Build wealth, not debt

  • Published
  • By Senior Airman Wesley Wright
  • Minot Air Force Base Public Affairs
MINOT AIR FORCE BASE, N.D. --  "Build wealth, not debt" is the theme for Military Saves Week which runs Feb. 22 to 27.

Military Saves Week is a Department of Defense initiative aimed at encouraging military members and DOD employees, as well their families, to build wealth through savings and investments and to reduce personal indebtedness. Participants are even encouraged to take the "Military Savers pledge" found at www.MilitarySaves.org.

"As we all know, the economy is in trouble," said James Williamson, Airman and Family Readiness Center community readiness consultant. The government is spending quite a bit of time, effort and money trying to get the financial situation stabilized. It's more important than ever for people to have some money set aside in savings."

In the bid to help people with finances, the A&FRC is offering a variety of classes and walk-in financial counseling opportunities during the campaign week. They are even offering a free piggy bank to the first 500 people who visit the A&FRC to take the savers pledge.

The following classes are being offered during the week:

Feb. 25 from 1:30 to 2:15 p.m.: Saving and investing to build wealth.
Feb. 26 from 9 to 9:45 a.m.: Organize your taxes.
Feb. 26 from 1:30 to 2:15 p.m.: The thrift savings plan.
Feb. 27 from 1:30 to 2:15 p.m.: Improve your credit score.

"In addition to those classes, we're offering one-on-one counseling services," Mr. Williamson added. "Throughout the year we offer financial classes and counseling services, but we've opened it up to walk-ins this week so that people can just drop by and do what they need to do."

The A&FRC can also assist people with credit card bills and increased interest rates by setting up a payment plan so they can eliminate their debt and get out from underneath heavy payments.

Mr. Williamson also had some advice for people dealing with investment disappointments in light of the economic turmoil.

"Your investments may not be doing as well as you would like them to right now, but that doesn't mean you stop investing," he said. "It means you start evaluating your investments to make sure you're investing in the right things. This is a wonderful opportunity to build wealth."

Building wealth and reducing debt is a very appropriate theme for military saves week according to Mr. Williamson since, "We went from being a saving nation to being a debtor nation."

"People are borrowing more and owing more to credit than they actually set aside for savings," Mr. Williamson said. "That's one of the reasons we're in this economic crisis we're in."

One of the more prevalent problems the experts at the A&FRC see on a regular basis is the overuse of credit and people not understanding the terms of credit.

"You get to a point where you have just one minor disaster and now you're pushed over the edge," Mr. Williamson said. "When you live paycheck to paycheck it's very difficult to maintain that financial stability. You get paid enough in the Air Force to manage this. The problem comes in when you get too many wants and the overuse of credit."

According to Mr. Williamson, Military Saves Week is a week-long emphasis but the campaign runs throughout the year.

"I would like to encourage folks to come by and see us at the Airman and Family Readiness Center. Give us an opportunity to look at your financial situation," Mr. Williamson said. "We make you this promise: we will not value-judge you. We promise you to be as objective as we can be and help you make your own decisions about what's appropriate for you."

For more information or to speak to a financial expert at the A&FRC, contact 723-3950.