According to a recent U.S. Veterans Administration Poverty Trends report, nearly 15-percent of veteran index a impoverished or below poverty rates. Certified financial expert Shawn Dorrough, M.B.A., dedicated his 23-year career to reversing that trend.
“The difficult task of financial stability is vitally important for all Americans, but, veterans have an even tougher challenge. Sometimes the impact of multiple deployments, health issues, and a tough economy can make adjusting to civilian life a bit tougher. Many veterans often find themselves playing ‘catch up’ with their financial game plan,” says Dorrough, author of The WealthShift and The Consumption Trap.
Dorrough says shifting to wealth start with building a nest egg.
“Accumulating a nest egg can be much easier said than done. But the key starts with simple strategies that most veterans learned in their training. Prioritizing is the key. Putting yourself and your future at the top of your list will build your savings and wealth much quicker. This means that veterans must put back at least a dime for every dollar they earn,” he discloses.
The longtime financial advisor says knowledge is power. He recommends veterans consider these four areas to build wealth:
Know Your Truth: “While most Americans could do better in this area, veterans struggle even more because they’ve had greater concerns to deal with. The first place to start with growing wealth is knowing your current net worth. This is simply taking all of your assets and subtracting your debts to come up with your number. Doing this may seem trivial; but, it’s vitally important.”
Know Your Goal: “Now that you have your net worth, you must determine the overall goal that you’re trying to accomplish. Again, it sounds simple but it’s not. Want to get out of debt? Save ten thousand in a year? Buy your dream home? Start that business? Whatever the goal, you must know it or you’ll end up frustrated and going in circles.”
Know Yourself and Get Help: “We talked about how priorities are a big part of building wealth. Well, this is where honesty comes into play. If there are poor spending habits or useless financial hobbies it’s time to make changes. Having a trusted accountability partner or financial coach is always a good idea.”
Know Your Options: “As a veteran there are numerous programs available to assist in helping you grow your wealth. From VA home loans to purchase a home, to business loans through the Small Business Administration, to educational loan forgiveness programs to help further your education. Whatever direction you go in know that there are programs ready to help in your journey.”
Log on to TheKeynoteCampaign.com for more of Shawn Dorrough’s wealth tips.