Practical Money Solutions To Every Veteran’s Common Financial Problems
Going back to life as a civilian after military service has its fair share of emotional issues, but that doesn’t mean that the practical parts aren’t just as hard. One still needs to find a job, somewhere to live and paying for everything that comes with that. Considering that many vets sign up for service when they’re still young, their financial management skills are often lacking. Issues like homeownership and handling debt are usually out of the military mindset, where one has such needs covered. So, perhaps some tips and advice on getting to grips with civilians finances might be in order.
Stay away from loan sharks and don’t fall into debts.
A number of proposals have been suggested by the Department of Defense to help veterans avoid predatory lenders. Considering the higher risk veterans run of facing financial difficulties, the D.o.D.’s advice is more than welcome.
When members of the military rejoin civilian life, they have an increased chance of facing money problems, compared to others. This situation is something loan sharks are keen to exploit, which is why the D.o.D. is seeking to make regulations on the issue more robust. One such rule, for instance, is the provision that 36% is the highest percentage rate per year on consumer credit that can be charged. The only types of loans that used to fall under this rule were vehicle title, payday and tax refund anticipation.
Create a transition fund.
As shown by the survey data above, just one-third of veterans went through a smooth reintegration into civilian life and almost half of them were not ready to do so, emotionally. The main causes of these problems seem to be various health issues they face and high unemployment rates.
Unsurprisingly, a lot of those health issues are directly related to their service, which leads many among them to want to relax and think things through before making any important decisions after their time in the army is over.
According to a financial advisor, many in the military, grown complacent by the regularity and stability of their income, fail to maintain a cash cushion for an emergency. Unfortunately, when their service ends, many take more time to find a job than one would expect. Therefore, a decent “cushion” should be enough to live on for nine months. A good start would be to save 10% of one’s salary in a savings account or a fund. A homeowner can also apply for a home-equity line of credit, a decent emergency cash flow which can be easier to secure while still in the armed forces.
The bottom line is to be prepared, both you and your loved ones, to overcome some difficulties in transitioning from deployment to civilian life.
The Three Most Likely Places Where World War III Might Start
After what happened in previous World Wars, it became apparent that global conflict can arise anywhere. Due to international politics today,...February 19, 2020
These Are The Lessons That Only The Military Could Teach Us
Life’s lessons are either acquired from your own experiences, other people’s stories, in schools, or at times in the most unexpected...December 15, 2019
Basic Rules For Balancing Your Military Career And Family Life
You love your job as much as you love your family. But do the two really have to compete for each...November 15, 2019
Do Late Night Exercises Affect The Quality Of Your Sleep?
Each one of us needs enough sleep to keep a healthy mind and body. Above anybody else, it’s the military who...November 15, 2019
Unboxing MREs: Everything You Need to Know About ‘Meals Ready to Eat’
Military MREs are the latest trend when it comes to military alimentation, and they are special bags which contain a whole...November 14, 2019
Life-Saving Lessons You’d Learn From Military Spouses
Being married can prove to be a tough challenge, and everyday struggles always seem to put a relationship to the test....November 14, 2019
Signs That You Were Raised In A Military Family
Lots of incredibly brave men and women are willing to put their lives on the line to defend everyone’s freedom and...November 13, 2019
Here Are Ways To Deal With Allergies
Food allergies are becoming an increasing problem with years passing by, and it does not skip over military families, whether it’s...November 13, 2019
This Military Diet Is Said To Make You Lose 10 Pounds In A Week
Weight loss is never easy! Everyone wants to keep a healthy body and mind. And we can possibly achieve this if...November 10, 2019