Local

May 24, 2013

AFRC helps Airmen with financial responsibilities

NELLIS AIR FORCE BASE, Nev. — Every Airman has financial responsibilities. There are people on Nellis who are filled with knowledge and information that can help Airmen to improve their understanding of finances and develop an effective budget.

The Airman and Family Readiness Center is one of the most valuable tools to get this knowledge to Airmen and their families.

The AFRC conducts a large variety of financial classes monthly including basic budgeting, credit, debt management and purchasing a car.

Some people feel that by taking a financial class it shows that they cannot handle their own financial responsibilities, but it is better to take control of your finances early than to end up in financial trouble later according to the AFRC.

“Some people are embarrassed. They feel like because they attend a class there’s a financial issue,” said Quan Franklin, AFRC community readiness specialist. “That is not always the case; we try to encourage people to come in before there is an issue.”

“We see a lot of people come through without a solid budget. They just don’t keep track of their spending,” she said. “So I think budgeting is a really big problem here.”

“The main goal is to reach our Airmen at a young age,” said Chief Master Sgt. Wesley Mathias, 57th Wing command chief. “Everyone has financial issues at some point or stage in their life.”

“We can teach how to make better financial decisions or equip [Airmen] with the resources to help save. Will it make them a millionaire? Maybe not, but it can lead [to] becoming a little bit more financially stable,” he said.

“When I bought my first car as an Airman I wish I had some financial savvy,” he said. “[If] I had some of this type of training I probably would have made a better decision.”

“It’s not just the younger Airmen,” Franklin said. “We see some sergeants [and higher] as well.”

The AFRC has a lot to offer, including one-on-one and family consultations, Franklin said.

“We encourage spouses to come as well,” she added.

The biggest problem the AFRC encounters with its financial classes is filling them with people.

“We have a lot of classes to offer in order to better prepare Airmen,” said Franklin. “[Airmen] just have to take that step to come in.”

Attending the classes at the AFRC can provide you with the resources you need to make informed choices.

“If you use those resources and make better decisions, you can take care of your family, pay your bills and get out of debt. In other words, making yourself more financially resilient,” Mathias said. “If two Airmen make better decisions, then we’ve won.”

Don’t miss out on the knowledge; take advantage of the free classes at the AFRC.

For more information about financial education classes call the AFRC at (702) 652-3327.

 

Financial Readiness Quiz

‘Put your money where your mouth is’

Note: Some questions may have multiple correct answers

 

1. When shopping for a loans, one should compare:

A) APR

B) Loan term (or length)

C) Prepayment penalties

D) Lender’s reputation

E) All of the above

 

2. Which of the below are strategies used by identity thieves?

A) Phishing

B) Pharming

C) Grazing

D) Muting

E) A and B

F) All of the above

 

3. A will is an important document in which you specify:

A) An executor and successor to handle your affairs

B) A guardian for any minor children

C) Who receives your property when you die

D) All of the above

 

4. When selecting a financial institution, you should confirm that they are insured by:

A) The Internal Revenue Service

B) The Senate Committee on Finance

C) The Federal Deposit Insurance Corporation

D) The International Institute of Public Finance

E) All of the above

 

5. The first step to creating a budget is:

A) Getting a higher paying job

B) Determining your net income

C) Applying for a credit card

D) Going shopping

 

6. Which of the following are healthy credit habits?

A) Set and follow a monthly limit for expenditures

B) Skip a payment and pay it off in the next month

C) Keep credit card and loan information out and easily accessible for quick reference

D) Know the due date, terms and conditions of your credit cards and loans

E) A and D

F) All of the above

 

7. What are the three consumer reporting agencies?

A) Dow Jones, Standard and Poor’s and Financial Plus Federal Credit Union

B) Aflac, State Farm and the Internal Revenue Service

C) TurboTax, USAA, and H&R Block

D) Experian, TransUnion and Equifax

 

8. Utilizing the Thrift Savings Plan, how many investment funds can service members choose from?

A) 2

B) 8

C) 9

D) 6

 

9. Which of the following are factors determining your credit score?

A) Payment history

B) GPA/ Enlisted Performance Reports

C) Number of credit cards

D) Length of credit history

E) A, C and D

F) All of the above

 

10. Approximately how much money should you set aside for an emergency fund?

A) 500 dollars

B) 1 month’s basic living expenses

C) 2,500 dollars

D) 3-6 months of basic living expenses

 




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