Military Families » Money
10 FOLLOWERS
Succeeding in personal finance is hard for any family, but particularly tough for those in the military. From saving and investing, to discounts, insurance, and mortgages, learn how military families tackle these challenges so unique to them. AmeriForce Media is a service-disabled, veteran-owned small business founded in 1999. The company utilizes talent from the military community to produce..
Military Families » Money
1w ago
When Evan Kaufman was an Air Force Academy cadet, a commander once told his class that everyone could leave five minutes early or choose to stay and learn how to be a millionaire.
Everyone left but Kaufman, who listened to the man explain how he’d bought real estate at every duty station with the goal of selling the properties to buy his dream retirement home.
That, Kaufman said, was the launchpad that eventually led him to establish WeVett, a business he now runs with his wife, Shannon. The Wichita, Kansas couple will celebrate their seventh anniversary in October and have three c ..read more
Military Families » Money
2w ago
My wife and I really wanted to take our son to Disney World, but we were dreading the costs. With some patience and planning, we were able to stay on budget and have a great time. It’s an experience we never had as kids, so it felt really good to be able to provide our son with the Disney experience – without going into debt.
Big decisions first
We began planning out the big items first: tickets (from the MWR), travel, and where to stay. After looking at flights, airport parking, hotels along the route, and gas prices, it was going to be significantly cheaper to drive. We’d need an extra ..read more
Military Families » Money
1M ago
In most families, parents take their kids on vacation. Not in our family.
A few years ago, I dreamed up a plan to take my dad, an aircraft technician with the U.S. Navy, to the Grand Canyon, a place both of us had always wanted to visit.
I had no idea how much such a trip would cost, but I was younger then — and persistent.
A couple months before dad deployed, I started saving. When I was 11, I opened a 12-month certificate of deposit at my financial institution, Navy Federal Credit Union. It was a great option to save money with a guaranteed return — and especially because my savings goal had ..read more
Military Families » Money
1M ago
It’s stressful getting to the end of the month and being completely out of money! When you’re stressed out about money, it’s impossible to concentrate on anything else. That’s a problem.
No shame or blame though. We’ve resorted to putting rent on a credit card before (bad idea!). Luckily, service members have tons of resources and programs to help break the cycle of living paycheck to paycheck.
Build spending awareness
First, you have to track what you’re spending. A budget (yeah, I said it) is the best way to track your money. You can call it a spending plan or cashflow plan, but you ne ..read more
Military Families » Money
4M ago
Financial mistakes aren’t limited to enlisted service members, but with smaller paychecks, it can be harder to bounce back from mistakes. Here’s some common mistakes and how to avoid them.
Too much debt
We’ve all heard the stereotype about young service members buying muscle cars at 23% interest. It happens, but many service members of all ranks buy more expensive vehicles than they need. Also, they fail to see how much money they’re throwing down the drain by financing.
Focusing on “investing” returns
Enlisted service members are programmed to take action. It’s in our DNA. However, this often ..read more
Military Families » Money
5M ago
It’s easy to get caught up in the excitement of the holiday season. However, many military families are already struggling with inflation rates and higher housing costs. When holidays approach, there’s a likely chance of increased spending … and increased debt.
According to a Lending Tree survey, one-third of Americans took on debt for holiday purchases in 2022, and that debt averaged $1,550 per consumer. Total spending increased 24% from 2021, partially because of higher inflation rates.
To get a handle on holiday budgets, professional broker Phil Jawny, CEO of GoVA — a compa ..read more
Military Families » Money
5M ago
As an organization that has served the military community for more than 140 years, Navy Mutual urges service members to save early and often through the Thrift Savings Plan.
“Investing in the Thrift Savings Plan (TSP) is an excellent way to set your tomorrow-self up for success,” said Navy Mutual’s Accredited Financial Counselor and Early Affinity Liaison Adrienne Taylor. “The sooner one begins to invest, the less you will have to invest to reach your financial goals due to compound interest and time.”
Since 1986, federal government employees and uniformed service members – including ..read more
Military Families » Money
6M ago
An organization that has served the military community for more than 140 years is urging service members to save early and often through the Thrift Savings Plan.
“Investing in a Thrift Savings Plan (TSP) is an excellent way to set your tomorrow-self up for success,” said Navy Mutual’s Adrienne Taylor. “The sooner one begins to invest, the less you will have to invest to reach your financial goals due to compound interest and time.”
Since 1986, federal government employees and uniformed services members – including the Ready Reserve – have been able to take advantage of the benefit. By doing so ..read more
Military Families » Money
8M ago
April 2020: Our son, Joseph, was in his senior year of high school and had just committed to a wonderful job in the Air Force that he would be beginning upon graduation.
He was graduating high school, starting a career in the military, and I celebrated my 50th birthday in March. We were so excited to really celebrate these milestones together – the whole family – all six of us before he would leave for basic training in Texas.
As a family, we were planning the most magical, celebratory Disney trip. We were going to do all the things. Hit all the parks. Everything had been meticulously planned ..read more
Military Families » Money
9M ago
David Pere joined the Marines in August 2008 and served for more than 13 years on active duty. In 2021, he transferred to the Marine Corps Reserve. When a friend urged him to listen to the audiobook “Rich Dad Poor Dad” by Robert Kiyosaki in 2015, the “lightbulb finally went off” in relation to passive income and real estate investing. He’s also the host of “The Military Millionaire Podcast” alongside fellow veteran Alex Felice.
Where did your interest in finance come from?
My parents were consistent envelope budgeters and tried to instill a basic knowledge of finances, but I always found it a ..read more