July 26, 2021
Be Responsible By Being Financially Prepared
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Unlike the organized and routine life in the military, civilian life is the complete opposite. That’s the reason why some of our veterans find themselves in financial distress a few months or years after they leave the service. Uncle Sam isn’t there anymore to tell them what to do or how to get things handled. They’re left on their own.
There’s are varied reasons why some former service members end up broke. The most popular ones are financial illiteracy, huge mistakes in handling their savings (if they had any), and no game plan for their retirement.
Avoid getting yourself in a position where you find yourself sinking in debt and with little to no savings. If you’re a service member about to hang up your uniform for good, here are 5 useful pieces of advice regarding your finances and how you can avoid financial woes in the future
- Make sure you have a savings account.
The first step to ensuring financial security is by having a savings account in a bank. Save as much as you can as you won’t have any more cash flowing in once you retire from active duty. The more you save, the more of a cushion you’ll have when you leave the service.
- Have an emergency fund.
You will need an emergency or “rainy day” fund. In times of emergencies or when you have no other source of income for your expenses, this is what you’ll be using. It’s best to save up at least 6 – 12 months’ worth of your estimated living expenses for your emergency fund.
- Use the GI Bill.
The GI Bill is one of the benefits that service members get. It can help you pay for the costs of things like books, tuition, vehicles, and even housing. The longer you were in service before you retired, the higher your benefits will likely be.
- Learn about stocks and invest in the stock market.
Time is your friend when it comes to the stock market. The earlier you’re able to get a foot inside, the better off your position will be in the future. Don’t invest randomly. Learn about stock market investing as much as you can. Be forewarned that while this can be a great way to grow your savings, you could also lose money if you don’t know what you’re doing.
- Get health insurance.
Remember that the VA health coverage is only for health conditions related to your service. You might want to get another health insurance as one hospital trip could cause you to break your bank account.
Create a Better Tomorrow for Our Veterans with a Car Donation
Trying to overcome financial difficulties is just one of the huge challenges that veterans face in their transition to civilian life. Aside from financial illiteracy, this problem also stems from their inability to find stable jobs that pay decent salaries. In particular, veterans with service-connected disabilities and mental health issues find it hard to get employed. Worst, some end up penniless, forcing them out to live on the streets as homeless beggars.
It’s heartbreaking to know that after spending the best years of their lives in the service, many of our veterans ended up living miserable lives.
The good news is that you can do something to turn their lives around. If you have a car that you’re not using anymore, simply donate it to us here at Veteran Car Donations. We’ll use it to transform the lives of the suffering veterans in your area.
We’ll auction off your donated vehicle and use the proceeds to help fund the life-enhancement programs of our veteran-focused charity partners. These IRS-approved 501(c)(3) nonprofits provide their beneficiaries with free quality health care, financial aid, housing assistance, employment opportunities, family support, educational scholarships, psychotherapy services, and many other benefits.
We won’t leave you empty-handed after making your donation. We’ll provide you with valuable rewards such as the free towing of your unwanted vehicle wherever you had it parked or stored anywhere in the country. Your gift will also entitle you to receive the maximum tax deduction in the next tax season.
The best reward you’ll get, however, is not a material thing. It’s the priceless feeling of joy and satisfaction, knowing that your donation will be used to give our disadvantaged veterans the decent and dignified life that they fully deserve.
You can donate almost any type of vehicle regardless of its age, mileage, or condition.
To get an idea of our quick and easy donation process, check out our FAQs page. If you have any questions or concerns, call us at 877-594-5822 or write to us here.
Help Build Our Vets a Brighter Future
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Team up with us at Veteran Car Donations and help give our nation’s heroes the decent and dignified life that they fully deserve. Show them that they haven’t been forgotten by donating your unwanted car to us. Call our toll-free line at 877-594-5822 or fill out our online donation form now!
Last Updated: March 8th, 2023