Forum addresses financial topics

By Wallace McBride, Fort Jackson LeaderFebruary 26, 2015

Forum addresses financial topics
(Photo Credit: U.S. Army) VIEW ORIGINAL

FORT JACKSON, S.C. (Feb. 26, 2015) -- Military Service members, veterans and their families participated in a financial forum Monday conducted by Army Community Services.

About 75 people gathered at the NCO Club to learn more about their credit scores, debt collection, investment opportunities and retirement savings programs. It was the first event of its kind on post, and was tied into a national financial campaign geared for military families.

"This is the beginning of Military Saves Week, which is a national campaign initially started by America Saves, a non-profit organization," said Madelyn Mercado, Financial Readiness Program manager for ACS.

The annual Military Saves Week campaign runs through Saturday, and is an opportunity for Service members and their families to assess their own credit status.

"Its purpose is to encourage Soldiers, family members, civilians and retirees to save and reduce debt," Mercado said

The forum was the product of partnerships with financial institutions on and off post, she said, including agencies such as the South Carolina Department of Consumer Affairs, the Better Business Bureau and the Social Security Administration.

The day's activities were divided into six sessions. The first hour dealt with ways to enhance credit ratings, which was followed by sessions offering advice on dealing with debt collections, an overview of the Thrift Savings Plan, home ownership and how Social Security affects retirement income.

The centerpiece of the forum was a presentation on investment strategies by Col. Jamie Houston, DENTAC commander.

"Houston has a passion for teaching family members and Service members about investing," Mercado said. "He volunteered. As soon as he (arrived) to Fort Jackson, he called and asked if he could volunteer to teach these classes. He just loves it."

Houston said he structured his presentation based on questions he had received during similar events in the past.

"I organized it so that I would start from the very bottom," he said. "At that stage in the game, you can look in (people's) eyes and see if they've got it. Then I go onto the next level. With 75 people there, there were many levels of knowledge about investing."

He told the audience Monday that there was more to finance than earning money. If finances are not carefully managed, he said, people can often find themselves having to start over later in life.

This disconnect is best reflected in the many professional athletes who have made -- and lost -- fortunes.

"Our goal is to provide the Fort Jackson community with financial education that (people) can use for themselves for their future, in planning different aspects of their financial stability," said Christine Julius, financial counselor for ACS. "People are very excited about the topics. They're very intimate topics that some of them deal with daily."

The event was also a chance to remind Soldiers and their families about the programs offered on post by ACS, Mercado said.

"ACS has a whole program that offers financial counseling, education and prevention classes, anything that has to do with personal finances and consumer affairs," she said. "We assist with debt liquidation, we're consumer advocates and we provide emergency financial assistance. We offer it for free for all active duty, family members and retired Service members and their family members."

All of these demographics were represented in the audience of Monday's forum, she said.

"We're trying to get Soldiers, family members, civilians and retirees in the mindset to save," Julius said. "And not just to put money in their savings account, but to save money for vacations, for the future, for their children's college fund. One of the things we're doing is having people fill out a pledge card, asking people what they're saving for."

The Department of the Army is trying to get 10,000 people to sign the "Saver Pledge," which enrolls them in the Military Saves program, a social marketing campaign to persuade military families to save money and reduce debt.

"By signing this pledge, it gives you access to a website which will send you financial tips on a quarterly basis," Julius said. "And you can get your free credit score once a year. We're hoping to contribute to the goal and have 300 or 350 Service members sign the pledge card."

For more information, visit www.militarysaves.org or call ACS at 803-751-5256.

Related Links:

Fort Jackson Army Community Service

Fort Jackson, S.C.

Fort Jackson Leader

Military Saves