At a time when the world at large is in financial turmoil, questions continue to emerge about what is and what isn't considered essential spending. Indeed, with issues such as terrorism and massive natural disasters on the climb, speculation over what constitutes help and who should and shouldn't receive it, is certainly also on the rise. With that said, one of the issues that can be universally agreed upon is that no one should fall victim to poverty after serving their country. One of the most common demographics among the homeless, the category of "veteran" is an often overlooked portion of the population that truly deserves better. Fortunately, according to a Rinkins Report, one financial analyst is taking strides to change this.
Certified financial analyst, Shawn Dorrough M.B.A. has turned his attention to helping to fix that. The author of The Wealthshift and The Consumption Trap points out that veterans often have no financial plan to begin with, and he believes this is where the issues begin. In addition, many return with both mental and physical health issues in a struggling economy with dismal job prospects. This is a recipe for disaster for former military personnel.
To take it a step further, he notes that building wealth starts with building a nest egg. While he realizes that this is much easier said than done, he encourages those in the military to learn to prioritize and put their financial futures first, in order to help counteract the dismal circumstances that are likely awaiting them at home.
Elements of Wealth Building
In keeping with that notion, Dorrough suggests that veterans focus on the following:
- Truth– Advising that it is imperative to begin at the beginning, Dorrough believes the first step to financial liberation is realizing your net worth. By simply tabulating your assets and subtracting the amount of debt you have, you will have completed this vital first step.
- Goals– Now that you have figured out what you're actually worth, it's time to set your goals. These can be long and/or short-term, major and/or minor. The most important thing is that you set a tangible goal and work towards it consistently.
- Help– Next, you have to realize when you're in over your head. Bad spending habits and massive debt may be a reason for you to reach out to a trusted friend or financial advisor to help you develop better spending and saving habits.
- Options– Lastly, there are a number of options in terms of assistance. By finding out which ones are available to you, you can then form a plan that includes taking advantage of some programs that were created for those in similar circumstances.
Overall, while there is certainly a long way to go, Dorrough has developed an excellent financial framework for veterans that deserves to be heard. Pass this information along to a military member, veteran, or any affiliated programs that you're aware of in order to start a much-needed conversation about protecting the financial stability of veterans everywhere.