Feds: Military Members Embattled By Debt Collectors

Military or civilian, the rules for personal finance are the same. Live within, or better yet slightly below your means.

Eight-years-ago I was in massive debt, but today I am debt-free with the exception of my mortgage and save aggressively for retirement. I didn't wake up to debt until after I turned forty, but now at 48 the future looks very good.

The advice I give my daughter and anyone else who will listen is to pay yourself first, in cash, the amount you need to live comfortably, but not extravagantly. Then pay your bills, and if you have bad debt (credit or store cards, auto, etc) then pay EVERYTHING LEFT into those debts until they are gone. After the bad debts are gone, aggressively pay down the good debts. Once the good debts are reasonable, give yourself a raise, but put half of it into investments for your retirement.

It is important to pay yourself in cash and just stop carrying plastic. That way, if you want something, you know right away if you can afford and no matter how good your credit, if you don't have the cash, you can't afford it.

Understand your point but a leader who's bad with money or relationships doesn't make him bad at his job. And vice versa. There are Staff leaders can be good at planning but suck at life/death decisions. There are combat leaders are good at decisions but suck at staff/garrison decisions. The irony.

We all have a responsibility for our own personal finances. Military status changes nothing in my opinion.