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November 19, 2021
New Mexico’s Legal & Financial Weekly
Vol. 10.101 No. 47
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4 Benefits of Financial Planning for Service Members and Veterans
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egardless of whether you are active duty or a veteran, a career in the military requires many individuals and their families to make sacrifices for their country. Thankfully, financial stability does not have to be one of them. There are many resources for members of the military and their families to remain financially secure, as well as practical advice to manage their finances without additional stress. Personal situations may be different for active duty, deployed and retired service members. But all can benefit from having a comprehensive financial plan in place and working with a qualified financial advisor. Military OneSource offers financial counseling to the military community through the U.S. Defense Department, but you can also find a local CERTIFIED FINANCIAL PLANNERTM professional to provide you with competent, ethical and holistic financial planning advice. Some CFP® professionals even specialize in working with military and government clients.
3. Manage your debt. A financial plan includes the amount of debt you owe, the interest rate on each debt and your monthly payment amounts. It also lays out which debts you will pay first, or put the most money toward. “In addition to mapping out this information, a CFP® professional can help you determine if militaryfocused financial programs, including t h e Servicemembers Civil Relief Act, can h e l p reduce your debt,” adds Wernig.
4. Maximize benefits programs. People who have served in the military have access to special financial benefits. This can include healthcare services, mortgages with no or low down payment, GI Bill educational benefits and special legal protections, among others. A CFP® professional can help you 1. Create a budget. Keep track of your income and spending. For deployed determine and take advantage of the varied benefits to which you are entitled. service members, this may also involve determining who and which funds will pay the bills. Special pay or entitlements may boost your spending or savings. Focusing on financial preparedness and sustaining healthy financial habits will help you and your family navigate the challenges of military life. 2. Invest in savings plans. A CFP® professional can help you make sense of the different savings options, including the Thrift Savings Plan and TSP You can use the “Find a CFP® Professional” search tool on LetsMakeaPlan. Savings Deposit Program, and low-cost investment opportunities available to org to locate CFP® professionals who focus on clients in the military. You can service members. They will also make sure you’ve established a sufficient also connect with local veteran- and military-based community organizations emergency fund. for more information on the special programs and benefits available to you and your family. -(NewsUSA) U.S. Navy veteran Mark Wernig, CFP® offers four examples of how military members and their families can benefit from developing a financial plan:
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Holiday Fitness Survival Guide: Make A Plan To Improve Your Core Body Fitness
uring this season of family, friends and food—lots of food—now can be a great time to consider changing up your home fitness regimen and workout plans. One consideration is to incorporate exercises and workouts that strengthen and tone your core muscles. The good news is that a strong core can offer numerous health benefits whether you lead an active or a leisurely lifestyle. Core Issues GOLO, the pioneering wellness solutions company and creator of the AeroTrainer® exercise platform, cites several reasons to consider exercises that target your core muscles: #1—It’s Not Just for Professional Athletes: While professional and amateur athletes alike benefit from core muscle workouts, regular core exercise regimens can help just about anyone interested in good health and improved strength and stamina. From baby boomers concerned about flexibility to millennials and Gen-Xers who simply can’t make it to the gym, exercising your core muscles
can play a critical role in your overall health and fitness. #2—Low Impact: Low-impact exercises such as planks can deliver a plethora of health benefits, including tightening and strengthening your abs, improving upper body strength, building stronger back muscles and helping your heart by boosting blood flow. #3—Back Pain: Stretching and strengthening your back while building core strength creates balance between your lower back and abdominal muscles. Regular exercise can help prevent and lessen common back pain by targeting the spine and its supporting muscles. #4—Sculpting and Toning: Regular exercise can aid in weight loss due to increased activity and it can help you achieve a more sculpted, toned physique. Exercises such as bridges, squats and kicks targeting your glutes, hamstrings, calves and inner thighs can help take your legs to the next level for an improved look and added strength. Learn More Visit www.AeroTrainer.com for further facts and tips. -(NAPSI)