Do you feel basic training should include a class on personal finance?

Cpl Kevin Henderson — Fri, 04 Jan 2019 21:59:08 -0500

A lot of recruits are fresh out of high school, and may have no idea about banking and money management. It's been a long time since I was in boot camp, so I don't know if such training exists. I saw a lot of my peers bounce checks and hastily finance cars because they were 18, on their own, and didn't understand money management. What would your opinion be on a one day class towards the end of basic?

Response by CPL(P) Shelby Weaver made Jan 4 at 2019 10:08 PM

CPL(P) Shelby Weaver — Fri, 04 Jan 2019 22:08:24 -0500

Most AITs do.

Response by Sgt Private RallyPoint Member made Jan 4 at 2019 10:13 PM

Sgt Private RallyPoint Member — Fri, 04 Jan 2019 22:13:47 -0500

Cpl Kevin Henderson Boot Camp is set up as training to become a Marine, so it should not have a class on personal finance. The schedule is tight as it is, so money management can be taught later on.

Response by 2LT Private RallyPoint Member made Jan 4 at 2019 10:48 PM

2LT Private RallyPoint Member — Fri, 04 Jan 2019 22:48:57 -0500

Yes. A thousand times, yes!

Response by SGT Joseph Gunderson made Jan 5 at 2019 1:16 AM

SGT Joseph Gunderson — Sat, 05 Jan 2019 01:16:18 -0500

No. This is something that should be taught in high school or a focus of good parenting.

Response by CPT Private RallyPoint Member made Jan 5 at 2019 10:43 AM

CPT Private RallyPoint Member — Sat, 05 Jan 2019 10:43:04 -0500

The basic training and AIT / qualification schools have very tight schedules as is. This would be a great in-processing class at a first duty station and I imagine it could easily be taught in an online format for our reserve service members.

I agree that it's definitely something that our younger servicemembers struggle with, but basic and job qualification training should be focused on service needs.

Response by Cpl Kevin Henderson made Jan 5 at 2019 10:59 AM

Cpl Kevin Henderson — Sat, 05 Jan 2019 10:59:54 -0500

Good morning, and thank you for your responses. I've attached a link that has an article about military and finances. Any input would be appreciated.

https://www.google.com/amp/s/http://www.cnbc.com/amp/2014/07/03/oldiers-financial-smarts.html

Military families' hidden risk: Finances

Members of the military face challenges every day. Beyond the obvious, they also contend with unique financial hurdles.

Response by PVT Mark Zehner made Jan 5 at 2019 11:24 AM

PVT Mark Zehner — Sat, 05 Jan 2019 11:24:53 -0500

Back in the mid 80's during AIT and at permanent party they offered classes on finance. I didn't attend I had paid my own way since I was 12 but it did help out a few

Response by MAJ Private RallyPoint Member made Jan 5 at 2019 12:04 PM

MAJ Private RallyPoint Member — Sat, 05 Jan 2019 12:04:11 -0500

Definitely. It would be a force multiplier if you can even get a few to be more sensible- that would mean that many more people who are focused on the mission, not on bankruptcy

Response by SGT Private RallyPoint Member made Jan 5 at 2019 12:32 PM

SGT Private RallyPoint Member — Sat, 05 Jan 2019 12:32:13 -0500

In the Army, I was directed to counsel one of the Soldiers in my fire team before he bought his first car so that he would understand the fundamentals of the process beforehand. That was fairly typical back then. I think Army Community Service might have offered personal finance classes as well.

Response by LTC Jason Mackay made Jan 5 at 2019 2:34 PM

LTC Jason Mackay — Sat, 05 Jan 2019 14:34:46 -0500

Cpl Kevin Henderson because the service is available once you get out of IET, just like the other services. https://usmc-mccs.org/services/career/personal-financial-management/

When you add a block of instruction to Army IET, it means something's else is shortened or deleted. I'm sure the Corps faces similar decisions in their pipeline.

Personal Financial Management

Response by SGT Private RallyPoint Member made Jan 5 at 2019 4:43 PM

SGT Private RallyPoint Member — Sat, 05 Jan 2019 16:43:54 -0500

Ait does.

Response by SSG(P) Private RallyPoint Member made Jan 5 at 2019 4:44 PM

SSG(P) Private RallyPoint Member — Sat, 05 Jan 2019 16:44:09 -0500

When I was in AIT we had to go to a finance briefing that talked about personal money management. It was on a Saturday and in order to graduate we had to attend it. Otherwise, in my experience, during in-processing at my duty station were told about different services offered at whatever base you’re at as far as financial coaching/money management. Most of these services even offer classes or take walk-in appointments.
Basic training is to prepare you for battle, not worry about personal things such as how you spend money. While I feel it is important that soldiers do learn to manage their money, basic training is not the place to do so.

Response by MSgt Steven Holt, NRP, CCEMT-P made Jan 5 at 2019 4:59 PM

MSgt Steven Holt, NRP, CCEMT-P — Sat, 05 Jan 2019 16:59:40 -0500

Cpl Kevin Henderson - While I'm not opposed to the concept, I believe it would be better to push that to IET or a first duty station. Basic Training is already crammed with needed skills training for a Marine/Sailor/Soldier/Airman that doesn't leave much room for extras like 'how to not be stupid with your paycheck' presentations.

Response by CPO Nate S. made Jan 5 at 2019 6:29 PM

CPO Nate S. — Sat, 05 Jan 2019 18:29:18 -0500

Yes!

Response by 1SG Private RallyPoint Member made Jan 5 at 2019 8:24 PM

1SG Private RallyPoint Member — Sat, 05 Jan 2019 20:24:55 -0500

As long as it includes a block on not buying a used car for 24.99% APR while you're at Reception at your first duty station.

Response by SGT Private RallyPoint Member made Jan 5 at 2019 10:14 PM

SGT Private RallyPoint Member — Sat, 05 Jan 2019 22:14:24 -0500

Went I went through basic, we did have a finance class. Do I remember it? Absolutely not because I was exhausted. I don’t think it’s beneficial to have a finance class during basic training. Definitely when you get to your MOS training and after that but not before. You just won’t retain it.

Response by 2LT Private RallyPoint Member made Jan 6 at 2019 1:36 AM

2LT Private RallyPoint Member — Sun, 06 Jan 2019 01:36:27 -0500

If the Army wants to improve soldier readiness, they should consider having a finance seminar at a soldiers first duty station if not at AIT. It wold not hurt the schedule to add a few more days to graduation. The Army has already entertained this possibility of prolonged time with other things in mind.

I, for one consider it insufficient to only give soldiers at 1 hour finance rundown on retirement investments and TSP/Thirft as these do not deal with immediate matters but long term investments.

It would be good to promote responsible finances, just as they promote a healthy diet, EO, SHARP, MilitaryOneSource and other topics. It isn’t a bad surmggestuon since many other things are ma satire and emphasized.

But first, the Army has to see it as a problem numbered wise i.e. lost of clearances across lower enlisted ranks due to bad financial decisions, etc

It is evident that we want to minimize issues so that soldiers can be effective in WTBD and their jobs.

Response by SSG R R made Jan 7 at 2019 4:15 PM

SSG R R — Mon, 07 Jan 2019 16:15:51 -0500

The Army has a requirement for a 8 hour block of instruction to be conducted in IET on Personal Finance.

During Boot? No... There are other things that are more important, but definitely during IET/AIT. That takes care of the required 1st Financial Readiness class for the member.

Response by SPC Private RallyPoint Member made Jul 17 at 2019 7:45 PM

SPC Private RallyPoint Member — Wed, 17 Jul 2019 19:45:40 -0400

Absolutely, you receive soooooo many dumb briefs at basic.
Or ask those PVT's with a brand new dodge challenger, what they think.

Response by MAJ Ken Landgren made Jul 18 at 2019 3:36 PM

MAJ Ken Landgren — Thu, 18 Jul 2019 15:36:36 -0400

Yes they should know basic fundamentals of money management and investing.