By Scott Evans, Spring 2014 Student Intern
In honor of Military Saves Week, a weeklong event run by the nonprofit America Saves and in connection with the Department of Defense’s Financial Readiness Campaign, we here at the Investor Advocacy Clinic are providing some basic saving and investment information to members of the military. In this blog post, the advantages of starting to save early will be explained and military members will be encouraged to take the Military Saves pledge in order to get started.
Why Start Now?
To put it simply, those with a savings plan are twice as likely to save successfully. Financial stability takes a steady, continuous effort. By setting concrete goals, investors can start meeting them incrementally. Obviously, the earlier one starts, the easier it will be to meet those goals. As members of the military, servicemen and servicewomen are poised to do just that. These goals can include saving for marriage, for retirement, for a transition to civilian life, for higher education, etc. While these may seem like daunting propositions at first glance, setting goals and meeting them over the long term will greatly reduce stress and will make them seem much more achievable. Not sure where to begin? See these strategies for help getting started.
Take the Pledge!
Ready to start saving? Take the Military Saves pledge and you will be well on your way! Also, consult this extensive list for some small, easy-to-accomplish tips in order to assist you. Military members who take the pledge will automatically receive targeted e-newsletters with helpful information. More resources relevant to military members can be found here.
When it comes to investing and saving, military members are really in the same boat as the rest of us. By setting goals and starting on them early in life, the odds of meeting those goals is greatly increased. Military Saves week is an annual promotion intended to start servicemen and servicewomen down that path. Military members that have yet to do so are encouraged take the pledge today and start saving for their futures!