This brief message is an example of a CEO using a personal story to teach the importance of a critical consumer discipline: personal savings. It should resonate with his core members at Camp Pendleton.
“Whether tackling debt, building savings, or thinking about retirement, financial fears can freeze us in our tracks. It’s easy to feel stuck, not knowing where to start.
“Here’s the thing: even the best budgeters and investors have stumbled. I know I have, and I bet you have, too. What matters isn’t our mistakes—it’s how we recover and move forward.
A Lesson from the Marines
“In the Marines, I learned that no obstacle is too big to overcome. The key is staying focused, learning from experience, and taking that next step. The toughest situations often teach the most valuable lessons.
“I’ll never forget when I was a young Marine at Kaneohe Bay, Hawaii. Shortly after arriving, I competed for and earned a spot in the Reconnaissance Company. I could share countless examples of challenges I faced as a Recon Marine, but the one that stuck with me most wasn’t from the battlefield.
“After a week of tough training, the Company Gunnery Sergeant asked us one simple question: “What are you doing with your money?” With free housing, meals and healthcare, our expenses were minimal. His point was clear—were we making the most of it?
“My answer didn’t sit well with him—and it wouldn’t be the last time. Turns out, I had a knack for getting the Gunny fired up. I proceeded to receive a 10-minute tongue-lashing on saving. He ordered me to set up an allotment to buy a Savings Bond every month—and I did because you don’t argue with a Marine Gunnery Sergeant!
“His advice didn’t stop there. He told me to increase my bond purchases with every promotion or pay raise. His final lesson? Live within your means and know the difference between needs and wants. While I admit to blurring that line at times, his advice stuck.
“Years later, as a Gunnery Sergeant myself, I cashed in those bonds to open an investment account and was amazed at how much I’d saved, bit by bit. Those lessons in saving and budgeting helped my wife and me buy our first home and start our family—something I owe, in large part, to that Gunnery Sergeant’s wisdom.
“As we close out the year, now is the perfect time to make those small moves that can set you up for success in 2025 and beyond. Start a savings habit, set achievable financial goals or fine-tune your budget. You don’t need to wait for New Year’s resolutions—starting now takes that weight off your shoulders. It’s not about being perfect. It’s about making progress.”
(Source: Frontwave’s President Bill Birnie, October 22, 2014, Notes from the CEO)
How touching. What else is touching? How about touching these young marines at their wallet. How can a marine build savings when the FrontWave is shaking them down with NSF fees? When a young Marine runs out of money, Frontwave makes a profit. The credit union relies on overdraft fees as a key source of income. In 2022, the company collected about $8 million in overdraft penalties, according to data collected by the state. That represented nearly 12% of its overall revenue — about triple the average among all state-chartered credit unions. A review of Frontwave’s financial records shows it easily could have lost money in recent years without income from overdraft fees. I am delighted the CEO is able to buy a home and raise a lovely family. The revenue generated from overdraft penalties makes for a WIN WIN for the credit union and its highly compensated management. This might explain the class-action lawsuit against FRONTWAVE.