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Bonuses/ Your Financial Readiness

This guide equips you with the skills to manage your personal finances effectively while comprehending the nuances of bonuses. Learn to analyze your Leave and Earnings Statement (LES) and a sample bank statement to implement a realistic budget, ensuring sufficient funds are available. Understand how bonuses are awarded, their payment structure, and how they contribute to your financial preparedness. Discover warning signs of financial trouble and when to seek help, enabling you to live by the Army values of loyalty, duty, and integrity as you secure your financial future.

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Bonuses/ Your Financial Readiness

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  1. Bonuses/ Your Financial Readiness

  2. Terminal Learning Objective Action:  Manage your Personal Finances and Understand Bonuses Conditions: Given a Leave and Earnings Statement (LES) and a sample bank statement Standards:  Correctly describe how to: a. Determine how to budget your money b. Ensure there are sufficient funds available in account c. Describe how bonuses are paid out

  3. Meet your Financial Obligations Live the 7 Army Values • Loyalty • Duty • Respect • Selfless Service • Honor • Integrity • Personal Courage

  4. Secure Your Financial Readiness • Getting set up. • Adding in your Guard pay, benefits, bonuses, perks. • Getting help when you need it. • Army One Source - http://www.myarmyonesource.com/default.aspx

  5. Getting Set Up Figure out where you are now • How much money comes in every month? (All Pay + Tips + Assistance) • How much money goes out every month? (How much you spend every month) Make a Budget • Budgets help you organize your money.

  6. Guard Pay, Benefits & Perks The Guard helps you build financial readiness by: • Increasing your income • Decreasing your expenses

  7. 10 Warning Signs of Financial Trouble • Overdrawn bank account • Making minimum payments only • Arguments about money • Nothing in the savings account • Juggling monthly bills • Charging more than paying on credit cards • Repeated debt consolidation • Spending more than 20% income on credit payments • Not sure how much money you have or where it’s going • Constantly worrying about money

  8. Getting Financial Help UNIT-BASED HELP • Cadre • Financial education on active duty posts • Chain of Command • Chaplain • Pay Branch CIVILIAN HELP • Bank/Credit Union • Consumer Credit Counseling Organizations • Online consumer credit counseling

  9. Bonuses Why Does the ARNG Give Bonuses? • Bonuses are given as incentives How Are Bonuses Paid Out? • Bonuses are paid out in installments • Bonuses Can Boost Financial Readiness.

  10. Shut Down the Barracks Lawyers! Get the real story from your chain of command!

  11. Terminal Learning Objective Action:  Manage your Personal Finances and Understand Bonuses Conditions: Given a Leave and Earnings Statement (LES) and a sample bank statement Standards:  Correctly describe how to: a. Determine how to budget your money b. Ensure there are sufficient funds available in account c. Describe how bonuses are paid out

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