How to prepare now for life after the military...?

2013-11-12T16:01:28-05:00

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!

Response by SFC Private RallyPoint Member made Nov 12 at 2013 9:12 PM

2013-11-12T21:12:17-05:00

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.

Response by SFC Private RallyPoint Member made Nov 12 at 2013 9:23 PM

2013-11-12T21:23:40-05:00

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.

Response by PO3 Private RallyPoint Member made Nov 20 at 2013 11:55 PM

2013-11-20T23:55:02-05:00

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.

Response by SSgt Private RallyPoint Member made Nov 20 at 2013 11:59 PM

2013-11-20T23:59:38-05:00

Yes I really hope your planning goes on without anymore high jinks by corporate types or politicians. I would definitely look for financial advisors who are not looking for a quick buck and leave you hanging.

Response by CW2 Joseph Evans made Nov 21 at 2013 3:14 AM

2013-11-21T03:14:54-05:00

Have a plan, avoid surprises. School while you are in, do your research. Business Administration will help with personal development, career progression and personal finances. It will also help with career transition afterwards. Bachelors is good, Masters is better.
My only other piece of advice is find something you love and do that.

Response by PO3 Private RallyPoint Member made Jan 24 at 2014 11:06 PM

2014-01-24T23:06:28-05:00

2 books: Start and Quitter both by Jon Acuff.

**dang.... I just realized this is an old topic, and I had already replied! Oops....

Response by Lt Col Luis A. Rojas made Jan 25 at 2014 9:54 PM

2014-01-25T21:54:06-05:00

SGT Howe; just the fact that you are asking the question shows that you are one step ahead of the rest. I'm a little over 2-years away from retiring myself. What I have done to prepare financially for military retirement is having saved every month and ensured I am debt free.

Response by Cpl Leland Hank made Apr 14 at 2015 5:46 PM

2015-04-14T17:46:08-04:00

I second the Dave Ramsey financial peace... as far as personal finance goes. While you are in the military get all the education you can, knowledge is power. Research careers where there is a need for employees for the years to come. You don't want to waste money and time to go into a dead career path or one that has way to many qualified people in it. I went into nursing and I rarely feel like I'm working I enjoy what I'm doing and make good money. Before I went to the Marine I took an aptitude/personality test and nursing was one of my time career paths I told them nursing is for women and fans lol so your maturity level will have something to do with your choices too.

Response by MAJ Ken Landgren made Apr 14 at 2015 9:57 PM

2015-04-14T21:57:24-04:00

Real estate when buying a house is an investment. Don't do individual stocks as you can lose a lot of money. Starting a business will be the riskiest and potentially most rewarding.

Just know this, the more risk you assume the result can be horrible or fantastic.

Response by MAJ Ken Landgren made Apr 16 at 2015 8:44 PM

2015-04-16T20:44:19-04:00

What are your strength and what kinds of jobs are you interested in?

Response by MAJ Ken Landgren made Apr 17 at 2015 4:43 PM

2015-04-17T16:43:49-04:00

Life is too short. Find a job that gives you enjoyment. Develop a plan and execute.

Response by Sgt Private RallyPoint Member made Mar 13 at 2023 11:50 PM

2023-03-13T23:50:20-04:00

After the military. Money is a scarce resource, so manage it wisely. Be frugal and live beneath your means. Track where your money is going to see if there are areas that can be improved. Study investing. The website below is a start on your education. Save, invest wisely, and continue your investment education. Good luck.
https://www.investor.gov/

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