Joining the military is never an easy decision, and people will go that route for a million different reasons. And one thing that changes, pretty much for the rest of your life, is your relationship to money. And there are a lot of reasons for that, but the important part is that military veterans work through their post-military financial considerations logically.
To do that, it’s important to think about things like debt consolidation, employment opportunities, getting back in the Guard, looking at differences in loan potential, and being sure to understand how college financing can be approached differently as well. Each of those categories can have an impact on various stages of post-military life.
You can even find that some veterans that have completed their military duties may also look for other sources of income, for example, see this page on some other assistance programs that are aimed at helping veterans financially post-military service
Debt is a part of modern life, but consolidating debt as a veteran does have some privileges and/or benefits outside the normal spectrum. Rates are better, applications are easier, repayments are a little less and a little looser. By being in the military, you’re showing that you have an additional level of responsibility that you’re capable of, and that allows financial institutions to give you more leeway than a typical civilian would get.
After getting out of the services, there are plenty of additional opportunities for employment for veterans as well, and that leads to you being a more competitive hire within a sequence of applications (companies that hire veterans get benefits from the government), and so that helps out with the whole idea of your financial portfolio as well. Though many people struggle with unemployment, veterans struggle less because once again, they get extra respect from our society at large.
Back In the Guard
Sometimes after veterans get out, they don’t gel with the civilian lifestyle quite yet, practically or financially, so many of them will enlist in the National Guard as a transitional state. This keeps money flowing, and allows a better middle ground between life as a military member and as a part of the civilian sector. Lots of people in the Guard have this story, but their pocketbooks thank them as well as their sense of peace.
There are significant differences between trying to get a loan, and trying to get a loan as a veteran. There are thousands of support groups when it comes to veteran finances (especially for things like home loans or business loans), so not taking advantage of that is just crazy if the option is open to you!
Many people join the military in the first place to get college money out of it. There’s no shame in this, as you’re serving your country, and in return, you get an education. But there are interesting statistics that show a majority of veterans never use this money. If it’s available, make it a point to take the steps to add it to your financial goals for return on investment.