Savers Tip

by AZ2 Karen Amador Lesetmoe

   When I was in debt, most of my friends were in debt too. The way they spent money affected me without knowing it.  I didn't realize that when they went shopping, I wanted to go too.  When they went on trips, I wanted to go too.  When they bought something nice, I wanted to buy something nice too, knowing that we couldn't afford it.  When I made the decision to get out of debt, I affected my friend in a positive way and she became a saver too because instead of talking about the cute purse she bought at the mall, she would talk about how she decided not to buy the $300 boots and put it into savings instead.  And, we'd "oooh" and "aaah" over the money we saved instead.  Everyone needs support, that's why I am all for the Military Saves Program. 

AZ2 Lestmoe's Tips:  Avoid the temptation to shop impulsively.  Stop reading fashion magazines and catalogs...

Thrift Savings Plan www.tsp.gov

What is it?  The Thrift Savings Plan (TSP) is a retirement savings and investment plan that has been available to civilian employees of the Federal Government since 1987.  The purpose of the TSP is to provide retirement income.  It offers participants the same type of savings and tax benefits that many private corporations offer their employees under so-called "401(k) plans."  The TSP allows participants to save a portion of their pay in special retirement accounts administered by the Federal Retirement Thrift Investment Board. 

Can military members contribute?  Uniformed members of the Army, Navy, Air Force, Marine Corps, Coast Guard, Public Health Service, and the National Oceanic and Atmospheric Administration serving on active duty, and members of the Ready Reserve (including the National Guard) of those services in any pay status can contribute to the TSP.

Military Saves E-Newsletter Launch... 

    Welcome to the first issue of the Military Saver e-newsletter. This message is a supplement to the monthly e-Wealth Coach letters and the quarterly American Saver newsletter, and is intended to keep Military Savers informed about campaign news, suggest ways you can spread the message to build wealth through savings and debt reduction, and to share inspiring stories about individual Savers and military organizations that help themselves and their members by promoting savings.

   To share your story, email info@militarysaves.net. Please include your name, rank and/or title and organization name, duty location, and the name and contact information for your public affairs officer (if available). We'd like to include your photo and/or video of your savings message.

   Thank you for your commitment to the movement to become a nation of Savers!

Sarah Shirley, Director and Corporate/Association Liaison

sarah@militarysaves.net 

Julie Kyrazis, Assistant Director and Military Liaison

julie@militarysaves.net

Success Story:  One That Almost Got Away

by Gunnery Sergeant Robert E. Lockwood II

Brody Lockwood (pictured)

     Like a typical fledgling, I started down the track of financial indebtedness.  Nineteen years old and nothing to lose.  Credit - who need it?  Savings - that was for older people with responsibility.  Debt - my parents were in debt ergo it must be OK.  When I was eligible for reenlistment, I reenlisted for a multiple of 3 worth $15K.  I was happy to pay off my debt, but would I be able to stay out of debt?  Finally, a Senior NCO sat me down and taught me about mutual funds, debt reduction, and how to be financially responsible,  He taught me how to live within my means and still have fun as a young "responsible" adult.  I am now that Senior NCO, reteaching the same financial ethics that my teacher taught me.  I am a Command Financial Specialist for my battalion.  I praise the Savings Deposit Program and the Thrift Savings Plan. 

     Financially, I am sound.  I have no worries in the world.  I got started young and invested early.  Now I am able to save for my daughter's education in 529 plans all while saving form my own retirement.  I wish that others, especially younger service members, could see through my eyes.  Learn what I have learned.  I thought about where I wanted to be in retirement and I worked my way backwards developing a financial plan.  I opened my first mutual fund at age 21 and slowly acquired one after another. 

     I have suffered through two economic down-turns but I remain resilient and stay invested weathering out the storm.  By not allowing myself to time the market and implementing dollar-cost-averaging, my portfolio has responded nicely over time.  A day in the market measures your fortitude; a lifetime of investing measures your willingness to be great.

"I've got plenty of savings, and I never worry about money."

   Help our military families and our nation say that and mean it. Join the Military Saves campaign today, and invite your entire organization to become a saving community. Visit www.militarysaves.org.

   Ask your commander to commit to the campaign. It's part of the DoD Financial Readiness Campaign, and is an official program authorized by the Undersecretary of Defense for Personnel and Readiness. Army, Navy, Air Force, Marine Corp, National Guard, and Coast Guard are all partners in the campaign. It's as simple as promoting saving - for emergencies, for purchases, for debt reduction, for home ownership, for education, for retirement - to the men and women in your organization, and to their families. Your defense credit and military bank will help you by offering incentives and support for special events*, and your Family Programs office can provide classes, workshop, counseling, and other financial literacy services** that your people will want once they commit to building wealth.

   Go to www.MilitarySaves.org today, and click on the "Resources" tab. If you have questions or want individual consultation, call or email us. Welcome to the campaign for a financially free America!

**the installation Family Programs office is the authorized provider of personal financial management education - please coordinate with them about your organization's educational needs.

Military Saves was made possible in part through the generous support of the FINRA Investor Education Foundation. Please visit www.SaveAndInvest.org . Military Saves is also supported by Chase Bank, Wells Fargo Bank, and Dave Ramsey's Financial Peace University Military Edition. Together, we can build wealth, not debt!