Financial Wisdom for Cops

“There are many things money can buy, but the most valuable of all is freedom. Freedom to do what you want and to work for whom you respect.”
― J.L. Collins

Like everyone else, time is the most precious and valuable commodity to you and your money. Trying to juggle between being a full time police officer and providing quality financial information to my followers is a unique challenge. 

I am not a big fan of lists but, oddly enough, I found making this list the easiest and most direct way of helping new cops figure out some key financial mishaps. 

Starting a career in law enforcement can be scary and exciting at the same time. No one likes being the new guy. Fortunately, all of us start in the same place. Here is a list of 20 financial rules all new cops should try… And if you’re a more seasoned cop like me and haven’t started caring about your finances, then you should probably start. Please don’t worry if you are new to finances, just start. The key is to start where you are. The great thing about personal finances is that they are personal finances and they only matter to you and your family.

1. Consumer debt kills, but investing sets you free.
2. I know it’s a pain in the rear end, but get life insurance.
3. Volunteer. Give your time, give your money, give grace. Leave a more than generous tip. It will come back to you!
4. Always take one of the front seats in your financial vehicle. You either need to be driving or in the front passenger seat so you can maintain control.
5. Ask veteran officers for help.
6. Become a lifetime learner.
7. Do not call out sick. Save your sick time. You can probably convert sick time to credit for years of service if you have a pension plan.
8. If you have a financial question and you successfully get it answered then pass it on. Share the information with others.
9. Don’t complain about pay. If you want more money work OT, get a side gig, or a second job.
10. Show nothing but gratitude when serving others. Say thank you and be content in how much money you do make.
11. When someone else starts talking about money, listen more than you talk.
12. Live on less than you make, you will thank me later.
13. Max out your deferred compensation. Don’t plan on only your pension to take care of you.
14. Take the free pension education classes early in your career–most offer in person or web-based courses. You will learn something. I did!
15. Be very careful spending money after a critical incident. This is when officers make bad financial decisions (large purchases). Purchases that make them feel better in the moment.
16. You set up direct deposit for your paycheck–also set up direct deductions and invest in yourself first (retirement/ savings/ you get the point).
17. One house, one spouse, if you can.
18. On or off of the job, act like one day you might want to become Chief. You will make better life, financial, personal and professional decisions. This is an absolute guarantee.
19. Always start out with a financial goal and treat your money with respect.
20. Seek help if you are struggling financially. Get a wealth coach, read a blog, read a book, and be willing to learn.
21. Never give up! Giving up means your finances will fail and we never give up! You have an amazing job that’s secure and can bless you with wealth if you manage it well.

Financial wisdom is encountered when past mistakes are made and knowledge is gained and applied to new occurrences. Some of these 21 tips I used when I was a baby cop, and some I wish I would have started when I was a baby cop and not so old. The biggest factor is to start where you are and continue moving forward towards financial freedom.

“A true teacher would never tell you what to do. But he would give you the knowledge with which you could decide what would be best for you to do.” 
― Christopher Pike