Episode 63: Become Financially Free and Independent with Doug Nordman
The Lessons in Real Estate Show
In this week's episode, we are joined by the author and founder of The Military Guide, Doug Nordman. Doug served 20 years in the U.S. Navy and retired at age 41. In 1999, he and his spouse Carol reached financial independence and has bought and sold homes over the last 37 years. They have also published several books providing a roadmap for service members, veterans, and their families on how they can become financially independent. Tune in and don't miss this episode with Doug as he shares with us how you can reap financial rewards and how to avoid the risks of real estate investing while on active duty. In this episode, we explore: Guest Military Background Home Improvement and Real Estate Paths you can use when buying a home Evaluating a property’s operating expenses The 1% thumb rule What it means to become financially free About Doug: Doug Nordman served for 20 years of active duty in the U.S. Navy’s submarine force and retired in 2002 at the age of 41. He and his spouse, a retired Navy Reservist, reached financial independence in 1999 on a high savings rate. They’ve lived in Hawaii for over 30 years, and their daughter Carol was born & raised on Oahu. These days Doug enjoys surfing, slow travel, writing, public speaking, reading, home improvement, personal-finance conferences, and more surfing. He’s the author of “The Military Guide To Financial Independence And Retirement” and founder of The-Military-Guide.com. He donates all of his writing and speaking revenue to military-friendly charities, and he can be reached at NordsNords@Gmail.com and @TheMilitaryGuide. Carol and Doug are the authors of “Raising Your Money-Savvy Family For Next Generation Financial Independence”, published with ChooseFI Media. Doug and his spouse have bought & sold several homes over the last 37 years, and they’re currently managing a single-family rental. They’re keenly aware of the financial rewards and risks of real-estate investing while on active duty. Snapshot: 1. What is your number one failure in real estate? Bought home in every duty station and rented out. 2. What advice do you have for other military investors to be successful? Follow your interest. 3. What inspired you to marry a military and serve your country? My friend’s older brother. 4. What is your dream? Keep living the life that I’m living right now Quotes: “If you want to invest in real estate then invest in real estate. Don’t become an accidental landlord.” “If you’ve reached financial independence on your own, maybe you don’t need that pension anymore or maybe you can buy healthcare.” Connecting with the Guest: Twitter: https://twitter.com/themilitaryguid?lang=en LinkedIn: https://www.linkedin.com/in/dougnordman/ Facebook: https://www.facebook.com/doug.nordman.5 Instagram: https://www.instagram.com/themilitaryguid/ Military Guide Book
EDBL 016: Is a Slow Travel Experience on Your Bucket List? Live Like a Local While Away w/ Doug Nordman
The Everyday Bucket List Podcast
In this session of the Everyday Bucket List Podcast, I chat with Doug Nordman again of TheMilitaryGuide.com. We have a conversation that covers what slow travel is, what are good slow travel destinations and how to choose where to go. Whether you're hoping to spend two weeks, a month or live abroad for awhile like Stanley Tucci from Searching for Italy, get ideas for what this entails and if it's something you can pull off soon, while on your journey to financial independence, etc.
How To Achieve Financial Freedom in The Military with Rich Carey and Doug Nordman!
The Military Millionaire Podcast
Episode: 131 Rich Carey and Doug Nordman Join your hosts, David Pere and Alex Felice, with guests Doug Nordman and Rich Cary as they talk about investing and asset allocations during the pandemic. While in the military, Rich paid off $230k for a mortgage. Now, he's acquired a fourplex and six-plex during the pandemic as an addition to his properties. Later, Doug shares a story on getting a 529 account for a granddaughter and explains what it teaches about picking an asset allocation that one can live with personally. For Doug, everything flows, first and foremost, out of figuring out what one can tolerate in an asset allocation. In this episode, listen as they also throw in their two cents on scaling and managing properties and what they hold as personal opinions on what 'sure money' truly is, especially for service members. About Doug Nordman and Rich Cary: Retired at age 41 after 20 years with the U.S. Navy's submarine force, today Doug Nordman is an enthusiastic surfer, an omnivorous reader, a martial arts student, and a veteran of many chaotic home-improvement projects. With his retired Navy Reserve spouse, they raised their daughter in Hawaii. Rich believes that conservative investing is superior to aggressive tactics. He's been successful with conservative index fund real estate investing. Rich currently owns 30 units, with 20 single-family homes paid off. He has served 20 years as a Special Agent in the Air Force (similar to NCIS). After retiring from the United States Air Force, he is now living in Montgomery, Alabama, where all of his properties are located. - Sponsor: The War Room Real Estate Mastermind Group: Email email@example.com to apply! Outline of the episode: [02:49] Acquiring a fourplex and a six-plex during the pandemic. [03:43] Cutting expenses by self-managing properties. [04:55] The experience of having problematic tenants during a pandemic. [06:41] On scaling with debts and self-managing your properties. [12:03] What do multifamily gurus warn about that needs to be noted? [20:12] "Pick an asset allocation that makes sense for you." [25:25] The thing with GameStop and the Casino Conundrum. [29:14] A personal opinion regarding index, TSPs, and IRAs. [31:56] Counting TSPs as reserves. [41:53] A financial advice to every service member. Website: https://the-military-guide.com/ https://richonmoney.com/ Linkedin: https://www.linkedin.com/in/dougnordman/ Facebook: https://www.facebook.com/doug.nordman.5 https://www.facebook.com/imrichonmoney/ Twitter: https://twitter.com/TheMilitaryGuid? https://twitter.com/richonmoney?lang=en White Coat Investor - 150 Portfolios Better than Yours: https://www.whitecoatinvestor.com/150-portfolios-better-than-yours/ Follow From Military to Millionaire's journey on: Website: https://www.frommilitarytomillionaire.com/ Facebook: https://www.facebook.com/groups/1735593999901619/ Instagram: https://www.instagram.com/frommilitarytomillionaire/ YouTube: https://www.youtube.com/c/Frommilitarytomillionaire/ - Sponsor: The War Room Real Estate Mastermind Group: Email firstname.lastname@example.org to apply! - Real Estate Investing Course: https://www.frommilitarytomillionaire.com/teachable-rei Recommended books and tools: https://www.frommilitarytomillionaire.com/kit/ Become an investor: https://www.frommilitarytomillionaire.com/investor/ - SUBSCRIBE: https://bit.ly/2Q3EvfE - Website: https://www.frommilitarytomillionaire.com/start-here/ Instagram: https://www.instagram.com/frommilitarytomillionaire/ Facebook: https://www.facebook.com/groups/militarymillionaire/ - My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom! - Click here to SUBSCRIBE: https://bit.ly/2Q3EvfE to the channel for more awesome videos! THIS SITE IS INDEPENDENTLY OWNED AND OPERATED. ALL OPINIONS EXPRESSED HEREIN ARE MY OWN. THE VIEWS EXPRESSED ON THIS SITE ARE THOSE OF THE AUTHOR OR THE AUTHOR’S INVITED GUEST POSTERS, AND MAY NOT REFLECT THE VIEWS OF THE US GOVERNMENT, THE DEPARTMENT OF DEFENSE, OR THE UNITED STATES MARINE CORPS.
Filling The Storehouse - Episode 53 (A Money-Savvy Family with Doug Nordman and Carol Pittner)
Filling The Storehouse
"Train up a child in the way he should go; even when he is old he will not depart from it." - Proverbs 22:6 "How will your kids reach financial independence?" Doug Nordman and Carol Pittner answer this burning question in their new book, Raising Your Money-Savvy Family for Next Generation Financial Independence and we are blessed to have them both on our show to give a little background behind the book and some fun stories and teachings to go alongside. If you have children, this is a must read! Raising Your Money-Savvy Family for Next Generation Financial Independence Other books mentioned: Your Money or Your Life First National Bank of Dad This podcast is sponsored by DoDReads.com which promotes lifelong learning, personal development and leadership that comes from the books you read. If you are interested in updating your military reading list, go email: email@example.com. Make planning a priority this year! Go to https://boldlyandco.com/. ** Use the Code: STOREHOUSE at checkout for a 20% discount on ALL products. ** Use the Code: STOREHOUSE495 gives a $200 off discount on the next workshop. If you are interested in joining the War Room Mastermind Group, email: firstname.lastname@example.org. If you are interested in learning more about real estate investing and the Storehouse 3:10 Ventures team, contact us here: https://storehouse310turnkey.com/.
296 | Transition Planning from a Military Career on the Path to FI |Doug Nordman
We are circling back to check in with our Households of FI families. First up are Matt and Megan, our international, dual military couple. Having a military pension is like having multiple lottery tickets. You have both healthcare and an inflation-fighting pension, but how many of these lottery tickets do you need to really crush this game? Naval service is Doug Nordman's family business. In addition to his own 20 years of service in the Navy, his wife almost had 20 years of active duty service in the Navy before finishing her career in the Reserves. And then their daughter joined the Navy on an ROTC scholarship and married a Naval Officer. While dual-military couples are a small demographic that hasn't been extensively studied, Doug says even if they earn just one pension, they will likely have more money than they need for the rest of their lives just because of the pension and healthcare. Matt says the US military pension system is much more simple than for the UK's Royal Navy. He and Megan are working toward FI with their investments alone and consider the pensions to be an additional comfort. Matt has served for 11 years so far and the Royal Navy's systems provide a pension based on each year of service. Megan has been in the US Navy for 15 years after doing her first 10 years enlisted. She needs to fulfill 22 years before being eligible for retirement as a Naval Officer. Doug says when you're in the military with the opportunity to earn an active duty or Reserve pension, you have four lottery tickets and you only need to have one of them to pay off because you solve the healthcare problem and have an inflation-fighting life annuity with just one. If serving in the military is still challenging and fulfilling, stay in as long as you want, but when the fun stops, don't be afraid to leave. Don't fall for the military inferiority complex. Coming from the military you already have human capital. Employers can train you on the basic skills for a job, but they can't train a new employee on those soft skills earned in a military career. Co-locating as an international dual military couple has its challenges. Matt may soon be getting a medical discharge from the Royal Navy which will help solve that issue for him and Megan. Matt notes the US military provides spouses with opportunities for increasing human capital, like free courses or paying for college. Doug thinks obtaining certifications and licenses is going the help Matt find a job in the US more than an advanced degree because he's already proven that he can do things. Networking will be key. After having conversations with others about how he can fit in, what he can help them with, and what he knows how to do, he will make a shift to an abundance mindset. Megan notes that Doug lives in a high cost of living area. He says having a high savings rate on the path to FI, as well as frugality are what enables it. In most high cost of living cities, it's housing that is the biggest expense. After you figure that out, everything else falls into place. Doug and his wife bought crappy houses and put sweat equity into them before renting them out. They also eat local, optimize spending, and slow travel. Spending in the areas that provide the most value gives you margin. People who have been in the military have an appreciation for the line between frugality and deprivation. Frugality is optimizing your spending. The transition is scary and stressful, but statistics show that within two years of getting out and starting a civilian career, half of all veterans change jobs. It's not because they can't hack it, it's because they have figured out how to get more money, get a better job, or move to a better location. They've cracked the code in a corporate environment. Megan is torn with her TSP. She doesn't know if she should go traditional or Roth. Doug says that, anecdotally, in the military where a third of your compensation is not taxed, you are probably in the lowest tax bracket of your life so all investments now should probably be Roth TSP or Roth IRA. If doing all Roth contributions doesn't sit well with you, split the difference and do half and half. Roth's weren't available when Doug was active duty and he spent time doing Roth conversions for his and his wife's accounts. In the first full year after retirement, your income probably goes down a little bit and would be a good time to look at converting a little bit and then chipping away at each year. Doug believes the job offers will come following military retirement. He had offers but for him, it was always about the drawbacks to the offer than the good things they offered. If he were looking today, he would look for remote work where he could dictate his schedule to remove all the drawbacks. He advises Matt and Megan to go build their own career, to their own quality of life, and not to feel constrained to themselves into anyone else's idea of how their working years should be. While Doug gutted out his 20 years of service, his wife gave up 20 years' worth of pension for quality of life. Even so, he says he overshot the finish line by about $1 million. If he could buy back eight years of active duty with that extra money, he would. Megan wondered if Tricare covers military retirees who live abroad. Doug confirms that it does, noting that it's called Tricare Overseas on the Tricare website. He and his wife get all of their dental care done when they travel overseas and in Bangkok, they get their routine physicals. He thinks the healthcare advantages are much more valuable than the pension boost from an additional year or two of working. In addition to questions about how to teach kids about financial independence, Doug is often asked about the sustainability of financial independence. After living it for 18 years, he can confirm assure people that the money will last. It's a good idea to stay flexible. Chances are after retirement you won't be doing one thing for the next four or five decades. Instead consider it a series of five to ten, or even three to five-year increments. Having the security of an inflation-adjusted life annuity takes the stress out of economic downturns. Doug and his wife went through the internet recession in 2002, the great recession of 2008, and watched their wealth compound over the last 18 years. During the coronavirus downturn, they made a large donation to the Hawaii foodbank and put money into their granddaughter's 529 account. Megan has heard that a high VA Disability rating can negatively impact the military pension. Doug says to make sure every medical problem is documented in your medical record. Once you leave active duty or reserves, the VA is going to do an assessment of your disability and award compensation. However, the law states that you can't have dual compensation. With a VA rating less than 50%, you give up some pension in exchange for VA disability compensation but the VA compensation is free from income tax. With a VA disability rating of 50% or higher, you are under a system of Concurrent Retirement and Disability Pay (CRDP). With it, you get both the pension and VA disability compensation. With respect to the inflation-adjusted pension, Doug says that in 18 years, and with three years where the inflation rate was 0%, his pension has risen just over 40% while his spending has not gone up 40%. The certificates and licenses Doug talked about being more valuable than a degree are right in line with the Salesforce challenge discussed on Talent Stacker and ChoodeFI. Resources Mentioned In Today's Conversation Meal Planning Made Easy ChooseFI Episode 221 Introducing our Households of FI! Part 1 ChooseFI Episode 245 Household of FI Matt and Megan Get International Tax Tips from Dave McKeegan The Military Guide Raising Your Money-Savvy Family for Next Generation Financial Independenceby Carol Pittner and Doug Nordman Hire great people faster with Indeed. Ship like a pro with Pitney Bowes SendPro Online. ChooseFI.com/salesforce If You Want To Support ChooseFI: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy. Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence.
EDBL 010: Is a Vacation to Hawaii on Your Bucket List? Find Fun Things to Do in Oahu with Doug Nordman of The Military Guide
The Everyday Bucket List Podcast
In this session of the Everyday Bucket List Podcast, I chat with Doug Nordman of The Military Guide. If you've ever Googled "Hawaii Vacation" & always had your heart set on visiting, we chat about fun things to do in Oahu, including Honolulu & Waikiki. We also discuss his journey to becoming financially independent & the many places he was able to visit such as Spain, Italy, Japan, Guam & more. We even get the scoop on non touristy areas, surfing & traffic patterns in town, whether you're the driver or not.
Growing Up Financially Independent, with Doug Nordman and Carol Pittner
The MapleMoney Show
Every parent wants the best for their children, which is why we teach them how to manage money properly. And while we sometimes get mixed results, the truth is that it’s a lot cheaper to make mistakes with money when you’re 12-years old. My guest this week had an excellent example to follow as she was growing up. That’s because Carol Pittner’s parents became financially independent before she turned 10. And when her dad retired early at age 41, Carol witnessed firsthand the benefits of saving money early and often, and she’s followed in his footsteps ever since. Carol and her father Doug Nordman join me on the show this week to discuss what it’s like to grow up financially independent. You can find the show notes for this episode at https://maplemoney.com/133 Do you prefer to invest in socially responsible companies? If so, our sponsor Wealthsimple will help you build a portfolio that focuses on low carbon, cleantech, human rights, and the environment. To get started with Socially Responsible Investing, head over to https://maplemoney.com/wealthsimple today!
Book Club featuring Carol Pittner and Doug Nordman
On this edition of the Book Club, Doug Nordman and his daughter, Carol Pittner, talk about their book “Raising Your Money-Savvy Family for Next Generation Financial Independence.” You can learn more about Doug and Carol at childFIRE.com, Facebook and LinkedIn. Get your copy HERE If you’d like to take part in our discussion group, you can learn about it here as well as MoneyAlignmentAcademy.com. We’re on YouTube, check us out! We’re honored to have been named one of the top podcasts from investing! George is honored to be included on Investopedia's list of the Top 100 Financial Advisors for 2019! Have George speak to your organization. Interested in starting your own podcast, click HERE You can learn more about the show at GeorgeGrombacher.com, Twitter, LinkedIn, Instagram and Facebook or contact George at Contact@GeorgeGrombacher.com. Check out Money Alignment Academy as well!
Unpacking a Lifetime of Financial Independence, with Doug Nordman
The MapleMoney Show
Have you ever wondered how some people can walk away from their careers years, even decades, before the traditional retirement age? My guest this week did just that, almost twenty years ago. Today, he and his wife remain financially independent, having survived three separate recessions. Doug Nordman is the author of the book, “The Military Guide to Financial Independence and Retirement” and founder of TheMilitaryGuide.com. He joins me on the show to share his financial independence story You can find the show notes for this episode at https://maplemoney.com/125 Do you prefer to invest in socially responsible companies? If so, our sponsor Wealthsimple will help you build a portfolio that focuses on low carbon, cleantech, human rights, and the environment. To get started with Socially Responsible Investing, head over to https://maplemoney.com/wealthsimple today!
1108: How to Talk to Your Kids About Money with Authors Doug Nordman and Carol Pittner
So Money with Farnoosh Torabi
Whether you’re struggling for the words (and patience) to discuss topics like allowances and college costs with your teenager or want to encourage your 4th grader to save at a young age, my guests have advice on how to teach financial principles to your kids throughout the years. Doug Nordman and Carol Pittner are the father-daughter authors of the book Raising Your Money-Savvy Family for Next Generation Financial Independence. The book is part personal stories, part practical advice, guiding readers on how to instill financial values in their kids starting as early as Kindergarten, or as the authors say, “after they stop eating money.” We discuss their own personal memories of discussing money when Carol was growing up, as well as how families that may be struggling with money can open up to their kids about it in a meaningful (and not scary) way.