WV Officials, National Guard Urge Service Members To Focus on Financial Readiness 

Governor Manchin has proclaimed this week as Military Saves Week in the Mountain State.  To support this initiative, the Auditor’s Office teamed up with the Department of Military Affairs & Public Safety and the National Guard to distribute a new booklet to West Virginia’s military personnel entitled Kiplinger-Better Business Bureau’s “Personal Finance for Military Families.”

Gainer, who also serves as the West Virginia Securities Commissioner, said military families are frequent targets of con artists peddling fraudulent financial products.  The worst aspect of military “affinity” scams is that these con artists make their pitch based on the specific situations created by military life.

“We are pleased to unveil the new guide,” Gainer said. “My mission is to defend investors from fraud. We regulate the financial professionals who help you invest your money. We make sure they are properly licensed and abide by West Virginia’s securities laws.”

The estimated 75 members of the West Virginia National Guard and their families at the announcement were given copies of the new guide.  They also participated in a seminar on investment scams that have affected West Virginians in recent years and learned how to identify these constantly evolving financial threats.

“Personal Finance for Military Families” provides guidance on a dozen diverse personal finance topics, including the following:

** Investing for the Future. Members of the military have access to special investing plans that can help them save for the future. But they may be targets of scam artists. The guide shows them how to make the most of their special savings plans, make smart investing decisions and avoid the scams.

** Protecting Their Investments and Family. Military families have some unique risks – especially when they’re deployed. But they also have access to special programs to help them protect their savings. The booklet guides them on how to make the most of these resources in areas such as insurance, estate planning and taxes.

** Special Home-Buying Resources. Military families, who tend to move frequently and sometimes with little notice, have access to special mortgage programs and tax breaks. The guide addresses these valuable resources and some key investing decisions they can make beforehand to provide them with more options.

** Protecting Investments When Leaving the Military. Service men and women will need to make some key investing decisions after leaving the military. The booklet provides guidance to help ensure that the savings they have built throughout their service lasts through retirement.

** Special Benefits for Military Families. Members of the military have special legal rights and other benefits. The guide shows them how to make the most of those benefits to help protect their savings.

To view the guide, please visit www.wvsao.gov, or call the State Auditor’s Office at 888-368-9507 for more information.

 Note: The Investor Protection Trust partnered with Kiplinger’s Personal Finance Magazine and the Council of Better Business Bureaus to publish the comprehensive guide for West Virginia. Military Saves Week was established by the U.S. Department of Defense in 2008 as the military component of America Saves Week. 

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