Posted by: patrick | December 12, 2006

a response to post on vanguard diehards

I responded to the following post just this morning:

Hello Diehards,

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:

Hello Sir,

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: