Sunday, January 09, 2005

More on First Command 
From veteran financial writer Lynn O'Shaughnessy, writing for the San Diego Herald Tribune

After hearing about the firm's so-called systematic investment plans, this was my reaction: Would I rather invest in First Command or deposit my money in a paper shredder?

Ms. O'Shaughnessy closes with some advice I wholeheartedly agree with: Military families should invest what they can in the Federal Thrift Savings program. It's a great program.

She also, however, closes with some other advice I disagree with:

And in the future, avoid outsiders hawking financial and insurance products on military bases.

I can think of a lot of instances a military family would need to do business with an "outsider."

I military member might want to buy life insurance on a nonmilitary working spouse, for example. Or disability insurance. Or take out a long-term-care insurance policy on parents.

Any military family with children should consider looking at a Section 529 college savings plan or Coverdell Education Savings account.

You can't get these through the military.

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