Harris: The Military, Your Money, and AFCPE
By Charlestien Harris
May is celebrated as National Military Appreciation Month! Take a moment to tell a service member how much you appreciate their service to this country. If you are not in the military, you might not realize that the military provides financial resources and counseling services to its personnel.
I am a member of the Association for Financial Counseling and Planning Education (AFCPE), an organization that recruits military members to become Accredited Financial Counselors (AFCs). These counselors specialize in assisting military members and their families with their finances. AFCPE provides financial education and resources to military service members, their spouses, and families, helping them navigate the unique financial challenges of military life. AFCPE also offers financial counseling and education through its Military Essentials course, which is tailored to support financial counselors working with service members at all stages of their military careers.
Below is a more detailed look at what AFCPE offers as resources to military service members and their families:
- Military Spouse Fellowship: AFCPE, in partnership with the FINRA Investor Education Foundation, provides financial counseling training and resources to military spouses through its Military Spouse Fellowship program. This program helps spouses gain the skills and knowledge to earn the AFC® designation, enhancing their career prospects and enabling them to assist military families with financial challenges. As a Military Spouse Fellow, you will:
- Gain the experience and credibility needed to work in the financial field.
- Make lifelong friends and connections with other military spouses in the program.
- Build a flexible career that empowers you to achieve your dreams while still supporting your service member and family.
Upon completion of the program, Military Spouse Fellows go on to serve as financial counselors at family readiness and support centers, credit counseling and tax centers, financial aid offices, and credit unions throughout the U.S. and abroad.
- Financial Counseling Resources: AFCPE offers a variety of financial counseling and education resources for military service members and their families, including the Military Essentials course, which covers military-specific terminology, programs, and financial issues. Military OneSource also provides free financial counseling through installation programs, offering support tailored to the unique financial needs of service members and their families. Military personnel and their families can learn basic personal finance skills such as how to pay down debt, manage a checking account, choose good investments, and create a family budget. Find in-depth resources on these topics, as well as investing, credit management, and much more at FINRED.
- AFC® Certification: Individuals seeking to become AFCs can find that working with military families aligns well with the educational and ethical standards of AFCPE. The AFC® designation can enhance their career prospects and enable them to effectively assist military members and their families in achieving their financial goals. The AFC® designation provides you with the knowledge and experience to meet individuals and families where they are, help them build a strong financial foundation, realize their goals, and achieve lasting financial well-being. Below is a short list of skills that can be developed through obtaining your designation:
- Educate clients in sound financial principles.
- Assist clients in overcoming their financial indebtedness.
- Help clients identify and modify ineffective money management behaviors.
- Guide clients in developing successful strategies to achieve their unique financial goals.
- Support clients as they work through their financial challenges and opportunities.
- Help clients develop new perspectives on the dynamics of money in relation to family, friends, and individual self-esteem.
- Navigate cultural and emotional aspects of money.
- Military Essentials Course: This course is specifically designed to support financial counselors working with service members at all stages of their careers, from initial enlistment to post-service transition. It provides military-specific terminology, programs, and financial issues that counselors need to understand to effectively assist military families. Military Essentials is a professional development resource library, developed in partnership with the FINRA Investor Education Foundation. There are free tools and resources found in this library designed for financial professionals working with military service members, veterans, and their families on their journey to financial well-being. For more information about this resource, visit the AFCPE website.
- FINRA Foundation Support: The FINRA Investor Education Foundation actively supports AFCPE’s efforts to enhance financial literacy within the military community, including the Military Spouse Fellowship program and the Military Essentials course. The FINRA Foundation Fellowship is a unique opportunity for qualifying military spouses to earn the AFC® at no cost to them, thanks to the generous funding provided by the FINRA Investor Education Foundation. If you are interested in becoming a military spouse fellow, visit AFCPE’s Fellowship page.
In the military world of finance, AFCPE plays a crucial role in equipping both military professionals and financial counselors with the knowledge, skills, and resources necessary to support military service members and their families in managing their finances and achieving their financial goals.
For more information on this and other financial topics, you can email me at Charlestien.Harris@banksouthern.com or call me at 662-624-5776.
Until next week – stay financially fit!
Charlestien Harris is our financial contributor, a financial expert with Southern Bancorp Community Partners whose articles are seen in a number of publications around the region.
