Posted on Apr 5, 2016
Feds: Military Members Embattled By Debt Collectors
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Makes one wonder how to address....trusting people with life/death decisions who cannot manage own finances versus the exploitation of Service Members who make the mistake that they will always stay one paycheck ahead of bankruptcy because they are encouraged to live life large by others.........
Feds: Military Members Embattled By Debt Collectors
Posted from bankrate.comPosted in these groups: 
Finance
Finance
Posted >1 y ago
Responses: 3
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Military or civilian, the rules for personal finance are the same. Live within, or better yet slightly below your means.
Eight-years-ago I was in massive debt, but today I am debt-free with the exception of my mortgage and save aggressively for retirement. I didn't wake up to debt until after I turned forty, but now at 48 the future looks very good.
The advice I give my daughter and anyone else who will listen is to pay yourself first, in cash, the amount you need to live comfortably, but not extravagantly. Then pay your bills, and if you have bad debt (credit or store cards, auto, etc) then pay EVERYTHING LEFT into those debts until they are gone. After the bad debts are gone, aggressively pay down the good debts. Once the good debts are reasonable, give yourself a raise, but put half of it into investments for your retirement.
It is important to pay yourself in cash and just stop carrying plastic. That way, if you want something, you know right away if you can afford and no matter how good your credit, if you don't have the cash, you can't afford it.
Eight-years-ago I was in massive debt, but today I am debt-free with the exception of my mortgage and save aggressively for retirement. I didn't wake up to debt until after I turned forty, but now at 48 the future looks very good.
The advice I give my daughter and anyone else who will listen is to pay yourself first, in cash, the amount you need to live comfortably, but not extravagantly. Then pay your bills, and if you have bad debt (credit or store cards, auto, etc) then pay EVERYTHING LEFT into those debts until they are gone. After the bad debts are gone, aggressively pay down the good debts. Once the good debts are reasonable, give yourself a raise, but put half of it into investments for your retirement.
It is important to pay yourself in cash and just stop carrying plastic. That way, if you want something, you know right away if you can afford and no matter how good your credit, if you don't have the cash, you can't afford it.
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Understand your point but a leader who's bad with money or relationships doesn't make him bad at his job. And vice versa. There are Staff leaders can be good at planning but suck at life/death decisions. There are combat leaders are good at decisions but suck at staff/garrison decisions. The irony.
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MAJ James Woods
MAJ Michael Pauling - I agree. That's the balanced militaries leader, NCO and officer, that we all want.
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We all have a responsibility for our own personal finances. Military status changes nothing in my opinion.
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