When I transitioned out of the military, I realized something quickly: no one prepares you for the financial reality of civilian life. There are over 15 million veterans¹ across the country, each with their own story, challenges, and goals but some of us share one major gap: we weren’t taught how to manage our finances outside the structure of the military.
As a former service member, here’s what I wish someone had told me early on: a solid financial strategy is one of the most important things you can do to navigate life as a civilian.
Now as a financial professional, I’m committed to providing the guidance I wish I had, including the foundational steps, the often-overlooked resources, and the perspective of someone who’s lived the transition firsthand.
The Financial Gap Veterans May Face
During service, we don’t get much in terms of financial education. Our pay structure is different, our benefits are bundled, and for many, the military is the first job we ever knew. When we leave, we’re suddenly expected to understand:
- How to maximize U.S. Department of Veteran Affairs (VA)
- How to navigate healthcare changes
- How to manage civilian income and expenses
- How to strategize for long-term financial security
I came into the military after college, so I had a little more experience living like a civilian. But most of my peers didn’t. They left the service and immediately had to figure out everything from rent to insurance without much guidance. Many had to rely heavily on the VA.
It's a big shift to make. Civilian life requires different knowledge, different habits, and different financial decisions.
What Every Veteran Should Start Doing Now: My Essential Checklist
Here are the steps I believe every veteran should take:
1. Understand and Maximize Your VA Benefits
Your VA benefits are one of your greatest financial tools, but many veterans don’t use them fully. Make sure you understand:
- Disability compensation
- VA healthcare eligibility
- Vocational rehab programs
- Educational benefits (Post-9/11 GI Bill, Montgomery GI Bill)
And here’s something many forget: veterans also have homeownership benefits, including lower interest rates and more flexibility when buying a home.
If you’re not using these resources, you’re missing out on support you earned.
2. Claim or Review Your Disability Rating
Your disability rating affects your income, healthcare, and long-term protection. Yet many veterans don’t apply at all, or they assume their rating is fixed forever. Also, most veterans forget that they get home owner benefits as well when looking to buy a home. That can mean lower rates and more flexibility!
I used to think my own issues — damaged hearing, a dislocated shoulder — weren’t “serious enough” to matter. But the reality is: even if you’ve learned to live with the damage, you deserve proper compensation for it.
Your sacrifices are real and your benefits should reflect that.
3. Start Saving With Your Civilian Income
In the military, many of us didn’t prioritize savings. If we didn’t have families yet, we often spent extra income on things we wanted. You always knew who bought a new car because you heard it before you saw it. But with civilian life comes with ongoing financial obligations the military didn’t prepared us for. Savings isn’t optional anymore.
Focus on:
- Strategies for your Thrift Savings Plan (TSP)
- Building an emergency fund
- Understanding your employer benefits
- Beginning long-term financial strategies
Civilian life brings surprises. A solid financial cushion keeps you safe from life's unexpected curveballs.
4. Protect Yourself and Your Family With the Right Insurance
Leaving the military means leaving SGLI (Servicemembers' Group Life Insurance). And just like civilian employer insurance, the coverage you once had in service may not always enough.
You need to reassess:
- Life insurance
- Disability insurance
- Coverage to protect your assets
Veterans, especially those retiring after long careers, may have significant assets.
5. Build a Long-Term Financial Strategy With Someone Who Understands Veterans
Financial strategies aren’t just about money. It’s about:
- Career transitions
- Family changes
- Relocation
- Long-term goals
- Disability considerations
- Mental health and stability
I grew up in a family that struggled financially, sometimes choosing between food or paying a water bill. Those experiences shaped me. My mission now is to give veterans and their families the guidance we never had. No one should have to experience financial stress simply because they weren’t taught what they needed to know.
I help bridge those gaps so veterans can protect themselves, grow their savings, and build something that lasts for generations.
6. Don’t Forget Your Mental and Emotional Well-Being
Financial stress and mental health go hand in hand. And transitioning out of the military can feel isolating. We’re taught to lean on our brothers and sisters while serving but once we’re out, it can feel like we’re suddenly on our own. It’s okay to ask for help. It’s okay to seek therapy. And it’s okay to rebuild your support system.
I recommend:
- Talking to a counselor
- Staying active
- Maintaining healthy routines
- Finding hobbies you love
- Keeping people in your life who make you feel like your best self
A strong mind creates a strong foundation for a strong financial future.
Why Veterans Need a Tailored Financial Approach
From the outside, veteran’s financial strategies may look similar to a civilian’s planning. But it isn’t.
Veterans have unique considerations:
- Different pay structures
- Deployment cycles
- Service-related disabilities
- Complex benefit systems
- A completely different way of living before transition
These factors matter. They change how we strategize, what we prioritize, and the type of support we need.
You Don’t Have to Navigate This Alone
Veterans deserve access to real education, real support, and real understanding. When I got out, I knew I wanted to use my experience and financial knowledge to help other veterans. I saw firsthand how hard the transition can be, and I didn’t want others to go through it without guidance. Many organizations exist, but we still need more that truly understand the financial challenges veterans face.
My goal is simple: to be a resource for any veteran who needs direction — judgment-free.
You can’t know what you were never taught. And you should never feel ashamed for not having the answers.
¹U.S. Census, 2024. Gio Thompson is not affiliated with any government agency.