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    Community encouraged to build wealth, not debt

    Community encouraged to build wealth, not debt

    Photo By Kristen Wong | SCHOFIELD BARRACKS — Military Saves Week runs from Feb. 27 to March 3. The Financial...... read more read more

    SCHOFIELD BARRACKS, HI, UNITED STATES

    02.23.2017

    Story by Karen Iwamoto 

    U.S. Army Garrison-Hawaii

    SCHOFIELD BARRACKS — Readiness is a cornerstone of the Army and it applies not just to combat, but also to financial planning.

    Financial troubles can affect a Soldier’s security clearance and personal life — both of which affect the ability to complete the mission.

    ACS support
    However, Soldiers and their families don’t have to go it alone. They have independent advocates in the form of five Financial Readiness specialists at Army Community Services. These officers can help them with everything from debt consolidation to portfolio management — and a consultation with them is free and confidential for Soldiers and their families.

    “Sometimes it can be hard to save when we’re surrounded by messages and marketing that is constantly telling us to buy,” said Financial Readiness specialist Scott Brown. “I like to tell my clients to focus on putting their money in things that will increase in value.”

    Budget!
    To start off, Brown and his colleagues can help their clients establish or re-establish budgets.

    “One of the surprises of doing a budget is seeing what you actually spend money on,” he said. “You might be surprised to see how much money goes into eating out and to subscription services like Netflix, Hulu, etc. These aren’t big costs but over time they add up.”

    From there, they can move on to setting goals and saving to meet those goals.

    “One of the things that people who live paycheck-to-paycheck have in common is they don’t have long-term vision,” Brown said. “I like to help my clients set goals. Hopefully they’ll be inspired to save, whether it be for their kids’ birthdays, for a new car or a trip to the Big Island.”

    Once clients have established a budget and are successfully putting aside some money for longer-term goals and emergencies, Brown and his officers can guide them through the ins and outs of credit cards and provide advice about investing in stocks.

    They also help clients whose credit scores need repair by running credit reports, validating the debts owed and negotiating payment plans.

    Brown said he understands that delving into an individual’s finances is personal and, in some cases, uncomfortable. But he urged those who may not know where to start to call for a consultation because the discomfort usually fades to relief once clients take the initiative to gain control of their finances.

    “Thinking you’re alone and never going to be able to get out of debt is the hardest part,” he said. “But you are not alone.”

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    NEWS INFO

    Date Taken: 02.23.2017
    Date Posted: 02.23.2017 20:35
    Story ID: 224644
    Location: SCHOFIELD BARRACKS, HI, US

    Web Views: 44
    Downloads: 0

    PUBLIC DOMAIN