A few days leading up to the Memorial Day holiday weekend, like many, I began to think about how I wanted to spend the holiday weekend, maybe grill with family and friends, or maybe just rest and relax during the 4-day weekend. Then, I began to reflect on the meaning of Memorial Day and why it’s important to commemorate Memorial Day in honor of our nation’s fallen troops. After much reflection, I’ve decided to pay my respects in two ways 1) featuring a fellow female veteran in my latest Heels of Success Podcast and 2) by offering free wealth management consultations to Women Veterans, Active Duty, Reserve, National Guard, and women civilians who work for the military.
The commitment to serve in the armed forces is a commendable decision that comes with rewarding benefits, rightfully so. When allocated properly, military benefits can generate significant wealth. Unfortunately, studies show many military men, women, and families struggle to make ends meet. A Department of Defense study revealed that 38 percent of troops have less than $2,000 saved. You read that right, the military men and women who sacrifice their lives have less than $2,000 in savings.
Financial fluency plays a large role in the chronic financial problems facing members of the military. Simply put, many in the military aren’t fluent with the finance terms associated with their military benefits. I came across an interesting example where a military serviceman stated:
“I found that despite a Savings Deposit Program that allows deployed service members to earn a guaranteed 10 percent return on up to $10,000 during a deployment, only about 10 percent of my battalion enrolled. They simply didn’t grasp the value of compounding interest – or the urgency of choosing savings over consumption.”
This example is a prime reason why military servicemen and women need a CERTIFIED FINANCIAL PLANNER™. The key benefit of having a financial planner is to help you leverage your existing finances to your maximum benefit. It’s that simple, we help you take what you have and grow it, through smart investments and sound savings strategies. If you or someone you know is a Woman Veteran, Active Duty, Reserve, National Guard, or a woman civilian who works for the military, reach out for your free consultation. I look forward to helping you identify ways to invest, plan, and maximize your military benefits. In honor of Memorial Day, I give thanks to those that put their lives on the line so that me, my family, and all Americans can live in a free democracy. Thank you for your service!
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Zaneilia Harris, CFP®, is the President of Harris & Harris Wealth Management Group in Washington, DC. Follow her on Twitter at @hhwealth.
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