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Essay / Research Paper Abstract
This 5 page paper argues that military families should save, and that they should start when they are young. It also explains why service personnel in general have a difficult time saving. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_HVMilSav.rtf
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Unformatted sample text from the term paper:
least in their twenties and thirties. Discussion The first assumption were going to make here is that were talking about career military; that is, people who are going to remain
on active service for 20 or more years. Whether they are officers or enlisted, they begin their careers, usually, around age 20 and retired before they are 40. They then
begin a second career in civilian life. But before that, they have to begin a long climb up the ranks; and for lower ranking enlisted members in particular, saving is
very difficult. Military pay is notoriously low, and many service personnel "report having difficulty covering expenses and saving for the future. Research conducted in June 2005 found that only 29
percent of military personnel who currently invest received a passing grade on a quiz about basic financial knowledge" (New campaign by NASD Foundation to provide financial education tools and training
to military, 2006-hereafter NASD, 2006). Despite their current unfamiliarity with finances, 58% of those surveyed said they wanted to learn more, and even more encouraging, 62% said they planned to
invest more (NASD, 2006). Some of the problems that are peculiar to the military are the low pay already mentioned, plus repeated changes of duty station, and overseas deployments
that result in long separations, all of which put a strain on family finance (NASD, 2006). Military families "are already aware that financial problems can often have an impact on
a service members ability to carry out his or her duties" (Military loan guarantees). At times, financial problems have become so severe that a service member has returned from deployment
to resolve them, which has an impact on the overall mission (Military loan guarantees). Financial problems are "often the first listed by leaders when asked about personnel problems. Often,
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