I responded to the following post just this morning:
I have a unique question to ask that I feel you guys could help me out w/. I’m a young LT in the U.S. Army and I am concerned about my soldiers financial well being. Most of my younger soldiers don’t contribute to there TSP (Gov’t 401K) and most don’t even know what an IRA is. I try to preach financial discipline to them. Such as creating an emergency account, and paying off credit debt, but I feel most are still living from pay check to pay check. Any advice on how to get these guys exited about saving? Thanks in advance.
Here was my response:
As a Marine corporal as well as a high school econ teacher, I can understand your worries. Here’s some things to try out:
1) Bankrate.com has credit card calculators that show how long it takes for a balance to be paid off when you only make the minimum payment each month. My high school kids learned fast that minimum debt payments just keep you more in debt.
2) Ask them what their goals for the medium or long term are (going to college, buying a car or house, starting a business) and how they plan to get there. That may help start the conversation.
3) Check out http://www.saveandinvest.org – it’s a resource site specifically tailored for military personnel.
Financial readiness is part of combat readiness, right? Hope these ideas help you out.