Cop’s Honeymoon with Money: The #1 Rule That Will Keep you Out of Debt Forever

Personal finance is an area most people struggle with, but police officers face unique challenges.  There are five distinct emotional cycles that most cops go through in their relationship with money.  The first cycle is honeymoon.

More often than not, new police officers come from middle class families and it’s not uncommon for them to have grown up very poor.  Although the trend is changing, the majority of entry level cops have no formal education beyond high school.  Aside from low wage jobs, most cops did not have a career before becoming a cop and few enter law enforcement as a career change.

Because most police officers had entry level jobs before entering the business, they’re not used to the significant salary increase they earn when hired.  Frequently cops double or triple their salary immediately upon taking their first police officer position.

This creates an immediate surplus of money that the young officer does not have the experience to handle.  Young, single officers with no children and minimal financial responsibilities now see the opportunity to buy things they only wished for before.  How many of you bought your first new car just after landing your police officer position?  It’s very common.

Since the officer has gone without these luxuries his whole life, he does not have the patience to wait any longer and starts buying stuff.  This alone is not a significant problem; however it leads to… Continue reading