Delicia Carswell, AFC^® assists individuals in creating and achieving their version of financial freedom. In this week’s Friday Follow, she shares her journey from FINRA Foundation Military Spouse Fellow to small business owner. Delicia offers excellent advice for other financial counselors and coaches looking to start a private practice.

AFCPE: Tell us about your professional journey. How did you learn about the FINRA Foundation Military Spouse Fellowship, and what inspired you to pursue AFC certification? 

Delicia: After graduating college, I moved with my now Active Duty husband to the Hampton Roads area where he was stationed. At the height of the market crash, there were very limited job opportunities. I received an email about the FINRA Foundation Fellowship which piqued my interest. I applied and was very excited to be accepted! I’ve always had an interest in personal finance, but I had no idea what working in personal finance meant. I thought it would be a great opportunity to learn more about the military community, and it absolutely was. I’m grateful to have read and acted on that email.

AFCPE: You were a member of the 2008 Fellowship class. What did you enjoy most about being a part of the Fellowship program?

Delicia: First off, I enjoyed being mentioned in the paper! In October 2008 an article was published in the Virginian Pilot stating 14 locals were selected for the military spouse Fellowship, identifying us by name and explaining the program run by FINRA. It was a short article, but I loved it!

I came into the program with no experience in consulting or counseling. I’d helped friends with their finances while in college, but nothing formal. Being tasked with the requirement to complete 1,000 counseling hours was daunting, having no clue how I’d complete this task. After inquiring, I was referred to Navy-Marine Corps Relief Society (NMCRS) Oceana. I absolutely loved my time there and have fostered relationships I hold dear to this day! I had ZERO knowledge about the military, in fact, until my husband, I had never met a military member. At NMCRS, I learned military lingo, how to read an LES (leave earnings statement), how to identify the needs of the military community, and most importantly, how to provide useful financial education. Pursing my AFC and the knowledge I gained from NMCRS put me on to a path I never considered, and it opened the opportunity to be employed in this field, serving the military community. Without that counseling requirement, I may not have gained the foundation I have.

Also, I want to mention the fellowship study groups & live classes were great! Be sure to sign up. If not, create one with fellow candidates; you’ll be glad you did!

AFCPE: You currently own your own business, Elite Financial Consulting. Tell us more about the journey to opening a private practice, and what you find most rewarding about this work?

Delicia: I never thought of becoming a business owner. I was content, at the time, working for a government contract serving members of the Department of Defense. I knew I wanted to grow but was unsure how. Being a military spouse, you dream of the future, but manage your expectation because things can change at a moment’s notice. One day, a co-worker and friend (my work sister) called me to share that she’s been listening to my sessions and complemented my coaching style. She asked if I’d ever thought of starting my own business, which I hadn’t. She spoke to me about the benefits of self-employment, introducing the thought that I could accomplish this dream. She believed in me! I took that idea to heart and took the leap to start Elite Financial Consulting, LLC.

Starting a personal finance consulting company is the greatest, most frustrating thing I’ve ever done. Not having the desire to own a business left me at a loss of knowing exactly what to do, but it’s been a great discovery process thus far. Through the AFCPE conference, I was fortunate to meet a fellow AFC, Dr. Dominique Reese, who has really helped me flush out my business mission, vision, and goals, identify my target audience, set pricing, prioritize tasks, and so many other pertinent things with her ‘How to Start a Financial Coaching Practice’ Course and her ‘Profitable Private Practice Mastermind.’ Investing in both of these resources has assisted me in navigating this path.

I thoroughly enjoy seeing different ways AFC’s use their certification. Everything isn’t about providing the same service to the same individuals. I love being pushed to think outside the box. One way I’ve been able to think outside of the box is in finding a niche. While I offer typical personal finance services, I specialize in Federal Security Clearance Assistance relating to Financial Considerations. I love this service! It’s so specific, but so important. It allows me the opportunity to marry budgeting, credit, and debt management skills with my personnel security and adjudications training! The reward in helping a service member or federal employee obtain or retain their security clearance while identifying their financial goals and setting them on a path to achieve them is an amazing feeling!

AFCPE: The road to building a business isn’t always easy. What advice would you give to others who are thinking about starting a private practice?

Delicia: There are so many resources in this AFCPE community.

• Utilize your fellow AFCs for guidance. Invest in their courses or business coaching/strategizing sessions.
• Know your motivation, your why.
• Set small goals and reward yourself as you achieve them. Take time to clap for yourself; you are going to have the primary responsibility of keeping yourself motivated.
• Never be afraid to fail. My husband says fail is an acronym – First Attempt In Learning
• Research as much as you can. Know that you will be consistently working ‘in’ the business and ‘on’ the business – try to get as much pre planning work done in advance.
• Get uncomfortable. I find that every time I push myself out of my comfort zone, it’s the best feeling(s) of the year.
• Create an encouragement group – a group of professionals who are in the process of creating something. It doesn’t have to be a financial coaching practice, just a group of people to share your experience and encouraging words.
• Stick with it!

These are things I’m sharing as a reminder to myself as well.

AFCPE: As you look ahead to this year and beyond, what has you most excited?

Delicia: I recently completed my first eBook ‘Asked & Answered: Personal Finance and your Security Clearance,’ – available on gumroad.com – and I’m in the process of writing two more on the topic. I’m excited to begin marketing these resources and am hopeful this will lead to new client registrations. I’m most excited about growing the security clearance assistance service; assisting the military and federal communities obtain and retain their clearances.

AFCPE: Anything else you’d like to share with the AFCPE community?

• Continue to be sharers of the information you have learned.
• Continue to think outside the box! I love to see all the writers, podcasters, bloggers, content creators, etc. expanding the use of the AFC certification!
• Thank you for all you do!

Delicia Answers the Friday 5:

1. My Why:
   My children are my why. I want them to see that hard work pays off, and I strive every day to make them proud. Anytime my daughter is asked what her mother does for work, she beams with pride and proudly states “she owns her own business! She’s a businesswoman!” That is amazing to hear, and it keeps me going!
2. My Favorite Quote:
   “Spread love it’s the Brooklyn Way!” – Biggie SmallsAs a native New Yorker, we get such a bad reputation of being rude. New Yorkers are kind, but not nice. We will help you bring your stroller down the subway stairs, but never acknowledge your presence after the deed is done. We will help you if you’re in need, but you will never know our name, nor are we interested in the back story Kind! But not nice! Acts like these are how we spread love!
3. My Hero:
   My grandmother. She took me in after the loss of my mother, her only child, and raised me. She was 55 and I was 5. I never understood what an undertaking that was until I became a mom. I’m exhausted at this age; I couldn’t imagine taking on a kindergartener at time she did! I thank and honor her always!
4. My Favorite Resource:
   Right now, Amazon’s Alexa! She’s my VA (virtual assistant).
5. My Advice for Someone Who is Thinking About Applying for the Military Spouse Fellowship:
   Do it! The AFC certification has opened many opportunities for spouses to make a meaningful financial contribution to their households, while giving back to the military community. Becoming an Accredited Financial Counselor shows you not only have an interest in personal finance, but also demonstrates that you have invested in yourself to complete what Dominique Reese refers to as the “3 E’s: Experience, Expertise, and Education.”

Connect with Delicia at her website: www.elitefinancialconsultingllc.com or follow her at @elitefinancialconsulting on Instagram or Facebook.

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Darya Morrison is an AFC^® candidate and a 2020 FINRA Foundation Military Spouse Fellow. Less than one year ago, she was filling out the application to join the Fellowship program. Today she has an ambitious personal goal of earning her AFC certification by June 1.

AFCPE: What were you doing prior to becoming an AFC^®?

Darya: I have been a Restaurant Manager for about 7 years. Most recently, I ran a restaurant in Washington, D.C. as a General Manager, and before that I ran 6 food and beverage outlets in Hilton, Dubai.

AFCPE: How did you first learn about the FINRA Foundation Military Spouse Fellowship, and why did you apply?

Darya: I learned about the Fellowship from a wonderful AFC^® on JBSA Randolph (Joint Base San Antonio – Randolph Airforce Base). Once I got to know more about her work, I realized that this was the job of my dreams. I would like to make a difference in the financial education system by helping people achieve financial success.

AFCPE: As a FINRA Foundation Fellow, what does your work look like now?  

Darya: Currently, I’m volunteering at the Navy Marine Corps Relief Society, counseling veterans through the VeteransPlus/Yellow Ribbon Network, and working as a Tax Professional. I am also occupied with real estate with a focus on real estate investing.

AFCPE: What has been the most rewarding part of the Fellowship program so far?

Darya: While I have enjoyed studying, working directly with clients and being able to help has definitely been the most personally rewarding part of the program.

AFCPE: What advice do you have for someone who is thinking about applying for the fellowship?  

Darya: Put a great effort into the application. You get out what you put in. Then, stay committed to your goal until the end. Study, don’t give up, and don’t procrastinate.

Darya Answers the Friday 5:

1. My favorite quote: Work smart
2. My hero: My husband
3. My favorite resource: It depends on the issue. I mostly recommend official government and various financial institutions websites.
4. My favorite advice for someone starting the journey to financial well-being: Get informed, stay focused, stay determined, and you will get to where you want to be.
5. For favorite advice for a new professional: Focus on your personal education. The more you know, and the better you are as a professional, the more people’s lives you will change for the better.

Connect with Darya on LinkedIn:  www.linkedin.com/in/darya-morrison

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The Association of Military Banks of America (AMBA), established in 1959, is a not for profit association of banks operating on military installations, banks not located on military installations but serving military customers, and military banking facilities designated by the U. S. Treasury. The association’s membership includes both community banks and large multinational financial institutions, all of which are insured by the Federal Deposit Insurance Corporation.

AMBA’s member banks provide financial products, services, support and education through their branches, on and off the installation, online programs and more.  Military banks have assisted military and veteran personnel and their families since before AMBA was formed.  AMBA member banks understand military lifestyle, deployments, PCSing, overseas moves, transitioning to Veteran status, and myriad other financial challenges that the military communities face.  These banks know their customers; on-installation, they know the command and leadership and take great pride in the support of their communities.

A number of AMBA Banks have recently deepened their commitment to serving veterans by joining the Veterans Benefits Banking Program (VBBP).  The VBBP began in December 2019 as a partnership between AMBA and the Veterans Benefits Administration designed to encourage veterans receiving monetary benefits from the VA to open or use an existing a bank account to deposit their monthly benefits.  Accounts at regulated and insured financial institutions provide safer and less expensive ways to access and manage VA benefits.  The alternatives — prepaid cards or paper checks — often come with high fees and increased exposure to fraud.  Our Veterans deserve better.

We invite you learn more about AMBA at www.ambahq.org and the VBBP at www.veteransbenefitsbanking.org

AMBA is also proud to present MILDOCS.  MILDOCS is a financial preparedness kit designed for the modern military family to organize their financial lives.  Please visit www.mildocs.org for more information on how to download the kit and use it for your family’s needs.

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Nyesha Burton is an Accredited Financial Counselor^® (AFC^®) working for the Department of the Army. She provides financial counseling and financial education to military families abroad in Germany. Nyesha thoroughly enjoys helping her clients gain a solid financial foundation, preparing them to make educated, sound decisions individually and collectively.

AFCPE: What inspired you to enter this field?

Nyesha: This is a huge question and I have a pretty huge answer. I can remember a time in my life where my financial behavior was digging me deeper and deeper into debt. At the time I didn’t recognize the effects that this would have over my life so, I didn’t pay a lot of attention to it.  You can interpret this to miseducation or no financial literacy education at all. I don’t remember taking a financial preparation class in high school, nor in college. I also had no idea what it meant to have a money management plan (“budget”), all I knew is that I needed to pay for school and that I was going to do it with the resources that were available to me at the time. Unfortunately, those resources were student loans and credit cards.

By the end of a 4.5-year journey through undergraduate and 2 years of graduate school, I had accumulated almost $20K in credit card debt and $60K in student loan debt. It wasn’t until 2008 that I learned some basic principles of money management and debt elimination through a Financial Peace program at the church I was attending. Although I learned all of the principles and foundations of financial education through this class, there still wasn’t a behavior change. I continued the same spending and saving habits, digging myself more and more into debt.

In 2009, my husband and I got married and let’s just say, the whole thing about there being a “Spender” and a “Saver” was a reality in our relationship, and I bet you can also guess who was the Spender. My husband and I have always been open about our finances, so, it was no surprise to him that I had a lot of debt. Through his diligence and my feet dragging, we managed to get out of all of that debt in a little over 2.5 years. This was LIBERATING and rewarding! There was a change in me, FINALLY, and that’s when the fire started. I knew if we could do it on a reduced salary and income, we could share this with others. This started my journey to wanting to help others in their own financial journey.

AFCPE: As a graduate of the FINRA Foundation Military Spouse Fellowship program, how has the AFC^®certification and the Fellowship supported you in your career?

Nyesha: The FINRA Foundation Military Spouse Fellowship program has been such a huge blessing and encouragement to me and, from what I can tell, for other spouses as well. I have been able to take the principles I learned through the AFC certification program and help so many military families, which is priceless. I have been able to grow as a financial counselor through all of the connections and educational resources offered through AFCPE, and I am forever grateful for the opportunity.

AFCPE: Amazing! Last year you participated in the Military Saves* campaign. For those who are unfamiliar with this campaign, would you tell us what it is and how those in the AFCPE community can get involved?

Nyesha: I believe the Military Saves Campaign is such a great gem that needs a lot more attention. For those who are unfamiliar with Military Saves, it is a campaign that happens annually in many military communities, and it is used to encourage and educate our communities on the importance of saving, reducing debt, and investing for building wealth. Find your local military community and get the financial literature out there! It can be as simple as having an outreach table. It doesn’t take much, but it does take intentionality.

AFCPE: February is African American History Month. Can you provide insight into your experience as an African American woman in the field of financial counseling?

Nyesha: Oh my, such a great question.  I come from a normal, low to middle-class African American family from the small town, Bennettsville, SC.  My values and experiences were shaped by what I learned at home, just like any other person. In this profession, especially in the beginning, I felt a sense of intimidation being a woman, but not just a woman, an African American woman where my primary job is to educate military service members on their personal finances.

When I started out, I was working with transitioning service members, and I remember having to give financial literacy classes to high ranking, very educated people. I remember thinking, “who am I?”, “what are they thinking?”, “they have way more money than me, maybe”. I’ll never forget this couple, a white COL (Colonel) and Lt COL, who were in the class where I was the SME (Subject Matter Expert). They had many years on me in age, and I’m sure in finances as well. However, by the end of the class, they stood up and gave me a standing ovation. They were so helpful during the entire class, and this really encouraged me.

I still get a little intimidated from time to time, but I have to remember that we all come from different backgrounds and experiences and if I can empathize with my clients then we can gain a relationship.  It doesn’t matter if I am an African American woman at that point, our relationship and their goal is what really matters.

AFCPE: Amazing story! Lastly, what are some ways that the AFCPE community could celebrate and recognize Black History Month?

Nyesha: Get out into your community! If people can see that you care enough to approach them and share with them any kind of information, you gain a sense of trust and they feel a sense of importance.

 

Nyesha Answers the Friday 5

1. My Why: My Why is People, changing lives through personal finances is REAL!
2. My Favorite Quote: The best and probably the most popular quote from Maya Angelou: “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
3. My Hero: I have many people in my life that have encouraged me and pushed me to get it done, if I had to choose one, I would choose my husband. It’s sort of strange, but he is the one that inspired me to take this journey. He challenges me to be better and holds me accountable although, I still give him a hard time.   
4. My Favorite Personal Finance Resource: I love podcasts. Some of my favorites:

• For Education: 1. Money, Riches, and Wealth
• For Insight: His and Her Money and The Clark Howard Show.

I also recommend using free resources for your clients, like: CFPB, FTC, and annualcreditreport.com. If you want to educate yourself, MFLN offers so many free resources.

5. My Best Advice:
   1. For someone starting the journey to financial well-being:
      • Don’t give up, you will have challenges, roadblocks, and people that don’t want to see you succeed. Stay on target and GET IT DONE! If you get off course, you’re not the only one. Don’t beat yourself up, get back on course.
   2. For a new professional entering the field:
      • Take your time and learn your client.
      •  Empathize with them.
      •  Ask questions, get to know who your clients are but even more importantly, know your own values and don’t let those interfere with your client’s values.
      • Lastly, don’t think you have all the right answers because you don’t. Learn from your colleagues, get connected, and stay educated.
   3. For Women of Color with aspirations of becoming a financial counselor:
      • Just Do IT! There’s about 10% of African Americans that are in the field of personal finances, so not only are you needed, you have the opportunity to change generations.

 

You can follow Nyesha at:

Email: Nyesha.ford@gmail.com, 

LinkedIn: https://www.linkedin.com/in/nyesha-burton/

 

*AFCPE is participating in this year’s America Saves/Military Saves Campaign (February 25 – March 2, 2019)! Learn how you can participate and take the pledge at https://militarysaves.org/for-savers/savings-tools-and-resources/take-the-pledge

Nyesha Burton, AFC^®, AFCPE^® Member

The post #FridayFollow – Changing Lives Through Personal Finance and Financial Education appeared first on AFCPE.

Times of separation are hard on a family and relationships in many ways. One of the most challenging aspects of separation is how to handle the finances – how to budget and continue to make progress toward your financial goals. Service members (SM) experience this challenge on a regular basis which is why it is vital for couples to work together on a financial plan and budget to ensure progress is made and setbacks do not occur during periods of separation.

According to a 2014 article in the Journal of Financial Counseling and Planning (JFCP), regarding stress and financial well-being of SMs, the amount of debt SM’s carry is greater than the general public. In the study 27% reported having more than $10,000 in credit card debt, versus 16% of the general population (Bell, et. al., 2014). The challenge is how to tackle the debt and avoid accumulating more during times of separation.

Budgeting while separated can be difficult. Here are 6 things to consider:

1. Create a solid budget prior to the separation. Every dollar of income needs to have an assignment. There are even apps available that allow both of you to view the budget from your mobile device and always be on the same page.
    
2. Consider the amount of money the SM might spend while away on the mission. These expenses can be a budget killer. To solve this, predetermine a dollar amount as part of the budget that the deployed spouse is allowed to spend. It might be helpful to simply pull this amount out in cash every month and that is all the money the SM has available for the set period. The same could be said for the discretionary spending for the spouse and family back home as well. An envelope system is a great way to budget everyday spending.
    
3. Set financial goals together! This is very important. A time of separation, while stressful, can also net some extra income and it should be decided ahead of time how that money is going to be used. For example, separation pay should have an intended purpose, like to provide child care, lawn maintenance, debt reduction, etc. If you use this “extra” money for frivolous purposes, when a genuine need arises, then  the money may no longer be available.
    
4. Decide how financial decisions are going to be made during a separation. Communications may be limited and as a couple you may not always be able to discuss financial decisions. Put a plan in place to handle these occurrences. For example; how much is one person allowed to spend on an emergency without discussing it first?
    
5. Don’t let emotional spending derail your progress toward financial goals. If emotional spending is an issue for you, please discuss these feelings with a friend or professional before going on a shopping spree to make yourself feel better. A lot of poor financial decisions are made during deployments and these decisions can have lasting implications.
    
6. Set financial goals together and stick to them. It is, when one spouse acts without consulting the other during a time of  separation it can be very stressful on the relationship. Whether the goal is to save or get out of debt, be sure your financial goals are aligned.

This article focuses on members of the armed forces, but these six considerations can be easily applied to any couple who finds themselves in regular periods of separation. While it can be challenging to get out of debt, don’t let a separation slow your momentum!

Guest Contributor: Susan Pascoe, AFC^®

Sources

Bell, M. M., Nelson, J. S., Spann, S. M., Malloy, C. J., Britt, S. L., & Nelson Goff, B. S. (2014). The Impact of Financial Resources on Soldiers’ Well-Being. Journal of Financial Counseling and Planning, 25(1), 41-52. Retrieved from http://afcpe.org/assets/pdf/volume_25_1/04088_pg41-52.pdf

December 17, 2018

The post 6 Steps to Stay on Track Financially During Times of Separation appeared first on AFCPE.

My wife and I met and married while she was an NROTC instructor at the University of Texas. At the time, I was enjoying my career as a software developer in Austin.  I knew that our marriage would likely put her career in the Navy before mine. Like any military family, we left our hometown and began moving every few years from duty station to duty station, but thankfully my existing job let me work virtually, and I continued my career largely uninterrupted.

Before we married, we decided that when we began having kids, I would shift gears, leaving my full-time job and become a full-time parent. My “job” as a parent would mean taking care of our home, kids, and finances to give my wife the flexibility her active duty job required. I had a background in business and finance, having graduated from Baylor University with a B.B.A, and the topics of personal finance, such as budgeting, taxes, investing had always fascinated me. Knowing that our time earning two incomes was limited, we wanted to make sure that our short-term (living expenses, costs of raising children) and our long-term (retirement, higher education) needs and goals would still be achievable, even on a single household income.

Over the first five years of our marriage, we successfully implemented a financial plan that taught us how to live on a budget. We eliminated all our debt, and made the proper long-term investment choices to keep us on track for retirement. The time spent towards these goals created the groundwork for our family to be financially successful while my wife pursued her career in the Navy.

In 2014, we had our first child, and I parted ways with my existing job, beginning my new career of raising children. Our next child was born in 2016, and my hands were full – but I was enjoying my time as a full-time parent. Our family was reaping the rewards of our strong financial plan. However, as I saw my children quickly growing and needing less of my time and attention, I began to wonder about my long-term career prospects and ability to return to full-time work. I knew that while the demands of being a stay-at-home dad would diminish over time, my family still needed my schedule to be accommodative as my main “job” as the parent for our children while my wife remained in the service. Coupled with the issue of frequently relocating that all military families face, I began searching for a career that would be a good fit for my skills and family situation.

Around this time, I came across a twitter post advertising the FINRA Foundation Military Spouse Fellowship. I was immediately interested in the program. It was tailor-made for military spouses, offering a formal education and accreditation program while still affording spouses the flexibility and time they needed to complete the program. It was a perfect fit for me – I could apply my interest in personal finances and my experiences as a military spouse to a career field that would always be in demand. It would also provide an avenue for me to share my family’s personal experiences in achieving financial peace with other military families. I applied for the fellowship class of 2016, and to my surprise and delight, I was accepted!

Soon enough my class materials showed up in the mail, and I began my studies. I connected with some of my fellow military spouse classmates I met “virtually” in our weekly online class, sharing notes and working together to study for our AFC^® exam. Our common experiences and backgrounds as military spouses made working together towards a common goal easy and fun. After completing the class, I sat for the exam.

The materials provided by the fellowship program prepared me well, and I passed the exam on the first attempt.

After passing the exam, I shifted my focus from the classwork requirement to earning the 1000 hours of practical experience needed to earn my AFC designation. Again, the program’s design for military spouses has benefited me greatly, and over the past year, I have earned the hours required through many different and unique experiences. I have volunteered at my local Airman & Family Readiness Center, served as a VITA (Volunteer Income Tax Assistance) preparer on base, led Financial Peace University classes at my church, and volunteered as a virtual caseworker for Operation Homefront’s Critical Financial Assistance (CFA) program.  While all these opportunities have been rewarding, I have especially enjoyed my time at Operation Homefront. Operation Homefront’s CFA program works directly with service members experiencing short-term, unexpected financial hardship to give immediate financial aid while providing the long-term direction and aid needed for service members to achieve sustainability. All the while I have been able to continue to be a successful stay-at-home dad for our two boys and my wife.

While gaining the hours required to earn my AFC designation has not been easy, I know that earning my AFC will lay the groundwork for future employment opportunities that will meet my own career goals while still supporting my family’s needs. My volunteer experiences have also given me the benefit of seeing the impact positive financial decisions can make in the lives of service members. The Military Spouse Fellowship Program is an excellent way for spouses to give back to the military community while improving themselves professionally.

Guest Contributor: Joe Blakistone, AFC candidate, FINRA Foundation Military Spouse Fellow

Interested in the FINRA Foundation Military Spouse Fellowship? Learn more and apply! Applications open March 1 – April 20, 2018.

March 05, 2018

FINRA Foundation Military Spouse Fellow, Joe Blakistone, Shares His Journey

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Bridges enable people to get from one place to another. People go places they couldn’t go before, or previously had to find an ineffective way to get there. At Zeiders Enterprises, Inc. we have a network of financial professionals that includes AFC^® credentialed professionals who help Service members go places they never imagined they could or would go with their finances. Zeiders helps Service members and their families by giving them the tools, education, and counseling to cross the bridge to financial well-being.

As a financial professional working with Zeiders, AFC^® professionals get an opportunity to participate in continuing education on topics that address all areas of personal finance and then hone in on how that impacts Service member families. They learn all they can to help Service members right where they are, on one side of the bridge. Our financial professionals come from a variety of backgrounds. Some have experience serving in the military or are spouses and family members of current or former Service members, while others simply have a desire to give back to those who serve.

Our network of professionals collaborates to continuously improve the community of Zeiders professionals serving military families.  They are always striving for mindfulness of hot topics that impact consumers and Service members. Training is one way we build a bridge; training is the foundation for our bridge that takes our professionals to a higher level of expertise to help clients. Zeiders financial providers engage in professional development through Communities of Practice and more specific interactive continuing education opportunities.

We meet clients where they are. Many servicemembers enter military service out of a sense of patriotism, to serve their country, while others join in search of a stable income and great benefits. Our job is to help them learn all they can about how to make their money work and grow for them, and fully use their military benefits. Most are young and come to military life with little knowledge of personal finance. Many have never had any financial literacy education nor have they been taught how to be good consumers by the adults in their lives.

They begin crossing that bridge by learning the importance of basic money management and establishing and building an emergency savings account. Next, we help clients as they cross the bridge with building credit and debt management education and counseling.  We continue with assisting them in setting short-term financial goals such as saving for something special, becoming debt free, or improving their credit score. As we get closer to crossing the bridge, we can focus on those long-term goals such as education funding, buying a home, and retirement planning. Our financial professionals also help military families with the intricacies of comparing the current Legacy retirement system to new Blended Retirement System being implemented in 2018.

We have a community of professionals who have a passion for what they do, and who thrive on seeing the military community grow in their financial well-being. As the saying goes, “we teach them to fish” whether it is from the side of the bridge or on the bank after they’ve crossed the bridge, our ultimate goal is to foster a community of families that are well educated, intelligent consumers at all levels of personal finance.

At Zeiders Enterprises, Inc. we encourage you, as an AFC^® credentialed professional, to join our team of financial professionals in helping to build the financial well-being of the military community. Find out more about openings by going to www.zeiders.com, click on “Join Us.” 

Guest Contributor: Andi Wrenn, Provider Network Manager for the Personal Financial Counselor program. awrenn@zeiders.com

November 13, 2017

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There is a big change coming for the men and women serving in our armed forces, and it has the potential tosignificantly impact how they save and plan for retirement. This change is known as the Blended Retirement System or BRS. Beginning in January 2018, eligible service members, currently serving in any branch of the military, will have the option to sign up for the new BRS. This choice is available to service members serving on active duty as well as those serving in the National Guard and Reserves.

Under the current system, a service member has the option to contribute funds into a Thrift Savings Plan (TSP) to supplement and save for retirement. Once the service member serves 20 years then he or she is eligible for a monthly pension check that is equivalent to 50% of his/her monthly base pay. Under the current system, the government does not offer a match on funds contributed to the TSP. This will change if a service member opts into the BRS.

Currently, many service members do not serve long enough to be eligible for a full pension. These service membersleave the military with only what they put into their TSP, and in many cases far less, if they elected not to participate or were unaware of the program. There is education about retirement during basic training, but service members are on information overload and don’t always process what is being taught.

As a result, the government decided to implement a matching component to the TSP. If a service member hasserved 12 years or less or have less than 4320 points (on the reserve and guard side), then they may be eligible toopt-in. In January 2018, qualified service members will be notified through their branch pay site. How the match will work and how it could benefit service members in the long run:

1)    A service member opts into the BRS and receives an automatic 1% contribution into a TSP account.

2)    The service member chooses to contribute some of his or her funds to the account- the government will match up to 4% plus add in the 1%. This gives a total of up to 5% that the government will contribute on top of his or her contribution.

3)    The service member is vested from day one if they have already been serving for two years. If not they willbe vested at the two-year mark. New service members, who begin their time of service after January 1^st2018, will be automatically enrolled in the new system, will begin receiving government contributions after 60 days, and will be vested after two years.

The best part of the new system is that if service members do not serve a complete 20 years, they are still able to take all contributed funds with them when they leave service, much like a 401K in the civilian world. The trade-off is a reduction in pension. With the new system, the government will reduce the amount of pension a service member receives after 20 years of service from 50% to 40%. The service member will still receive a pension if eligible, but at a reduced rate.

Because there are many things to consider, it is imperative that service members receive as much education as possible around the new system. Once a service member makes the choice to opt in, that decision is irrevocable.

There are Personal Financial Counselor’s (PFCs) strategically placed all across the country whose primary purpose is to help support the service members of today’s military and educate them. If you know of service members who need some assistance with making this very important decision, please refer them to a PFC in their area, encourage them to take the online course being offered through the military, and direct them to visithttp://www.militaryonesource.mil/news/1/2016/october?content_id=293958 .

 Guest Contributor: Susan Pascoe, AFC^®

July 11, 2017
Let’s Talk Blended Retirement

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If you are facing an upcoming Permanent Change of Station (PCS) you can find many different articles and resources designed to help you prepare for the process and make a smooth transition. The Navy issued guidance on delays for orders and shipping household goods because of the government’s continuing resolution. But even with these resources, some families do not receive orders until 45-60 days prior to the estimated time to move. Are you stressed yet? No need to be!

Here are four tips to help a military family plan, prepare, and save as they prepare for a relatively quick move this season:

1)      Apply for Advanced Travel Pay. This process varies across the services but provides for prepaying mileage and per diem. The Army and Air Force information is on the Defense Finance and Accounting Service (DFAS) website. The Navy has a specific form that you fill out and submit to your local PSD. For those service members who have not been issued a government credit card this money can help pay for the hotel rooms, food, and fuel you will need along the way.

2)      Apply for Advanced Dislocation Allowance (Advanced DLA) when you submit your move paperwork. The Defense Travel website explains how much DLA you are entitled to and the purpose of the Dislocation Allowance: “to partially reimburse a member for the expenses incurred in relocating the household on a PCS, ordered for the Government’s convenience, or incident to an evacuation.” Use this money for deposits on your new home, setting up utilities, and incidental expenses that quickly add up.

3)      Download and use the apps that exist specifically to help military service members and their families abide by the guidelines in place.

a)       Military.com has a mobile app to guide you into pays and allowances. Just plug in your new zip code to find out what your BAH will be at your new location.

b)      U.S. General Services Administration has an app that tells you what the per diem is for each location. This can be helpful when you are reserving hotel rooms and need to know what the government will reimburse.

4)      Utilize websites to help you find the accommodations along the way.

a)       The Department of Defense Lodging website allows you to search across the services to find accommodations across the United States. As a military family, you are entitled to stay at any of the lodgings no matter what branch your service member is under. If you are in the Navy you can stay at an Air Force lodging and vice versa. Get great rates and reservations that follow the per diem rate for the area.

b)      Do you have pets? Many times, the DoD lodgings have limited rooms available for pets. But many websites offer ways to search for hotels that accept them as well. OfficialPetHotels, PetsWelcome, and BringFido are just a few.

Do the research and plan ahead to make the costly PCS move a little less painful, especially in the pinch of a truncated timeline you might be facing this PCS season. Turn in those requests for advanced pays, download the apps that help you during the transition, and make the hotel reservations that follow the per diem rate guidelines. Safe travels!

Guest Contributor: Ester Johnson, AFC^®

May 24, 2017

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