Financial Literacy Course & Review for DoD Service Members

James Haynes
Jun 14, 2022
2 min read

Updated: Feb 10, 2023

During the financial literacy course at Vilseck on June 6th 2022 one point was emphasized over all others: “Financial Readiness is key to Mission Readiness"!

Handshake between James Haynes owner of VauntCourier LLC and DoD service member

James Haynes (l.), owner, and operator of Vaunt Courier LLC meets with service member (r.) after Financial Literacy Review at Vilseck.

Financial Readiness equals Mission Readiness

“Financial decisions impact personal relationships, physical and mental health, and careers. That is especially true for service members. After all, financial readiness is key to mission readiness. History shows if you’re worried about your finances, you're not going to be as ready or as focused on the mission.”

People generally don’t think of themselves as money managers, but they are! We manage money every day, whether we do it deliberately or with no plan at all. Money management is an unavoidable, necessary part of life involving short and long-term choices:

Home cooked or carryout?
Keep the older paid-off car or get a new one with monthly payments?
Buy a house or rent?
Vacation or staycation?
Save a portion of each paycheck through automatic transfers or not?
Contribute to retirement now or put it off?

How we manage money has a big impact on our present and future. That’s why I decided to provide the Financial Literacy Review to both individual clients as well as organizations. Many people are not aware of how to manage their finances properly and for service members its essential. A financially literate service member is a ready service member. After a 20-year career in the US Army, I’m aware how important it is.

Why is it important?

Members of the military must meet their financial obligations to protect their families and careers. Delinquent debt, filing for bankruptcy or late payment of taxes may impact service members ability to obtain or keep security clearances. Should their security clearance be revoked, or their application denied, there is an appeal process available. However, the effect on a career could be devastating as well as effect mission readiness and focus.

Financial stability is so important for service members, because money problems can not only lead to

trouble concentrating on the mission,
lower productivity and
unplanned absences to resolve financial issues,

but also increase dept and the costs for further borrowing. This can become a debt trap, with issues such as maximum credit card balances, high interest rates or the need for payday loans and reduced family support.

The Ability to achieve financial goals, such as things like owning a home or taking a vacation, promotions, Future careers after retiring from the military all can be affected by your financial decisions and status.