fi nancialforum Financial Literacy M
Other Resources For additional tips and tools to help you improve your financial literacy, visit
www.moaa.org/finan cialcenter or check out MOAA’s financial part- ners, USAA and Pentagon Federal Credit Union, at
www.usaa.com/moaa, or
www.penfed.org.
Money is power, some say. Whether you’re the primary money manager in your household or prefer not to know where your money comes from or where it goes, it’s important to expand your fi nancial lit- eracy. Consider the following: One of the most important things both couples and single people can do is become very familiar with their house- hold fi nances and investments, including military and other federal benefi ts. While specialization of responsibilities exists in many households, money crosses nearly all boundaries. For example, do you have a budget? Do you know which institutions are holding your money? Do you read the statements that arrive regularly (includ- ing opening the electronic statements) and understand the information they contain? Do you know how to access your accounts — especially online accounts, with so much money management done through the Internet now? Are you in- vested appropriately for your age and risk tolerance? Do you rebalance your portfo- lio periodically to maintain the asset allo- cation you originally established? Do you know the best strategy to maximize your Social Security benefi ts? If you can’t answer “yes” to these
questions, what can you do to sharpen your understanding of money and fi - nance? Well, reading can help. Libraries and bookstores are fi lled with volumes about personal fi nance, and newspa- pers and magazines run regular articles
A lack of understanding of how your money is being managed by you or others can be almost as debilitating as not having any money at all. By Capt. Bud Schneeweis, USCG-Ret., CFP®
about managing money. Some publica- tions specialize in it; fi nancially themed periodicals often can be had for yearly subscription rates of less than $20. Com- munity colleges and adult learning cen- ters hold regular courses about managing your fi nances for very modest fees. Mili- tary Offi cer and other periodicals you might receive (USAA Magazine, for ex- ample) often have features and columns about personal fi nances. There also are numerous websites de-
voted to fi nancial information.
www.mymoney.gov aggregates fi nancial information from more than 20 diff erent federal websites;
www.consumerfi
nance.gov is the new Consumer Financial Protection Bureau website;
www.ssa.gov and
www.dfas.mil, the Social Security and Defense Finance and Accounting Service websites, contain ex- tensive benefi t information; and
www.fool.com and
www.kiplinger.com off er a free commercial take on markets and fi nance. Becoming fi nancially literate is one of the smartest things you can do. To maintain your power, don’t ignore your fi nancial health.
MO
— Capt. Bud Schneeweis, USGC-Ret., CFP®, Certifi ed Senior Advisor®, is director, Benefi ts In- formation and Financial Education. To speak with a fi nancial planner, contact USAA at (877) 913-6622 or
www.usaa.com/moaa, or visit www
.moaa.org/fi nancialcenter for other resources.
*online: For a list of 15 helpful financial sites, visit
www.moaa.org/moneywebsites. 46 MILITARY OFFICER JULY 2012
PHOTO: SEAN SHANAHAN
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