Investing in your future

  • Published
  • By Chief Master Sgt. Marty Anderson
  • 90th Missile Wing command chief
F. E. Warren Air Force Base, Wyo. --  Monday, Col. Greg Tims, 90th Missile Wing commander, and I presented coins to Airman 1st Class Allison Boechler, 790th Missile Security Forces Squadron; Airman 1st Class David Jeetan, 90th Missile Maintenance Squadron; Staff Sgt. Logan Parsons, who recently got an assignment as a recruiter; and Staff Sgt. Ryan Bigelow, 90th Logistics Readiness Squadron; for meeting their personal financial goals during a collaborative effort between the Airman & Family Readiness Center and Warren Federal Credit Union Combat Debt and Score Savings Program.

The objective of this program is to provide incentive for individuals to become financially fit by decreasing or eliminating debt while increasing savings and establishing an investment plan for their future. Airman Boechler received a $1,000 check from Warren FCU for participating and achieving her financial goals.

Being financially sound has a significant impact on ones quality of life. Although we are not paid well enough to get rich, we are paid to live comfortably and secure a stable future if we plan accordingly. I fell in to the trap as a young Airman that I had to have what my parents had: nice house, cars, furniture, etc. But, I failed to realize it took them years to earn those things, and they acquired those amenities over time.

I was fortunate, as a staff sergeant, I attended a financial management class held by the Family Support Center, now the A&FRC, with one of my Airmen to help him through some financial problems that were impacting his marriage. I say fortunate, because I was attending as support for my Airman, but I ended up getting so much out the course that I made a specific appointment with Chief Master Sgt. (ret) Beebe to talk more about financial strategies and investment opportunities.

One of the key things I learned was to conduct a review of your spending habits. So much money is spent on what appears to be small items, but over time adds up. For example, how much money within a month is spent on eating out versus making meals at home?

Although technology is great, it is not your financial friend. A lot of Airmen purchase a two-year phone contract with the latest and greatest cell phone and within another six months, a better cell phone comes out. Many people will break their existing contract to have the better phone. Breaking a contract ends up costing a couple of hundreds of dollars out of pocket. The money wasted could have been used for more important necessities in life and financial investment.

I have owned both of my vehicles for eight years, but they still look good and run great. My home computer is seven years and still meets my needs. I have no need, or desire, to buy anything new at this time. But, by taking care of what I have and making it last, I am able to invest for my retirement and my children's education.

The first question I get is how to get started. These are some basics, but I know they work. First, find areas where you can cut back on your spending habits. Yes, that means you actually have to have a budget. You need to review and determine what is coming in and going out. Once I met all my financial obligations, I found I did not have a lot of discretionary income. But, what Chief Beebe taught me was, when I get a pay raise or was promoted take that money and invest it immediately. He said make sure you set up an allotment so you will never see the money. He said people have a tendency to spend what they have. So, the theory was, if I was never used to having that money and still able to meet my financial responsibilities, then I would never miss the money.

Investing your hard earned money is a personal choice. But, what you should be considering is short-, medium-, and long-term goals. For example, everyone should have about $500 or an automobile insurance deductible in a savings account in the event of an accident, or to save for Christmas or in the event you have to take emergency leave. This way, you avoid using credit cards and paying interest. I will use my credit card (note only one) for convenience, then write a check to avoid paying interest.

I highly encourage everyone to attend the A&FRC's financial training classes. They have everything from checkbook maintenance to getting out of debt, investment strategies, car buying, first-time home buying seminars, etc. Most importantly, it is all free. I have heard of airman struggling financially and will pay $150 to attend financial seminars when the Air Force provides the same exact information for free. And, they will meet with you personally to help you develop a strategy to achieve your financial objectives. I have always lived my life and my career by one simple philosophy - If I can conceive it and I believe it, then I can achieve it!

You will have obstacles and challenges in life, but never take your eyes off the target!