()
– Military families are the backbone of our country’s security. They should be respected and supported for their sacrifices and service. A proactive financial plan is particularly important for military families, given the unique challenges faced and unpredictable lifestyles of military personnel.
However, military families also have access to financial benefits and savings opportunities such as low-cost investments, loans, insurance, and legal protection, according to the website of the CFP Board, a non-profit organization whose mission is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning.
“Applying the same mission mindset to managing your personal finances that you bring to managing your military career can be especially helpful,” says Steve Repak, CFP®, a U.S. Army Vveteran who went on to a career as a certified financial planner after 12 years of service.
“If I had done a little planning, and executed on what might have been a slightly painful budget when I first joined the military, I wouldn’t have been left with so much credit card debt,”He acknowledges it.
You can make the most out of your finances by creating a financial plan to save and invest, just like you would for a military operation.
– Determine your goal. First, you must identify your current financial situation. Then, you should outline the steps that will get you there. Begin by determining your monthly income, expenses, and how much savings you would like to add each month. To reduce or eliminate your spending, you should create a written plan.
– Get help from a team. For assistance in creating a financial plan for military families, you can consult a variety of resources including the U.S. Army Community Services for Army personnel (ACS). In addition, a CFP® professional can help you clarify financial goals and objectives and offer you strategies for meeting them.
-“Be determined and take action now. What you know about financial planning is less important than what you do about it,”Mr. Repak states.
Adopt a “war fighting spirit”Take action to reach your financial goals.
Visit letsmakeaplan.orgFor more information and tips on helping military families achieve their financial goals, visit www.military.com.
