Feeling Rich? Financial Wisdom for Cops by a Cop

The following was written by Denver PD Ofc. GT "Todd" Gentry (author of A Bulletproof Life). This is the revised version that will be published in a DPD newsletter and it is right on target and full of solid biblical principles. This is MUST-reading for every officer.

I'm Feeling Rich, Baby!
by Todd Gentry

This week, my wife was laid off from her job. It was devastating… at first. Her part time job brought in about twenty-five percent of our household income. But, to tell you the truth, it’s the richest I've felt in a very long time. Let me explain...

First off, over the past few years, I have learned that everyone on this job is considered in the top 1% of the world's richest people. In fact, if you go to www.globalrichlist.com, you can type in your salary and find out what percent of the world’s richest people you fall into compared to the rest of the world. A “poor,” first-grade patrolman, who makes $74,000 per year, is considered to be in the .82% richest people in the entire world! Yet, the crazy thing is, that we are still probably the whiniest, unhappiest, most discontent people in the entire world as well. How can those two things factor together? The answer is simple. The more we have, the more we spend. America is undoubtedly the richest nation in the entire history of the world. Yet, we also have the highest rate of incarceration, mental illness and debt of the entire world as well. So, as a wise man once said, there are two ways to get rich. You can make more money or spend less of it. The ever wiser man would say to both. We, as a family, have chosen to spend less.

This brings me to my second point. Before I even got off probation, all I heard about was how much money there was to be made working off-duty. But something inside of me warned me to not get sucked into that trap. And that is what it is, a trap. Because I, as we all have, have seen cop after cop, make ridiculous amounts of off-duty money, yet they spend it like there’s no tomorrow. They often become the ones that end up relying on an unpredictable, off-duty job just to pay the bills. They literally become a slave to their master... money. Thankfully, we have been wise in this regard. Yes, I have worked my fair share of off-duty. I've worked everything from traffic jobs, to bank jobs, to DPD overtime grants to blood money. But the most important thing, for us, has been the fact that we have always considered that money as extra. We never put ourselves in the position where we had to trust in it to provide, because for as many off-duty jobs as I've had, I can assure you, they are all as liquid as a can of mace... secure one minute and contaminating the next.

In fact, I feel so strongly about this issue, and think that it is such an important topic, that I believe we should be teaching our new recruits financial management from the onset. I mean, think about it. A twenty-two year old kid coming on the job has to work thirty three years before he can retire. At an average first grade patrolman's salary, that's almost $2.5 million dollars he will have earned in his career. Now, maybe that's way less than your average professional athlete’s contract, but it's also a heck of a lot more than your average joe. Yet, despite giving them a multi-million dollar contract, what we don't give them is any financial guidance regarding it. Anyone see a problem with that? Even professional athletic organizations have realized that they have to pull their rookies aside and say, "Hey, you just got a multi-million dollar contract. You're in the public spotlight. There are a few things you need to know..."


Yet, our baby cops are getting a similar deal without the guidance, support and wisdom of those who have traveled down that road. For example... Maybe we should be teaching stuff like, "Hey baby cop... first off, this is what a budget is and this is what debt is. You should be able to live within your budget and always be working towards paying off your debt..." or how about, "Hey, baby cop, if you were to hold off on that new truck for just a few years, you'd be debt free and be able to buy that same truck in cash." Doesn't that sound like a better way? Of course it is. I’m pretty sure that if each of us could go back in time, we’d do a lot of things different financially. I know I would have and I would be better off today as a result.

And that brings me back to my original point. This week, our family was dealt a 25% blow to our level of income. But you know what? We didn't sweat it. Instead, we were able to take a look at our five year budget, make a few adjustments, and within five minutes, realize that everything was going to be okay. Does that mean that we have to make a few adjustments or sacrifices? Absolutely. Maybe our family won't go on a vacation EVERY year. So what? We are still one hundred times richer than 99% of the entire world. We have a roof over our head. We never go to bed hungry. We have clean, running water at the flick of a wrist. We go to bed warm, under clean sheets, every night. We are rich, in every sense of the word. And that is only a look at our current 75% income situation. If we were to examine our level of richness in other areas, we live as the richest kings in the history of the entire world. We live in a free country, we have affordable health care, we are healthy, we have two vehicles to transport us where ever we want to go [each of which cost more than my grandfather's home that he lived in for thirty years]. We are so incredibly rich, we spend ten times the amount it costs, just to drink trendy coffee. My God, the dust of devastation in Haiti has not even settled and yet we carry on like rich, pompous asses.

So this week, when our family has lost approximately $20,000 of annual income, I have to say, I feel rich, baby. For, we are not slaves to the Almighty Dollar. Instead, we are slaves to Christ. In fact, despite this shortfall, we are still able to give away a percentage of our money to others in need and not be burdened by the effects of debt or off-duty. In fact, we are at a place of financial peace like never before despite this loss of income. And it is such a freeing, liberating experience, that I hope each of you strives toward finding that place as well. But in order for it to come, it has to first come with a positioning of your heart, a re-adjustment of your thought process and finally, a dedication of your will. For anything less is sure to lead you down a path of more, more, more. But to experience freedom, in the way that we have found today, is sure to lead you in only one direction... peace. And one good place to start is to check out Dave Ramsey at www.daveramsey.com. He teaches a kind of financial wisdom that Christ taught when he said, “What good is it for a man to gain the whole world, yet lose his soul?” Because even if you don’t believe in God, Christ or the Bible, the truth remains the same. What good is it if you gain the whole world, yet lose… time with your kids, the enjoyment of life or even living a life of peace?




Not one of us will lie on our death bed and wish that we would have worked more. But far too many of us will lie there wishing that we would have worked less and spent more wisely so that we could have invested more of our lives with our families and more of our souls with God.

It is my hope, that each of you would take some time and examine your financial situation. No matter where you are at, as all good cops do, you can take control of your situation and begin to guide it into the place of peace and freedom. And if you’ve found yourself in trouble, do not fear. You did not get yourself into financial trouble overnight and you will not set yourself free from it overnight. It may be a long and arduous road, but responsible, financial living is far more enjoyable than gaining the whole world. You are already rich, each and every one of you. Now it’s time to begin living in peace with it.