Is a Command Financial Specialist a substitute for an accountant?

[Flash]

Would a Command Financial Officer start in Supply out of OCS?

As has already been mentioned a 'command financial specialist' is almost always a collateral duty for a JO or mid-to-senior grade E. More often than not ther person in that billet got it becasue of timing, the old one leaves and the new guy coming in the unit gets the gig. If there is training that goes with the billet (is there?) it will be geared to help out the junior sailor who can't manage his/her money, even then they would more often than not be referred to more specialized folks at the local base who help out folks like that for a living. If you happen to have a SuppO who knows a little bit about money they might be the stuckee for the job but they have plenty of other things to worry about with their real job.

 

[Brett327]

The most common thing the CFS does is assist with junior personnel filling out the required simple budget forms that is usually a prerequisite to moving out of the barracks and out into town. Not rocket surgery.

 

[Renegade One]

As for debt: I've never carried any in my life. Managed to pay my way through school and such thanks to some great private sector opportunities. I've got a used car payment (thanks USAA) with a .09% APR and an aggressive timeframe that will result in a total of ~$200 interest, but that's well within my budget. Other than that, I make zero interest payments.

Holy Smart, Batman…good for you. YOU sound better qualified than most to be your Unit's CFS…

 

[AllYourBass]

Holy Smart, Batman…good for you. YOU sound better qualified than most to be your Unit's CFS…

I'm just a naive SNA oblivious to the workings of the financial world but too stingy to let people have my money for free.

 

[jbweldon04]

Does the OP even know what an Accountant is? As an accounting major, I'm almost offended this question is even asked.

 

[Tycho_Brohe]

Does the OP even know what an Accountant is? As an accounting major, I'm almost offended this question is even asked.

The fact that not everyone knows the difference between a CFS, a CFP, and a CPA should not be an offensive concept. Just sayin'.

 

[AllYourBass]

Does the OP even know what an Accountant is? As an accounting major, I'm almost offended this question is even asked.

For my intent, all past and future references to "accountant" or "tax guy" in this thread can be replaced with "person who I pay to tell me what to do with my small money in order to make it become bigger money over time."

Thanks for all the advice in this thread, everybody. I've got a lot of reading up to do!

 

[BusyBee604]

Does the OP even know what an Accountant is? As an accounting major, I'm almost offended this question is even asked.

Pretty easily offended? It actually started a worthwhile and informative discussion!
BzB

 

[Cobra Commander]

I don't think you'll have to pay taxes if you roll your 401k directly into an IRA. I think you only pay withholding if you take your current 401k savings and dont put it into another retirement account. I would recommend a roth because I feel like its better to know what tax rates you're going to pay now than to worry about how bad uncle sam is gonna screw you in 50 years. I personally use Vanguard because of their low fees and the variety of index funds they provide . Definitely put your retirement savings into index funds NOT mutual funds. Managed mutual funds are dumb because the vast majority don't ever beat the market and almost none beat the market over the long term. Put 50% of your cash into an S&P 500 index. Put 25% in a small cap index and put the remaining 25% into an international index. Don't invest it all at once though. Do it over a few months. Boom. Done. You're a young guy so you don't have to worry about the volatility with this stuff. You just have to ride out the ups and downs and worry about buying bonds when you get older.

Don't buy a house, its not an investment unless you rent it out.

And that's pretty much everything you need to know about finance.

 

[Renegade One]

Would a Command Financial Officer start in Supply out of OCS?

Just to summarize and "tie a bow" around expectations:
No:
1. Your Command Financial Dude/Dudettte won't be a Suppo or anything like that... will just normally be a "You Body". Could be you…if it is, do the best you can and caution your folks that you really ain't all that smart for "big issues".
2. Your Command PAO/Historian won't be a professional PAO either…just another "you body" appointed to do the best you can.
3. Your Command "Mess Treasurer/Coffee Mess Officer" won't be a Suppo...just another "you body" appointed to do the best you can. Keep decent books...
4. Your Command "Legal Officer" won't be a SJA...just another "you body" appointed to do the best you can.
5. Your Command "Movie Officer" won't be a former assistant director Pro-Rec'd into a commissioned billet...just another "you body" appointed to do the best you can.
6. Your Command "CACO" won't be a Chaplain…just another "you body" appointed to do the best you can...but there IS good training... [Hint: Listen to the training and prepare in advance… It can be the shittiest collateral duty you'll ever have...]
7. There are more in the wonderful world of "Collateral Duties"…but they'll all be filled by "You Bodies". Do the best you can…

 

[Tycho_Brohe]

Don't buy a house, its not an investment unless you rent it out.

Ehhh, I don't know that I'd agree with that. In the current environment of low rates and depressed housing prices, someone with a 20+ year career ahead of him/her could do very well buying a home.

 

[Cobra Commander]

Ehhh, I don't know that I'd agree with that. In the current environment of low rates and depressed housing prices, someone with a 20+ year career ahead of him/her could do very well buying a home.

If you can explain to me how something that traditionally appreciates at the rate of inflation will have a positive rate of return after you factor in maintenance, taxes, and other expenses then go right ahead. Not to mention that your home is only worth what someone is willing to pay for since it doesn't produce cash flows.

 

[Brett327]

I don't think you can argue that the average home appreciates at the rate of inflation. Show me your math.

 

[Spekkio]

Even if it did, you are living in a house. Which means when you sell it, you owned the house at a net cost of $0 (you'd still pay the same utilities and whatnot if you rented). A liability depreciates in value.

Do you think $18k/yr in social security when you retire is going to allow you to afford rent, food, and have enough left over to enjoy your life? Hope you own a home by then or you'll be on the street.

Now that the market's stabilized, buying a house is better than renting.

 

[whitesoxnation]

I don't think you can argue that the average home appreciates at the rate of inflation. Show me your math.

Shiller...

Reversion to the mean is a bitch. Obviously it's not exactly in line, but it is (roughly) correct.