Financial roadshow targets money goals, worries

  • Published
  • By Staff Sgt. Sarah Gregory
  • 9th RW Public Affairs
BEALE AIR FORCE BASE, Calif., (ACCNS) --  Mutual funds, money market accounts, Roth or traditional individual retirement accounts, adjustable rate mortgages, income trusts. Just trying to keep track of the multitude of investment and financial terms out there can be overwhelming, let alone understanding how to invest or even just break even in today's tough economy. 

In order to help bring financial awareness and freedom to Beale members, the Airman and Family Readiness Center sponsored a financial roadshow at the Community Center Jan. 7. 

The roadshow featured several financial experts who spoke on everything from creating a spending plan, saving for retirement, investing in today's economy to protecting against identity theft and stretching money in tight times. Participants also had the opportunity to meet one-on-one with personal financial counselors, military and family life consultants and Housing and Urban Development counselors. 

"This was a tremendous opportunity for our Airmen. If you're like me, you're thinking that these are tough financial times," said Brig. Gen. Robert "Bob" Otto, 9th Reconnaissance Wing commander. "This is the time to have a plan and implement it in a way that brings success and security to your life. It's important for us, during this time, to take the opportunity to open our minds to what is possible. I applaud you for the wisdom it took to come here today. " 

Beale, the only base in Air Combat Command to have a roadshow visit, was selected to be a host based on an economic wellness and foreclosure assessment provided by the A&FRC. The report found that many Beale members and their families were being negatively impacted by the recent financial downturn. 

"People wanted that American dream and in a lot of cases, banks weren't even checking people's credit scores, they were just handing out loans," said Liz Kim, an A&FRC community readiness consultant. "Never take a loan out based on what the bank says you can pay; always know what you're comfortable with paying. People weren't educated, but they know now, and unfortunately, are facing the repercussions."

Ms. Kim said that of the Beale members dealing with foreclosure issues, many are not even the actual homeowners. 

"People are getting evicted because their landlords are getting foreclosed on. It's a ripple effect on their finances. It's a reflection of the economy. We're just a microcosm of what's happening," she said, adding that's why it was so important for the roadshow to include representatives from Freddie Mac and HUD. 

Another concern for many Beale members was the high rates of identity theft and bank fraud incidents. The Yuba City Area is ranked No. 5 in the nation for identity theft complaints and the Sacramento and Roseville area is ranked No. 49.
 
Because of the particular concerns facing the base community, the A&FRC tailored the speakers and workshops to meet the needs of Beale Airmen. 

"These roadshows start as a cookie cutter mold. Using the issues specifically facing people at Beale, we racked and stacked their concerns in order to bring the services that would benefit them the most," said Ms. Kim. 

More than 230 Beale and Travis Air Force Base Airmen registered to attend the workshop, which Nancy Roberts, A&FRC director, said could run someone at least several hundred dollars to attend in the private sector. 

"These speakers command a lot of money. The opportunity for Airmen to ask them questions and have one on one time with them was remarkable," Ms. Roberts said. 

Financial concerns are something that affects everyone, as shown by the variety of participants in attendance and the types of questions asked during the roadshow. 

"I wanted to see what was going on and the topics seemed like something I wanted to learn about. As a first sergeant, I know where to send someone who's having financial matters, but I don't know much about these matters myself," said Master Sgt. Melany Sarafis, 48th Intelligence Squadron first sergeant. "I think this is a great event. My son is [about to] turn 18 and this opened my eyes. I didn't even think to look at his credit report. Tonight I'm going to order a free credit report on him. I think that supervisors or first sergeants who have folks with financial problems should make [events like this] mandatory." 

For those who weren't able to attend the roadshow, the A&FRC offers classes on everything from basic investments to a first-time home-buyers course as well as individual counseling appointments. Similar to the roadshow, the group classes are held based on feedback from Airmen on what they feel are their biggest financial concerns. 

"We're poised here to help assess what's going on in your finances," said Mrs. Kim. "We help look at what your goals are, because everything you do is based on a person's financial goals. We all put ourselves last. I compare it to eating well or exercising. We all know we should do it, but it's one of the first things to fall to the side when things get busy, so this is a great, wonderful opportunity for our Airmen." 

For more information on upcoming classes or to make an appointment with a counselor, call your Airman and Family Readiness Center.