In these trying economic times, Americans have turned to the news media for the latest information and analysis. And the news media has turned to First Command. Print and broadcast journalists throughout the country have sought out members of the First Command family for information and expert commentary during the economic crisis. Our Financial Advisors and senior executives have shared the company’s time-tested advice for pursuing financial goals and lifetime dreams. They have provided detailed insights into the financial lives of middle-class consumers through the First Command Financial Behaviors Index, which assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey. And most importantly, they have explained the critical role that a knowledgeable professional can play in enhancing financial well-being and long-term security.
"'For the past 20 or so years, we have been on a consumption kick that is out of proportion with anything we've had in history,' says Scott Spiker, CEO of First Command in Fort Worth, Texas. 'It's almost an opiate to which our society is addicted.'"
"'Establish a discipline and not be impulsive about things,' advises Martin Durbin, chief operating officer of First Command Financial Services. 'People buy things they can't afford long term, and they dig a hole they can't get out of.'"
"Many people focus on one area of finances, neglecting the other so badly that there's not enough money to go around. The old rule of thumb, while uninspired, might be the only thing that works: Pay yourself first, says First Command CEO Scott Spiker. 'Spending less than you make is what's important.'"
"'Our company has delt with middle income families for a very long time and one of the things I've discovered in my 15 years in financial services is very few people live on an actual budget,' says Luis Muniz, a senior manager at First Command Financial Services in Boiling Springs, Cumberland County. 'The biggest piece of advice I could give is to establish a budget and stick with it. It requires discipline, which is why it's so challenging.'"
"'If you have a financial plan, you're feeling more optimistic about controlling your financial well being,' said First Command CEO Scott Spiker."
"Perhaps we're waking up to some fundamentals that have long since been absent from our economy. My view is that we've been addicted to the opiate of consumer spending as an economic driver for the last 20 years. And folks are waking up and saying that's just not adequate anymore."
"'If you've made some mistakes, forgive yourself,' says Robin Jones, financial advisor, principal and district advisor for First Command Financial Services, Inc. 'It's something that can be easily equated to dieting. Make a plan, stick to your plan and be prudent and realistic about your goals and timelines. If you spend four years acquiring $20,000 in debt, it's not going to get paid off in a year. It's going to take some time to get it done.'"
