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.
More inOpen Your Mind
-
`
If You’re Among The Health-Watchers, You Should Probably Know About Pre-Diabetes
If you’re an adult and consider yourself sufficiently aware, you know what diabetes is. The disease is so common that even...
June 2, 2023 -
`
Motivation Isn’t Enough to Get You to the Finish Line; You Need Discipline!
Motivation is the intrinsic spirit to undertake a challenging task. It is the positive enforcement that comes from within and keeps...
June 2, 2023 -
`
Gardening and Green Activities: a Definite Solution for Your Anxiety Attacks!
If you are not fond of nature and nurturing plants, you may be shaking your head at the idea of gardening....
May 30, 2023 -
`
Health Benefits Of Eating Beets You Probably Didn’t Know
Beets have gained much importance as a healthy low-calorie food option in many diet charts. It has become one of the...
May 30, 2023 -
`
Best Books Ever Written About War That Every Man Should Read
Every military service member needs his daily dose of knowledge and skill enhancement, inspiration and motivation. And reading some books about...
May 30, 2023 -
`
These Celebrities Are Running Multi-Million Dollar Businesses On The Side, And We Don’t Even Know It
The definition of a celebrity is a person who is extremely famous and commands a significant influence due to his or...
May 29, 2023 -
`
Looking At The Work Of United States’ Confined Artists
The United States has the highest number of incarcerated people in the world, with 2.3 million individuals confined in more than...
May 29, 2023 -
`
4 Ways To Train Your Brain To Be Open-Minded
There is some mental work involved in being open-minded; it isn’t always as simple as it seems. It is imperative to...
May 29, 2023 -
`
These Foods Will Boost Your Brain More Than ANY Smartness Pills Available Out There
It’s no secret that what you eat has a significant impact on your life and daily activities. It determines the quality...
May 27, 2023
You must be logged in to post a comment Login