Celebrity financial advisor helps servicemembers get financially fit

Published Jan. 14, 2008
By Senior Airman Dilia DeGrego
305th Air Mobility Wing Public Affairs

MCGUIRE AFB, N.J. -- More than 700 servicemembers and civilian employees got the run-down on financial dos and don'ts during a financial seminar Jan. 11.

Author of financial management books and TV personality Suze Orman hosted a free personal finance seminar at the Fort Dix Timmermann Center and distributed copies of her new book, "The Money Book for the Young, Fabulous and Broke."

Focusing on first- and second-term servicemembers, Ms. Orman discussed the importance of being familiar with personal credit scores, career moves, student debt, retirement, investing and making big-ticket purchases.

Ms. Orman began the seminar by thanking the combined group for their service.

"I've had the extraordinary honor of talking to a lot of people throughout the world but no matter where I'm at, when I can come to serve those who keep us safe and sound it is the greatest honor I have, bar none. So I want to thank every single one of you ...to those anywhere who have anything to do with you I want to thank you from the bottom of my heart. What you give us is something that no amount of money in the world could buy, that is our freedom. So I salute you."

The financial guru went on to discuss a number of things each person should know about their personal finances, specifically keeping a high credit score. She gave some tips as to how to do that, to include:

· Never max out your credit cards

· Pay your bills on time

· Don't close out credit cards once they are paid off because one's credit score is based in part on how much debt a person has and the amount of credit available. The more credit available, the higher their credit score.

· Buy a home and pay off the mortgage as soon as possible. If a person is able to, Ms. Orman suggests paying an extra $100 a month on the mortgage. This will help a person pay their home off up to five years sooner.

"It's your duty to make sure you pay as much attention to your money as your combat mission," Ms. Orman said.

Seminar attendee Spc. Janatus Barnett, Warrior Transitions Unit small-arms artillery repair specialist, said he found the seminar extremely helpful.

"I plan to put everything she talked about into effect today. This seminar was really beneficial. I plan on checking my credit report today, and I plan on reading her book."

Not only did those in uniform agree on the benefits of the seminar, but those serving along side them in the civilian realm also agreed.

Shannon Sanders, Military Officers' Spouses Club member at large, found a way to not only help herself but others through the seminar.

"The seminar was very informative. Being married to the comptroller commander, I am very familiar with financial issues, but I am really glad I came. It is important to teach our [servicemembers] how to take care of their finances now so that when they deploy they can focus on the mission at hand and know that their families are taken care of.

"[The seminar] has made me very motivated to go home and reevaluate some of our personal finances at home," Mrs. Sanders continued. "Also, I plan on taking what I've learned here today and disseminating it through to our younger [servicemembers] and hopefully it helps them as well."

As a conclusion to Ms. Orman's presentation, she had the audience take a pledge, promising to save enough money that they have peace of mind on at least one front.

"When you don't have money that's safe and secure," she said, "You live in a financial war where there is no victory whatsoever and you are the victim and you have no one to blame but yourself.

"This is just a little glimpse into a few things you should know about your money," Ms. Orman concluded. "I honor you, I respect all of you; I salute each and every one of you. You took a pledge today please make sure you keep it."

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