MILITARY TO CIVILIAN- OVERCOMING THE FINANCIAL CHALLENGES
A study released by the University of Southern California reported that nearly two-thirds of veterans have some degree of difficulty adjusting to civilian life and 70 percent don�t have a job secured prior to separation. Here are some things active duty and recently separated personnel can do to ease the adjustment.
First, plan ahead. If your discharge date is coming up on six months from now, it�s time to start your plan. It can be difficult for many to open and contribute to a savings account while on active duty, especially those in combat zones. If you haven�t started, go ahead and put back as much as you can from now until your separation date. If you already have a Thrift Savings Plan, contribute as much as you can and roll it over into an IRA after your discharge date.
Make sure your listed home of record is in a state that offers significant support for newly discharged soldiers. In Texas, the Hazelwood Act provides up to 150 hours of tuition-free higher education to veterans, their spouses and dependent children.
While in service, your pay can�t be negotiated. It is what it is. In the civilian world, don�t forget that you can negotiate your salary in most cases. Your initial offer doesn�t have to be the final one.
As soon as you can, put together six months� worth of living expenses. This financial cushion will take care of six months� worth of housing and expenses. This financial cushion will provide peace of mind and you can concentrate on other things and not living paycheck to paycheck.
Take advantage of the free services from the Government such as the Transition Assistance Program and the Transition Boot Camp. A good resume writer can translate your military skills into civilian ones.
Finally, take your time. Don�t feel as if you have to change overnight. You can�t and you won�t. You�ll still be using the military lingo at times but eventually your civilian self will take over. Now, you�re the boss. So take charge.
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