The Military Family Financial Education & Empowerment program is designed to provide long term support to military families who are facing a financial difficulty. Through this partnership with the Foundation for Financial Planning (FFP), USA Cares wishes to arm military families with the tools to be prepared when the unexpected or expected happens.
By teaching our military families “to fish”, USA Cares helps them avoid making financial mistakes that may ultimately jeopardize their credit. A 2010 study reported, “Financial problems also can have a direct impact on military readiness. Military personnel who experience serious financial problems can lose their security clearance, face criminal sanctions or be discharged from the military….Whether living on-base or off-base, serving in the United States or deployed overseas, it is crucial that military families have access to financial information and resources that will enable them to make prudent saving and investing decisions for themselves and their families” (FINRA Investor Education Foundation 2010).
What is Financial Planning anyway?
Financial planning is about more than investing. It is about managing your life! It is the long-term process of wisely managing your finances so you can achieve your goals and dreams, while at the same time negotiating the financial barriers that inevitably arise in every stage of life.
Let’s say your CO (Commanding Officer) assigns a mission to you. How would you go about accomplishing it? Would you:
- Determine what goals must be achieved in what time frame, study the terrain and the enemy, review available resources, plan a sequence of actions to achieve the goals, and then execute the plan? … or …
- Move forward with no clear goals or time frame, no idea what the terrain or the enemy looks like, no idea what resources are available, no plan what to do next, and just hope that things will be okay?
Now let’s say your mission is to buy a house, or to send your kids to college, or to retire comfortably. How would you go about accomplishing those? Let’s face it. Most of us tend to go with option 2.
This is where financial planning becomes useful. “Financial planning” may sound like something for rich people with a lot of money or for big-time stock and bond investors … but it is not. Financial planning is about life. It is about determining your goals and figuring out how to use the financial resources you have in order to reach your goals. It is about accomplishing your mission
By ensuring military families understand the importance of money and developing a plan for it, we keep them from evictions, foreclosure and shut-offs, and we continue to help them keep our country safe because they have good credit, a plan in place, and can continue to serve our country!
The Military Family Financial Education & Empowerment Program is made possible by the Foundation for Financial Planning.
The Mission of the Foundation for Financial Planning is to help people take control of their financial lives by connecting the financial planning community with people in need. We achieve this by supporting pro bono advice and outreach activities.
Military Family Financial Education & Empowerment Program Links
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Take a Course – Coming soon!
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