Success Stories

Making Savings a Part of Marriage

Capt. Rob Eckhardt is the first to admit that he hasn’t always been responsible with money. But less than 10 years after a rocky start to saving, Eckhardt reports that he and his wife are free from credit card debt, have a down payment on a home, and are saving regularly for retirement. And, as the Military Saves representative for his Air Force squadron, he’s helping others make similar progress.

Eckhardt credits his personal success to working with his wife and "building up good habits that we were able to stick with even after we got out of debt."

"I started from a pretty bad place," he said. "I was a young single guy in Vegas, and it was not a lifestyle where you were thinking about your long term future."

Meet Wacinque BeMende

He’s so passionate about encouraging savings and promoting financial literacy, he’s established his own Kid’s Savings Program. Wacinque donated $15,000 to the Community Action of Laramie County in Cheyenne Wyoming to begin the Wacinque “ Rhino” Fund Endowment to help kids open savings accounts.

This financially self-educated and investment savvy Staff Sergeant in the Wyoming Army National Guard started saving when he was 12. Wacinque grew up in a poor family and that is why he is focusing on helping children of low-income families to start saving and become financially literate. He says what separated his thinking from everyone else’s is that as a kid he believed he could save his way out of poverty so he took action.

One That Almost Got Away

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.

Regular Savings is the Key to Success

I joined the Air Force on 25 March, 1985. On that day, my financial life changed forever. I was introduced to saving bonds in Basic Training. Savings bonds were the big thing back then just like the Thrift Savings Plan is today. A Colonel gave us a briefing. I cannot remember his name but I can remember the 100 savings bonds he had posted to a piece of card board. He gave us a speech on the importance of saving money and how it can change your life. He inspired me to save.

When I got to my first duty station, McGuire Air Force Base, New Jersey in July, 1985, I setup an allotment for $25 dollars to purchase a $50 bond. From there I just continued to save month after month.

Money on the Side

Camp Arifjan, Kuwait -- A colonel in the 1st Theater Sustainment Command has money on his mind.

Army Col. George Fields, the Chief of Intelligence, or G2, has been teaching a free “Managing Your Money” class here in his spare time. More than 400 students have attended his six week-long class to learn more about increasing their own finances.

“All I did was sit down and listen to a guy one day who showed me what he was doing” said the colonel as he explained how he became interested in what he calls, “becoming financially free.” Interested in looking at life after his Army career, Fields signed up for a business seminar and wanted to know more about the speaker—a former Army cook who had $10 million in the bank by age 43.

Naval Battalion's Effort Yields Team Success

US Naval Mobile Construction Battalion Five, DETAIL CHINHAE would like to share our campaign success story with you!

Currently we have 23 members on our Det, (all of whom have registered with militarysaves) and out of them 16 are planning for retirement by saving and investing money in the Federal Thrift Savings Plan. In addition to our TSP investors, we also have 9 service members that have outside IRA accounts; a sure sign that today’s generation is aware of our current retirement issues, and doing their part to alleviate their own families from the uncertain financial future in the horizon. We also have 7 members that have invested their finances in Real Estate in various US States, and even countries around the globe.

One Sailor's Course to Financial Freedom

We all know its not easy to get out of debt once you in over your head. But it can be done with the sound advice and support that the Military Saves program offers. I am a testament to that. I was a recently divorced, single mother. Like many people I had credit card debt, a car loan, bad credit, and a low income job that never seemed to be enough to put food on the table. Then I decided I'd had enough of living paycheck to paycheck and worrying about money all the time. I borrowed some self-help financial books and DVD's from the library and I took control of my financial destiny. I decided to get smart with my money and where it was going.

Airman Succeeds Through Dedication to Building Wealth Not Debt

I came into the Air Force at 23 years old in 1993 with about 12 outstanding bills (hospital bills, car loan, car insurance, school loans, credit cards, etc.). You name it, I had the bill. Thanks to the Family Support Center, Dave Ramsey's Financial Peace University, and many other sources, I now have no outstanding bills. I only have rent and utilities (no even a car payment). I want to help other military members get out of debt. I was able to pay off all my bills by year 1999. I used money from TDYs and deployments to pay off my bills from the least to the greatest principal. At the same time, I started building an Emergency Fund.