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Watch Out For Financial Scams Targeting Military Families

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I read an article in the latest Kiplinger’s magazine today about military families getting ripped off by companies such as First Command Financial and American Amicable Life Insurance. These people are serving our country by laying their life on the line for our freedom, and there are scum-of-the-earth companies out there trying to take advantage of their steady paycheck. And it’s not like our military is making a killing, which is a whole other story in itself. The fact that they get paid peanuts for the work they perform every day, is criminal in itself. If you’ve served in the military and you are on leave or were recently discharged, watch out for the vultures that love to surround the military bases.

Watch Out For High-Fee Investments.

These investments benefit the salesman and no one else. First Command Financial is paying out $12 million dollars for making misleading statements about an investment product with a 50% front sales load fee in the first year! You invest $10,000, and they take $5,000. That’s predatory financial practices at its finest. American Amicable Life Insurance was selling a horrible life insurance product packed with high fees, and they are now paying $70 million dollars in refunds and increased life insurance benefits. Life insurance is unbelievably important to military personnel with family. Make sure that you know what you are buying. Agents are not allowed to pitch you a product unless you attended a voluntary meeting.

Get Free Financial Education

Kiplinger’s offers these three websites to help get free financial education for military personnel:

Save And Invest , Military Money , and the SEC’s Military Page

I always stress the importance of self educating yourself about personal finance. If you’re in the military or fresh out of the service, you can do no better thing for yourself than teach yourself about investing, budgeting, and insurance. If you are in the military and you have any questions that I can help you with, please do not hesitate to Contact Me.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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