30 Day Financial Transition Challenge Day 24: Employment

Welcome to Day Twenty-Four of the “30 Day Financial Transition Challenge.”  Today’s article focuses on your post-military employment.

Bottom Line Up Front (BLUF) 

In the first part of this series, we focused a lot on your personal finances.  Today, we’re going to look at your post-military employment prospects and make sure that your financial decisions are in alignment.

Why?

As you recall, Day 5 (Invest in Your Career), Day 6 (Five Year Plan) and Day 7 (Job Risk Mindset) got you to think about your different options, and where your current efforts were going.

By now, you’ve either galvanized your plans, or you’ve done some serious thinking about your possibilities.  Today is the day you take the next step towards either refining or executing your plan.

For those people who have everything seemingly lined up, this is a good exercise in thinking through ‘what-if’ scenarios. For example:

  • What if that job you had lined up falls through?
  • What if you get hired, but at a lower salary than you thought?
  • What if you get hired, but have to move?

Goal

Today’s goal is simply to make sure you’re on track, or to capture the questions & research you still need to do.

What you need 

Nothing

How-to

This exercise consists of a simple checklist of questions to help frame your approach.

  1. Is your original employment plan still valid?
  • If yes, is the checklist you made in Day 7 still valid?
    • What do you need to refine?
    • Are the due dates you previously assigned still valid?
    • What adjustments do you need to make, either to your goals or to your timeline?
  • If the checklist is completely off track, what changes do you need to make?
    • Do you need to completely rethink your plan?
    • What is your timeline?
  • Do you need to think about extending your time in service to sort things out?
  1. What plan do you have in place to track progress?
    • Career milestones
    • Educational requirements
  1. Do you need to build contingency plans in case your progress slips?
    • Are there any ‘what-if’ scenarios that apply to you?
  1. National Guard or Reserves?
    • Are they options to consider?

Conclusion

By the end of today’s exercise, you should have a good idea of your post-military employment situation.  Even if you haven’t fully decided, you should at least be able to narrow down your possible options.

Tomorrow, we’ll look at your quality of life.  While your life might be tumultuous during your transition, you should step back and evaluate the impact that your transition will have on your quality of life, even if that impact is only temporary.

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About Forrest Baumhover

Forrest Baumhover is a Certified Financial Planner™ and tax professional. His firm, Westchase Financial Planning, focuses on the unique financial planning needs of servicemembers and families looking to separate or retire from active duty.If you’d like to learn more about Forrest or his services, please check out the About Forrest page at the top of this article.
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One Response to 30 Day Financial Transition Challenge Day 24: Employment

  1. Pingback: 30 Day Financial Transition Challenge Day 23: PCS Move

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