Transitioning from military to civilian life can be both exciting and daunting. For many veterans, it may be their first time managing their own finances. It’s important to take some time to understand your financial situation and develop a plan to ensure long-term success. Here are a few tips to help you out.

Decide How You’ll Make an Income

If you’re not sure what you want to do for a living as a veteran, now is the time to explore your options. There are many ways to make a living, so take some time to research your choices. You may want to consider going back to school or starting your own business. Once you have an idea of how you’ll make an income, then you can start budgeting for your expenses. A few potential options include:

Go Back to School to Boost Your Earning Power

Going back to school is a great option for many veterans. There are tons of online programs that can help you qualify for a higher salary. With a master’s in special education online, for instance, you can also make a difference while you’re at it. Plus, your education benefits through the Post-911 GI Bill can cover the cost of tuition and fees. Most schools have a special department that helps veterans transition to civilian life and understands their education benefits.

Start Your Own Business

If you have a business idea that you’re passionate about, now is the time to turn it into a reality. Starting your own business has many advantages, including being your own boss and having the potential to make more money than working for someone else.

However, it is important to do this right. Forming a limited liability company or LLC can offer you protection for personal assets, tax advantages, and more. Try using a formation service or even filing yourself to avoid paying high costs for a lawyer.

Find Veteran-Friendly Companies

If you choose to go to work for someone else, there are many companies that understand the unique challenges of being a veteran. They offer programs and benefits to help you succeed in your career. Many of these companies also have mentorship programs that can help you transition to civilian life.

Have a Budget

When your income is stable, it’s easier to stay on top of your finances. However, life in the civilian world isn’t always as easy when it comes to earning a paycheck. Developing a budget will help you track your spending and make sure you’re not overspending. Not sure where to start? There are plenty of budgeting apps and websites that can help you get organized.

Eliminate Debt

If you have any outstanding debt, now is the time to focus on paying it off. High-interest debt, such as credit cards, can rack up quickly and become difficult to pay off. This is especially important if you’re working to save to buy a home or another major purchase.

Financial Advice for Veterans in Palm City, FL

New veterans entering civilian life in Palm City, FL, have a lot to think about when it comes to their finances, including whether they should go back to school, open a business, or work for someone else. For more information on financial planning, contact our team at Riddick & Co Entrepreneurial Finance today.

Riddick & Co Entrepreneurial Finance works in conjunction with your other top advisers including your CPAs, attorneys, and bankers to assess your whole situation to give you truly objective guidance and a plan of action. Call 772-617-5757.

Links and references to outside sites are for reference only and are not an endorsement or recommendation of any kind to anything contained in the referenced website.

Author – Joyce Wilson is a guest blog writer for Riddick & Co Entrepreneurial Finance and is not affiliated with the firm in any other capacity.

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