3 Top Financial Tips for Young Veterans
Updated: Nov 23, 2021
Entering civilian life as a young veteran can involve a multitude of challenges. One of the areas young veterans tend to struggle with most is money. As you reassess your financial needs and goals, here are three things for you to keep in mind.
The Foundation Assisting Seniors is dedicated to helping both seniors and veterans in a variety of ways, such as providing durable medical equipment, transportation services, and information. Call (725)244-4200 to learn more about how we can support you. But first, explore this important financial advice:
As a veteran, you have many qualifications that benefit a future employer. As you enter the world of civilian employment, Resume Companion suggests creating a resume that reflects your experience but put into layman’s terms.
Another idea is to start your own business. You’re intimately familiar with what it takes to be a good leader, and that can translate well into leading your own venture. There are a lot of important steps that go into starting a small business, but don't let that discourage you.
If you conduct your research carefully, for example, you can file all of your own paperwork without paying any expensive lawyer fees. A formation service is another viable option to get some assistance with registration without breaking the bank. They can help you start your Nevada LLC smoothly and without the hassle of navigating red tape, so you’ll be ready to hang up your new shingle in no time.
Consider Higher Education
If you're excited to move onto the next stage of your life but don't feel comfortable about your knowledge base or feel you need better certifications, you may want to consider going back to school. Veterans are eligible for tuition assistance, and depending on the school you choose, you could end up getting a degree at no cost to you.
Getting a degree requires time and effort, but even having partial tuition or book costs covered is a significant boon. As College Consensus notes, a degree can open up doors to higher-paying jobs, which in turn can make planning for retirement or starting up a new business easier in the long run.
Prepare for the Years Ahead
Most people don't want to think about things like life insurance and funeral costs, but figuring out these things in advance can save you and your family money and stress later on. There are even discounted rates available for veterans.
Even though you're young, now is also the time to think about how you want to spend your retirement. Do you know where you want to be living and about how much money you'll need? The later you start to save, the harder it will be to grow any investments by the time you plan on leaving the workforce for good.
Heading into life as a civilian can be jarring, but getting your finances in order can be both grounding and beneficial as you adjust to civilian life. Once you make a plan according to your needs, the rest should easily fall in line.