Military Money Expert Explains the Importance of Financial Management for Service Members - with Lacey Langford | From Military to Millionaire Podcast

Episode: 118
Lacey Langford
Join David Pere and Alexander Felice with Lacey Langford as they discuss the importance of financial management for military service members.
 
Lacey is an accredited financial counselor, military wife, mom, and veteran. She is also the creator and host of The Military Money Show.
 
Being a military wife and frequently transferring to different places has made it hard for her to find work. So, she leveraged her knowledge of investing and building wealth and started her own coaching business to help other service members, veterans, and their families get their financial lives running smoothly.
 
In this episode, Lacey shares her insight on living below your means, preparing for your retirement while on active duty, and why you should save 30% of your income while you’re still young. Stay tuned!
 
About Lacey Langford:
 
Lacey Langford, AFC® is The Military Money Expert® and the founder of LaceyLangford.com, a personal finance blog specializing in the unique world of the U.S. military. Lacey’s the creator and host of The Military Money Show, a podcast dedicated to helping the military community with personal finance.
 
Besides being a financial coach, Lacey teaches other financial professionals to build a portable and profitable coaching business through her Financial Coaching Business Builder course.
 
She’s an Accredited Financial Counselor® with over 15 years of experience in financial planning, counseling, and coaching. Her education includes an Executive Certificate in Financial Planning from Duke University and a B.S. in Finance from the Unversity of North Carolina at Wilmington.
 
As a U.S. Air Force Veteran, military spouse, financial coach, speaker, and writer, she changes people’s mindset from being fearful of money to having control and confidence with it.
 
She likes long walks on the beach, cross-stitch, and opera. Just kidding. She loves reality, TV, chili-cheese Fritos, and laughing.
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Advice to an 18-20-year old:
Save 30% of your income!
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Recommended resource(s):
Learn to budget!
On base financial resources / Military One Source3140
Dave Ramsey books: link
David Bock books: link
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Outline of the Episode:
[02:44] Building a career when you're a military spouse
[06:54] The amazing things you can accomplish by just trying
[09:35] Saying yes to opportunities that come your way
[12:22] How self-reflection helps you overcome a bad day
[15:23] Two common financial hurdles military service members have
[18:13] How to deal with uncoachable clients. You have to draw the line at some point!
[22:55] The challenges in coaching couples about financial management
[26:53] Making sacrifices to get out of debt. You have to do the dirty work!
[33:09] Why you should take care of your finances when you're still on active duty
[35:39] Saving money for two people - yourself and your 85-year-old self.
[39:36] How much money should young service members put away as savings?
[43:27] The freedom of not having to live paycheck to paycheck
[46:35] Why you should not touch your tsp.
[51:11] G fund and F fund - what's the difference?
[52:39] Saving 30% of your income while you're still young
[54:52] Lacey's recommended resources
 
Resources:
Website - link
Podcast - link
Instagram - link
Facebook - link
Twitter - link
LinkedIn - link
 
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