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1. PAY YOURSELF FIRST
Try to put away 10 percent of your take-home pay in a savings account.
To accumulate wealth, take advantage of the "time value of money" and
the impact of compounding interest.
2. ESTABLISH FINANCIAL GOALS
Set immediate, intermediate and retirement savings goals for yourself and your family.
Review and update your goals annually or when family circumstances change.
3. ESTABLISH A BUDGET - AND STICK TO IT
Remember to track your expenses. Even small purchases add up to large amounts over time.
A daily cup of coffee can cost you $200 a year.
In some places, a pack of cigaettes a day could amount to $1,000 in the course of a year.
4. BE CAREFUL IN USING CREDIT CARDS
Try to plan and budget for large purchases or gifts. Save your available credit for emergencies only.
5. DON'T MISUSE YOUR GOVERNMENT CREDIT CARD
Never use your government credit card for personal or other unauthorized purchases.
6. BECOME EDUCATED ABOUT LIFE INSURANCE
Learn the differences between Term, Whole Life and other types of life insurancee.
Buy only what you need and can afford. Remember, the primary goal of life insurance is
to replace family income in the event of a breadwinner's death.
7. BEWARE OF SCAMS AND RIP=OFFS
Remember the simple adage, "If it sounds too good to be true, it probably is."
8. STAY CURRENT WITH FINANCIAL EVENTS
Take courses and read financial publications and periodicals
9. SET ASIDE MONEY FOR UNEXPECTED EVENTS
Unexpected expenses can include car repairs, dental or medical emergencies or deployment costs.
10. KNOW YOUR RIGHTS UNDER THE SOLDIERS' AND SAILORS' RELIEF ACT OF 1940
Information on these laws is available through your installation legal services office.
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