Building a solid financial foundation is beneficial, no matter your current situation. But veterans have some unique resources at their fingertips that can assist in creating this foundation. Knowing what to take advantage of will help you get there.
Look to Investing
You might not have thought much about investing while you were in service, but it can help you build wealth. One of the most popular forms of investing is through real estate because of how long it can hold its value. When considering real estate, investors often think about factors like location, demand, and the return on their investment. Even though many investors don’t think about property taxes, they are still as critical to consider because they add to the expense of having an investment property. If you want to know more and avoid high property tax states, you can review a guide on what you should know.
Get the Right Insurance
Getting good health insurance can help you avoid costly medical bills for health issues. You do have some options as a veteran. You can work with the VA to get health benefits, which might be cheaper than getting them from an employer or on your own. You will likely be able to get both medical care and coverage from the VA.
However, ensure you know what it covers if you have a family. You might need long-term insurance to cover the rest of your family. You may not have life insurance if you are no longer in the service. You can turn your Servicemembers’ Group Life Insurance into a Veterans’ Group Life Insurance policy. You can also find civilian life insurance, and you may want to look into getting disability insurance as well.
Pay Attention to Your Credit Score
If you have not already considered your credit score, now is an excellent time to do so. One of the biggest money mistakes to avoid is being too casual with your approach to personal finance. It’s a good idea to use only a couple of credit cards. Choose your cards carefully and pick ones with no fees and low-interest rates.
You should also only spend what you can pay in full at the end of each month. Limiting the credit you use at any given time helps you boost your credit score, which can help you get a loan for a house or car. Veterans sometimes find it hard to transition to civilian housing, but having a good credit score can give you more options regarding rentals. One way to avoid unnecessary debt is to build an emergency fund. It would help if you ideally had enough for six months of living expenses. If you develop more savings beyond the six-month mark, consider investing them in a higher-yield account.
Avoid Financial Scams
Veterans can be vulnerable to financial scams and fraud. Many scammers target veterans with deceptive or illegal practices. It’s a good idea to spend some time knowing what to look for and how to protect yourself. You can go to the website of the Consumer Financial Protection Bureau. It has information for veterans, which you can use to keep yourself and your family safe.
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