Financial management is a skill that everyone will benefit from learning – including those who serve in the United States Navy. The Fleet and Family Support Center (FFSC) of San Diego offers the Million Dollar Sailor program for interested Sailors.
The two-day course will help Sailors manage their finances and plan for their financial future, and includes topics in budgeting and financial planning, such as: purchasing a car and a home, credit management, wealth building, and money management.
Melinda Thompson, FFSC personal financial manager, shared that the course’s target audience are young Sailors aged 18 to 24, and that it provides them with the tools necessary for a stable financial future.
Thompson said: “The reality is financial literacy today is low and the younger Sailors aren’t receiving that training that emphasizes the importance of good financial management. This course will teach them the basics to help them achieve the goal of having a million dollars saved up by the time they hit retirement age.”
One of the biggest mistakes that young Sailors make, according to Thompson, is poor money management – failing to keep track of their money and their expenses. Fortunately, this is also the most fixable of mistakes, which can be easily remedied through the development of a spending plan, so that the individual can clearly see where their money is going or has gone.
Thompson said further: “If Sailors start acquiring large amounts of debt and show an inability or willingness to pay it back, they could potentially lose security clearance, and without that most Sailors are not longer able to continue their Navy career… The key thing to remember is in order to be a Million Dollar Sailor you need to start financially planning at an early age.”