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Young Feds and Financial Planning (Just One More Acronym)

Thanks

Realty Specialist
Bureau of Reclamation
Fri Oct 16, 2009 10:37 AM

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It is about time that FedSmith realize that not everyone in the federal workforce is retiring next year. I just graduated from college and have been a fed for over 2 years now, yet this is one of the first articles that I have seen aimed at the younger generation. I thank Mr. Hill for his advice in helping us youngsters become more aware of how we allocate our money. I would hope that FedSmith take the initiative to continue focusing on younger employees and their futures as opposed to solely presenting material to the retirees. Remember, we will be around another 25-30 years within the system, and we could use plenty of help as well!

Re: Thanks

GEO
FED
Fri Oct 16, 2009 12:21 PM
"Remember, we will be around another 25-30 years within the system, and we could use plenty of help as well!"

FERS was set up by Mr. Conservative, Pres. Reagan, with the explicit purpose of eliminating "30 yr. career" federal employees. Thats why "its portable" and there was no credit for unused sick leave. You are on your own. Good luck.

Re: Thanks

Wkr
DoD
Sun Oct 18, 2009 5:31 PM
GEO, you're so negative. CSRS was not sustainable, so FERS was implemented. Why continue with something that cannot provide its intended benefit. (Think "social security")

Expected Raise/Promotion??

Program Manager
GSA
Fri Oct 16, 2009 10:46 AM

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"As a fed, you can EXPECT pay raises throughout your career." Really? I 'm still in disbelief at the sense of entitlement in getting a raise or promotion regardless of performance. Most (but not all) Feds I know work damn hard and EARN their pay. Isn't this what we should be telling the younger folks?

Re: Expected Raise/Promotion??

Tip off
DoD
Thu Oct 29, 2009 7:12 AM
“"As a fed, you can EXPECT pay raises throughout your career." Really? I'm still in disbelief at the sense of entitlement in getting a raise or promotion regardless of performance.”

PYF, I’m not sure if you were chastising the federal employees or the perception such a statement may leave. If I may be so bold, IMHO, the article’s statement was NOT in reference to the public’s mistaken belief that we Feds EXPECT to get promoted. It was in anticipation of a standard career regardless of field of work. If a worker, federal employee or otherwise, enters the workforce anticipating stagnation for their entire career, then they are half way to achieving said career and your comment would be correct. MOST of us anticipate an entry period of time in our new careers where we just learn the business and then, HOPEFULLY, work to better ourselves seeking advancement based on our training, performance level, and position APPLICATION.

PYF

Biological Scientist
US Forest Service
Fri Oct 16, 2009 2:55 PM

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This is great advice no matter what your age or tenure in federal employment, or any employer. I believe it was John D. Rockefeller that was asked "What is the difference between being rich and being poor?"
His answer was: "The poor pay interest, and the rich earn interest." The pay-yourself-first principle may not make you a Rockefeller, but it will certainly help you avoid poverty.

Unexpectied good article.

Tip off
DoD
Thu Oct 29, 2009 7:13 AM

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MOST EXCELLENT! My son, a new FLEO, WILL be receiving a copy.

To be quite honest, given some of the erroneous and inflammatory articles published by FedSmith over the years touting the very slanted opinions such as held by Chris Edwards (of the Cato Institute) quoting poor research by the Commerce Department with all that “unknown” data massaging (stating that the average civil servant makes $117K per annum), I didn’t expect other than yellow journalism. Articles such as this MAY give me additional consideration for reading you folks in the future. Still, as always, I will have to take your opinions with a GIANT grain of salt.

On such future topics, you just MIGHT consider more research on such articles with the complete data set as found in OPM’s “The Fact Book” or Tammy Flanagan’s article “Going Private” laying out the misconceptions.

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