Female Veteran Inspires Career in Financial Planning

One of my earliest memories of my grandma was when I witnessed a Navy Admiral present an award to her family for their service during WWII. The Admiral paused her speech, looked directly at my grandma, and said, “I want to personally thank you for your service. You paved the way for me to hold my career,” and continued her speech. Glancing over at grandma, I saw her proudly stiffen up, shoulders pull back and one solemn tear drop from her eye.

There is a rich military tradition in my family. My one grandfather was a Pearl Harbor veteran, and another grandfather earned his Combat Medic Badge in Korea. Yet another grandfather was an Atomic War Veteran and my father-in-law completed 100 flight missions in Vietnam. Yet one of my family’s proudest military achievements was Grandma attaining the rank of Petty Officer First Class. Grandma was one of the first females accepted into the Navy, through the Women Accepted for Volunteer Emergency Services (WAVES).

Lesson Learned from Grandma:

As a retired Catholic teacher, Grandma was my tutor. As a pre-teen, she taught me how to handle money, often giving me cash to pay for her groceries, but I had to calculate the change before we were allowed to leave. Now, as a financial professional, I recommend this teaching method to young couples raising their children.

Life is Full of Surprises:

Life is unpredictable and doesn’t always go as expected. Grandpa ended up incapacitated prior to retirement, which shortened his earnings career. Finances were tight, but Grandma elected to be his in-house primary care giver. Grandma’s emergency fund wasn’t going to solve this problem. With the appropriate estate plan, Grandma could have used powers-of-attorney to manage the family finances more easily. Having the correct disability and life insurance in force would have eliminated a lot of financial stress for Grandma. Helping others avoid these issues is why I have such a strong passion for financial planning.

Planning for Longevity:

Study after study indicates that women will often live longer than men. In Grandma’s case, she lived an incredible life, living to age 101. Unfortunately, no one planned for grandma to hit triple digits. While she had veteran benefits, it was challenging. A financial plan early in her life would have helped alleviate these challenges later in life.

It’s okay to be Different:

Grandma loved to break stereotypes. When we would go out for family dinner, I would laugh when a server asked if she’d like a glass of wine. Grandma’s reply: “I’ll have a Budweiser, because that’s what I drank when I served in the Navy!”Last September, I married the love of my life. When I went to open a joint checking account with my wife, I requested that her name be listed as the primary account owner. The bank teller questioned me about the request, and I kindly explained that if I’m the secondary account owner and passed away first, a simple instruction from Susie, the primary account owner, and the account will transition from joint ownership to individual ownership in her name. However, if I am the primary account owner and I die first, Susie will be required to open a new account solely in her name. Then she must set up all new bank instructions for bills, etc. Being listed second on the account doesn’t impact my ability to buy my beagles dog food or transfer a portion of my paycheck to our retirement investments. Based on our situation, this is a great solution for us. Every time I make a recommendation that’s not a cookie cutter approach, I hear grandma say, “it’s okay to be different!”

Bryson Roof, CEP, is a financial advisor at Fort Pitt Capitol Group in Harrisburg, and has been quoted nationally in various finance publications including CNBC, U.S. News & World Report, and Barron’s.