When young veterans transition into civilian life, they can face a number of challenges. One of the biggest is the shift in their financial circumstances. While in the military, they may have had access to a steady paycheck, healthcare benefits, and a host of other resources. These benefits can suddenly disappear once they leave the service, leaving them with a host of new financial decisions to make.
Fortunately, there are some key pieces of financial advice that can help these transitioning veterans ease into their new lives and make their money work for them. Read on for some insights from the Dallas Ft. Worth Veterans Chamber of Commerce.
Stick to a Budget
The first thing that any young veteran should do when leaving the service is to create a budget. Budgeting is an essential tool for managing finances, and it can help veterans stay on top of their expenses, prioritize their spending, and ensure that they have enough money for unexpected expenses. Bank of America points out that a good budget should include all of your income, as well as your expenses and debt payments. By tracking your spending carefully, you can identify areas where you are overspending and make adjustments to save more money.
Learn About the GI Bill
Many young veterans are eligible for the GI Bill, which can help them pay for their education or job training. This benefit can go a long way in helping veterans become more competitive in the civilian job market, and it can also help them grow their earning potential over time. It’s important to take advantage of this benefit early, as some of the programs are time-sensitive.
Learn New Skills Through Online Education
Earning an online degree presents an excellent career opportunity for newly discharged veterans, as it offers flexibility, accessibility, and a wide range of programs tailored to suit their unique needs and aspirations. The convenience of online learning allows veterans to balance their education with family obligations, job commitments, or other responsibilities while transitioning back into civilian life.
As just one example, there are bachelor’s degree information technology possibilities, including online programs. Going this route results in earning an IT degree to position yourself for a lucrative career in the tech field, whether that be in cybersecurity, IT management, or network engineering.
Save on Everyday Purchases
Another way that young veterans can manage their finances more effectively is by looking for ways to save on everyday purchases. This might include using coupons, shopping around for the best deals on groceries, or taking advantage of discounts for military members. By trimming expenses where possible, veterans can free up more money to put toward their financial goals.
Build Up Your Credit Score
Having a strong credit score is essential for anyone looking to secure financing or take out a loan. Military.com notes that there are a number of things that veterans can do to build up their credit scores, including paying bills on time, keeping their credit card balances low, and monitoring their credit reports for errors.
Take Steps to Automate Savings
One of the easiest ways to build up savings over time is by automating the process. Many banks and financial institutions offer automatic savings programs, which can help veterans save money without needing to think about it. By setting up a regular contribution to a savings account, veterans can build up an emergency fund or work towards other financial goals over time.
Compare Loan and Mortgage Options
When it comes to more significant purchases like loans and mortgages, it’s important to shop around before making a decision. Veterans may be eligible for VA loans, which can offer favorable rates and terms. However, it’s still important to do your research and compare your options before making a decision.
Open a Business and Register as an LLC
Finally, one smart financial decision for young veterans is to start their own business and form an LLC. This can provide a host of benefits, including tax advantages, greater control over one’s professional destiny, and the potential for higher earnings. By pursuing this path, veterans can take control of their finances and build a strong foundation for their future success.
In conclusion, young veterans have a range of financial decisions to make as they transition into civilian life. By following the tips outlined above, including advancing their education and building up their credit score, they can put themselves in a strong position to manage their finances effectively, build wealth over time, and achieve their long-term goals.
The Dallas Ft. Worth Veterans Chamber of Commerce enhances the professional lives of active duty, transitioning military, and Veterans through business, employment and education. Contact us today at 214.714.5344 for more info!
In October of 2010, I decided to attend the Air Show with my family. It was a beautiful, clear day as we entered the gates. Immediately to our right, a large stage was set up and a singer dressed in 1940’s vintage regalia was belting out a popular tune of the era.
Very close to the stage was a booth of Tuskegee Airmen. My heart jumped! I definitely had to go shake their hands. I had watched the movie that came out in 1995 and was so moved by their story. And while the movie didn’t portray any one specific person, I absolutely wanted to meet the real heroes.
Unfortunately, the booth was packed with people, so I made a mental note to circle back around before the air show later that afternoon. After touring the different planes on the field, I started walking toward the Tuskegee Airmen booth. I arrived and there were just two of the five elderly Pilots sitting in the afternoon shade.
Not dissuaded, I walked up and smiled, held out my hand, and probably gushed a little too much about what an honor it was to meet them. To my amazement, they offered me a chair, and I took the opportunity to sit and chat with them.
Our conversation turned towards the rising temperature, the planes, how much they enjoyed coming to air shows, and finally, I broached the subject of their service. I looked at each of them thinking about their service to our country, which at the time, was not kind to them. It wasn’t enough to thank them for their service.
Teary-eyed, I thanked them for persevering through the bullshit and helping to save the lives of hundreds of servicemen. Then one of them asked me, “Did you serve?” Oh boy! I think the salty sailor in me came out, and this opportunity wasn’t supposed to be about me at all
They asked me questions about my service, and one was quick to tell the other that he knew he should have made that bet. “Bet?” I asked, “Yes, you still have your military bearing.” We chuckled, and at that moment, planes began taking off for the air show. “Thank you, young lady, you made our day today.” I shook each of their hands again and told them, “It was such an honor to meet you both!”
To my dismay, I do not remember their names. I suppose too many years have passed. But I will never forget my 15-minutes of being in the presence of Legends!
*This story was first published in the Spring 2021 issue of ©AT EASE! Veterans Magazine. All Rights Reserved.
1. Procrastination
2. The Book of Wealth
3. Definition of Success
Procrastination
Procrastination hamstrings a great majority of the population. It is a habit which is either inherited and more often created through habit. Where does this habit come from? You can search through several books on psychiatry, psychology, and neuro research and not find the real answer.
Procrastination is the result of fear and fear has killed more dreams of success than failure. When you are fearful of anything generally you will not take any action. Running is the first reaction when confronted with a fearful experience. This is a natural reaction as it is a survival response.
Procrastination has killed more dreams than failure ever will. When you take the time to examine the concept of failure, you may discover the only time it exists is when you choose not to start or when you quit in pursuit of your goals. Just because you don’t succeed on the first attempt, it doesn’t mean anything. It is just one path which is a dead end, and you should try again.
“If at first you don’t succeed, try, try again.”
Belief in Limitation
People refuse to believe that which they do not understand. They foolishly believe that their own limitations are the proper measure if limitations. Most people think of success as luck, being in the right place at the right time. They miss the meaning of sowing and reaping. You reap what you sow. If you sow thoughts of lack and limitation, you receive lack and limitation.
Prov 23:7 As a man thinketh in his heart, so is he.
The Question
In 2020, I asked the question, “What is the difference between those who succeed and those who don’t?”
A wealth of information has continued to flow to me since then. This was the same year when I was so frustrated by my own lack of success. Believing I would be further along in life than my current results indicated. Feeling as if I had hit rock bottom, I openly admitted, “I needed a coach, a mentor.”
Not long afterwards, my mentor found me and introduced me to the teachings of Bob Proctor.
The Book of Wealth
“Think and Grow Rich” written by Napoleon Hill is one of several books on success and prosperity which Bob studied, applied, and taught to thousands of people around the world. He had a dream of building an organization which operated in every country around the world. Prior to his passing, he had achieved this goal.
Imagination
“If you can hold it in your mind, you can hold it in your hand.” Bob Proctor
Your imagination is a very powerful tool, and it is an amazing gift to those who learn how to use it to their advantage.
The chair you are sitting in, the computer you use, the house you live in were at one time a thought in someone’s imagination. They put that thought to paper, drew out the plans, and then stepped into action to build it.
This is essentially a goal. Those who amass great success and wealth constantly and consistently strive towards a series of goals.
Failure to Succeed
Those who are mediocre or poor seldom if ever pursue a worthwhile goal. Read the parable of the talents in the Bible and you will see how the creator of the universe Blesses those who pursue their goals and take from those who succumb to laziness.
Definition of Success
“Success is the progressive realization of a worthy ideal.” Earl Nightingale
The following link takes you to the audio recording of “The Strangest Secret” narrated by Earl Nightingale
https://youtu.be/y5x-KjBME_E
Success is something which is easily accomplished through inspired, committed action every day. There are those who believe monetary wealth determines a person’s success. Through years of study, I have found that success does not follow money instead money follows success.
Successful people have just as many problems and difficulties as everyone else. They just keep moving forward and find ways to address their problems without getting wrapped up in their feelings and the drama.
Studying success can help the average person get a better understanding of what it takes to be successful. There is no secret to success as it is something you see each day. The person who endeavors to reach a predetermined goal and is moving towards it is a success. The celebrities you see are success stories. They are the ones who come from humble beginnings.
Their hard work, dedication, and committed action took them to the top. While others say they’re lucky to be there. Luck has little to do with anything. A good, positive mental attitude has more to do with success than anything else. The successful people are those who do more to help others to succeed. In my experience, I have never seen an intelligent, competent leader dilute or diminish other people. They are constructive, supportive, and offer empowering words of encouragement.
Words of encouragement is how to leave others with the impression of increase. In the book “PDF “The Science of Getting Rich” written by Wallace D. Wattles dedicated an entire chapter on the impression of increase. This is both a guiding principle and trait of the successful people.
Humility is another trait of the successful person. It has been my observation and experience that successful people are quite humble. They often admit to not being so intelligent. This amazed me when I first observed this. When taking time to analyze this one of the most prominent Greek Philosophers Plato (if I remember correctly) stated that he was an ignorant man. Which is why he asked the questions. He wanted to understand more.
This is an extremely high bar to achieve. Humility in pursuit of a worthy ideal.
Author: Michael Chavez
Muscle is developed through repetition and committed effort.
The more you exercise the stronger your muscles become.
Imagine your habits as your muscles. The more you practice the habits the stronger they become good or bad.
They become so strong that you don’t even have to think about what you do or when you do it.
What habits do you have which you want to overcome and replace?
* Procrastination
* Reacting out of anger
* Hitting the snooze button
* Lack of exercise
* Binge watching television programs
* Mismanaging your finances
We all live according to our habits good or bad. The only way to change them is
by making a committed decision to do so. Indecision and excuses are habits as well.
The habit of worrying. 92% of the things people worry about are unimportant and unnecessary.
There are two types of problems we face day to day.
- Problems we can solve
- Problems that are beyond our ability to control.
To breakdown the percentage of worries;
Petty miscellaneous worries 10%
Needless worries about our health 12%
Things that never happen 40%
Things over and past that can never be changed by all the worrying in the world 30%
8% of our worries are legitimate and within our ability to control.
I heard of a couple of stories where people have worried themselves to an untimely death.
There is a story an individual told me a few years ago about how they experienced stress blindness. It was a term I never heard before. As they explained it there are several things which made sense. You hear about muscle tension, peptic ulcers, and boils. These are just a few ailments which are brought on through stress and excessive worry.
Managing your stress levels by prioritizing your activities improves your overall health and strengthens your immune system.
Article by Michael Chavez
Two Sides of the Coin
We all agree there is a heads and tails for coins. When you look at the different coins, they are not identical. They each have their nuances even though you may have two nickels, two quarters, and so on, they can have different imprints on them.
Our thoughts are on the opposite side as well. You have either negative thoughts or positive. No two people are identical in their thinking. They may agree but only to a certain degree.
When you spend your time with negative thoughts you miss out on so many opportunities in achieving peace of mind and success.
Thoughts of anger, resentment, bitterness, and sorrow consume an enormous amount of energy. They keep you stuck in a cycle which distract you on what is most important. Your family, relations, and the desire for more opportunities in business.
The positive thoughts allow you to create new ideas, strengthen your relationships, and allow you more energy to do more. You feel more energized and alive when you are working towards a positive outcome.
Nowhere has it been written that circumstance has dominion over man. This is a limiting belief people have been sold on which is not true.
The ability to succeed far outweighs the concept of failure. If you doubt this, you can always research it and you will discover this is true.
Many people sit around waiting for opportunities for wealth to come their way. When opportunity knocks, they say, “No!”
They then create alibis to explain their mediocre life.
“I don’t have the education.”
“I don’t have the time.”
“I can’t afford it.”
“I don’t know anyone.”
“I am married, and my children take up my time.”
“I am not very good at….”
These were once my beliefs and excuses. In reading Napoleon Hill’s book “Think and Grow Rich” these relate to the alibis of people in the early 1900s. These were the stories they told to explain the reasons for their failure to earn more money or to succeed.
The creator of the universe would not have created you for amusement, to see you fail, and struggle. These are the things your ego has told you. That little voice which says, “You’re not good enough.”
This is a big L I E! Imagine this, you may be a parent and most parents marvel at the intelligence of their children and take pleasure in watching them succeed. The creator takes the same pleasure in watching you to succeed. You have a purpose in life. You know what it is because it lingers in your thoughts and fills your dreams as you sleep.
It is that voice which is telling you, “I’ve got you! This is what I want you to do.”
Follow your dreams and don’t worry if you don’t know how things are going to work out. That is not your concern. Keep your eye and your mind on the goal and all you need will come to you as it is needed.
Take the time to ask questions, to understand, and to have faith you are in the right spot at the right time.
