Financial fitness, build up your bank account and avoid scams with these tips and resources

Resources for Financial Literacy


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Knowing how to secure your financial well being is one of the most important things in life. Financial capability means acting on this knowledge, known as financial literacy, by identifying your goals, making a plan, paying off high-interest debt, living within your means and building wealth.

Some advice from a recent Twitter Q & A session hosted by the Veterans Benefits Administration include:

  • It pays to start early. Use our compound interest calculator to see how the money you invest may grow over time: https://t.co/yaPp3rCgrh
  • There are many ways to reduce expenses and save money. We suggest first starting with a spending plan: https://t.co/zFeFcFhMgU
  • If your employer offers a 401(k), take advantage of it, especially if there is a “match” for contributions. You get a tax break when you contribute to a 401(k).
  • Review your retirement options very closely such as matching, to ensure they maximize their retirement from the beginning. Our blended retirement booklet has some great information on retirement for service members: https://t.co/oTDDc99zxY
  • Be suspicious of any investment that sounds too good to be true. Claims that an investment is a “can’t miss” opportunity or promises “guaranteed” returns are classic warning signs of fraud!
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More reputable resources for Veterans and service members to build and maintain healthy money habits and avoid scams:

LinkedIn, RallyPoint and Code of Support also provide networking and valuable resources related to financial literacy benefits.

Author

Beth Lamb

Beth Lamb has been a member of VA’s Veterans Experience Office since January 2017. She previously held Public Affairs positions for several Veterans Health Administration facilities and currently lives in Missouri with her family.

Comments

  1. Darlene Booth    

    Ohno, I didn’t mean to send this to the Crisis Line. I’m so sorry.

  2. Darlene Booth    

    I am a retired Army Veteran. I receive Military Compensation & SSDI. My credit is poor, but I’m working on it. I have a couple questions. First what is the best way to repair my credit. I’ve printed all three reports and just started paying the first one on the list. Is there a better way to choice to pay? Also I wish to buy a condo. I’ve never purchase a home. What agencies would you suggest? Thank You.

  3. Gloria Scott    

    The crisis line should be easier to remember.

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