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 Magic of Reading Out Loud
Reading out stories is something that we tend to associate with children only. However, this can also be a great tool...May 23, 2020
Here’s How You Should Deal with The Stress of Holiday Travelling
The holidays are meant to be the greatest time of the year, yet they turn out to be extremely stressful. Everyone...May 23, 2020
Rediscover That Motivation to Work You Probably Lost over Thanksgiving
Getting back into that work spirit is not an easy task, especially after spending an amazing Thanksgiving holiday with family and...May 22, 2020
All You Need to Know About Alita: Battle Angel. Is It Really the Best Anime-Adapted Film In History?
We have come to know James Cameron as that one director who has given us mind-blowingly amazing films over the years,...May 22, 2020
Your Chronic Pain Might Be Caused By Your Negative Mindset, New Study Finds
Going abroad on a military assignment is always a very tough experience for soldiers, but a new study has discovered that...May 22, 2020
Celebrity Fitness Trainers Give Advice on Maintaining Fitness Motivation
While it may seem like some of our most favorite celebrities have been gifted with extremely gorgeous genes which result in...May 18, 2020
A Decade Long Study Reveals The Impact Of Having a Single Parent On Children
Having both parents actively present in your life is considered to be a blessing however this is not possible for everyone...May 18, 2020
Pro-Tips To Help You Stay On Track With Your 2019 New Year Resolutions
Motivation plays a crucial role in being able to achieve specific goals. It is based on various internal and external factors...May 17, 2020
Celebrity Weddings to Expect in 2019
Last year we witnessed some of the most epic celebrity weddings like the royal wedding of Prince Harry and Suits actress Meghan...May 17, 2020