Why Talking About Finances at Work is Crucial for Military Members and their Success

In the world of military service, a unique culture of discipline, honor, and camaraderie are at the forefront. Yet, one topic often remains shrouded in secrecy, spoken about only in hushed tones: finances. It’s time to break the stigma surrounding money in the workplace. Today, we will explore why talking about money at work is not only important but also how it can foster better relationships, dispel financial myths, and open doors to countless opportunities.

1. The Importance of Talking About Money at Work

Our military service members are no strangers to facing challenges head-on. Be it a Permanent Change of Station, a deployment, or relationship problems, we’re provided as many resources as the Department of Defense can muster. However, when it comes to financial struggles, many are fighting these battles alone, and the resources that people have are few and far between. Discussing money matters at work can be the first step toward addressing financial hardships, and preventing money problems before they occur.

By opening up about financial challenges, military members can create a supportive network where peers can share advice, offer solutions, and help each other navigate financial hurdles. This collective support can be a game-changer in achieving financial well-being. Especially when supervisors are supportive in hosting financial discussions and recommending different routes to take towards financial literacy.

Additionally, becoming financially literate can help mitigate stress of day to day life. The unpredictability of day to day military life can create financial stress. Talking about money at work can lead to a better understanding of budgeting, savings, and investments, helping military members become more financially resilient. This resilience is a cornerstone, a foundation to build upon and create better decision making in the long term. But that’s only if we can destigmatize talking about money both in and outside of work.

2. Destigmatizing Money-Talk

In the military, there’s an unspoken rule that discussing finances is off-limits. But why should it be taboo? Breaking this stigma is essential for the well-being of our service members.

Promoting Transparency:

Open conversations about money at work promote transparency, which, in turn, fosters trust and unity among team members. When individuals can trust their peers, they work more cohesively, leading to better mission success. And as most military members have experienced, mission is usually held above all else (this highlights a different issue that we’ll discuss at a later date).

Reducing Anxiety:

Money-related stress is a silent enemy. Whether it’s the stress of being able to pay rent, the stress of knowing if you can afford your next meal or that $1,000 plane ticket home, money stress shows itself regularly. Talking about financial concerns and financial literacy can alleviate ones anxiety, allowing military members to focus better on their family, friends, responsibilities and duties.

3. Strengthening Supervisor-Subordinate Relationships

In the military hierarchy, communication between superiors and subordinates is crucial. Discussing finances can break down barriers and create stronger, more empathetic relationships. It allows members to highlight stressors to their supervisors and work towards resolution, instead of hiding in shame.

Enhancing Leadership Skills: When supervisors are willing to discuss finances, they demonstrate empathy and understanding. This enhances leadership skills, making military members more approachable and relatable. It also encourages learning at all ranks and all phases of ones career – showing that even high ranking members are working towards a better financial future.

Empowering Subordinates:

On the flip side, subordinates who engage in open money conversations with their superiors feel empowered to discuss concerns and seek guidance, ultimately enhancing their professional development.

4. Increasing Knowledge and Opportunities

Finally, talking about money is not just about sharing problems; it’s also about learning and seizing new opportunities.

Each service member brings a unique financial perspective. In my case, with 10 years of investment knowledge, I can offer different strategies, areas of learning and resources that the average person has yet to discover. Talking about finances allows you to learn from peers who might have valuable insights, whether it’s about investments, education benefits, or retirement planning. Everyone has something to offer!

Through open discussions, military members can uncover opportunities they might not have known existed. This could be in the form of grants, scholarships, or financial aid programs. Or, starting their first business and setting the foundation for when the inevitably separate from the military.

Breaking the stigma of talking about finances at work is not only important but also empowering. By fostering a culture of open dialogue, military members can strengthen their bonds, reduce financial stress, and create a brighter, more financially secure future. So, to you dear reader, let’s erase the taboo and embrace the benefits of discussing money in the workplace. It’s time to march forward, united not only in uniform but also in financial well-being.

With that, I ask you, what’s your relationship like with your supervisor and what’s the culture in your workplace surrounding money? Shame? Fear? Let me know in the comments below.

-Michael, with Military.cash

P.s. If you want to get social, and challenge financial norms, follow me on Instagram @military.cash