 PROJECTED REMARKS For comparison purposes only 0 0 0 0 LIVING EXPENSES HOUSING ACTUAL 0 PROJECTED REMARKS MORTGAGE/RENT MAINTENANCE/REPAIRS FURNISHINGS TAXES/FEES UTILITIES CABLE/SATELLITE TV/INTERNET CELLULAR/PAGES/PHONE CARDS/TELEPHONE ELECTRICITY NATURAL GAS/PROPANE WATER/GARBAGE/SEWAGE OTHER FOOD DINING OUT GROCERIES LUNCHES VENDING MACHINES MEAL DEDUCTIONS TRANSPORTATION GASOLINE MAINTENANCE/REPAIRS (INCL. SAVINGS FOR FUTURE) OTHER TRANSPORTATION (TAXI/BUS FARE, PARKING) OTHER (TAXES/REGISTRATION/LICENSING) INSURANCE AUTOMOBILE HOMEOWNERS/RENTERS HEALTH/LIFE/LTD/DENTAL WARRANTIES/OTHERS HEALTHCARE DENTAL EYE CARE HOSPITAL/PHYSICIAN PRESCRIPTIONS SUBTOTAL (PAGE 1) OF MONTHLY LIVING EXPENSES 0 0 MONTHLY EXPENSES (PAGE 2) MEMBER AND SPOUSE'S NAME LIVING EXPENSES CLOTHING ACTUAL PROJECTED REMARKS LAUNDRY/DRY CLEANING PURCHASES ($50 MONTHLY PER PERSON) CHILD CARE ALLOWANCES DAYCARE CHILD SUPPORT DIAPERS/WIPES, ETC PET CARE FOOD/SUPPLIES VETERINARIAN/SERVICES (BOARDING/GROOMING) PERSONAL BEAUTY SHOP/NAILS/BARBER SHOP CIGARETTES/OTHER TOBACCO/LIQUOR/BEER/WINE VENDING MACHINES HEALTH CLUB/ORGANIZATIONAL DUES PERSONAL SPENDING FUNDS OTHER (TOILETRIES, SUPPLEMENTS, ETC) EDUCATION BOOKS & SUPPLIES FEES (OTHER/ROOM & BOARD) TUITION/MGIB/POST 9/11 LEISURE/HOBBIES ATHLETIC EVENTS/SPORTING GOODS BOOKS/MAGAZINES COMPUTER PRODUCTS (SOFTWARE/HARDWARE) DVD/VIDEO GAME RENTALS DOWNLOAD MOVIES/MUSIC DVDs & CDs ENTERTAINMENT LESSONS TOYS & GAMES TRAVEL/LODGING CONCERTS/CLUBS/THEATER/OTHER CONTRIBUTIONS CHARITIES (CFC/NMCRS) RELIGIOUS SOME CHARITABLE CONTRIBUTIONS ARE ALLOTMENTS DON’T COUNT TWICE GIFTS HOLIDAYS/BIRTHDAYS/ANNIVERSARIES MISCELLANEOUS DEPLOYMENT & TEMPORARY DUTY EXPENSES ATM FEES/STAMPS/ETC OTHER (TOILETRIES, SUPPLEMENTS, ETC) SUBTOTAL (PAGE 2) OF MONTHLY LIVING EXPENSES GRAND TOTAL OF MONTHLY EXPENSES (70%) 4.17 0 0 0 0
    83. 83. 83 Summary • • • • • Preparation is key Develop a solid Individual Transition Plan Use tools to manage your finances Take advantage of available benefits Use your resources before transition
    84. 84. 84 Preparation for Wednesday • Review slides and print handouts on CD if you do not have a computer – Day 3, 4 & 5 • You will be using all the handouts each day 84
    85. 85. 85 TAP GPS Program Assessment • We apologize for requesting you to take two assessments….however we do not receive the results of the OSD Assessment • Please complete Financial Portion of OSD Assessment – https://www.dmdc.osd.mil/tgpsp 85
    86. 86. 86 Post Assessment • Please complete the Post Assessment and pass to facilitator 86
    87. 87. 87 Assessment Review 1. To reduce stress while transitioning a. Continue exercise program b. Talk with MFLC/Counselor c. Keep communications open with family d. Don’t bottle things up e. All of the above 2. When choosing a mentor, it should be: a. Someone you are friends with b. Someone who identified their own goals c. Someone who acts as a role model d. All of the above 3. 4. 5. Where can you find labor market information (LMI): a. O*Net b. Career One Stop c. VETSUCCESS d. Chamber of Commerce 6. What is the recommended distribution of your net income? Expense Debt Savings a. 70% 20% 10% b. 65% 25% 10% c. 50% 30% 20% d. 80% 15% 5% Individual Transition Assistance Plans (ITP): a. Assist those wanting to start a business in their home b. Help those that haven’t made a career decision c. Assist those that are seeking employment d. Assist those seeking additional education e. All of the above 7. What is the most effective way to raise your credit score? a. Open a credit card b. Time c. Pay bills on time d. Open a line of credit e. Close a card you don’t use Which of the following are skills translators: a. Hero2Hired, Career One Stop, VA for Vets, USA Jobs b. VETSUCCESS, Hero2Hired, Career One Stop, O*NET c. USAJOBS, VETSUCCESS, Hero2Hired, Career One Stop, O*NET d. VETSUCCESS, Hero2Hired, Career One Stop, O*NET, VA For Vets 8. Which of the following is the most heavily weighted in determination of a credit score? a. Payment History b. Length of Credit History c. Available Credit d. Types of credit 87
    88. 88. 88 Assessment Review (cont’d) 9. This is the total value of an employee’s salary, benefits, & other employment-related perks: a. Competitive Bid b. Offer with Options c. Taxable Income d. Compensation Package e. Wage Bundle 11. It might be preferable to rent a home instead of buying if… a. You prefer more fixed expenses b. You are ready for stability c. You like to fix or renovate d. You can financially manage fluctuation 10. Which statement about TSP is true? a. TSP is a defined benefit plan b. You can contribute to your Uniformed TSP after separating/retiring c. TSP follows the provisions of a 401(k) plan d. You can withdraw your money from TSP at any time 12. Which tax will not be affected after transition? a. Federal Income Tax b. State Income Tax c. Certain Vehicle/Personal Property Taxes d. State & Local Sales Tax
    89. 89. 89 Video to play during break http://www.youtube.com/watch?v=_u33kFTYT8w (Compound Interest) http://www.youtube.com/watch?v=EHSeIiuvKt8 (212 Degrees)

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