Jim Redwine became concerned about his finances when he deployed to Operation Enduring Freedom in 2001, wondering what might happen to his family if he were killed.
Redwine, then a major, and his wife, Gina, had been frugal with their spending before, but that’s when they really began to worry about money.
“I started getting focused on finances because I was leaving my young son and very newly born daughter,” he said. “That first deployment really got me focused on taking care of my family, should something terrible happen.”
More than 10 years later, Lt. Col. Jim Redwine, automation management officer for the Combined Arms Center, has been able to live debt-free and put away enough for him and his family to feel secure. He’s published a book digitally, “Win the Money War: A Straightforward Plan for Service Members,” to help them better understand the financial tools the government provides.
Redwine said his book includes information on the Thrift Savings Plan, individual retirement accounts and charts on how to determine whether the Survivors’ Benefit Plan is necessary.
Redwine said he noticed during his Afghanistan deployment that his Soldiers weren’t well acquainted with the financial services available to them.
“I think most Soldiers realize TSP is available to them, I think more Soldiers are aware of IRAs as well — what is not available is a strategy for how to use those tools,” Redwine said.
Mark Ramsey is the financial readiness coordinator for Fort Leavenworth’s Army Community Service. He’s another resource Soldiers, families and retirees can turn to for information about finances.
Ramsey hasn’t read Redwine’s book, but said one of the details mentioned in the book about TSP is accurate. Soldiers should take a look at how those funds are invested, Ramsey said.
“If you open a TSP account, the default automatically goes into the G-fund, which is the most conservative fund, or government bonds, and the investment may not go up right away,” Ramsey said.
Ramsey said he can help Army families and Army retirees look into what their funds are doing and explain some options for re-investing for free. He also assists with budgeting and cashflow and helps Soldiers with serious debt problems. The same advice is available through Army One Source or for sister services through Military One Source, www.militaryone-source.mil. Ramsey can be reached at ACS, 684-2800.
“We can explain the advantages of the TSP to the differences between a Roth IRA and a traditional IRA and help them come up with the best option based on their needs,” Ramsey said.
Jim Redwine said his family practices what they preach by not carrying debt over from month to month and having an awareness of what’s going on with their investments.
They are also careful to avoid bank or bill fees.
Gina said she’s also discovered she can split paying some of her bills by paying a little on the 15th and the rest on the 30th.
“They don’t care how you pay the bill, as long as by the end of the month you’ve paid your bill,” Gina said.
They use mostly cash for household expenses, with a credit card in place of a debit card because they’re concerned about identity theft and security. They also use a Military Star Card.
“We sweat the small stuff,” Redwine said. “People are shocked when I tell them that we don’t have cable TV. But you can get 15 to 20 digital channels over your antenna for free.”
Redwine said he conducted extensive research for his project, contacting the Social Security Administration, insurance companies, finance companies and other resources for information they typically share about financial readiness.
The chapter on Survivor Benefit Plans took Redwine about four months of research. He put together a chart to help service members decide if SBP is right for them. It’s important, Redwine said, because once a service member elects SBP, they’re tied to that fund for life.
“SBP ensures spouses continue to receive some sort of retirement,” Redwine said. “Your decision as to whether you do SBP necessitates you considering all of the other sources of income your surviving spouse will enjoy.”
Redwine said he thinks that financial awareness is directly tied to deployment readiness, making it a force sustainment imperative for military members.
“Soldiers with huge financial problems have worries they should not have when they have an enemy ready to kill them,” he said.
With his second Operation Iraqi Freedom deployment to Iraq in 2006 — his third overall including his first Gulf War deployment in 1991 — Redwine said he felt his family’s situation was much more financially sound.
“If you properly invest in a rate of return which exceeds dollar devaluation, you develop a net worth necessary to take care of you and your family,” he said.
Redwine’s book, “Win the Money War: A Straightforward Plan for Service Members,” is available online through Amazon and Barnes & Noble.
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Jim Redwine became concerned about his finances when he deployed to Operation Enduring Freedom in 2001, wondering what might happen to his family if he were killed.
Redwine, then a major, and his wife, Gina, had been frugal with their spending before, but that’s when they really began to worry about money.
“I started getting focused on finances because I was leaving my young son and very newly born daughter,” he said. “That first deployment really got me focused on taking care of my family, should something terrible happen.”
More than 10 years later, Lt. Col. Jim Redwine, automation management officer for the Combined Arms Center, has been able to live debt-free and put away enough for him and his family to feel secure. He’s published a book digitally, “Win the Money War: A Straightforward Plan for Service Members,” to help them better understand the financial tools the government provides.
Redwine said his book includes information on the Thrift Savings Plan, individual retirement accounts and charts on how to determine whether the Survivors’ Benefit Plan is necessary.
Redwine said he noticed during his Afghanistan deployment that his Soldiers weren’t well acquainted with the financial services available to them.
“I think most Soldiers realize TSP is available to them, I think more Soldiers are aware of IRAs as well — what is not available is a strategy for how to use those tools,” Redwine said.
Mark Ramsey is the financial readiness coordinator for Fort Leavenworth’s Army Community Service. He’s another resource Soldiers, families and retirees can turn to for information about finances.
Ramsey hasn’t read Redwine’s book, but said one of the details mentioned in the book about TSP is accurate. Soldiers should take a look at how those funds are invested, Ramsey said.
“If you open a TSP account, the default automatically goes into the G-fund, which is the most conservative fund, or government bonds, and the investment may not go up right away,” Ramsey said.
Ramsey said he can help Army families and Army retirees look into what their funds are doing and explain some options for re-investing for free. He also assists with budgeting and cashflow and helps Soldiers with serious debt problems. The same advice is available through Army One Source or for sister services through Military One Source, www.militaryone-source.mil. Ramsey can be reached at ACS, 684-2800.
“We can explain the advantages of the TSP to the differences between a Roth IRA and a traditional IRA and help them come up with the best option based on their needs,” Ramsey said.
Jim Redwine said his family practices what they preach by not carrying debt over from month to month and having an awareness of what’s going on with their investments.
They are also careful to avoid bank or bill fees.
Gina said she’s also discovered she can split paying some of her bills by paying a little on the 15th and the rest on the 30th.
“They don’t care how you pay the bill, as long as by the end of the month you’ve paid your bill,” Gina said.
They use mostly cash for household expenses, with a credit card in place of a debit card because they’re concerned about identity theft and security. They also use a Military Star Card.
“We sweat the small stuff,” Redwine said. “People are shocked when I tell them that we don’t have cable TV. But you can get 15 to 20 digital channels over your antenna for free.”
Redwine said he conducted extensive research for his project, contacting the Social Security Administration, insurance companies, finance companies and other resources for information they typically share about financial readiness.
The chapter on Survivor Benefit Plans took Redwine about four months of research. He put together a chart to help service members decide if SBP is right for them. It’s important, Redwine said, because once a service member elects SBP, they’re tied to that fund for life.
“SBP ensures spouses continue to receive some sort of retirement,” Redwine said. “Your decision as to whether you do SBP necessitates you considering all of the other sources of income your surviving spouse will enjoy.”
Redwine said he thinks that financial awareness is directly tied to deployment readiness, making it a force sustainment imperative for military members.
“Soldiers with huge financial problems have worries they should not have when they have an enemy ready to kill them,” he said.
With his second Operation Iraqi Freedom deployment to Iraq in 2006 — his third overall including his first Gulf War deployment in 1991 — Redwine said he felt his family’s situation was much more financially sound.
“If you properly invest in a rate of return which exceeds dollar devaluation, you develop a net worth necessary to take care of you and your family,” he said.
Redwine’s book, “Win the Money War: A Straightforward Plan for Service Members,” is available online through Amazon and Barnes & Noble.
