Freedom, unfortunately, doesn’t come free. Along with those fighting on the front lines and the men and women working behind the scenes to help them safeguard our freedoms, we also mustn’t forget their families that are making sacrifices of their own. These military families who do so much to support the men and women who defend this country should have access to financial information and resources that can benefit them and their unique lives.
There are several financial resources that military families can explore:
The USAA Education Foundation
This foundation offers free financial education services to military families. The list of educational services includes building a budget, managing debt, buying a house or car, investing conservatively, and creating saving strategies. They even have financial literacy materials that can help military youth learn more about setting financial goals, building credit, and funding college.
Military OneSource
Military OneSource and the Office of Financial Readiness joined forces to offer financial resources and information to help military families manage their financial goals. Some of the personal finance topics they touch on include debt management, how to properly invest and understand risk tolerance, how to create a budget, savings strategies, and creating a comprehensive financial plan for each phase of military life.
Institute for Veterans and Military Families (IVMF)
IVMF is an organization that provides resources and programs for the military-connected community. They offer resources that demonstrate how being prepared financially at each stage of military service can help mitigate some of the common obstacles veterans and their families may face. The financial resources include checklists, tools, and other recommendations for working toward financial flexibility.
Veterans Benefits Administration (VBA)
The VBA is part of the United States Department of Veterans Affairs (VA). They offer resources, benefits, and information that can help military families manage financial challenges, strategies, and goals. Some of these include answering pension and fiduciary questions, compensation-related issues, insurance information, and more.
Bank of America
Bank of America offers financial resources and information for a variety of financial services for military members and their families. These financial services include special rates on lines of credit, vehicle lending, home loans, credit cards, and more. They also offer free financial education resources such as Better Money Habits, an online platform that can connect military members and their families with resources, tools, and learning opportunities to help manage their finances and make beneficial financial decisions. Along with working with a financial professional, they can find tips on saving and budgeting, debt management, and other money management strategies.
Wounded Warrior Project
The Wounded Warrior Project has veteran family support programs that offer resources, information, and tools through the WWP Resource Center. They also offer a financial education program to help equip veterans and their families with customized support as they work toward financial wellness. Some of these tools include articles, webinars, and assessments.
Consult Your Financial Professional
There are great resources out there available for military families like to explore. However, although these resources may be helpful, making financial decisions can be more complex than initially thought and can even leave an impact on their finances years down the road. Consider consulting a financial professional who can sit and go over the different programs available and help military families discover which ones might be beneficial and align with their goals.
Important Disclosures:
Content is for educational and general information only and is not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Sources:
Military Financial Education – USAA Educational Foundation (usaaef.org)
Personal Finance Resources for the Military | Military OneSource
Personal Financial Education from Better Money Habits (bankofamerica.com)
This article was prepared by LPL Marketing Solutions
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