As a young man, I would often help my father with projects. While I helped, he would share his insights into life. I learned lessons critical to my later success holding a flashlight or handing him tools. This was a lesson: “Do not pay another man to do what you can do with what you have.”
He taught me to be careful, to spend less than I made, to set the rest aside for the future. That reading was critical to success and knowing how to handle money was even more important than making it.
My father worked his way up in the world. Eventually he joined Walmart to design and build software systems. Some of these were far ahead of their time, favoring the user’s ease over the designer’s before Steve Jobs made it a necessity in software product design.
As a youngster, I had the chance to meet some Walmart greats. David Glass and Don Soderquist awed me. My father considered them brilliant giants of technology and attitude leadership, and in listening to them and reading the books they and other role models read or advised, I learned to walk my path to success.
While Walmart is often vilified, I have built a meaningful career there with and for my family. Careers with Walmart benefit me, my wife, and our three daughters. In a world where many young persons struggle to find direction, it is important to know that the big blue store in your backyard may be the start of a series of excellent life choices!
I need to disclaim that I am not writing this at Walmart’s behest, nor am I writing it as an official Walmart representative. This is a purely personal story, and these are purely personal lessons. I genuinely feel appreciation for the opportunities available through Walmart. Based on my experiences as an associate and mentor to other associates, I believe that individuals with even the roughest starts can find their path to success as associates.
Speaking to young people specifically, Walmart offers first-day heavily subsidized educational programs. These include: finishing a high school level education and earning a GED, training for trades and promise of help with placement thereafter (electrician, HVAC work), coding and software design certificates, and bachelor’s degrees. These are available to part-time and full-time associates, and the associates’ cost is approximately $1/day of education. Walmart picks up the tab for tuition, books, and other program related materials. One special advantage of these educational programs is that all of them offer an excellent opportunity of return on investment. Walmart is paying for people to learn skills they want, and they are not the only employer looking. These degrees are profitable even if paid for out-of-pocket, resulting in increased lifetime earnings.
The fantastic thing here is that the student will not have to pay for it — or at least pay very little! This means that an unsure young person looking for a career can, while looking, earn a practical college degree, ensuring their financial success in the short and long term. In a nation with exploding educational costs and colleges offering a bewildering number of degrees that offer little or no hope of income, this is an excellent opportunity.
Walmart also offers 401(k) benefits. Walmart recently added a Roth 401(k) option to their offerings, which again favors young people working their first job. They match 6 percent of associate contributions 100 percent. A 6 percent raise for no extra effort or work is no small thing, and far past what many major employers offer. If a young person couples this with reading a short book on lifetime investing, they can turn a “low level” hourly position into serious wealth. A rich, meaningful life with an early retirement or even financial independence are not unrealistic goals. (On that short read, I recommend J.R. Collins’ A Simple Path to Wealth).
Another financial offering is a subsidized stock purchase. Walmart will subsidize associate stock purchase up to a certain annual amount, offering it at a 15 percent discount from the current market price. This is a 15 percent raise on that portion of your money (approximately $70/paycheck) for, again, no extra work and no extra effort.
After 90 days of employment, Walmart automatically provides associates with a card that gives them a 10 percent discount on most purchases in the store. This is effectively a 10% raise on the associate’s portion of the income that goes toward clothing, tools, and other necessary items for day-to-day life. If the associate is not using insurance to cover their prescription drugs, their 10 percent discount applies to their out-of-pocket cost.
Like most employers, Walmart offers employer sponsored insurance. I have not done a thorough study of Walmart’s medical benefits compared to other organizations. Coverage is much less expensive than trying to buy insurance on the marketplace. One of the innovative benefits included is $4 doctor on demand visits, including visits with a board-certified psychiatrist. This makes treatment for common mental and physical ailments affordable. If the associate covers their family, it is available to all of them. When your two-year-old wakes up with a sudden high fever, knowing you can get a physician’s professional opinion in less than 20 minutes is tremendous.
If you use the bring your own device plan with Walmart on your cellular device, you can take advantage of steeply discounted monthly fees with AT&T. Even if you don’t — and even if you’re not a Walmart associate — you can take advantage of their Total Wireless cellular services offered through Tracfone. These offer ample data for all usage except regular movie watching. My family has a three-line plan with 60 shared gigabytes for less than $90/month. They also offer phones in low, mid, and high price ranges.
A final benefit available to associates and the public alike is drug prices. Patients can purchase generic drugs at Walmart pharmacies at steeply discounted prices through GoodRx and the Walmart low price drug list.
There is no reason a young person cannot be wealthy, and no reason someone older out of work cannot find a fresh path to success. My experience is that Walmart provides their associates not one but many paths to success. All it takes is a willingness to show up, work hard, learn, and match the benefits available with your needs as an individual or a family.