There are two types of people in this world: those who work only to make money and those who earn their money work for them. Dominique Kimbrough is someone who enters the latter category. With a niche of space for himself in the world of financial literacy, the active captain of the United States army found his purpose to help people understand money management. These were skills that perfected over time.
Before incorporating in the army, Dominique had a very limited understanding of financial literacy. However, he acknowledged his importance at a very young age. It was actually Dominique’s mother who helped him to establish his first bank account and taught him the basic foundations of credit cards and investment.
“(She) was the cornerstone of my immediate family; everyone went to her,” she says. “We really don’t come much, my mother didn’t have much when she was growing. So we just had to learn. And I had to learn from her.”
When Dominique’s mother offered new questions he could not answer, he would do his own research.
“Information is power,” says Dominique, who has always felt very strongly to share information. For him who seems to be intentional to convey the knowledge he has acquired and become a defender of social networks of financial literacy. It creates specifically contained in tools that can be used by both active and veteran soldiers, as well as everyday people, to browse difficult times, eliminate debt, invest in the market or through property and achieve a future for their family.
But much of the actions of the Dominique information can be applied to all areas of life; Some even regardless of age.
Case and point: “Delayed gratification”, offers. “We live in this world where people want things to happen right now. But in the army, they find out that sometimes you have to wait. And good things will come if you do it. This is also applied to money: when you invest, you do not always get the return right now. Sometimes you have to wait a year, sometimes you have to wait five years.”
If the planning of your financial future is a priority for you (Spoiler Alert: must be), Dominique offers three vital tips:
1. Find a mentor: Or maybe even two. Identify at least one person from your life who can offer financial orientation based on both their literacy level and financial experience and knowledge of your lifestyle or industry. I could even be someone within your own company or organization, as has been the case since its days in the officer training program.
2. Familiarize with the resources and programs available in your work: Whether it’s 401K, a health savings account or access to financial education, most companies today offer their employees that facilitate budget planning and financial planning.
3. Plan backward: “The army is really great in back planning,” he says. “And I think it is also a great focus on retirement planning. Set a goal for the amount of money you think you will need once you stop working and create your plan back.”
And when should you start? Dominique suggests prioritizing financial planning as you can set aside a quote outside your life costs.
However, it is not something that you have to discover alone. For example, in addition to the service classes in the army community, the United States army offers an early remuneration: a 0% interest loan that is paid against a soldier’s salary when they complete the permanent change of the station and deduce from their salary over a year. For those who have a closer financial position or dealing with a crisis, there is an army emergency relief program that will provide a free loan or subsidy to help you browse this challenge.
“The programs are there,” says Dominique. “Options and opportunities are there.”
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