Financial Literacy, Competencies, & Decision Making
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Financial literacy describes the skills, knowledge and tools that equip people to make individual financial decisions and actions to attain their goals. (US National Strategy on Financial Literacy, 2020).
These skills, knowledge, and tools, refer to the following items, that are best described as Financial Competencies:
Accounting: Tracking the flow of money and stock of value of an entity, such as a person or business.
Finance: The leveraging of an entity's equity to maximize asset returns. This process begins with the analysis of accounting data such that investment decisions may optimize risk and return (profit).
Investing: The management of an entity's assets, through investing in debt and/or equity instruments, to maximize value over time with due regard to risk.
These financial competencies may be used in a decision-making framework and applied to a variety of personal, business, and military settings.
Military Retirement & Portfolio Management
The above linked video, organized by the USNA Finance & Investment Club, presents the following:
Background of Retirement Planning
Individual Retirement Accounts & Taxation
TSP Fund derivation
Lifecycle Fund Performance and Enhancements
No part of this presentation should be considered financial advice.
Personal Income Statement.xlsxPersonal Income Statement: O-1
This excel spreadsheet tracks personal revenues and expenses, allowing the user to account for flow of money, identify trends, and make investment decisions based on quantitative financial data.
Expenses are divided into costs associated with lifestyle and leisure. The notional figures included in this spreadsheet represent a practical O-1 budget while at NAS Pensacola.
Midshipman Personal Income Statement.xlsxPersonal Income Statement: MIDN
This is a simplified version of the personal income statement. The notional figures included in this spreadsheet represent a practical 2/C Midshipman budget.
2025 IRS Tax Planner for Tax Year 2024.xlsxTax Planner
Before filing taxes either directly with the IRS or with a tax service provider, it can be prudent to assemble pertinent information.
This form organizes personal information and estimates personal income tax and rebates.
The IRS' tax filing service is referred to as Free File Fillable Forms. This is the only official means of filing personal income taxes, and there is no charge to pay income taxes. The Tax Planner is intended to help organize data needed to complete the 1040 Tax form.
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