The Best Financial Resources for Military Members and Veterans
Financial planning is essential for military personnel, whether active duty, Guard or Reserve members, or veterans. It is a crucial aspect referred to as "financial readiness" by the esteemed Department of Defense.?
To effectively manage finances as a military member or veteran, there are valuable resources to consider:
1?? Financial assistance programs: Various programs offer financial aid for housing, food, healthcare, education, and employment needs.
2?? Financial planning resources: Access resources that help create budgets, save for retirement, invest money, and protect assets.
3?? Credit counselling: Seek credit counselling if struggling with debt to improve credit scores, build budgets, and become debt-free.
4?? Legal assistance: Contact the VA for legal support on family law, bankruptcy, consumer law, and disability law matters.
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Owning a multi-plex property and living in one unit can generate rental income to ease financial burdens and build wealth.
VA loans are specifically designed for real estate purposes. However, they cannot be used for college, starting a business, or purchasing properties you don't intend to live in full-time. Utilize VA loan benefits to buy, build, renovate, or refinance single-family properties or owner-occupied multifamily homes.
Take advantage of tax breaks for veterans offered at the state level, such as exemptions on property taxes, military retirement pay, or disability retirement pay.
Protect your investments by verifying professionals' licenses, avoiding unrealistic promises, and being cautious of unsolicited requests for personal information or unusual payment methods.
Start retirement planning early as compound interest works in your favor over time. Military life is demanding, so don't delay planning for retirement. Seek professional advice and create a savings plan to ensure a secure financial future.
Military members and veterans can achieve long-term financial stability and security by managing finances wisely and planning for the future.