We partnered with Little Rock Air Force Base's Military and Family Readiness Center during the month of April for Financial Literacy Month. Check it out below! https://lnkd.in/gM9e2BSe
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Military service members face unique financial challenges. Learn how advisors can use their military mindset to motivate, support and encourage military families to save money, reduce debt and build wealth. Read more here: https://lnkd.in/e2n9_ZkU #MilitarySavesMonth #Saving #CFPpro #FinancialPlanning
Financial Planning for Military Families: Adopt a Mission Mindset
letsmakeaplan.org
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New to the military? Kickstart your financial journey with our latest blog, 𝟔 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐓𝐢𝐩𝐬 𝐟𝐨𝐫 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲 𝐌𝐞𝐦𝐛𝐞𝐫𝐬 𝐢𝐧 𝐓𝐡𝐞𝐢𝐫 𝟐𝟎𝐬. From choosing the right bank accounts to leveraging your military benefits, we’ve got the best advice to help you save while you serve! 👉 https://bit.ly/3XJ82lt Member FDIC
6 Financial Tips for Military Members in Their 20s | Blog | Armed Forces Bank
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(I am not a financial advisor. This is for entertainment purposes only.) One way to know if you are doing well financially is to compare your situation with some common indicators of financial health. You might be doing well financially if you have a steady source of income, no debts or manageable debts, a savings account that grows over time, a budget that you follow, and an emergency fund that can cover unexpected expenses. But if you require some metrices to compare to see if you are financially healthy, here are a few: 1. Credit Score of 700: The average credit score for Americans between the ages of 18-25 is 679. Interestingly enough, it only goes up to 687 for those ages 26-41. 700 is typically considered a “good” score and will open you up to getting better interests rates on credit cards, auto loans and mortgages. 2. Emergency Fund over $2,000: Most financial advisors (I am not one) will tell you that you should have 3 months of expenses in a liquid-able, account like a savings account, where you can access it quickly in an emergency. That number is relative to your expenses. However, if you need a number to show financial health, many will say $2000 is that number. 3. Less than $7,000 in credit card debt. In my book Hard to Keep Happy I talk about how credit card debt was rising quickly. Credit card debt, in totality, had rose to $841 billion in 2022, but by the end of 2023 had peaked at over $1 trillion! So, if you have less than $7k in credit card debt, you’re seen as doing well on that front. 4. More than $4500 in a savings account. In 2023 35% of Americans had less than $1,000 in a savings account, with 50% having less than $5,000. This ties into having an emergency fund in my mind, but you don’t necessarily have to keep $2k for emergencies in a savings account. 5. Over $30,000 in retirement accounts: As costs rise it gets more and more difficult to save for retirement. The average American between the ages of 25-34 only have $11,000 in either an IRA, 401K and/or taxable brokerage account. 35–44-year-olds are a little better with an average of $28,000. But those numbers are no where near the $1.5 million that is being quoted as needed in retirement. (I hear it is super cheap to retire in Belize!) But if you meet the thresholds mentioned above you are considered financially healthy! Congrats! Stay happy! I am: 🛫 🔷 Retired US Air Force Flight Engineer/First Sergeant 🇺🇲 Disabled Veteran 🛩 Government Contractor/Subject Matter Exper supporting AFSOC/SOCOM 📖 Published Self-Help Author I discuss: ✨ Leadership ✨ US Military ✨ Aviation ✨ Personal Development Click Adam Thompson and Follow Checkout my: Website: www.thompsonscribe.com Facebook: Adam J. Thompson - Author Instagram: adam.j.thompson.1 #hardtokeephappy #adamjthompsonauthor #personaldevelopment #selfhelp
Adam J. Thompson | author
thompsonscribe.com
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On #VeteransDay, #CFPpros are here to assist our military veterans in achieving financial success. Financial planning involves comprehending your current situation, envisioning your future and crafting a tailored plan. Discover the essentials of financial planning for veterans here: https://lnkd.in/e45wnd3P #CFPpro #FinancialPlanning
What Veterans Need to Know About Financial Planning
letsmakeaplan.org
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A financial readiness gap exists between families in the military and those in the general public. This impacts several things like a family’s ability to accumulate wealth, to manage debt, and more. For active-duty military families, financial readiness directly impacts mission readiness. Thanks to my colleague John Osarczuk for drawing attention to this important issue in this Federal News Network article.
Bridging the military financial readiness gap through tailored guidance | Federal News Network
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As Financial Wellness Month comes to an end, it's important to remember that EVERYBODY can improve their financial wellness. This issue affects more than just the military community - in fact, 3 out of 5 Americans spend their entire paycheck or more each month, and half of all Americans don't have $400 for an emergency. Support The Enlisted Project (STEP) is here to help. #STEPExperian #military #veterans #nonprofitleadership #TeamSTEPusa https://lnkd.in/gd3797Kp
Opinion: Financial insecurity is all too common among military families. Here's how we're helping.
sandiegouniontribune.com
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💼 New to the military? Mastering money matters is key! 💰 Create a spending plan to make the most of your earnings. 📝 It's not just about today—financial savvy secures your future too! Here's a great article about managing your money as a new service member: https://ow.ly/reSk50RrlGP
Money Management Tips for Service Members | Military OneSource
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Financial Advisor & Partner at Clear Insight Wealth Management | Helping military families, government employees, and small business owners live their best lives now, and in the future.
The best way to determine if military continuation pay is the right option for your specific needs is to consult with a military financial planner. As our founders are military spouses and small business owners themselves, we fully understand the challenges and opportunities you face, and how best to navigate them as you pursue your ideal financial future.
Understanding Military Continuation Pay: What Every Military Member Needs to Know — Clear Insight Wealth Management
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As a military spouse, mom of two, and former active-duty soldier, I understand the financial challenges that many military families face. But I also know that with careful planning and smart money management, it's possible to save for bigger financial goals like sending kids to college or your retirement. Military Spouse featured my story on how military families can get financially squared away, and I hope it inspires others to take control of their finances. https://bit.ly/3SuG1tq
Stop Playing Catch Up With Your Finances | Military Spouse
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OPINION | Navigating the mainstream financial system can be difficult without some of the burdens that our current and former members of the armed forces face. These additional obstacles can make the process even more overwhelming and stressful. That’s why it’s important to connect our service members and veterans with the tools, resources and financial knowledge to take control of their financial future. Read more: https://lnkd.in/dfsQ_YMr
Financial literacy: The key to a stronger financial footing for current and former military
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