Financial Strategies for Life After Serving the Military
The country will forever be grateful for your service as a military. You decided to sacrifice your life and be away from family to protect the country. However, you can’t serve the military forever. At some point, you might decide to not be an active-duty officer anymore. You should be financially ready when it happens.
Start saving while working
People serving the military usually earn a lot. It’s a high-risk job, and they deserve to receive a decent wage. You’re also not going to spend a lot while in service. The government provides you with what you need. Make sure you save whatever you earn while serving. Once you retire, you won’t get that same amount anymore.
Start a business
If you’re already a veteran, you have more free time in your hands. Use it to start a business. Check out the best business loans for veterans if you don’t have enough money to keep the ball rolling. You may also use what you learned over the years in service to launch a successful company.
Be wise in investing your money
You can grow your savings through stocks and other investment strategies. If you’re familiar with the process, there’s nothing wrong with this plan. However, you should only give it a shot if you’re confident with the investment. You also need to understand how the process works and if you can guarantee financial growth.
Always prioritize your health
You might suffer from different health issues while serving in the military. Apart from the physical toll of being an active duty member, you might also end up with mental health issues. PTSD is common among veterans. Find the best health insurance to afford quality healthcare. While the government offers health programs for veterans, it’s better to have a backup plan. Since you can afford to invest in healthcare, you should do it. You might lose all your savings because of future medical bills if you didn’t prepare for it.
Consult with experts
As an active duty member, you receive all sorts of tax exemptions. Your gross salary will end up in your account with almost no deduction. Things will change once you retire. You might feel surprised by all the taxes you have to pay. Therefore, it helps if you consult with experts. Ask them about your financial responsibilities. You should understand why you’re going to pay a higher tax. It will help you stay prepared for what’s coming ahead.
Get life insurance
Compare different life insurance policies and invest in them. When you no longer receive the same monthly salary, your life insurance will cover you. You won’t have to worry about money for the rest of your life.
Remember that many veterans end up with financial troubles because they didn’t prepare well. It’s easy to be complacent when you’re earning a lot. Unfortunately, those who didn’t prepare ended up becoming homeless or buried in debt. You can’t be one of them.