Posted on Nov 12, 2013
How to prepare now for life after the military...?
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This is specifically directed towards those who have already retired or ETSed from the military, but all are welcome to chime in. Basically I am interested to see what recommendations folks have for setting yourself up to be financially stable and successful after the "1st and the 15th" checks stop rolling in. Everyone knows you can use the GI Bill to finish school and get a degree...only to end up working for someone else AGAIN. I plan to do my 20 and gracefully retire, and if so I definitely don't want to be slaving away for someone else again if I can help it. I've heard of everything from investing in real estate, stocks, starting a business, etcetera. What are your recommendations? Give the good, the bad, and the ugly and what it takes to acheive it. Please and thanks!
Civilian Career
Retirement
Entrepreneurship Degree
Education
Posted 11 y ago
Responses: 12
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5 words: Dave Ramsey's Financial Peace University. Look it up.
I didn't learn about Dave until after I separated, and after I finished school. Sure, I had the GIBill, and yep, I used it, but I did stupid with 0s on the end and took out student loans just because I could.
I wish I had known this stuff while I was in the Navy. My financial future would be so much different. I have to "slightly" disagree with SFC Orr, only because I've drank the koolaid, and really don't care about my FICO score anymore. I don't borrow money anymore, so... my FICO score doesn't mean anything to me.
And yes, before some of you Nazi's out there get all up in arms about the FICO score, yes, I know that you have to have good credit for security clearances, and yes, I know you have to have good credit in some lines of work where the employer does a credit check. I also know that FICO is not a measure of winning financially. FICO simply shows that you borrow the right amount of money and you're paying it back at an acceptable rate for them to give you brownie points. FICO does NOT measure if you're living paycheck to paycheck and up to your eyeballs in credit card debt with no way to get out from under it.
If I could go back and do anything over again during my time in service, I wish I had been given the opportunity to go through FPU as a servicemember. There is a version of the class that is specifically geared toward military families. If I were still active duty, you'd better believe I'd be jumping through hoops to help facilitate it at my command. For now, I facilitate it at my church, and I am THRILLED when I have military families come through. I love learning their stories.
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Two things saved me; having a really outstandingly good credit score and a source of funds.
Diligently keeping up with bills and managing your debt is probably the best thing you can do in preparation for getting out; right up there with getting education knocked out.
I was lucky enough to have a good sized stack of savings bonds that I was able to liquidate for starting capital when I bought my franchise. Without them I wouldn't have been able to go with my first choice of businesses.
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Also, remember that end of your time in service isn't a stopping point. It's a matter of perception really - think of it more like a gateway to the next thing instead of a wall to try not to run into.
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