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Personal Financial Counselor ( PFC) Overview

Department of Defense Military Family Readiness Readiness. Personal Financial Counselor ( PFC) Overview. Personal Finance. Mission Readiness & Personal Readiness Require: Financial Stability. Sound Personal Financial Behaviors. Personal Financial Counselors (PFCs).

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Personal Financial Counselor ( PFC) Overview

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  1. Department of Defense Military Family Readiness Readiness Personal Financial Counselor (PFC) Overview

  2. Personal Finance Mission Readiness & Personal Readiness Require: Financial Stability Sound Personal Financial Behaviors Personal Financial Counselors (PFCs)

  3. Challenges Unique to Service Members • Security Clearance Denied • Age • Away from Support Systems • Responsibilities • Lifestyle • Frequent Moves • Deployments • Spouse Employment • Easy Credit • Direct Marketing • Greater Resources • Credit Availability

  4. Financial Mismanagement Consequences Military Negative Evaluation Loss of Promotion Reduction in Rank Loss of Overseas Transfer Loss of Security Clearance Non-judicial Punishment Administrative Discharge Civilian NSF Charge Denied Credit Negative Credit Report Repossession Foreclosure Bankruptcy Jail Service Members are subject to both Military and Civilian consequences of financial mismanagement.

  5. PFC Service Goal Promote Financial Responsibility and Accountability in: Money Management Preventive Financial Education Financial Counseling Information and Referral Personal Financial Readiness Responsibility & Accountability Building Wealth Choice and Freedom WE… THROUGH… TO ACHIEVE…

  6. PFC Service Types Education • Prevention Education • Sound Financial • Practices • Financial Pitfalls • Consumer Rights • and Obligations Budget Development financial Goal Setting Record Keeping Cash Management • Age Appropriate Children & Youth Financial Management Classes Banking Consumer Rights Insurance Military Pay Credit Critical Life Stages

  7. PFC Service Types Financial Counseling • Financial Counseling Services • Financial Analysis • Budget & Spending Plan Development • Major Purchase Planning • Extended Absence Financial Plans • Tax Planning

  8. PFC Service Types Information & Referral • Information & Referral • PFCs stay current on a full range of services that are available in the local community. • They have a variety of Resources at • their fingertips. • If they don’t know the answer, • they will find someone who does.

  9. Summary • Mission & Family Readiness Depend on Financial Stability • Risk Factors in the Military Environment • Consequences • Program Goals • Types of Services Available Questions?

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