Military Finances

Personal Money Management for Service Members, Veterans, and Their Families

By (author) Cheryl Lawhorne-Scott, Don Philpott

Publication date:

11 July 2013

Length of book:

206 pages

Publisher

Rowman & Littlefield Publishers

Dimensions:

236x159mm
6x9"

ISBN-13: 9781442222144

Military Finances is essential reading for any soldier, veteran, or military family member concerned with their financial future. Members of the military often have a tough time handling their finances, whether it be while serving active duty or when returning to civilian life; and our uncertain economy and job market only magnify those issues. Many serving in the military are young, with little or no training in financial affairs, and face frequent deployments and relocations—all of which can wreak havoc on a person’s finances.

This book provides a one-stop guide to navigating the many financial questions facing today’s military in all phases of service:

Active duty
Preparing for transition or retirement
And post-military lives and careers

It covers general financial planning along with many specific aspects of money management vital to military members and their families, proving an indispensable and informative resource for those who fight to defend our freedoms every day, and have for generations.

Introduction
Chapter One
Conducting your financial audit
Creating a Budget
Did You Know?
Protecting Your Finances
Pay and general money management
Chapter Two
Bank accounts, Savings and Investments
Electronic Banking
Saving
Working with financial and investment consultants
Savings
Credit Cards
Credit Scores
Credit Counseling
Loans and Financial Aid
Loans
Financial Aid
Chapter Three
Taxes
Chapter Four
Insurance
Chapter Five
Home owning
Moving
Chapter Six
Getting Married and Having a family
Getting Married
Legal Considerations
Medical
Starting a family
Self and Family
Chapter Seven
Education – funding yourself and offspring
Chapter Eight
Planning for leaving the military
Overview
Transitioning Assistance
Transition From Military to VA
Developing Your Own Individual Transition Plan (ITP)
Chapter Nine
Life after the military (transition/retirement)
Employment
Transitioning for a Wounded Warrior into the VA
Transitioning for a non-wounded warrior
Transitioning for a non-wounded, retiring warrior
Resources
Finance and Investment Glossary
Appendix

This handy money-management guide is aimed squarely at those who have served in the U.S. military and their family members. Those serving in active duty may find it difficult to manage finances from far away; it can be equally difficult to deal with money when returning to 'normal' civilian life. It’s also important to remember that many join the service at a young age and do not have the benefit of experience. The book breaks down general financial planning into manageable chunks, covering topics such as taxes, investments, insurance, funding for education, home ownership, and transitioning to life after the military. Authors Lawthorne-Scott and Philpott each have personal and professional experience with the military, and it shows in their vocabulary and manner. Public libraries would do well to add this to the shelves of consumer financial-planning books; academic libraries with ROTC programs will find this a must-purchase.