Leadership Training TC 11 Agenda Leadership

Transcript:Leadership Training TC 11 Agenda Leadership:
Leadership Training TC 11 Agenda Leadership Training Member Checklist Available Personal financial management Why are Service members vulnerable? Consumer protection laws Financial warning signs Retirement Personal Financial Management The Need for Personal Financial Management Handout Available Financial readiness is mission readiness What is personal financial management? Don’t wait to get started Security clearances Understand training requirements Set financial goals Create a spending plan Save for emergencies Insure self, loved ones, possessions Save and invest for your future Create an estate plan Young Away from home Deployments Frequent moves Spouse unemployment Why Are Service Members Vulnerable? Consumer Protection Laws Military Consumer Protection and Servicemembers Civil Relief Act Handouts Available Servicemembers Civil Relief Act (SCRA) 6% APR for pre-Active Duty debt Student loans Leases Legal proceedings Default judgments Military Lending Act (MLA) 36% interest cap Covers most consumer loans Financial Warning Signs Financial Warning Signs Handout Available Know your role Know the common risk factors Identify Coast Guard members at risk Common Risk Factors Unable to pay bills Unable to afford car Insufficient funds charges No savings No emergency fund Overwhelmed with debt Spousal job loss Divorce/separation Facing foreclosure Two house payments Not saving or investing Consequences Military Financial Negative evaluation Loss of promotion Loss of overseas transfer Loss of security clearance Reduction in rank Non-judicial Punishment (NJP) Administrative discharge Overdraft fees Not granted credit Bad credit report Low credit score Repossession Foreclosure Bankruptcy Distracted on the job Sudden poor performance Unkempt appearance Change in life circumstances Missing work for appointments Creditors calling the command It takes communication and observation Coast Guard Members at Risk Retirement Understand the benefits of each system Recognize the importance of retirement planning Learn and review TSP investing options Understand the Benefits Defined Contribution Thrift Savings Plan (TSP) *Automatic contribution and matching funds will be deposited into the traditional TSP **Automatic contributions are vested after 24 months of service Never too early (or late) to start The sooner you start the less you may have to save Gives more time to accumulate wealth Review retirement plan annually or after a major life event The importance of retirement planning Review fund options annually Leave in TSP Transfer into an IRA or employer retirement plan Withdrawing funds early may result in penalties and tax implications Withdrawal when eligible at age 59½ without penalty TSP and withdrawal options Thrift Savings Plan Handout Available Recognize and be an Advocate for Retirement