Overtime is ingrained in the first responder culture – and so does the dependency on the overtime pay that comes with it. This webinar looks into the concept of overtime trap and how to get out of this vicious cycle before it’s too late. Here to teach about the intricacies of financial management and five easily implementable steps to get out of the overtime trap and debt and prevent it moving forward is Rebecca Jameson.
Rebecca is a Certified Financial Coach with 15 years of experience in financial management and the founder of Priority One Financial Coaching. She is also the wife of a law enforcement professional who is deeply familiar with the challenges of a first responder job and its culture.
Specifics covered in this session include:
- Rebecca’s journey from managing organizational finances to becoming a personal financial coach, emphasizing the personal and behavioral aspects of money management.
- What the overtime trap is and how this can become a default in the first responder culture.
- Signs that indicate being enmeshed in the overtime trap and the trigger that get people to recognize that they’re in a vicious cycle.
- The concept of lifestyle creep, its signs and dangers, and how increased earnings lead to increased spending that often go unnoticed.
- The five-step plan to climb out of the overtime trap and manage finances effectively.
- Establishing values that determine how we live our lives and consequently, spend, save, and invest money.
- Create a spending plan that classifies where the money goes into – fixed costs, savings, investments, and guilt-free lifestyle savings.
- Manage debt through debt payoff strategies, how each one works, and the type of people that each strategy is proven to be effective on based on one’s motivation or desire to save as much.
- Plan for emergency – why this is crucial and the emergencies that we ought to anticipate.
- Implement money SOPs to protect ourselves and our finances in case of emergencies through adequate life insurance, specific considerations on expenses, and “paying yourself first”.
- How a structured spending plan allows you to figure out what area you’re slacking in and what area you need to improve upon.
- The different types of debt, their qualities, and tips on how to better manage each one.
- The importance of life insurance to the dangerous and unpredictable first responder profession, how much it should be, who should have it, and its purpose.
Questions from the webinar participants are about:
- Not saving enough despite having no debt.
- Baseline when setting aside funds for specific purposes.
- Fears surrounding spending money due to a fear of savings not growing.
- The amount of life insurance needed for someone without dependents.
- Strategies for couples with differing financial values.
- The benefit of using overtime strategically to achieve specific financial goals.
- Distinguishing between retirement accounts and other investment platforms and options.
Resources and Handouts
- Handout: Top 5 Values Handout
- Handout: How to Structure Your Spending Plan
- Handout: Recommended Reading
- Handout: Debt Spend Down Plan
- App: You Need a Budget (YNAB)
- “Thank you so very much!”
- “Great information, love the debt snowball and avalanche.”
- “Thank you for the topic material. [This topic is] definitely not talked about as much as it should be.”