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GULF OF ADEN (DEC. 31, 2021) –Saving and investing is an important part of planning for financial freedom later in life. Sailors and Marines can make this New Year’s resolution a goal of financial fitness.
Certified command financial specialists (CFS) aboard the amphibious assault ship USS Essex facilitate both training and individual meetings underway that help service members build post-holiday financial plans.
“Sailors should start investing immediately,” said Retail Specialist 1st Class Stephen Graham, command financial specialist aboard Essex. “Most Junior Sailors do not know where to start, but have an idea of what their financial goals are.”
The earlier you start, the higher your return will be when you reach retirement age. The difference in investing at 21 years of age verses 31 years can be as much as $500,000 due to compound interest over time.
“The biggest benefit is earning assets,” said Graham, “With financial planning I’ve been able establish generational wealth for my family.”
Benefits to a good financial plan have tailored short and long-term goals. Budgeting to battle post-holiday credit card debt yields a better credit score. The option of working after military retirement as a choice is also attainable.
“Save sixty percent of your income,” advised Graham, “Use twenty percent of your finances for purchases and invest the other twenty percent. Live below your means. You will have more money in the long run for larger investments.”
Helping individuals see their life goals realized and achieve financial freedom is a mutual benefit to being a CFS. Take advantage of the help available and schedule an appointment with a departmental CFS to achieve financial fitness this New Year.
Essex and the 11th Marine Expeditionary Unit are deployed to the U.S. 5th Fleet area of operations in support of naval operations to ensure maritime stability and security in the Central Region, connecting the Mediterranean and the Pacific through the western Indian Ocean and three strategic choke points.
For more news from USS Essex, follow us on Facebook at https://www.facebook.com/USSESSEX, or visit https://www.surfpac.navy.mil/lhd2.
| Date Taken: | 12.31.2021 |
| Date Posted: | 01.05.2022 12:13 |
| Story ID: | 412481 |
| Location: | GULF OF ADEN |
| Web Views: | 74 |
| Downloads: | 0 |
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