CORONADO, Calif. (NNS) -- Fleet and Family Support Center (FFSC) of San Diego offers the Million Dollar Sailor program to help manage their finances and prepare for their financial future.
The Million Dollar Sailor is a two-day course that encompasses a variety of topics in budgeting and financial planning.
According to Melinda Thompson, FFSC personal financial manager, the course is geared toward the younger Sailors ages 18-24 and is designed to provide the necessary tools needed to have a stable financial future.
"The reality is financial literacy today is low and the younger Sailors aren't receiving that training that emphasizes the importance of good financial management," said Thompson. "This course will teach them the basics to help them achieve the goal of having a million dollars saved up by the time they hit retirement age."
The specific subjects that were covered over the two days are car and home buying, credit management, wealth building, and money management.
"We discuss these specific topics because these discussions will help the junior Sailors better approach a budget that will help them make smarter decisions when it comes to large purchase in the future such as buying a house or car," said Thompson.
Thompson said the biggest financial mistake she sees from Sailors is poor money management.
"One of the most prevalent, and fortunately the most fixable, financial mistakes I see Sailors make today is not keeping track of expenses and money," said Thompson. "The easiest way to fix this is by developing a spending plan, which will allow them to see exactly where their money is being spent."
Thompson pointed out how important financial management is and how Sailors' careers could be affected due to poor financial planning.
"If Sailors start acquiring large amounts of debt and show an inability or willingness to pay it back, they could potentially loose security clearance, and without that most Sailors are not longer able to continue their Navy career," said Thompson. "The key thing to remember is in order to be a Million Dollar Sailor you need to start financially planning at an early age."
Million Dollar Sailor is offered monthly and rotates between the FFSCs at Naval Base Point Loma, Naval Base San Diego, the chapel in Murphy Canyon, and Naval Air Station North Island.
For more information, visit www.navy.mil, www.facebook.com/usnavy, or www.twitter.com/usnavy.