More than 100 Marines and sailors learned how to save and invest money, build credit and get out of debt during the 2010 Financial Seminar at the Bob Hope Theater here March 3.
The seminar was part of the 4th annual Military Saves Week where financial coaches travel to different military installations to help service members become financially successful.
“I don’t care how much you save,” said Peter Bielagus, a financial coach, during the seminar. “I only care that you get started. Start small and think big.”
The seminar encourages people to take financial action, explained Charles Lowery, the acting director of Military Saves. There are resources available to people who want to become financially successful.
The financial coaches spoke about many reasons why many Americans do not succeed at becoming financially stable.
“Fear is a major reason why people fail,” said Kelvin Boston, host of the television show “Moneywise,” during the seminar. “You have to have courage. Financial success is like a game. Most people don’t like to play the game.”
One of the major themes the coaches encouraged service members to remember was planning.
“We’re not wired to plan everything out,” said John Beyer, a speaker with the Foundation for Financial Planning, during the seminar. “Planning doesn’t come naturally. You have to have a process of wisely managing your finances.”
The coaches outlined a step-by-step process for service members to plan out their financial future: establish goals; gather data; analyze and evaluate financial status; develop and implement a plan and monitor; and make necessary adjustments to the plan.
Everyone should know what their resources are and how to use them, explained Beyer. A plan that is not executed is useless.
“If you don’t remember anything else remember this; start before you need to start,” said Bielagus. “There’s never going to be a good time so you might as well get started today.”
Following the briefs, the coaches gave a question and answer period for the service members to ask for financial advice. Several Marines asked questions about the Thrift Savings Plan, credit cards, credit scores and bank loans.
Several organizations also attended the event, including the Navy Federal Credit Union, the Navy-Marine Corps Relief Society, Troops Against Predatory Scam and Military OneSource. The organizations offered their programs to service members throughout the brief.
Financial stability is important for daily life and with a little advice service members can enjoy financial freedom now and in the future.
For more information about financial success, visit the Web site www.militarysaves.org.
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