A&FRC holds quick tip investing class

  • Published
  • By Airman 1st Class Joshua Edwards
  • 17th Training Wing Public Affairs
GOODFELLOW AIR FORCE BASE, Texas --  The Airman and Family Readiness Center held the Military Saves program on Goodfellow  from Feb. 25 to March 4.

During the Military Saves program, A&FRC hosted dozens of events and classes to encourage service members on how to control their money. One class, Simple Tips for Saving and Long Term Investing, had several engaged in learning about investments for the future.

"I wanted to learn more about investing," said Senior Airman Na'Krystal Williams, 17th Force Support Squadron installation personnel readiness apprentice. "I've been investing since I got in, and I wanted more clarity of what I'm doing with my money."

Scott Riley, 17th Force Support Squadron community readiness consultant and instructor of this class, explained the first thing to do before investing is to pay off any debt.

"If you have a lot of consumer debt, such as credit cards, you don't want to start heavily investing," he explained. "There is a 2010 statistic; an E-5 with 10 years of service will have somewhere between 15 to 20 thousand dollars of consumer debt. I would advise if you have any consumer debt, lay off investing right now and fix that first."

Riley then talked about making sure to invest early.

"If an airman was to come into the service and decided to put 10 percent of his pay into the thrift savings plan for 20 years and receive an average return of 10 percent, and they were an E-7 at 20 years, what do you think they can expect to have?," Riley questioned the class.

The class gave out random estimates, before Riley gave them the answer.

"Somewhere just over a million dollars," he said.

Later, Riley explained it is important to invest in a variety of areas.

"If you throw all your eggs into one basket, then you're subject to the risk of that one product," said Riley. "You can invest in a CD, money market account, thrift savings plan, Roth IRA or mutual funds."

At the end of the class Riley recapped what they went over and took questions for anyone who needed clarification.  For more information on savings programs and classes, contact the A&FRC, 325-654-3893.