I know what it is like. I found myself struggling with finances in my early 20s. I was drowning in credit card debt, struggling to pay the bills, and not saving for my future. When I realized it was time for a change I used debt consolidation and Dave Ramsey to change things around. Once I was stable, I used the extra money I got from deployments, bonuses, and high-yielding accounts to build a solid financial foundation.  I’ve used my experience to work with my Soldiers to help guide them in making better financial decisions.  Not only is important for their personal and family wellbeing, but it directly affects their security clearance.  Now, as a financially well-established mid-careerist, I’m learning more about Financial Independence Retire Early (FIRE) to prepare myself and my family for a fiscally sound retirement.
Financial literacy is the process of education and experience that allow someone to make sound near-short-long term financial choices that set themselves up to be financial independence.

1. How do you help Soldiers build the vocabulary necessary to talk about financial literacy?

When I engage or am engaged about finances my first go to is Dave Ramsey, to get them out of debt. It’s Maslow’s hierarchy principle.  They first must be able to be financially stable and weather the unending financial storms we all encounter. When it comes to investing, I suggest Bogleheads.org as a place to start.  Anytime I’m in a position to provide training, I bring in financial advisors, whom I’ve vetted and trust, to give workshops, briefings, etc. to get them thinking. We all have different ideas between managed and unmanaged financial investments, and that’s ok. My job is to provide them the information.

2. How can the new blended retirement system be used to Soldiers’ advantage?

I had my daughter switch to BRS because she was not going to re-enlist after her 6 years. This is a difficult decision for most young Soldiers and one that requires them to take a hard look at what they expect from their military career.  For her, it was a better decision to open up an IRA with USAA and then role over her BRS to that when she completes her contract.

3. Tell a story about how you built or helped build financial literacy with your team.

Financial literacy leads to financial resilience and that to personal and family wellbeing. Therefore, it is vital to provide them with the resources and training, without becoming their financial advisor, early and often. For me, conducting financial briefings is just as important as many of the others (and more so than many).  In my opinion, I think letting them see how and what I did to become financially independent gives them a good role model.  Such as with Dave Ramsey. Many young Soldiers and Officers may shy away from it because of the religious undertones, but it is a great program for anyone. When they see that I was once like them and this is what I did to get to where I am; I think that provides them with the courage to do it themselves.