Introduction: The Value of Being Financially Prepared

A life in the military means a life of change—including changes in duty stations and deployments around the world. This life of moves can be a positive experience—for you and for your spouse and children. Moves can provide unique opportunities for a broadening of perspectives as well as career and personal enrichment. Deployments, too, can be positive. Many servicemembers view deployment as a meaningful way to fulfill their duty to the nation.

Of course, a life of moves also can be stressful. “Pulling up roots” isn’t easy and it can be expensive. The difference between a painful move and a positive one often depends on your family’s level of readiness—especially financial preparedness.

To help you and your family financially prepare for moves or deployments, the National Endowment for Financial Education® (NEFE®), the FINRA Investor Education Foundation, and the National Military Family Association have joined forces to bring you a new version of this popular publication, updated to reflect the military’s changing mission and to include more information on investing. Its purpose is to help you “bank” on a life of changes—because, so often, what we have in the bank (and in investments) will determine whether change is met with welcome or with dread.

Much of this publication is written for married and single active duty servicemembers with children. The first chapter contains information for active duty servicemembers on deployment and for Reservists and National Guard members called to active duty. The final chapter, on investing, may be helpful to all servicemembers. If you are married, we urge you to share this publication with your spouse and discuss the financial steps you can take—together or separately—to prepare for deployment or the next permanent change of station. We also urge you to include your children in some of the financial discussions and decision making. Talking openly with them about money will provide valuable information they can use throughout their lives.

The National Endowment for Financial Education, the FINRA Investor Education Foundation, and the National Military Family Association are honored to make this publication available to you. We understand that your commitment to our nation’s defense is not based on financial motives. Knowing your family’s financial needs have been addressed can eliminate worry and enable you to focus on the mission. In short, your financial preparedness has an effect on military readiness—and can lay a solid groundwork for your future.