We, as military leaders, are FAILING our servicemembers at ensuring their financial wellbeing are taken care of. We are letting them go into huge debts, unable to pay for food, bills or rent, which ultimately hurt work performance, cause family conflicts, domestic violence & even divorces. We are allowing them to purchase used unreliable vehicles that come with thousands of dollars of repairs down the road. We don't teach them how to protect every dollar they've earned.
It keeps me up at night when certain SNCOs & Officers encourage their Sergeants & below, our backbone of the United States Marine Corps, to live a lifestyle of keeping up with the Joneses & to gamble the stock market with trading apps. We need compassionate & committed Command Financial Specialists (CFS) as their first line of defense & as their first financial mentor, especially for those who didn't have one during their upbringings. It is terribly wrong to appoint an undevoted CFS, just for the purpose of satisfying the requirements of OPNAVINST 1740.5D.
OPNAVINST 1740.5D stated that a command must maintain a ratio of 1 CFS to every 75 members. That's 2-3 CFS per company. At the time, I was 1 of 2 CFS for a battalion. During my 4 yrs as a CFS, I stayed afterhours to deconflict financial problems between the servicemembers and their spouses/parents, provided guidance to newly promoted SNCOs and offered resources to all ranks to tackle all sorts of financial hardships. This was one of the most time-consuming and mentally challenging collateral duties I've ever done. It was also one of the most rewarding! It expanded my financial knowledge and network tremendously.
Unfortunately, most CFS are voluntold & have no financial education and/or work-related experience. The CFS course is only 5 days with a lot of material & resources. After completing the course, it is up to the CFS to visit those resources, educate themselves further, & continue to stay current. Sadly, most CFS go back to their units & read PowerPoints published by the base financial support centers & simply send their members to the Navy-Marine Corps Relief Society as the financial fix-all. In my CFS class of 25, 1 Lt, 1 civilian & myself have a bachelor’s degree related to finance. There were a few with financial accreditations & work-related experiences. The rest were mostly voluntold SSgts & Lts.
After my military retirement, I have been volunteering at the Navy-Marine Corps Relief Society with offering services such as free financial education & interest-free emergency loans to servicemembers. I asked most of our clients if they were sent to us by their CFS. 99% of the time, they have never heard of a CFS.
*I know certain commands mainly focus on Combat Readiness Percentage (CRP) to pass the test for deployment. Financial readiness is not a contributing factor in the calculation; however, it does have a huge influence on overall CRP.
To all commands - If the shoe fits, wear it.
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3moFrom my foxhole this should be a priority of the highest order. The men that never returned home were sent there by the government and the government has a responsibility to bring them home to their loved ones.