Money management lessons you can learn from military veterans

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By: tiarajoseph11
on 3rd Nov,2015

Let’s learn some effective money management skill from veterans.
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The military is famous for transforming an ordinary man into a brave fighter. But it’s not that, it'll also teach those soldiers to make a perfect money management system on their own. In order to manage your finances, you need to learn your lessons just like a soldier does.

Our military veterans always face several big problems after coming back to home. These are namely homelessness, unemployment, and poverty. But like any other soldier, they build up a strong personality with immense self-confidence in order to fight with these problems. As a result, veterans become 45% more self-employed than non-military folks.

There are a few important lessons, which people need to learn from the veterans. Many veterans became a successful business person, leading entrepreneurs and several more highly designated officials. Among those people, co-founder and CEO of social lending platform StreetShares - veterans Mark Rockefeller and co-founder and CEO of crowdfunding platform TwistRate - veteran Evan Hafer are notable. So, let's talk about the top five money management lessons, which we can adapt from veterans.

Five money management lessons

1. Be a leader - Veterans have the natural instinct to follow orders and lead a team. They can also take responsibility, and have an attitude to jump in front of danger. In the military, they’ll teach you to develop an attitude of truly giving priority to others first. Veterans are flexible to solve any problem whenever it becomes critical. They know how to take the perfect decision according to the given information.

Due to their hard work, discipline, and experience, veterans have the ability to understand the problem and resolve it quickly. So, if we can learn few basic qualities from them like - improvisation, overcoming the issues, and adaptation, it’ll be a great help for us to become entrepreneurs and flourish our business under extreme situation.

You must realize that no one will ever take the responsibility to manage your money except for yourself. So, you need to lead your finances and manage your money; it'll help you to decide the path of your success or failure.

2. Choose your priority – A veteran knows how to set his priority. In the military, the soldiers learn how to choose their priority while balancing all the duties. So, being normal people, you must also learn from them, how to balance your personal life and professional life together. Set your goals and put a high priority on managing your finances. Don’t give up hope until your goal is complete.

3. Keep it simple – Veterans and soldiers know how to make the job done with simplicity. Never confuse yourself with unnecessary steps while doing any kind of job. While managing your finances, always go for a simple solution, never make it hard for yourself. If you want to save your money, the simple way is to reduce your monthly costs, that's it. So, choose the easy way, do it quickly and positively.

4. Efficiency and time management – After retiring from the military, veterans working in the private sector may have to face office politics and bureaucracy. But veterans have that ability to block this behavior and take required steps to avoid them. Veterans can customize themselves to complete the tasks within the allotted time. It’s because while under training, they’re taught how to work more in a negative situation. They know how to render their best while being a trainee. So, if you can also be like them, and perform well despite of any hurdles, you'll win the race.

5. Build your team – Veterans are expert to work as a team. It’s proved in a different situation that our soldiers can fight back together as a group in any terrain and complete their mission successfully. Together they can achieve any particular goal and survive through a life-changing situation. So, if you start a business and face some hard challenges, collaborate with your hardworking employees, and you can win the game.

You can read: Is your child showing signs not to be able to manage finances efficiently?

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