Embracing the Next Chapter: Veteranhood

The day you join the countdown to separation or retirement begins. Your days of being labeled a “service member” are numbered. At some point, you’ll become a “veteran” of military service. In a snap, your life and identity will change. Are you ready for veteranhood? How can you make the best life after the military for you and your family?

In this episode, I’m sharing how veterans can embrace their identity and leverage their unique experiences to thrive beyond the uniform.

Episode 310 Time Stamps

00:47 Welcome to the MILMO Show
01:18 Transitioning to Civilian Life
03:09 Creating Your Next Chapter
04:38 Taking a Gap Year
06:38 Embracing Growth and Purpose
08:33 Leveraging Skills and Benefits
10:37 Financial Preparedness
12:33 More Than a Veteran
13:37 Conclusion and Resources

Resource From Real Estate Investing Empire Episode

VA FINVET
Veterans Benefits Administration
Dr. Paul Lawrence’s episode on VA Home Loan Guarantee
Drew Stamp’s episode on predatory financial practices and veterans
The Tax Reality Every Veteran Needs to Know
Financial Support and Resources for Veterans
Why Military Couples Should Live Off One Income
All Things You Need to Know About the TSP
VA Financial Well Being
Disability Compensation

Veteranhood Episode Transcript

In this episode, I’m sharing how veterans can embrace their identity and leverage their unique experiences to thrive beyond the uniform.

Here we go.

We share a bond that’s forged by our service. Whether you served four years or twenty, enlisted or commissioned, you took an oath to support and defend the Constitution of the United States against all enemies, foreign and domestic, and to bear true faith and allegiance to the same. We fulfilled that oath, which is no small feat. We carry with us experiences and memories that many will never fully understand. Moments of camaraderie, discipline, incredible achievements, and, for some, great loss. Our service is now built into our DNA.

Our service is an important part of who we are, but it’s not our entire being. We are more. So, how can we embrace and leverage the part of our identity that are veteran without letting it define our entire story?

Leaving the military feels like stepping into a new world where “veteran” doesn’t always carry the same weight or prestige as “active duty.” The structured life, steady benefits, and rank and privilege you once received is different now. That shift can be overwhelming, frustrating and a little messy.

The truth is no one is going to hand you the perfect opportunity when you leave. There’s no blueprint, no roadmap tailored just for you. You have to create it. Take the initiative. Try something new, even if it scares you. There will be setbacks. There will be moments when you miss military life and your fellow service members. But you owe it to yourself and your family to keep moving forward.

The next chapter is yours to create. It’s a massive opportunity with no limits. Your military service is a stepping stone to your ultimate goals. The best way to honor your service is to keep moving forward with purpose, determination, and a commitment to becoming the best version of yourself, living your best life.

I’m going to tell you some ways I think you can do it.

Get Started

First, start planning now. You know you are leaving the military at some point. Whether you’ve got ten years to go or have your final out, the time to prepare is now. You probably don’t know exactly what’s next, and that’s fine. The key is to start. There’s no time to waste. The day you wake up and don’t wear a uniform will be here before you know it. Start now and lean into the opportunities ahead of you, like mentorship, transition classes, or informational interviews, to explore career paths. Get outside your comfort zone to see all the potential possibilities beyond the military. You don’t need to overthink it. The goal is to get inspired to figure out what you want to do next. You aren’t making another 20-year commitment. You’re just looking for what excites you about the future.

Consider a Gap Year

I’ve mentioned this idea on the show before. A gap year after leaving the military. I think more veterans should take a year “off” after leaving the military to unwind. This is especially true for combat veterans.

While serving, you’re like a windup toy. The Department of Defense keeps winding and winding you up until you can perform from muscle memory. Education, training, and drilling are all part of the windup. And rightfully so. The mission requires you to be trained and ready to go at a moment’s notice. That is not the case when you separate or retire. Civilian life doesn’t require you to be wound tight. And unwinding can take a minute.

Many service members who are getting out don’t account for or take the time to unwind and decompress from active duty training and operations tempo. It can take a year to finally feel like you’re not wound up and waiting for the other foot to drop. Not taking the time to decompress can lead to poor decision-making about your future. Ask any veteran about their adjustment period leaving the military. It’s a real thing.

Unwinding will be different for everyone. I’m a big fan of veterans taking a gap year to relax and resituate in life. That gap year can be anything from taking a year off to travel, to focusing on your mental health, to working a low-stress job that brings you joy, not a six-figure paycheck. It doesn’t even have to be a full year. Six months of decompression is great, too. Of course, if you want to have the flexibility to take a gap year, you have to prepare. That means taking advantage of your benefits, building up your savings and getting rid of debt, which I’m going to talk more about in a minute.

But first, what do you think about the idea of taking a gap year after separating or retiring? I’m going to add a poll on social media if you want to add your vote.

Embrace Growth and Purpose

Next, when it comes time, recognize that your transition into civilian life is a chance to grow and evolve. When you start your civilian life, you can do whatever you want. It doesn’t have to be life everyone else or have anything to do with your military job or identity. Be open to new ideas, experiences, and opportunities. You adapted and overcame to challenges in the military. You can adapt and overcome to the new veteran phase of life.

One of the challenges of leaving the military is losing the sense of purpose that came with it. While serving, you always had a mission. That’s why finding or creating a new purpose is absolutely essential. It really is your next mission. I talked with Drew Stamp, Chief of Operations for the Donovan and Bank Foundation, about this topic. They assist Special Operations service members and their families transitioning to post-service life and employment. Finding purpose after the military is one of the top challenges they see with transitioning service members. I’ll link to that interview in the show notes.

To find your purpose. Explore careers that excite you, start a business or a nonprofit, or dedicate time to your physical and mental health. Follow your curiosities to better understand yourself and what you enjoy. It may sound simple, but you’ve been told what to do and when to have fun for years. It is easier said than done. Talk to other veterans who have been through the same challenge. Having a purpose helps fuel the best version of you, and it’s what will carry you through getting acclimated to all the uncertainties and changes that come with leaving the military.

Leverage Your Skills and Benefits

You have experiences and skills that set you apart. I know I’m biased, but you are second to none. You’ve led teams, budgeted millions of dollars, maintained discipline, and, for many, been in life-or-death situations. I don’t care where you land, being a park ranger or building a million-dollar start-up. Those qualities are valuable. Learn how to translate your military experience into their language. Words that resonate with civilian employers and that they will understand. Highlight your leadership, problem-solving abilities, and adaptability. I’m going to say it because so many of us are guilty of it. Do not dumb down or dull your qualifications to make others feel more comfortable. There’s a big difference between being big for your britches and sharing your true experiences, even if yours just so happens to have the word “valor” in it.

Also, take full advantage of your veteran benefits. It’s another thing many of us are guilty of not taking full advantage of the benefits that are allowed to veterans. It’s for good reason. We all personally know veterans who have it way worse than we do. So, we don’t want to take benefits away from those who need it the most. I recently talked to the former Under Secretary of VA Benefits, Paul Lawrence, about this very topic. The VA has a budget they have to spend on veterans. You’re not taking away benefits from another veteran if you file for disability. I’m going to put links in the show notes if you want to listen to the episode and hear an expert on the subject.

Take advantage of all of your benefits. File your initial disability claim. Use the GI Bill to pursue education, certifications, or training that aligns with your goals. Use your VA loan guarantee to purchase a home. You earned these benefits that can be leveraged in life as a civilian. You have to take the initiative to use them—they’re not automatic.

Be Financially Ready

Financial preparedness is the foundation of a successful transition out of the military. Start by creating a budget that reflects your civilian income or your ideal income and lifestyle. It won’t be exact but something is way better than nothing. It’s a projection.

Build an emergency fund with six months’ worth of living expenses to handle unexpected costs because there are going to be some. I know some people say three to six months for an emergency fund, but I’m telling you that you’re going to need more. A six-month emergency fund should be the minimum. If you can save more, that’s better. There’s a lot of change when you leave the military. You want to be ready for any financial challenges thrown your way. The more savings you have, the more flexibility you have. When you don’t have money saved, you take away your choices.

If you have high-interest debt, prioritize paying it off before you get out. Debt is a negative amplifier. It turns small financial problems into big ones. You don’t need any extra challenges when you’re leaving the military and starting a new life. If you can pay off all your debt before you get out, you are doing to make your life easier.

Don’t forget to invest in your future. Your retirement savings is something else that will need to adjust and transition. Leave no slack here. Keep investing money for your future self.

Once you leave the military, you won’t be able to contribute to your Thrift Savings Plan, but you can leave it there, and it will continue to grow. When you start a new job, contribute to your employer’s retirement accounts like a 401(k). If your employer doesn’t have a 401 (k), contribute to an Individual Retirement Account or IRA. Your benefits will change, but that doesn’t mean you have to stop saving for your future. You have the discipline and are capable of planning out a solid financial foundation for your years after the military.

You Are More Than a Veteran

I touched on this, but want to drive it home now. Being a veteran is an important part of who you are. It’s not all you are. When you take off your uniform for the last time, it’s not the end. It’s a new beginning. The memories you made will last a lifetime. You should celebrate them, but be careful not to let them hold you back from taking a leap forward.

Our service was meaningful but was never meant to be the sum total of who we are. We’re veterans, but more. We have passions, talents, and the power to design a life filled with purpose, joy, and financial success.

So lean into being a veteran, but don’t wrap your entire identity around it. Our military service is a chapter in our life stories it’s not the whole book.

I’m going to put a boatload of links to all types of veteran resources in the show notes.

Wrapping it Up

Whether you’re gearing up to get out or have been out for years, don’t forget that time is of the essence. Don’t wait for things to be perfect because it will never come. Start fresh or where you’re at, or start over. Just start. To build the veteranhood you want, you have to embrace change and be willing to grow.

Don’t waste time. Take control, make intentional choices, and show the world why veterans are second to none. Our service may be behind us, but our impact is far from over.

I hope you have a Happy Veteran’s Day!

Thank you to Navy Federal for providing support to the MILMO Show.

You can head over to milmo.co to get all of the resources and links from this episode, and while you’re there, be sure to sign up for the MILMO Memo newsletter to get all my updates.

I want to cover more of your personal finance and entrepreneurship questions. If you send in your questions, I’ll answer them on the show and send you a free MILMO Show t-shirt. You can find the link to ask your questions in the show notes.

I appreciate you listening. I’ll talk to you next week.

Support for the MILMO Show is provided by Navy Federal Credit Union, which has been proudly serving the military community for over ninety years. Every day is Veteran’s Day at Navy Fed, not just one day or one month. As a veteran, I’m thankful that my podcast is sponsored by a company that supports our community year-round with donations to non-profits focused on helping veterans like The Mission Continues and Rebuilding Together. Not just that, 45% of Navy Fed’s employees are veterans, so they understand the unique financial needs and challenges of the more than 2 million veterans they serve. You can learn more at navyfederal.org.

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