Redstone workshop gives guidance on eliminating debt

Rebecca Sallee | Redstone Rocket | Feb. 15, 2023

Money is the topic of a March 9 Financial Symposium at Redstone Arsenal.

Broken into several categories, the event will cover everything from how to spend money and how not to spend it to how to save money and how to leave it to your loved ones when you’re gone.

Olivia Pierce, financial readiness program manager at Army Community Service, a licensed professional counselor and former clinical therapist, got the idea for the symposium when she had one too many appointments with people in trouble.

“I’ve seen a lot of individuals for security clearance issues,” Pierce said, adding that some people don’t pay attention to money matters until they get in hot water.

In some cases, they can even lose their high-security government jobs because they are considered a risk, she said.

Then there are those who don’t know how to check their own credit report, interpret the findings when they do, or challenge the report if they disagree with it.

Once credit problems reach the point of collections and/or charge-offs, “They’re getting into a lot of trouble,” Pierce said.

At one time, she said, the government reviewed security clearance holders randomly through a lottery system.

Today, “you’re continually vetted,” Pierce said, “to make sure you’re not a liability to the government.”

Other people with money problems ignore the requirement to pay income taxes or just give up on trying to get out of debt.

“They get the mindset, ‘Well, I’m already $20,000 in debt, what’s another $20,000?’” Pierce said.

Last, but not least, are those who justify not saving money for one reason or another.

The financial symposium is going to “bust all the myths,” said Pierce, who also promises encouragement for people who have gotten upside down and think turning things around is too late.

“They don’t know how to start working themselves out of that pickle,” Pierce said.

When she gives them some tools for digging themselves out, “They finally learn ‘this is all I have to do,’” she said.

Among other things, the symposium will offer tips on spending within your means, avoiding debt, understanding credit reports and more.

Learning about and managing your finances brings more than peace of mind, Pierce said. “It can improve their chances of owning a home one day.”

Not to mention planning for retirement and eventually, planning for your survivors.

Retirement creeps up on people who have what Pierce calls “a traditional style of retirement.”

The symposium will “help people unlearn” things and realize much of what they think “may not be steeped in financial truth.”

Pierce will lead most of the classes. Emily Baggett, an attorney in Redstone’s legal department, will lead the class on estate planning.

At the end of the day, a panel of experts including Pierce, Baggett, a tax professional from the legal department, Employee Assistance Program, and security managers will answer questions from the audience.

Pierce hopes as many active-duty Soldiers as possible will attend the symposium and said everyone with access to the Arsenal is welcome.

Refreshments including coffee and doughnuts in the morning and other snacks and drinks throughout the day will be provided, as will lunch, courtesy of the Army Emergency Relief fund in recognition of its annual campaign kickoff.

The first 100 registrants will receive a goody bag, Pierce said.

Although attendance is not required all day, it’s encouraged. Pierce said certificates of completion will be available for submission for Continuous Learning Points.

The symposium is free, but registration is required. Register at https://forms.osi.apps.mil/r/mYtsVVcwWc. If you have difficulties registering, send an email to usarmy.redstone.usag.mbx.armycommunityservice@army.mil.

For more information, call the financial readiness program at 256-876-6299 or 256-876-5397.