3 Top Financial Tips For Young Veterans
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, Insurance Advisors of St. Louis offers these three financial tips for young veterans to keep in mind.
Your Career
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. With a winning service or product, a business plan, and determination, you can easily launch your own business.
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
Buying A Home
As most veterans settle into civilian life, buying a home becomes a top priority. Whether you want to buy a home now or later, you’re eligible for a host of benefits that make it easier to affordably purchase a home and even make necessary modifications. For example, VA loans are a great lending option for veterans. These loans typically have lower rates than conventional mortgages. They also don’t require a down payment or private mortgage insurance, and there are a variety of loans to choose from, such as a 30-year fixed, a 5-year arm, or even a jumbo loan. Veterans with disabilities can also take advantage of home improvement grants.
Exploring Insurance Options
Of course, in addition to future goals, it’s also important to plan for serious situations. Most people don’t want to think about things like life insurance and funeral costs, but figuring this out in advance can save you and your family money and stress later on. There are usually discounted rates available for veterans.
Planning Ahead For Retirement
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 to leave 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.
While you can’t plan for the unexpected, you can plan to protect yourself. Insurance Advisors of St. Louis are here to help you find the right policies that fit your lifestyle. We offer a range of insurance lines, and you can expect quality rates and a fast turnaround. Reach out today to find out more about some financial tips for young veterans and all of your insurance needs! 314-842-0960