On Veterans Day, we honor the men and women who have served in our armed forces. If you’ve recently separated or retired from the military, or you will be leaving soon, you can be proud of the service you’ve provided to your country. But once you’re a veteran, away from the structure and imperatives of the military, you may need to take greater control over managing your finances and protecting your family.
For starters, consider housing. When you were on active duty, you may have moved around frequently and found it more convenient to rent, but you may now want to purchase a house. Assuming you meet the eligibility requirements, you could apply for a VA loan, which typically does not require a down payment and is usually offered at a favorable interest rate. Make sure that you only take out a mortgage you can afford – you don’t want to become “house poor.”