The Military and Money
Written by Curtis Arnold
Posted On: August 15, 2008
My younger brother, Johnpaul Arnold, is a Major in the Army. He’s on his second tour in Iraq, and I pray for his safe return every day. He’s provided me with endless encouragement, especially at times when I needed it the most such as working on my most recent book on credit cards (which turned out to be an arduous undertaking). Whenever I see anything that has to do with the military, I of course think of him. When it has to do with the military and money, I snap to attention.
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That’s what happened when I recently met with the folks at InCharge, who among many other things, publish Military Money Magazine, which addresses personal finance issues as they pertain to members of the armed forces and their families. The magazine, which reaches some 500,000 readers each quarter at military bases around the world, includes targeted articles about money, such as “Ten Ways To S-T-R-E-T-C-H Your Military Pay,” “Get Ahead! Make The Most Of Your Military Education Benefits,” – as well as articles that have more to do with military family life, such as “Adoption For Military Families: How To Get Started.”
I was so glad to learn that someone was addressing what it means to try to budget and save on a military income, which these days, often includes multiple tours of duty as well as frequent moves. No one in the family is spared. Fortunately, a companion website complements the magazine with additional articles, such as details on the new Military Lending Act, a section for military spouses, many targeted resources where members of the armed services can get help with their finances, careers, family issues, relocation, and deployment, as well as leads to discounts for the military.
I am particularly impressed with the credit section of the site. There's an archive of credit related articles by various national experts and there are also a few credit/debt related calculators, including one that can help you determine how to most effectively payoff your cards. Other resources include information on tracking and improving your credit score...info. which is certainly applicable to military and non-military folks alike.
Whether you have a family member in the military or not, I recommend that you surf on over to Military Money. It will open your eyes to some of the many issues our troops have to face off the battlefield. Let us know what you think!
Curtis Arnold, a nationally recognized consumer educator and advocate, has been educating consumers about credit cards since 1998. New! Curtis is the author of "How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line" (FT Press, 2008). He is also the co-author of the upcoming Complete Idiot's Guide to Person-to-Person Lending (Alpha Books/Pengiun Group USA, April 2009), a contribitor to The Ultimate Allowance (InnerWealth Publishing, 2008) and is extensively featured in 42 RulesTM for Driving Success With Books (Super Star Press, January 2009).
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