AFRC teaches Airmen how to invest money, build wealth

  • Published
  • By Staff Sgt. Jake Richmond
  • 355th Fighter Wing Public Affairs
"If you think about your wealth, your debt will take care of itself."

That's how Clayton Moore, a community readiness technician at the Airman and Family Readiness Center here, chose to begin the "Building Wealth in the Military" seminar at the AFRC Aug. 3.

Mr. Moore, who's provided financial counseling for thousands of Airmen and their family members for more than five years, explained that gaining financial stability has a lot to do with attitude. He said it's fairly common, especially for young people, to become too focused on just reducing debt and end up missing valuable investment opportunities. He encourages a longer-term outlook.

"There are three things to remember when you get started in investments," Mr. Moore told the class. "First, you've got to have a plan. Second, money is not 'now' - it's over time. And third, nothing's free."

Charles McLaurin of the United States Automobile Association Educational Foundation then took the floor, and he briefly discussed the foundation's mission to help consumers make informed decisions by providing information on financial management, safety concerns, and significant life events.

Mr. McLaurin also agreed with Mr. Moore about starting investments early in adult life.

"The earlier you start thinking about your financial future," he stressed, "the less expensive it will be and the greater the likelihood that you'll reach your financial goals."

He went on to tell the group all about the different types of Individual Retirement Accounts and provided wide-ranging information on mutual funds. He explained that mutual funds, specifically, are attractive because it's like having "all your eggs in many baskets." He described them as a kind of "stock club," in which a group of modest investors pool their money and distribute it across several business investments.

Mr. McLaurin recommended finding a good financial adviser. "Don't just go out and give some company your money because they've been around a while," he said. "Do your research." He suggested asking each financial manager candidate, "How do you get paid?" Their answers, he said, should give the investor an idea of how motivated the manager will be to make your investment successful.

He also emphasized that new investors understand that budgeting is always necessary. "The richest man in America lives on a budget," Mr. McLaurin said.

The seminar also featured representatives from Bank of America and Vantage West Credit Union, among others, who discussed the benefits and drawbacks of other investment options, like money market savings accounts and certificates of deposit.
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