Military financial readiness programs are not only popular, but mandatory at first-duty stations and they are often offered free of charge. Financial Peace University is a 13-week course available to military servicemembers and their families free of charge.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

Military Money and Finance

FINANCIAL READINESS
Financial Education Meets the Military

Financial education is becoming increasingly important to prepare those in the military with long-term financial strategies needed to survive in an economic downturn.

The current recession is especially hard on younger military service members who haven't been through an economic slowdown, and have never juggled tighter finances. Young military service members are making more money, but don't have experience of knowing how to keep it.

Military financial readiness programs are not only popular, but mandatory at first-duty stations and they are often offered free of charge. "Financial Peace University," is one such financial military readiness educational offering. Soldiers at Camp Victory in Iraq got their financial education in December 2008, and commanders say that training goes a long way in promoting battle readiness.

The military recognizes that military servicemembers stressed about money are likely to be distracted during a mission. Military servicemembers can also lose security clearances because of financial mismanagement. More than ever, financial readiness has a direct impact on military readiness.

Financial Peace University is a 13-week course available to military servicemembers and their families free of charge. Created by Dave Ramsey, best-selling author and speaker on personal finances with a specialty in US military service members. Financial Peace University has been completed by approximately 3,000 troops since 2001.

Ramsey's "Financial Peace University" supports military families not only to remove debt, but also to create a plan for a successful financial future. Topics include budgeting, saving for emergencies and retirement, paying off debt, giving to charity, cash flow planning, and school loans.

As they learn, although military service members receive some buffers, they are not recession-proof. While today's military service members receive benefits such as meal allowances, housing, and a community for support, these benefits are not a shelter from the realities of mounting debt that can quickly land the military family in trouble.

Easy access to military credit and a taste for instant-gratification have added to the woes of an entire military generation overwhelmed by debt. A common mistake is not saving enough money to cover unexpected costs. Many military service members are living paycheck to paycheck and counting on a fixed income and fixed expenses - leaving no room for the unexpected.

In a survey conducted by the Military Family Research Institute, 56 percent of enlisted service members are reported to have financial difficulty, and 40 percent feel that their debt is out of their control. A 2006 Seaport Magazine report indicated that financial difficulties are the main reason sailors lose their security clearances. Often, military service members who don't know how to manage their financial situations end up falling prey to high interest loans or quick-fix solutions.



RELATED ARTICLES:


Sponsor:

VA Loans for Veterans
Complimentary VA loan pre-approvals will give you the comfort you need to shop for your home with confidence. VA refinance loans available.


VA Home Loans

Military Hub is not a government website and is not affilitated with any branch of the U.S. Military.


Support Our Troops:

Semper Fi Fund
The Semper Fi Fund provides financial assistance and support to service members and their families.
IAVA - Iraq and Afghanistan Veterans of America
IAVA is the nation's largest nonprofit, nonpartisan organization representing veterans and their families.
Team Rubicon
Team Rubicon unites the skills and experiences of military veterans with first responders.
Pat Tillman Foundation
The Pat Tillman Foundation invests in military veterans and their spouses through educational scholarships.

About Military Hub
Privacy Policy
Contact / Advertise

Copyright © 2008 - 2017
Advertise Military, LLC
All Rights Reserved

Disclaimer: MilitaryHub.com and MilitaryRates.com are private websites that are not affiliated with the U.S. Department of Veteran Affairs, any U.S. government agencies, or any U.S. military branches. Our sites contain basic information about veteran benefits, pay tables, current events, and news for active duty military personnel, military veterans, and their families. You can find additional information on these topics at the official website for U.S. Department of Veteran Affairs.