Are you thinking about leaving the military soon? When you do decide to leave, it can be challenging to make decisions about the next chapter in your career. The transition from military life to civilian life is no easy task, and can be full of uncertainties. It may even take a bit of trial and error to decide what career path best suits you.

One major factor in determining your next move is your finances. Your current situation — as well as your aspirations — should all be considered. No matter where you are at currently, HintonBurdick shares some of the most important considerations when looking to achieve long-term financial stability.

Establish your short and long-term goals

The U.S. Department of Veteran Affairs estimates that 200,000 men and women exit the military each year. Each of these individuals offers a diverse collection of skills, interests, and talents. They also have unique hopes and dreams for the future.

Before starting your job search, sit down and seriously think about your short and long-term goals. Rather than settling on the first high-paying job you are offered, your goals should drive your decisions. Consider what kind of work/industry you’d like to enter, what you want to achieve in the next 5-10 years, what you want your family life to look like, and how much you are looking to save. If there are any major purchases you want to make — such as a new car, a house or a home remodel — be sure to factor those into your plans as well.

Take steps to start a new career

Often, re-entry into civilian life is the right time to start a new career. With a bit of planning and research, this move can ultimately be excellent for your long-term financial health.

No matter what interests you, you can find the perfect program to get you moving forward. Whether you are looking to sharpen your skills or to earn a degree, it is easier than ever before to take classes and get the education you need. For example, enrolling in an online master’s degree program in IT can prepare you for a career in information technology management, data analytics, or cybersecurity. Alternatively, a healthcare management program can prepare you for any number of related roles.

Open a business

Each year, more and more veterans are making the move to full-time entrepreneurship. In fact, according to the U.S. Small Business Administration, there are over 2.4 million veteran-owned businesses in the country. In addition to the flexibility it offers, running your own business can prove to be a lucrative endeavor.

Whether you are interested in launching a nonprofit organization, working in hospitality, becoming a web designer, or opening a bakery, the opportunities are endless. Whatever you ultimately choose, be sure that it is something that you are passionate about. Even if you do not yet have the skills or knowledge needed, you can hire a team to make your dreams a reality.

Start working with financial professionals

No matter what path you choose to pursue, there is one strategy to give yourself the best chance of long-term financial success: get advice from the professionals. Mistakes and making “best” guesses with your finances can lead you to lose a significant chunk of money.

Whether you are starting a new career, or are starting your own company, the team at HintonBurdick provides trustworthy services and guidance that set you up for decades of financial success.

As you embark on this new phase of your life, understand and accept that this will be a learning process. Reach out to other veterans to learn more about their experiences, and let them influence the next step you choose to make.

In search of solid financial navigation from a team of experts? HintonBurdick has provided their clients with tax consulting, advisory, and audit & assurance services for over 40 years. Learn more about specific service offerings today.