Knowing how to secure your financial well being is one of the most important things in life. Financial capability means acting on this knowledge, known as financial literacy, by identifying your goals, making a plan, paying off high-interest debt, living within your means and building wealth.

Some advice from a recent Twitter Q & A session hosted by the Veterans Benefits Administration include:

  • It pays to start early. Use our compound interest calculator to see how the money you invest may grow over time: https://t.co/yaPp3rCgrh
  • There are many ways to reduce expenses and save money. We suggest first starting with a spending plan: https://t.co/zFeFcFhMgU
  • If your employer offers a 401(k), take advantage of it, especially if there is a “match” for contributions. You get a tax break when you contribute to a 401(k).
  • Review your retirement options very closely such as matching, to ensure they maximize their retirement from the beginning. Our blended retirement booklet has some great information on retirement for service members: https://t.co/oTDDc99zxY
  • Be suspicious of any investment that sounds too good to be true. Claims that an investment is a “can’t miss” opportunity or promises “guaranteed” returns are classic warning signs of fraud!
[carousel ids=”59202,59201,59203,59200,59204″]

More reputable resources for Veterans and service members to build and maintain healthy money habits and avoid scams:

LinkedIn, RallyPoint and Code of Support also provide networking and valuable resources related to financial literacy benefits.

Members of Community Veteran Engagement Boards across South Carolina recently met to work with VA and other Veteran-centric partners to build stronger Veteran and military support in their areas.Building successful community relationships: the Pee Dee Area Community Veterans Engagement Board
VA leadership discusses Colmery Act Sections 107 and 501 with stakeholder groups.VA engages with GI Bill stakeholders in monthly roundtable meeting

Share This Story, Choose Your Platform!

3 Comments

  1. Darlene Booth May 1, 2019 at 12:59 pm

    Ohno, I didn’t mean to send this to the Crisis Line. I’m so sorry.

  2. Darlene Booth May 1, 2019 at 12:58 pm

    I am a retired Army Veteran. I receive Military Compensation & SSDI. My credit is poor, but I’m working on it. I have a couple questions. First what is the best way to repair my credit. I’ve printed all three reports and just started paying the first one on the list. Is there a better way to choice to pay? Also I wish to buy a condo. I’ve never purchase a home. What agencies would you suggest? Thank You.

  3. Gloria Scott April 30, 2019 at 6:48 pm

    The crisis line should be easier to remember.

Comments are closed.