Financial Readiness for Service Members and Families

 

Financial readiness is a critical part of force readiness but also to the quality of life of service members and their families. When it comes to taking advantage of the resources provided by the Office of Financial Readiness, there are often some misconceptions.

In this episode, Andrew Cohen gives us an inside look at what FINRED is, how it helps, and how you can use it to set your finances on the right track. We cover the Blended Retirement System, the new Dependant Care FSA, and more.

Andy is the Director of Financial Readiness in the Office of the Deputy Assistant Secretary of Defense for Force Education and Training. As Director, he leads the Financial Readiness team in the planning, direction, control and coordination of Department of Defense-wide policies and programs to meet the financial literacy and preparedness needs of service members and their families.

He began his career in the Federal Civil Service in July 2016 as a senior program analyst. Prior to that, he served nine years as Deputy Director for Finance and Treasurer for Army Emergency Relief. Before that, Andy served 27 years as an Army Officer in a number of Signal, Military Police and Comptroller assignments.

Financial Readiness for Service Members Episode Details

 

  • What financial readiness is
  • FINRED’s mission
  • DoD’s financial readiness programming efforts
  • Resources the DoD provides to help service members and their families with money
  • The biggest financial stressors impacting service members
  • What the Dependent Care FSA is
  • How the Blended Retirement System is going
  • The misconception of a service member losing their security clearance because of money problems
  • What the MilSpouse Money Mission is and how it helps

 

Related podcast: Financial Planning Considerations for Guard and Reserve Members

 

Financial Readiness for Service Members and Families Resources

 

Related: How to Get a Free Financial Counselor

 

Military Money Show Sponsor

The Military Money Show is supported by Navy Federal Credit Union. Navy Fed is helping military members and their families tackle homeownership
during these high-interest rate times with their new no-refi rate drop. The way it works is if you buy a home now and mortgage rates drop later, you could lower your rate by paying a low fee instead of refinancing and paying thousands in closing costs. You can learn more at navyfederal.org.

MilMoneyCon

Passes for MilMoneyCon24 are now on sale! April 25-27, 2024 MilMoneyCon will be held in Denver CO, at the Westin Downtown. Whether you’re a seasoned financial professional or just starting out, MilMoneyCon is a great place to get connected to the community, grow your career or business and continue your education. You can go to MilMoneyCon.com to get your pass today.

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Disclosure

These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I will only put affiliate links that align with our podcast discussion.

If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.

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