Check out the “BUZZ WORD” Trivia, Page 5!
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Money Matters
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IN THIS ISSUE
DECEMBER | JANUARY | FEBRUARY | 2015/16
Think you know the answer??
FINANCIAL TRENDS ››››››››››
FINANCIAL TRENDS ››››››››››
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oliday shopping starting earlier H A ttitudes about debt: hush money T he cost of college: Saving for Missy and Junior I D Protection for the holidays and beyond Make smart resolutions Sharing money without marriage You pay no interest
To: From:
Holiday shopping starting earlier
BUZZ WORD Trivia
RESOURCES ››››››››››
›
Ready to do some financial planning › My Money Matters
BITS AND PIECES OF INTEREST ›››› CFS BOOKSHELF ››››››››››
› G eneration Earn, The Young
professionals guide to spending, investing and giving back
Happy Holidays
FROM FLEET & FAMILY SUPPORT CENTERS
Are you already finished buying gifts for those on your holiday list? You’re part of a growing trend of shoppers getting started earlier. But, is it that you have become less of a procrastinator or is something else driving the trend? A poll of over 1,000 adults conducted by creditcards.com in September found that 14% of consumers had already started their holiday shopping, and that 2% were already done. Procrastinators still exist of course. 55% don’t plan to finish until sometime in December, and 20% will still be wrapping things up on Christmas Eve. Other findings of the survey: Online shoppers are slightly more likely than in-store shoppers to start early. 7% of shoppers over age 65 say they are al-
ready done. 23% insist they will be done by the end of November. Parents are much more likely to start early than non-parents. Women still do the majority of holiday shopping and are more likely to get started earlier than men. What is driving the trend toward early com“HOLIDAY SHOPPING STARTING EARLIER”, continued next page
“DON’T LISTEN TO PREDICTIONS OF WHAT WILL HAPPEN NEXT IN THE FINANCIAL MARKETS. MARKET FORECASTERS WILL FILL YOUR EAR, BUT NEVER YOUR WALLET.”
Reproduction of this publication in whole or part is authorized and encouraged in PODs and unit bulletin boards.
1 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
~WARREN BUFFETT
FINANCIAL TRENDS ››››››› ” “HOLIDAY SHOPPING STARTING EARLIER”, Continued from previous page
pletion? While we probably like to think we are getting more and more organized, advertisers are revving up earlier too. In a separate study conducted by Centro Inc, it was found that holiday promotions have shifted over 2 weeks earlier than previous years. There seems to be an increasingly widespread conclusion that the good deals favor those who start in October and November. It’s All at the Mall And for those who feel technology has changed everything, well, maybe not quite yet. 60% of respondents in the creditcards.com poll said their main method of holiday shopping will be in-person at retail stores. While 23% said their main method of shopping would be via their computer, only 7% said it would be done through a mobile device. The biggest loser seems to be mail order cata-
logs. Only 2% or adults plan to use catalogs as their main method of gift buying. Wouldn’t it be nice if Land’s End and Harry and David could get that message and stop clogging our mailboxes? Whatever your approach, if you haven’t jumped into the shopping scrum yet, keep the basics in mind: Make a list, stick to your budget and keep borrowing to a minimum.
As deadline passes, responsibility shifts “THE GREATEST ENEMY OF A GOOD PLAN IS THE DREAM OF A PERFECT PLAN. STICK TO THE GOOD PLAN.” ~CARL VON CLAUSEWITZ
Attitudes about Debt Hush money
Comfortable talking about your money? No, is the most common answer, at least among Americans. But, a discussion about money in general comes nowhere close to the taboo status of one particular subtopic of personal finances: credit card debt. Mortgage loans, jewelry loans, student loans, car loans. It seems less uncomfortable to discuss until it comes to credit card debt. The Federal Reserve Bank of NY conducts a yearly Survey of Consumer Finances (SCF), in which it asks respondents candid questions about their personal balance sheet. This year they compared SCF responses to the actual balances consumers carry on their credit cards according to credit reporting agency Equifax. The findings suggest we aren’t being very truthful about what we owe on our credit card when we respond to surveys. The Federal Reserve Bank found that consumers owe an average of 40% more than they are willing to admit on the bankcards.
Using historical data provided by Equifax, the NY Fed was able to go back over 4 randomly selected years since 2000 and concluded the trend is getting worse. Why people feel particularly self-conscience about credit card debt is not clear, but for anyone with a spending addiction, it can be one of the easiest ways to medicate themselves. Credit card debt can be among the most debilitating types of debt. The average interest rate on credit cards is now at 15.1% according to creditcards.com. Getting out of credit card debt can be a struggle, but the process is straightforward and almost always requires addressing spending issues. “IF YOU LOOK AT WHAT YOU HAVE IN LIFE, YOU’LL ALWAYS HAVE MORE. IF YOU LOOK AT WHAT YOU DON’T HAVE IN LIFE, YOU’LL NEVER HAVE ENOUGH.”
September 30 was a significant day in the lives of retailers who accept credit cards, which is just about every retailer, everywhere. Beginning in October 2015 any merchant who hasn’t upgraded their payment system to accept chip cards is responsible for fraudulent charges (instead of the issuing bank) that occur as a result. Don’t be surprised if you are asked to show some ID. Over the last several months banks have been sending new chip cards – aka EVM, or Europay Visa Mastercard – out to consumers. The chip embedded on the card won’t protect a merchant’s payment system, but it is considered much safer because any stolen card information is virtually worthless since the chip creates unique data for every transaction. Only about one-fifth of all merchants are expected to have the new card reading technology in place by then end of the year – well past the deadline. Consumer’s cards will still work since the magnetic strip will still be present on the card. Consumer’s liability is not changing. Generally, a consumer is responsible for only $50 per transaction for fraudulent use. For now, it is likely that most cards will be “chip and signature” cards, not “chip and PIN” cards. But, in the near future as more retailers embrace the new technologies, you’ll likely have yet another PIN to remember. “LIKE MOTHERS, TAXES ARE OFTEN MISUNDERSTOOD, BUT SELDOM FORGOTTEN.’’
~OPRAH WINFREY
2 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
~LORD BRAMWELL
FINANCIAL TRENDS ›››››››
ID Protection for the holidays and beyond The holidays tend to be a very active time for thieves, especially those who would steal your identity. We’d like to offer a few tips on being especially vigilant this holiday season.
Check credit card and debit card transactions often.
Make a habit of glancing at your card transactions every couple of days. You should be able to remember what you’ve done, report any misuse.
Use websites you trust.
If you’ve never been to a particular site or purchased from them before, try calling the contact numbers to see what happens.
Don’t leave a paper trail.
Secure your mail if you’re going out of town, shred the stuff you open and read.
What to do if your wallet is stolen.
This is a good time of year to make a plan, program the bank’s number into your phone – that should be your first call.
And, any time of year… Check your credit report regularly Safeguard your social security number Take your name off marketer’s hit lists. Do-Not-Call registry (1-888-382-1222) or visit www.optoutprescreen.com.
Make smart resolutions Make a note of it
According to a study by Fidelity Investments, a record number of consumers — 54% — are considering making a financial New Year’s resolution. Perhaps because the economy continues to improve and more people are feeling they are in a stronger financial position. Whatever the reason, financial resolutions, like most other resolutions such as losing weight or going to the gym, are rarely kept. Whether you are thinking of getting that credit card paid off, or building up that savings account, we’d like to offer some tips on making your financial resolutions stick.
Write down what is inspiring you to pursue this goal, put this notation somewhere you can find it when you need inspiration.
Consider placing your goal on auto-pilot
Why not use the allotment system to make it a reality? Bumping up TSP, accelerating the payoff on a debt, savings account contribution. It can all be arranged via mypay, and soon enough you may not even miss it.
Make your goal specific and measureable
Bad goal: I want more in my bank account by the end of the year. Better: I’m going to put $85 a month into an account so I have $1,000 at year’s end.
Stay grounded
If doubling your car payment in pursuit of paying it off by the end of the year is out of reach, don’t kid yourself. Keep it realistic.
Identify an action step
Money doesn’t grow on trees. If you are not starting something new, you are probably going to have to stop spending it somewhere else to make it happen. Identify what you are willing to give up.
“NO ONE HAS EVER SPENT THEIR WAY OUT OF POVERTY”
3 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
~MICHAEL SHERRADEN
FINANCIAL TRENDS ››››››› The Cost of College
Saving for Missy and Junior When the post 9/11 GI Bill came along, many decided that putting money aside for their youngster’s college education was no longer a necessity. For those who qualify, the post 9/11 GI Bill features paid tuition (with limitations), a stipend for books ($1,000/year) and a dependent E-5 housing allowance. Many ask, “What’s to save for?” A recent Wall Street Journal analysis considered the total cost of sending a child to college in the 2014/15 academic year. Here’s what they found as the per year tab for certain choices: • Public two-year community college, commuter: $16,325 • Public four-year in-state, on-campus living: $23,410 • Public four-year, out-of-state, on campus living: $37,229
The total costs include tuition and fees, room and board, books and supplies, transportation and other expenses. They found the average amount of aid received per year from post 9/11 GI bill benefits during the 2013/14 school year was $14,107.
There are a lot of variables, such as living at home while attending classes, that can drop the cost, but with a possible per year deficit of several thousand dollars for a 4 year in-state college, it may not be time to end contributions to that college fund quite yet. Just to be on the safe side how about this plan: Start putting $50 a month into CD’s beginning when they are born. Even at 2%, your principle and interest will grow to $13,000 by the time they are ready to go. Which still won’t pay for all of it, but at least it can take the sting out of it for you, or reduce the student loan burden for them. “IT TAKES AS MUCH ENERGY TO WISH AS IT DOES TO PLAN.” ~ELEANOR ROOSEVELT
Sharing Money
Without Marriage
A recent survey conducted by Credit Karma revealed that, half of married Millennials (generally those born between 1980 and 1995) had either “fully or partially merged their finances” with their future spouse before marriage. More than a third said they either used exclusively joint credit cards or had at least one joint credit card along with individual cards, prior to marriage. According to the US Census, the share of both men and women ages 25 to 34 living with a partner has more than doubled from 20 years ago — for men it went from 6.9% in 1995 to 14.7% in 2014 and for women it went from 6% to 14.3% in the same time period. Going from keeping money totally separate, to combining finances tends to be a slow evolution that begins when two people move in together. Initially, it is easy to say, “I’ll pay this, you pay that”, but joint expenses such as the need to buy furniture, getting a dog, or vacationing together force decisions like joint checking accounts and credit cards. However, marriage provides some legal protections that living together doesn’t. It is recommend-
ed that certain conversations takes place to develop important understandings about money. Here’s a checklist: emergency savings account is a classic common goal
Go through a budget together -This is a com- that promotes stability and joint accomplishment.
parison between what is coming in and what the expenses are. Want to really get to know someone? Ask them what they do with their money. All will be revealed, maybe more than you bargained for.
Who do you owe -You should understand exactly what your romantic roommate owes. People tend to be most uncomfortable talking about credit card debt. Leave nothing to chance: make a date one weekend to sit down and look at each-others credit report. If you’ve ever thought of your sweetheart as a completely trustworthy person, the credit report may tell a different tale. How much should we have in savings? -
Savings accounts have a way of lessening the inevitable financial stress that comes with those periodic expenses that sooner or later are coming your way. Agreeing on an appropriate amount to keep in an
Who is going to be the money manager? -
This seems unnecessary at first, but soon enough it can become a must. Be sure there is a crystal clear division of responsibilities. This eliminates the risk of late fees and unpaid bills going on someone’s credit report.
Who pays what/Who gets what if the relationship ends - This one can be hard, but
talk about it anyway. Especially prior to buying a big ticket item together like an expensive piece of furniture, or bigger still: signing a lease for an apartment. Consider noting some things on a piece of paper and keeping copies. Sort of like a pre-nuptial before marriage. “MONEY CAN’T BUY HAPPINESS, BUT NEITHER CAN POVERTY”
4 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
~LEO ROSTEN
FINANCIAL TRENDS ››››››› You pay no interest! It is the holy grail of auto financing, zero percent APR. No interest for the life of the loan. Who wouldn’t want that? Depending on the deal and a few other factors, it may not be the way to go. According to Experian Automotive, new car buyers who obtained APR’s of 1% or less had an average credit score of 754. The average credit score for all new car buyers in the first half of 2015 was 713 for whom the average interest rate was 4.7%. But, even if you are among the elite who qualify, there are some things to understand before you pursue it. Often, zero percent is offered only on certain models and with money down. This alone may be a disincentive for some people. Sometimes the zero percent
financing is offered as an alternative to cash back. If so, do some math. A $25,000 car at zero percent for five years would come with a monthly payment of $416. Let’s say you are offered a choice between the lower interest rate and a cash-rebate of $2,500. The rebate, if applied to the price of the vehicle would lower the amount financed to $22,500. If this new amount was financed for the same five years at 3.5 percent the monthly payment would be $410, saving you $400 over the life of the loan. You would save even more in interest if you pay the loan off early.
INTEREST RATE?
Perhaps most important is to keep in mind the reason they are offering you an interest free loan. Auto dealers make money on the add-ons that go with the car. When the loan comes with no interest it becomes easier for them to sell you on extras you may have had no intention to include. Fat warranties, fancy trim packages, fabric protection, gap insurance, premium sound, paint sealant, security systems, the list is long. Salespeople are good at characterizing 0% APR as free money. That can quickly become, “Why not add in this fancy extra, after all, it’s free money!” The trick is to stick to what you were going to buy before the offer for a no-interest loan came along. “BEWARE OF LITTLE EXPENSES. A SMALL LEAK WILL SINK A GREAT SHIP.” ~BENJAMIN FRANKLIN
THINK YOU KNOW {BUZZZW } } D OORRODR } D THE ANSWER? {BUZZ WW
{BUZ
TRIVIA
Planning a big Super Bowl party? Don’t spend too much. In February 2015, Americans spent $8.7 billion on the sports world’s biggest single spectator event. According to the National Retail Federation, on which of the following annual occasions did Americans spend less money than they did for the big game? a. Back to School Shopping HINT: b. Mother’s Day ot want n y a m c. Halloween You t your firs d. Valentine’s Day to trust instinct! e. Easter Think you know the answer? Enter our contest for an FFSC Gift Basket give away. LOTS OF FUN STUFF! Submit a correct response no later than December 16, 2015 and you are in the running to win. *Please email responses to wally.barstow.ctr@navy.mil *If you win, you will need to come by the Norfolk FFSC to pick up the gift basket. Good Luck!
All I did was answer the question! You can too!
Joan Marie S anchez
Do you, or someone you know, want to be included on the email distribution list to receive this publication?
Contact Wally Barstow at 444-2102 or by email wally.barstow.ctr@navy.mil and start receiving “MONEY MATTERS” today! 5 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
RESOURCES ›››››››
Ready to do some financial planning? Financial planning sounds like such a grown-up thing to do. Often when a person or a couple begins to feel secure with their income, financial thoughts begin to drift further out into more advanced topics like making a will, beginning retirement contributions, saving for a house, or kids, or life insurance needs. It can seem complicated quickly with so much to think about. We have a suggestion on a starting point for your financial planning: your debts. Think about getting them paid off. Other than the mortgage, student loans and car loans are the two biggest sources of debt in America. But the list hardly ends there. There are personal loans, jewelry loans, furniture loans, consolidation loans, credit cards, store cards, Military Star cards, etc. Perhaps the best financial plan is one that puts you on a pace to become debt free.
Elements of the plan
A debt liquidation strategy should include two vital elements. The first is a resolution to stop borrowing. This tends to be a difficult one to keep
without a sufficient savings account. Why? Things happen. An urgent need to go home on leave, new tires or needed maintenance for the car, a suddenly sick dog. Think about the things that could go wrong in your life and create a sufficient savings account to deal with them without borrowing. The next resolution to make is to establish the amount going out to all creditors. Note all minimum payments to each account and decide if you can add anything extra to get this done quicker. It usually makes sense to send anything extra to the highest APR account, but you decide which account to emphasize.
The biggest decision
Once a single account is paid in full the key is rolling that money over to another debt and not lowering the total amount going to creditors each month. Sometimes called the ‘snowball’ effect or the ‘full steam’ approach, this is the biggest part of getting rid of debt. This approach becomes particularly powerful when the car loan is done. An extra $300 to $400 dollars a month suddenly added onto another ac-
Start Here count has an accelerating effect that causes debt to evaporate very quickly. Any Fleet and Family Support Center Financial Educator can run a ‘Full Steam’ estimate for you to illustrate the powerful effect of rolling payments on to remaining debts until all are paid in full. There is a list of important subtopics to deal with when beginning a financial plan. Few create the joyous feeling that comes over a person who has become debt free. “TELEVISION WON’T BE ABLE TO HOLD ON TO ANY MARKET IT CAPTURES AFTER THE FIRST SIX MONTHS. PEOPLE WILL SOON GET TIRED OF STARING AT A PLYWOOD BOX EVERY NIGHT,” ~DARRYL ZANUCK, 20TH CENTURY FOX, 1946.
My Money Matters In a “no debt” state of mind EN2 Anthony Mortillaro was sick of the debt and ready to get out of it. The Queens, NY native had been in the Navy almost 10 years and knew separation from the service was coming in 2016, but did not want his personal loan and credit card debt to be part of the picture. He felt like the interest rate and finance charges were eating up most of the payments. After speaking with his wife, he decided to take action. The first step was moving all the debt onto a lower interest rate consolidation loan. Still unsatisfied with how slowly the debt was decreasing, he ramped up his part-time painting business (www. etsy.com, THASMgallery), and used the extra income to pay off the five year loan in two years.
EN2(EXW) Anthony Mortillaro “We didn’t have true freedom when we were in debt”, he explains, but now the plan is to “pay cash for our next car.” The primary goal is to have a certain amount in his bank account before he gets out of the Navy. Another benefit: he noticed his credit score shot up as the debt went down. At Fleet and Family Support Center, we’re pleased for conversation about getting out of debt, but even more impressed when a person takes action. The outcome can be gratifying for all.
$1,641 THE AVERAGE AMOUNT PER YEAR A DOG OWNER SPENDS ON THEIR PET ACCORDING TO THE AMERICAN PET PRODUCTS ASSOCIATION. THE FIGURE INCLUDES FEEDING, GROOMING, MEDICAL CARE AND, YES, A HALLOWEEN COSTUME. THE TOTAL IS UP 25% FROM JUST FIVE YEARS AGO.
6 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
BITS AND PIECES ››››››› pressing statistics about savings habits has found that 21% of Americans don’t have a savings account, while 62% have a savings account with less than $1,000 in it. “THERE CAN BE NO COURAGE UNLESS YOU’RE SCARED.” ~EDDIE RICKENBACKER
Stop staring at that screen
Housing Crisis Hits Silver Screen
Interested in revisiting the financial meltdown of 2008 - 2009? Hollywood has come out with a housing crisis suspense thriller entitled ’99 Homes’, whereby the protagonist works his way through contract signatures, eviction notices and credit-default swaps. If you ask us, the real thing was scary enough.
Are you worth your weight in gold?
Nothing personal, but probably not. While down significantly from the highs reached during the financial crisis, gold is still fairly pricey at $1165 an ounce. That would mean a 200 lb person would need to be worth about $3.7 million to match their weight in the precious metal.
Don’t be one of these statistics
A recent tally on personal finances taken by Google Consumer Survey revealed a few de-
Thomas Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals, conducted a five-year study of wealthy people and found they don’t watch TV or incessantly surf the internet. Specifically: 75% of poor adults tend to watch TV or surf the net more than 1 hour a day, whereas 65% of the wealthy spend less than an hour on each daily.
And now that you’re richer
How about a fat tax rebate? A pair of University of California, Berkeley professors have done an analysis of those who purchase electric cars, thereby qualifying for a $7,500 tax credit. Turns out 90% of these tax credits are going to the wealthiest 20% of households.
Ferrari for Christmas?
We don’t recommend putting the luxury sports car on your holiday list, but you may have heard the iconic car company (which is actually controlled by Fiat/Chrysler) is selling shares of stock. So if the price of the car is too much for you ($180K to $400K), perhaps a share of stock at about $50 is more your speed. “MONEY, IF IT DOES NOT BRING YOU HAPPINESS, WILL AT LEAST HELP YOU BE MISERABLE IN COMFORT.” ~HELEN GURLEY BROWN
Gas/Home prices have inverse relationship
Thinking of selling your house? Do it now while gas prices are still low. The results of a 10 year academic study conducted in Virginia are that as gas prices go up, home prices go down. Why? A theory is that RE agents become less inclined to go through as much trouble (like driving around town incessantly) selling your listing since it is costing them big time at the pump. Specifically, for every $1 increase in the price of gas, home prices decline between $4,000 to $6,000.
Ask CFPB
Got a question about a personal finance issue? At consumerfinance.gov/askcfpb/ you can inquire, complain and research topics of interest. There are frequently asked questions to view and a special section devoted to service members.
Relax…the odds are in your favor
Due to federal budget cuts the IRS has not been able to audit nearly as many taxpayers as in the past. In 2015, less than 1% of returns were scrutinized (an 11 year low). 2016 is expected to be no different since there is not enough money to employ as many “revenue agents” to perform the audits. Those most likely to be audited: The extreme high income returns and low income returns that claim the earned income tax credit. THE INCOME TAX RETURN HAS MADE MORE LIARS OUT OF THE AMERICAN PEOPLE THAN GOLF.”
7 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
~WILL ROGERS
FFSC FINANCIAL CLASSES
FINANCIAL BOOKSHELF››››
Generation Earn
• The Art of Money Management • Banking and Financial Services • The Basics of Retirement Planning
The Young Professional’s Guide to Spending Investing, and Giving Back
• Car Buying Strategies • Consumer Awareness • Command Financial Specialist Training • Command Financial Specialist Forum
by Kimberly Palmer
• Command Financial Specialist Refresher • Credit Management
Reviewed by Wally Barstow
Several years ago personal finance author Carmen Wong Ulrich wrote a book about the New Millennials called Generation Debt. The book described in less than flattering fashion a group of young professionals who were loaded with debt because of their inability to control spending on lattes and designer clothes. Ms. Palmer takes issue with the conclusions and proposes the new moniker Generation Earn to describe a group who is actually focused on frugality, sustainability and simplicity. Also on earning money, but in much more innovative ways due to the new ‘sharing’ economy. There are some tweaks on time tested themes such as creating a budget: It should be done on an annual basis instead of monthly. Tracking your expenses is highly recommended, especially if you’ve never tried it, but forget the pocket sized notebook, use the phone app. “All debt isn’t bad” is a repeated theme in the first part of the book. Even credit card debt is OK as long as you had some fun, fulfilled a dream, or traveled to an interesting place. Get it paid back as soon as possible. In later pages she encourages the virtues of becoming debt free which seemed a bit inconsistent. There is lots of conversation about moving in together (married or not) and how to manage the finances. She offers suggestions on different approaches, but no “one size fits all.” On the subject of combining finances without marriage she is adamant about not opening joint credit accounts. If the relationship sours, that can haunt a person for a long while. “Freecycling” is a term she uses to describe donating assets once done with them, especially things for the baby. And since this generation if far more engaged in protecting the environment, she offers a chapter on Green Spending. New
• Developing Your Spending Plan • Division Officer Financial
Leadership Seminar • Don’t Bet Your Life On It • Financial Responsibility in the Military • Homeownership
rules of philanthropy are explained in the chapter “Budgeting from the Heart.” Throughout the book, many age-old personal finance themes have been redesigned to resonate to a younger crowd. If you have felt frustrated in developing financial goals this book may present a new, perhaps helpful perspective. “THE WAY TO GET THINGS DONE IS NOT TO MIND WHO GETS THE CREDIT FOR DOING THEM.” ~BENJAMIN JOWETT
LAST ISSUE BUZZ WORD TRIVIA ANSWER! QUESTION: According to Forbes magazine there are now 1,826 billionaires in the world who are worth over $7 trillion. 11 of them are black. Of the 11, two are Americans. Who does Forbes identify as the only two African-American billionaires?
ANSWER: Oprah Winfrey & Micheal Jordon
• How to Survive the Holidays
Financially • Identity Theft Protection • Insurance • Million Dollar Sailor • Savings and Investing • Smart Start Finances for Newlyweds • TSP - Your Key to Financial Independence For class schedules and to register for classes, call an FFSC near you, visit our website or scan this mobile code with your smart phone.
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www.cnic.navy.mil/navylifema Do you have comments about this publication, a topic you would like to see covered or a book to be reviewed? Contact Wally Barstow at (757)444-2102 or wally.barstow.ctr@navy.mil
8 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC