After leaving the military, many veterans are left wondering how to build wealth in order to secure their financial future. It can be a daunting task when you don’t have any prior experience with investing or managing money. Fortunately, there are several simple strategies that veterans can use to build wealth over the long-term. Let’s take a look at some of these strategies and how they can help veterans build wealth.
Create an Emergency Fund
The first step to building wealth is creating an emergency fund. This is an essential part of financial security and will help protect you from any unexpected expenses that may arise in the future. Aim to save at least three to six months worth of living expenses in liquid funds (such as checking or savings accounts) so that you’re prepared for the unexpected.
Start Investing
Once you’ve established your emergency fund, you can start investing your money in order to grow your wealth over time. Investing can seem intimidating at first, but it doesn’t have to be complicated or risky if you do it right. Start by researching different types of investments and determining which ones are right for your goals and risk tolerance level. You may want to consider working with a financial advisor who specializes in investments tailored specifically for veterans in order to get started on the right foot.
Save Automatically
Finally, make sure that you’re setting aside money each month towards your long-term goals such as retirement or college savings plans. Many banks offer automatic transfer services which allow you to set up recurring transfers from one account into another—this makes saving effortless and helps ensure that you’re consistently putting away money each month towards your goals.
Wealth building takes discipline, planning, and patience but it doesn’t have to be complicated or intimidating for veterans who want to secure their financial future after leaving the military. By establishing an emergency fund, starting investing, and setting up automatic savings transfers, veterans can begin taking steps towards building real wealth that will serve them well into the future. With a little knowledge and determination, anyone—veterans included—can become financially secure over time by following these simple steps!