Knowing how to secure your financial well being is one of the most important things in life. Financial capability means acting on this knowledge, known as financial literacy, by identifying your goals, making a plan, paying off high-interest debt, living within your means and building wealth.
Some advice from a recent Twitter Q & A session hosted by the Veterans Benefits Administration include:
- It pays to start early. Use our compound interest calculator to see how the money you invest may grow over time: https://t.co/yaPp3rCgrh
- There are many ways to reduce expenses and save money. We suggest first starting with a spending plan: https://t.co/zFeFcFhMgU
- If your employer offers a 401(k), take advantage of it, especially if there is a “match” for contributions. You get a tax break when you contribute to a 401(k).
- Review your retirement options very closely such as matching, to ensure they maximize their retirement from the beginning. Our blended retirement booklet has some great information on retirement for service members: https://t.co/oTDDc99zxY
- Be suspicious of any investment that sounds too good to be true. Claims that an investment is a “can’t miss” opportunity or promises “guaranteed” returns are classic warning signs of fraud!
More reputable resources for Veterans and service members to build and maintain healthy money habits and avoid scams:
LinkedIn, RallyPoint and Code of Support also provide networking and valuable resources related to financial literacy benefits.