In this historic time, Mark Steffe, President and CEO of First Command, has some financial tips that active-duty military and military spouses can keep in mind as we navigate the current financial challenges of the pandemic. Mark will discuss why now is a good time to revisit long-term financial goals and create a plan. He will also discuss why First Command is a great place for military spouses to pursue a long-term career as a financial coach.
Mark Steffe is President and Chief Executive Officer of First Command. In this position, Mark leads the company on the continuous improvement of the First Command client experience, focusing on military engagement and the continuing adaption to a rapidly evolving digital world. Mark holds Series 7, 8, 23, 63 and 65 securities registrations, plus life and health insurance licenses.
What Can Financial Changes Can You Do Right Now?
One of the first things you can do is update your budget (with your spouse). “And as you go through your budget make sure you know where all your financial documents are and make sure you have all the passwords and account information. So, make sure to adjust your current budget based on a reduction in gas expenses, dining out, and entertainment from your budget. And if these are temporary changes use that money to build up your emergency fund, if it is something you can continue post-pandemic consider investing, one option is to invest in your Thrift Saving Program account or other options offered by your company.
Remember you don’t have to use your stimulus check to stimulate the economy. What is most important is you taking care of yourself and your family. Using it to cap out your investment strategy, build up your emergency savings account, paying down debt, or helping cover immediate expenses is so important.
Don’t forget now is a great time to teach your children about saving. It is never to early to start talking to kids about finances. You can talk to them about how they should set aside a portion of the money they earn from jobs or even birthday gifts. Remind them how important is to save for the new toys they want and help them make wise choices. When they earn enough money to buy that toy they have been pining for. It will mean so much more to them.
Why doesn’t First Command charge military families for financial planning?
The average American thinks financial planning is a high-end service just for the wealthy. But that’s not true at First Command. First Command is committed to serving the financial needs of our Nation’s active-duty military families. They know the best way to get financially squared away is through having a financial plan. And lastly, it has been proven that the earlier in your career you start planning the better chance you have of getting on the path to financial security.
First Command wanted to help military families by removing the “barriers to entry” by making financial planning free for military families. But what will a financial plan get you? With a complimentary financial plan from First Command, you can get started now on reducing debt, protecting your family, building wealth, and pursuing your lifetime financial goals and dreams. All for free. If you are interested in signing up for your free financial planning analysis go to www.firstcommand.com and click on the Find Your Advisor button to find someone in your area that can help you.
Is First Command a great place for a career?
First Command is a great place for veterans and military spouses to pursue a long-term career as a financial coach. This is a career, not a job. First Command knows that military spouses and veterans are driven to help their families financially. And they love to give back to the community. This is one of the many reasons why they make great financial coaches.
Why First Command is a terrific career choice:
To start, most of our offices are located near military installations. Secondly, you can use the skills you develop as a Financial Advisor in one First Command office where ever you go. Those skills are transferable to other offices. And when it is time for your family to PCS with you can take your career with you. First Command will work with you to relocate across the country. And sometimes, First Command will offer relocation incentives. This career is an opportunity for military spouses to not only improve their lives. But also the lives of other military families—by continuing to serve those who serve. And while serving others, our Advisor spouses are also pursuing financial security for their own families. This is a career in which you can do well by doing good.
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