Do you help your soldiers out when it comes to them making a big purchase?

SPC(P) Private RallyPoint Member — Thu, 25 Feb 2016 13:39:05 -0500

Not helping them financially, but guiding them away from predatory lenders and that they don't purchase a lemon

Response by SSG Audwin Scott made Feb 25 at 2016 1:40 PM

SSG Audwin Scott — Thu, 25 Feb 2016 13:40:38 -0500

When I was enlisted I did actually advise them on what type of purchases they should make. For many of them it was their first time making major decisions so I kind of gave them my advise on what they should or shouldn't do.

Response by SGT Private RallyPoint Member made Feb 25 at 2016 1:44 PM

SGT Private RallyPoint Member — Thu, 25 Feb 2016 13:44:53 -0500

Absolutely. Especially if you have lower enlisted soldiers who are living on their own for the first time. Ever wonder why you see so many E1-E4's with 5 Star Caliber cars but don't ever have money?

Response by SFC Private RallyPoint Member made Feb 25 at 2016 1:45 PM

SFC Private RallyPoint Member — Thu, 25 Feb 2016 13:45:38 -0500

Yes, as a matter of fact this is one of the things that I enjoy doing. Most soldiers don't know it but there are credit unions specifically tailored for servicemembers that will give the best rates on auto loans, i.e. Navy federal credit union, pentagon credit union..... ACS also has a class that will help a servicemember learn the do's and dont's for purchasing automobiles.

Response by Sgt Aaron Kennedy, MS made Feb 25 at 2016 1:47 PM

Sgt Aaron Kennedy, MS — Thu, 25 Feb 2016 13:47:08 -0500

Freedom includes the Freedom to make bad decisions.

All we can do is educate. To make sure they have as much information as possible, so that can make informed decisions. When it comes to PERSONAL (as opposed to Professional) decisions, we should not dissuade them. They need to have the freedom to make bad choices. How can they learn to get up, if they do not occasionally stumble?

I'm not saying to let them fail... but don't always hold their hands. There's a difference between advising, and preventing.

Response by Capt Private RallyPoint Member made Feb 25 at 2016 1:50 PM

Capt Private RallyPoint Member — Thu, 25 Feb 2016 13:50:46 -0500

When I was a Platoon Commander, we always made it common practice for junior Marines to consult their leadership prior to making a big purchase. Of course, that didn't stop the more stubborn suspected ASVAB waiver-holder from going out in town on his own and buying some 1980s Porche at 34% interest. It was complete hassle getting that problem fixed.

Response by SGT Private RallyPoint Member made Feb 25 at 2016 1:51 PM

SGT Private RallyPoint Member — Thu, 25 Feb 2016 13:51:18 -0500

Definitely. Also, me being an older guy, I like to help steer the lower guys in the right direction. Show them I've been there...... shop around. Party within your means. If you are an E3, spend money like an E3.

Response by SSG(P) Private RallyPoint Member made Feb 25 at 2016 1:56 PM

SSG(P) Private RallyPoint Member — Thu, 25 Feb 2016 13:56:34 -0500

I ask them what their buying and from who, if it's the dealership and not johnnys lemon lot then their big enough to make their own decisions

Response by SSG Private RallyPoint Member made Feb 25 at 2016 2:03 PM

SSG Private RallyPoint Member — Thu, 25 Feb 2016 14:03:56 -0500

When I went into the 82nd in 2004, this was common practice. Every good squad leader would verbally counsel their soldiers that they would come to them before making any big purchase.

Response by SSG Jay OConnor made Feb 25 at 2016 2:08 PM

SSG Jay OConnor — Thu, 25 Feb 2016 14:08:16 -0500

Your not a leader of your don't. But I always tried to advise them not to live above their means also

Response by 1SG Private RallyPoint Member made Feb 25 at 2016 2:18 PM

1SG Private RallyPoint Member — Thu, 25 Feb 2016 14:18:38 -0500

Last month one of my SGTs was finally trading in his old beat up car for a newer Honda Civic. He had some concerns over what he was being told so he called me up from the dealership and I spoke to the salesman and helped iron out a pretty darn good deal for him. I told him that he made a smart move getting a second opinion because in the end car dealerships only have their best interests in mind.

Response by SGT Forrest Stewart made Feb 25 at 2016 2:26 PM

SGT Forrest Stewart — Thu, 25 Feb 2016 14:26:58 -0500

It's always a good thing to guide your troops whenever you can.

Response by SCPO Jason McLaughlin made Feb 25 at 2016 2:32 PM

SCPO Jason McLaughlin — Thu, 25 Feb 2016 14:32:31 -0500

Onboard the USS Harry S. Truman, the Financial Specialist portion of the Indoc class had a large focus on car and house buying. In addition, we had the CPO Mess onboard purchase an unlimited AutoCheck account, and any Sailor could receive a free report on any vehicle they were thinking about purchasing. I offered to all Sailors that I would accompany them when they went to purchase a vehicle. A few actually took me up on it.

Response by CW4 Private RallyPoint Member made Feb 25 at 2016 2:43 PM

CW4 Private RallyPoint Member — Thu, 25 Feb 2016 14:43:56 -0500

As a squad leader and platoon sergeant, I can't tell you how many times that I had to manage some of my soldiers finances.

Response by SGT Dave Tracy made Feb 25 at 2016 3:10 PM

SGT Dave Tracy — Thu, 25 Feb 2016 15:10:54 -0500

I have advised soldiers about purchases and financial matters on occasion-and not just those soldiers under me. I was/still am older than most soldiers--to include many in my various chains-of-command over the years--had lines of credit; taken out various types of loans; has/had an investment portfolio; purchased a few big-ticket items, such as vehicles and homes/real estate; was a former loan & property portfolio manager for a multi-million dollar private real estate construction loan company; and one of my 2 Bachelor's degrees is a finance degree-ALL of this prior to joining the Army. Which is why I laughed at the prospect of those above my rank thinking they are better versed in financial matters, by virtue of being higher in rank; though I played the game because that was what we had to do-they're orders, and they get followed.

I digress.

I once had to talk several guys in my platoon OUT of this pie-in-the-sky pipe dream our LT (I swear to God!) proposed to us one day when he tried to sell us on investing in his "video game themed, theme park" he was going to build in Arizona! I don't know if this was an outright scam or our LT actually believed his own BS, but his hustle to us was complete with "the normal buy-in is $20,000, but you can get in a the ground floor for $500" and claiming rates of return of 500% or more-utterly ridiculous numbers. His claims raised more red flags than could be found at Red Square on May Day, but some of these kids were wide-eyed at the prospect of making big money with little investment. I don't know if anyone actually forked over money for this nonsense, but I pulled many a soldier aside and told them to ignore the Sham Shield on my chest, and listen to my formal education, professional & personal experience, and common sense and to NOT "invest" in that goofy "opportunity". To have said nothing to my fellow soldiers regarding my very deep reservations would have been wrong.

Response by SSG Paul Kemper made Feb 25 at 2016 4:40 PM

SSG Paul Kemper — Thu, 25 Feb 2016 16:40:12 -0500

As a leader, one is charged with the care and mentorship of our younger soldiers. I always taught leadership like the father and son role. Don't expect the son to know anything as the father. The father must teach and recommend the best course of action to come up with the best results. Guiding soldiers in the right direction will never end and it is up to the leaders to guide and teach. It's up to the soldier to learn and appreciate. Remember, professionals lead from the front...not the side or rear. Yes, sometimes it sucks, but we must not allow the younger soldier to fall short. It'll hurt the team.

Response by SPC Anne Miller made Feb 25 at 2016 8:57 PM

SPC Anne Miller — Thu, 25 Feb 2016 20:57:28 -0500

"Predatory lenders", I like that assertion.
I see this happening to Veterans and Active- Duty alike.
It's a disturbing trend.
Experienced it first hand, and I'm supposedly " intelligent."

Response by MSG Private RallyPoint Member made Feb 25 at 2016 11:59 PM

MSG Private RallyPoint Member — Thu, 25 Feb 2016 23:59:01 -0500

It depended on the Soldier, some are more responsible with finances then others. I even went to car dealerships with some Soldiers when they wanted to buy a car.

Response by SFC Daniel Faires made Feb 26 at 2016 9:44 AM

SFC Daniel Faires — Fri, 26 Feb 2016 09:44:13 -0500

I am currently helping my son who is a PV2
He bought a car three days later it got totaled due to vandalism
Now he found his dream car
The issue is after his TSP and his savings automatically deducted he wants to buy a car payment he can afford but the insurance is ridiculous
I am about to buy the car myself let him make the smaller payment to me ( automatically of course) the insurance rate is the issue for me

He has one bill of 45 besides a car and insurance

As a father and a retired SFC I am torn
Even his PSG said he is Doug the right thing by having me involved in the buying practice
I don't think a car and insurance should be more than 30 % of take home pay
Any thoughts on that ?

Response by SSG Drew Cook made Feb 26 at 2016 10:47 AM

SSG Drew Cook — Fri, 26 Feb 2016 10:47:30 -0500

It is good leadership to do so, particularly with junior soldiers who have little-to-no experience. It goes along with "taking care" of them. Unnecessary hardships lead to ineffectiveness.

Response by SFC Private RallyPoint Member made Feb 28 at 2016 11:29 AM

SFC Private RallyPoint Member — Sun, 28 Feb 2016 11:29:46 -0500

This is what a NCO does, they mentor there Soldiers in everything. But no your limits, don't over step your boundaries.

Response by SSG Private RallyPoint Member made Jun 16 at 2016 3:10 PM

SSG Private RallyPoint Member — Thu, 16 Jun 2016 15:10:57 -0400

Back when I was a Squad Leader we tried to make sure the Soldiers discussed major purchases with the leadership before making them. Especially the guy straight out of AIT. Mostly when it came to purchasing a car just to help them out so they didn't get taken for a ride with the interest rates and stuff. You can try to help them out that way but you can't force them to do it.

Response by CW3 Kevin Storm made Jun 19 at 2016 7:05 PM

CW3 Kevin Storm — Sun, 19 Jun 2016 19:05:11 -0400

First I have always recommend against this. There are reasons to take out loans, but with a troop makes now, and the cost of living too many troops get married early in life, not ready for the burden that is to befall them.

Response by SSG James Engols made Jul 30 at 2021 7:31 PM

SSG James Engols — Fri, 30 Jul 2021 19:31:20 -0400

My door is always open, Lets talk about it. I think it's part of my job, helping thinking clearly trying make sure they got a good deal. Its much easier to fix before it happens then after it happens.