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Financial Planning for Military Parents of Individuals with Disabilities
By Military OneSource
Financial planning is a complex task for all families, but additional challenges can arise when families must meet the financial needs of a family member with disabilities. It is important for families with special needs to plan ahead for potential out- of pocket expenses, not covered through financial assistance. When developing a financial plan, you should consider the level or nature of your family member's disability, and set realistic goals for the continued care and supervision needed through their life.
Managing Your Money As a New Service Member
When you join the military, many things will change, including your finances. You may earn more, get special duty pay or have new expenses. You're picking up a lot of new skills, and money management should be one of them. It's your money. Make the most of it by creating a financial plan. Keeping your finances sound is good for your security clearance, your career and your future.
How Your Credit Score Impacts Your Financial Future
By FINRA
Many people do not know about the credit scoring system-much less their c
redit score-until they attempt to buy a home, take out a loan to start a business or make a major purchase. A credit score is usually a three-digit number that lenders use to help them decide whether you get a mortgage, a credit card or some other line of credit, and the interest rate you are charged for this credit. The score is a picture of you as a credit risk to the lender at the time of your application.
Mortgage Loan Scams Target Military
By Hal Speisman, Manager, Social Media
It's unfortunate that it ever occurs, but scammers will often target service men and women. One reoccurring con that looks to take advantage of military members is unfair mortgage lending. Often times, dishonest companies will offer false promises to bait unsuspecting barrowers into bad loans.
The way the scam usually works is companies will target members of the military or veterans via mail, email or social media, promising a great opportunity to refinance their mortgage loan. The advertisement will mention special offers or may claim to be affiliated or endorsed by sectors of government, such as the Department of Veterans Affairs.
5 Steps to a Summer of Savings
By Madeline Daniels, America Saves Communications Director
It's the first day of summer! Between the backyard barbeques, days at the beach, and summer vacations--the average vacation expense per person in the United States is $1,145--it's also the perfect opportunity to give your finance a fresh start and set your seasonal savings goal.
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SERVING OUR READERS BETTER
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Boots on the Ground
The BBB Institute is working on rebooting Trusted Scout to serve you, our readers, better. What topics would you like to see covered in the newsletter? We want your ideas! We are working to create a fresh look, fresh content, and a fresh name so that each month we deliver a newsletter that addresses the challenges facing today's service members, veterans, and their families. We want your voices to be heard in the newsletter, too, so we invite you to submit a guest blog. To submit your ideas, name suggestions, or a guest blog entry contact Shawnna Artis at [email protected]. We salute you and stand to attention to learn your thoughts.
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MILITARY & VETERAN ISSUES
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Renters Insurance: Cost and Coverage for Military Base Housing
By USAA
Until last year, service members' Basic Allowance for Housing (BAH) had three components: rent, utilities and renters insurance. In January 2015, the DOD removed renters insurance from the supplement. The change affected personnel receiving the BAH whether they live in single-family homes on a military installation or off the military installation.
Suicide Loss Survivor Assistance
By TAPS
A death by suicide can leave behind a wake of emotions and challenges that complicate the grieving process even more. Many of us question why this happened and what we might have done to prevent it. We worry that our loved ones will be remembered for how they died instead of how they lived and served.
What Are My Rights Under the Military Lending Act?
By Consumer Financial Protection Bureau
Answer: The Military Lending Act (MLA) says that you can't be charged an interest rate higher than 36% on most types of consumer loans and provides other significant rights. The MLA applies to active-duty servicememembers (including those on active Guard or active Reserve duty) and covered dependents.
Investing Basics: Your First Line of Defense
By US Securities and Exchange Commission
The best way to invest wisely and avoid falling prey to investment fraud is to get informed. Understanding the risks, researching your financial professional and not being rushed into an investment decision are essential basics to put in your investing rucksack.
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