Brothers in Arms Scrimp and Save to Achieve Their Family’s American Dream

By: Anne Marie Ferdinando

A few years ago, I was invited to lead a financial presentation for new military enlistees in Brooklyn, New York. As I pulled out of my driveway in New Jersey that cold November day, the weather started to deteriorate. When I arrived at the recruiting station 2 hours later, a torrential rain had set in—and only 4 future soldiers showed up to our meeting.

I thought it was going to be a bust. But I learned that day that sometimes, when we least expect it, we can make a big difference in people’s lives. I share my reflections as we mark National Savings Day on October 12 to inspire others on their journey to financial wellbeing.

The cold wind and rain battered the outside of the building, but the 5 of us were warm and cozy inside the station. We sat cross-legged on the carpet and shared a box of oatmeal cookies—along with our dreams for the future.

Mine: A home in the mountains I had been working and saving for my entire adult life. Theirs: A respite from constant money woes. A feeling of financial security. A car and, maybe someday, a house.

Two brothers, Joshua and Jake,* 19 and 17, shared that they had grown up in a cramped apartment in a housing project in New York City with 3 younger siblings. Their single mom worked 3 jobs to provide for her family. They dreamt of a more comfortable life for their mom and siblings. A home they could call their own.

Joshua and Jake had enlisted in the US Army not only to take advantage of the many opportunities it offers but also to help their family improve its financial situation. I was honored to help these two young men, and they soaked in my every word.

A Virtual Snowball

We talked about the magic of compound interest—the “eighth wonder of the world,” according to Albert Einstein. We made a snowball and imagined it growing as it rolled downhill. We pulled up compound interest calculators on our phones and played with different scenarios. We talked about how money grows as we go about life—while we’re running, playing video games, even sleeping. How it works while we live. 

We talked about saving for high returns and investing in assets that tend to gain value, like real estate, rather than those that don’t, like cars. We talked about avoiding impulse buys, delaying gratification, saving for short-term goals and building good habits over a lifetime.

We talked about hope. We talked about belief. We talked about faith in the financial system. How anyone who works hard and has a steady paycheck can build a better future for themselves and their families. How our choices and actions matter.

We talked about hard things, too: going without and growing up in tough circumstances. About a future these young men hadn’t envisioned for themselves and how to make it real.

American Dreams

Joshua and Jake listened. They acted on what they learned. And they kept in touch.

That day, they joined Navy Federal Credit Union and opened their Special EasyStart^SM Certificate, a high-return-low-risk way to start saving.

That first $50 deposit grew and grew and, as it did, Joshua and Jake kept in touch. I was happy to respond. I was their cheerleader and showered them with information, encouragement and positivity.

They took advantage of various Navy Federal products over the years and saved everything they could. They saved when they earned bonuses. They saved when they received hardship pay. They saved when they won promotions. They studied investment options for their retirement plans and maxed out their retirement accounts.

They learned about mortgage financing options for Veterans and eventually bought a house together. The whole family moved in, the first time anyone in their family had owned their own home—or even considered the possibility.

The American dream came true for Joshua and Jake, and they’re not alone.

After more than 3 decades in banking, I have observed how countless people handle their money. Those who save—who pay themselves first—are more likely to live a comfortable life and enjoy peace of mind. They reap the rewards of compound interest. As Einstein said, “He who understands it, earns it; he who doesn’t, pays it.”

Saving is, indeed, one of life’s most important skills. But few of us learn how to save for tomorrow while enjoying life today. We don’t learn it at school or at home, and we dare not bring up the subject of money in social conversations.

We think young people aren’t interested—but we’re wrong. I’ve met lots of Joshuas and Jakes in my career. People think young people live for today, not tomorrow. I see the opposite every single day.

One recent example: The other month, a group of new soldiers requested financial literacy training during boot camp. These “battle buddies” were allowed to use their phones for only a precious few hours per week, and they chose to spend some of that time learning how to make smart money choices. Magnificent!

At Navy Federal, I’m on a mission to help new recruits and others in the military community give themselves the comfort of a savings cushion, the magic of growth through compound interest, the gift of lifestyle choices. I’m here to dispel myths and break taboos.

I know that what’s true for Joshua and Jake is true for anyone who is willing to save first and spend the rest later. Anyone can build a nest egg—even new enlistees. Anyone can achieve their goals with the right information and the desire to get it done. This month, and all year, you can, too.

Anne Marie Ferdinando is a regional outreach manager at Navy Federal Credit Union and a military spouse and mother who helps members achieve their life goals. 

*Pseudonyms are used to protect members’ confidentiality.

Navy Federal Credit Union is federally insured by NCUA. This endorsement is made by a Navy Federal employee. Image used for representational purposes only; does not imply government endorsement.