Soldier for Life – Transition Assistance Program...Soldier for Life – Transition Assistance Program SFL-TAP Army Day Participant Handout Managing Your (MY) Transition, MOS Crosswalk,

Soldier for Life – Transition Assistance Program

SFL-TAP Army Day Participant Handout

Managing Your (MY) Transition,

MOS Crosswalk, and

Financial Planning for Transition

Released October 2019

SFL-TAP Army Day Participant Handout Page 2 of 25

Contents

MANAGING YOUR (MY) TRANSITION ......................................................................................3

WAYS TO RELIEVE STRESS ........................................................................................................3 MILITARY VS. CIVILIAN CULTURE ................................................................................................4

MOS CROSSWALK ...................................................................................................................6

MOS CROSSWALK GAP ANALYSIS, BLANK ..................................................................................6 MOS CROSSWALK GAP ANALYSIS, ENLISTED EXAMPLE ..............................................................9 MOS CROSSWALK GAP ANALYSIS, OFFICER EXAMPLE ..............................................................12

FINANCIAL PLANNING FOR TRANSITION ............................................................................14

FINANCIAL GOALS .................................................................................................................14

ACTIVITY: FINANCIAL GOALS FOR TRANSITION ........................................................................14 FINANCIAL GOALS ...........................................................................................................14

INCOME ...................................................................................................................................14

SPENDING PLAN UPDATE - INCOME..................................................................................14

WEBSITE ACTIVITY: DETERMINE THE CIVILIAN SALARY EQUIVALENT ..........................15

DIRECTIONS: Using the RMC Calculator on MilitaryPay.com, determine the civilian salary equivalent based on your current location: .........................................................................15 CIVILIAN SALARY EQUIVALENT .....................................................................................15

EXPENSES ..............................................................................................................................16

SPENDING PLAN UPDATE - EXPENSES ..............................................................................16 WEBSITE ACTIVITY: DETERMINE THE COST OF LIVING AT A NEW LOCATION AFTER TRANSITION

..............................................................................................................................................16 WEBSITE ACTIVITY: DETERMINE THE LIVING WAGE IN A NEW LOCATION AFTER TRANSITION ..16

COST OF LIVING AND LIVING WAGE .............................................................................17

ACTIVITY: TAXABLE VS. NON-TAXABLE .............................................................................17 FEDERAL, STATE AND LOCAL TAXES................................................................................17 NON-TAXABLE .....................................................................................................................17 UNDERSTANDING HOW TAXES AFFECT YOUR INCOME .................................................18

SEPARATION TAX CALCULATIONS ................................................................................18 RETIREMENT TAX CALCULATIONS ................................................................................19

DEBT ........................................................................................................................................22

SPENDING PLAN UPDATE - DEBT .......................................................................................22 SPENDING PLAN UPDATE – DEBT-TO-INCOME RATIO .......................................................22 ACTIVITY: DETERMINE DEBT-TO-INCOME RATIO ......................................................................22

ACTIVITY: VIDEOS ..................................................................................................................23

ACTIVITY: DETERMINE NET WORTH ....................................................................................23

SPENDING PLAN UPDATE – ASSETS ..................................................................................23

FINANCIAL ACTION PLAN .....................................................................................................24


Managing Your (MY) Transition

Ways to Relieve Stress

Eat Well, Drink Water

Skipping meals, excessive alcohol intake, and overuse of energy drinks can interfere with your body’s ability to function well and cope with stress.

Get rest Sleep is important to help your body repair itself. Experts

recommend seven to nine hours of sleep per night.

Exercise

Physical activity releases endorphins, clears your

head, and releases muscle tension.

Maintain a schedule

Build time for work, play, family time, and spiritual

needs.

Set goals and move toward them

Setting goals and achieving them will help you organize

your transition and build your confidence.

Break tasks down and

delegate

Break large tasks into smaller pieces and share or

delegate, if possible.

List and let go

Write out a list of tasks and assign a priority to get a visual

perspective and free up your mind.

Ask for help/accept help

Reach out to mentors, friends, other transitioning Service

members, and Service- related organizations for help.

Acknowledge and accept your feelings

Acknowledge the changes, and accept the related

feelings.

Embrace change

Build change-stamina by being open to small changes in

your daily life in preparation for the more dramatic

changes that could occur during transition.

Surround yourself with positivity

Being around those who are positive makes you more

likely to adopt a positive attitude.

Take breaks Engage in an activity you enjoy…or just relax.

Listen to music

Listen to slow-paced instrumental (classical) music to

relax, or rock out to your favorites.

Breathing/meditation

Concentrating on your breathing will slow your thoughts

and help you feel more relaxed.

Laugh

Watch a funny show or stand-up routine. Laughing brings

more oxygen into your body/organs and relaxes your

muscles.

Communicate

Sharing information, thoughts, and feelings with co-

workers, friends, and family members can reduce

misunderstandings and tension.

Have Fun

Free concerts, hiking/biking, game nights, watching

movies, camping, talking, and community activities with

others can be inexpensive ways to decompress.


Military vs. Civilian Culture

TOPICS MILITARY CIVILIAN

Personal Choice

Military Service decides location, job duties, and length of duty assignment

Individual chooses location and type of work and can leave a position at any time

Attire Uniforms—clear guidelines on what to wear

Less restrictive with more chance for individuality; may

have dress code, but may not be enforced evenly

Pay

Able to see/know what everyone else makes; pay raises are standardized

Private-sector jobs rarely publicize salaries; starting salaries and pay raises may vary

widely among employees; discussions about salary are discouraged

Housing

Base housing/BAH determined by rank; may be required to keep certain standards

Free to choose any housing; Home Owners Associations (HOA) rules/fees may apply

Starting Over Started new job with each

assignment, but kept rank

Earn respect based more on performance than position; may take a lower position and pay cut

if changing fields

Service to Country Citizens respond with “thank you for your Service”

Most jobs do not have the thanks of the nation

“We” vs. “I”

Part of a cohesive group where the unit’s goals are placed above personal goals

May work with a team, but emphasis is placed on self-

reliance and employees are expected to highlight their individual contributions


Peer Interaction

Social circle is formed easily as most Service members have

common experiences/ interests; not unusual to socialize with co-workers

Individual must initiate efforts to find friends with common

experiences/ interests; some civilians are reluctant to socialize after work with co-workers

Mission/Purpose

Overall mission is clearly defined and embraced by all; individually, incentives for

serving may vary

May not be well defined or even

known/understood

Rank/Respect

Position in the hierarchy is

known by wearing rank on uniform; respected, in part, because of rank

Position in the hierarchy may be unknown initially;

accomplishments, work ethic, and how you treat others earns respect

Language- Written Close with “Very Respectfully” or V/R

Close with “Best regards,” “Sincerely”; “Very Respectfully”

may be used in government agencies

Language- Verbal

Military-specific acronyms and jargon; use of sir/ ma’am or superior’s name/rank Profanity

may be used among personnel of similar rank

Industry-specific acronyms; no military jargon; use of sir/ma’am

varies but used less often Avoid using profanity in the workplace


MOS Crosswalk

MOS Crosswalk Gap Analysis, Blank

PRIVACY ACT STATEMENT AUTHORITY: 10 U.S.C. 1142, Pre-separation Counseling; DoD Directive 1332.35, Transition Assistance for Military Personnel; DoD Instruction 1332.36, Pre-separation Counseling for Military Personnel; and E.O. 9397, as amended (SSN), DoD DTM 12-007, Implementation of Mandatory Transition Assistance Program Participation for Eligible Service Members and DA DTM 2014-18,

Army Career and Alumni Program. PRINCIPAL PURPOSE(S): To document achievement of Career Readiness Standards commensurate with the Service member's desired employment, education, technical training, and/or entrepreneurial objectives. ROUTINE USE(S): The DoD "Blanket Routine Uses" found at https://dpcld.defense.gov/Privacy/SORNsIndex/Blanket-Routine-

Uses/. DISCLOSURE: Voluntary; however, if the requested information is not provided, it may not be possible for a Commander or designee to verify that a Service member has met the Career Readiness Standards.

Part A: Filling in the Gap

Complete the “Where am I now” column, the “Where am I going” column, and finally fill the Gap by completing the “What do I need to fill in the Gap” column.

Where am I now?

Current MOS: ______________ Use V-MET, Service Transcripts, and Professional Evaluations to complete this column.

What do I need to fill in the Gap?

Where am I going?

Civilian Occupation: _________ Use MyNextMove for Veterans, O*Net to complete this column.

Experience and skills I have:

Experience and skills I need to

obtain:

Experience and skills this

occupation requires:

Education and training I

have:

Education and training I need to

obtain:

Education and training this occupation requires:

https://dpcld.defense.gov/Privacy/SORNsIndex/Blanket-Routine-Uses/



Credentials (licenses, certifications, apprenticeships) I have:

Credentials (licenses, certifications, apprenticeships) I need to obtain:

Credentials (licenses, certifications, apprenticeships) or any other requirements for this occupation:

Part B: Assessing the Salary and Labor Market for the civilian occupation

After completing Part A: Filling in the Gap, complete the Labor Market Information (LMI) for the civilian occupation using MyNextMove for Veterans.

Location: What is your preferred geographic location of relocation (city/state)?

Salary:

What is the salary range for this occupation?

What is the salary range for this occupation in my preferred location (city/state)?

Does the salary range fit my requirements?

Job Outlook: What is the outlook for this occupation in your preferred state?

What geographic locations (city/state) has a better outlook?

Which location(s) (city/state) would you be willing to relocate to?

Final Analysis

Based upon “Filling in the Gap”, Salary, and Outlook, is this a good job to pursue?

List 2 alternative jobs that you can explore to expand your options. If needed, repeat Gap Analysis with each alternative job.


My Next Steps, based upon Part A and B of Gap Analysis:


MOS Crosswalk Gap Analysis, Enlisted Example

PRIVACY ACT STATEMENT AUTHORITY: 10 U.S.C. 1142, Pre-separation Counseling; DoD Directive 1332.35, Transition Assistance for Military Personnel; DoD Instruction 1332.36, Pre-separation Counseling for Military Personnel; and E.O. 9397, as amended (SSN), DoD DTM 12-007, Implementation Mandatory Transition Assistance Program Participation for Eligible Service Members and DA DTM 2014-18,

Soldier for Life – Transition Assistance Program. PRINCIPAL PURPOSE(S): To document achievement of Career Readiness Standards commensurate with the Service member's desired employment, education, technical training, and/or entrepreneurial objectives. ROUTINE USE(S): The DoD "Blanket Routine Uses" found at https://dpclo.defense.gov/Privacy/SORNsIndex/BlanketRoutine-Uses apply. DISCLOSURE: Voluntary;

however, if the requested information is not provided, it may not be possible for a Commander or designee to verify that a Service member has met the Career Readiness Standards.



Where am I now?

Current MOS: 31B,Military Police Use V-MET, Service Transcripts, and Professional Evaluations to complete this column.


Where am I going?

Civilian Occupation: Welder Use MyNextMove for Veterans, O*Net to complete this column.

Experience and skills I have: Supervise or provide support to the battle field by conducting maneuver and mobility support (MMS), area security, civilian internee operations, law and order operations on the battlefield and support to the peacetime Army community through security of critical Army resources, crime prevention programs and preservation of law and order.

Experience and skills I need to obtain: Weld components in flat, vertical, or overhead positions. Lay out, position, align, and secure parts and assemblies prior to assembly, using straightedges, combination squares, calipers, and rulers.


occupation requires: Use hand-

welding or flame-cutting equipment

to weld or join metal components or

to fill holes, indentations, or seams

of fabricated metal products

Education and training I have:

Phase 1 and 2, Basic Military Police;

Risk Management Basic Course;

Leadership Communication Skills;

Combat Life Saver Course; Unit

Supply Specialist

AA – General Studies

Education and training I need to

obtain: Certified Welder

Education and training this occupation requires: certificate after high school or high school diploma/ GED

Credentials (licenses, certifications, apprenticeships) I have: Secret Security Clearance; Expert Marksmanship


Certifying Organization American Welding Society https://www.aws.org

Certification Details

Oral or Written Exam Required?

Yes

Credentials (licenses, certifications, apprenticeships) or any other requirements for this occupation: Certified Welder

https://dpclo.defense.gov/Privacy/SORNsIndex/BlanketRoutine-Uses

https://www.aws.org/


Renewal Required? Every 5

Year(s)

Does applicant have choice of at

least two options from above for

renewal (CEU, CPD, or exam)? No


Part B: Assessing the Salary and Labor Market for the Civilian Occupation


Location: What is your preferred geographic location of relocation (city/state)? Lexington, KY

Salary:

What is the salary range for this occupation? $38,150


$27K-37K

Does the salary range fit my requirements? Yes

Job Outlook: What is the outlook for this occupation in your preferred state? Above Average

What geographic locations (city/state) has a better outlook? N/A

Which location(s) (city/state) would you be willing to relocate to? Indiana

Final Analysis

Based upon “Filling in the Gap”, Salary, and Outlook, is this a good job to pursue?

Yes.


1) Home Depot/Lowes 2) Transit & Railroad Police


Contact state apprenticeship agency for more information and American Welding Society. Websites: http://www.aws.org/certification/detail/certified-welder-program

http://www.aws.org/certification/detail/certified-welder-program


MOS Crosswalk Gap Analysis, Officer Example

PRIVACY ACT STATEMENT AUTHORITY: 10 U.S.C. 1142, Pre-separation Counseling; DoD Directive 1332.35, Transition Assistance for Military Personnel; DoD Instruction 1332.36, Pre-separation Counseling for Military Personnel; and E.O. 9397, as amended (SSN), DoD DTM 12-007, Implementation of Mandatory Transition Assistance Program Participation for Eligible Service Members and DA DTM 2014-

18, Soldier for Life – Transition Assistance Program. PRINCIPAL PURPOSE(S): To document achievement of Career Readiness Standards commensurate with the Service member's desired employment, education, technical training, and/or entrepreneurial objectives. ROUTINE USE(S): The DoD "Blanket Routine Uses" found at

https://dpcld.defense.gov/Privacy/SORNsIndex/Blanket-Routine-Uses/. DISCLOSURE: Voluntary; however, if the requested information is not provided, it may not be possible for a Commander or designee to verify that a Service member has met the Career Readiness Standards.



Where am I now? Current MOS: Intelligence Officer Use V-MET, Service Transcripts, and Professional Evaluations to complete this column.


Where am I going?

Civilian Occupation: Social Worker Use MyNextMove for Veterans, O*Net to complete this column.

Experience and skills I have:

Leadership/Command

Analytical

Integrity

Accountability

Interpreter-German

Security

Experience and skills I need

to obtain:

Immediately find

Sponsor for

Volunteering with

Veterans for experience

as I complete education

requirements (VA/WTB)


occupation requires:

Critical Thinking

Service Orientation

Active Listening

Social Perceptiveness

Service Orientation

Education and training I have:

AS General Studies/Psych

BA Criminal Justice

MA Homeland Security

US ARMY Intelligence Center and School

Education and training I need

to obtain:

Take GRE

Acceptance of MSW

Program

Completion of MSW

Program

Education and training this occupation requires:

GRE

MSW

PTSD/TBI

Suicide

Drug/Alcohol

Homelessness

Credentials (licenses, certifications, apprenticeships) I have:

TS/SBI Clearance

Counter-Intelligence

Signal/Electronic Warfare


LCSW-Find Sponsor

CADC-Find Sponsor

Credentials (licenses, certifications, apprenticeships) or any other requirements for this occupation:

LCSW

CADC



Part B: Assessing the Salary and Labor Market for the Civilian Occupation


Location: What is your preferred geographic location of relocation (city/state)?

Fort Campbell, Kentucky

Salary:

What is the salary range for this occupation? ONET: Median Salary (2015) $58,560 ($28.15 Hourly)


ONET Kentucky: $27, 000-$76,450 ONET Nationwide: $32,970 - $84,630

Does the salary range fit my requirements? Yes.

Job Outlook:

What is the outlook for this occupation in your preferred state?

Kentucky: Above Average Opportunities

What geographic locations (city/state) has a better outlook?

Hartford, Connecticut ONET: $33,520-$86,530

Which location(s) (city/state) would you be willing to relocate to?

Hartford, Connecticut

Final Analysis Based upon “Filling in the Gap”, Salary, and Outlook, is this a good job to pursue?

Degree will cost approximately $35 K (Post 9/11 GI Bill covers) Yes.


Contractor Position: Military Family Life Consultant (57K-65K) KY State Employee: Social Worker 35K-45K entry level


See ACES Education Counselor

See Post 9/11 VA GI Bill Representative

See VA Counselor at University of Louisville

Apply for MSW Program at University of Louisville – Kent School of Social Work

Schedule GRE (If needed for higher score)

Apply for Internships and possible volunteer opportunities to gain work experience outside of my class time and to network and seek a Mentor


Financial Planning For Transition

FINANCIAL GOALS

ACTIVITY: Financial Goals for Transition

DIRECTIONS: Write three SMART financial goals in the box below. A spending plan is provided at the end of this document:

• One short, one medium, and one long-term financial goal.

FINANCIAL GOALS

1.

2.

3.

NOTES:

INCOME

SPENDING PLAN UPDATE - INCOME

Now is the time to review the income section of the Spending Plan Workbook (Excel document). Include:

• Income from LES or PaySlip to include all entitlements

• Spouse income

• Income from additional sources


WEBSITE ACTIVITY: Determine the CIVILIAN SALARY EQUIVALENT

DIRECTIONS: Using the RMC Calculator on MilitaryPay.com, determine the civilian salary equivalent based on your current location:

http://militarypay.defense.gov/Calculators/RMC-Calculator/

1. Provide the information requested on the RMC calculator

a. Rate/rank (when transition occurs)

b. Years of Service

c. Tax filing status (single, married filing jointly, married filing separately, head of household).

d. Family size ( type 1, if it is only you)

e. Living OCONUS or Not Receiving BAH

f. ZIP code of where you are currently living or where you plan to relocate

2. Click CALCULATE RMC

3. Write the amount in the box below

4. Repeat using a second location

5. Provide additional notes as needed

CIVILIAN SALARY EQUIVALENT

Current Location (zip code)

Civilian Salary Equivalent

Possible Second location (zip code)


NOTES:

http://militarypay.defense.gov/Calculators/RMC-Calculator/


EXPENSES

SPENDING PLAN UPDATE - EXPENSES

Now is the time to review the EXPENSES section of the Spending Plan Workbook (Excel document).

. Include:

Rent

Estimate utilities

Estimate grocery expenses

Personal grooming

Other expenses

WEBSITE ACTIVITY: Determine the COST OF LIVING at a new location after transition

DIRECTIONS: Using the BankRate.com website, find the location based salary equivalent:

http://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx

1. Write your new location in the box provided

2. Determine your new salary based on location and using civilian salary equivalent

3. Write the amount in the box below

4. Determine a secondary location and repeat the calculations.

5. Review housing adjustment. Is it higher or lower than your current housing price?


WEBSITE ACTIVITY: Determine the LIVING WAGE in a new location after transition

DIRECTIONS: Use the Living Wage Calculator (http://livingwage.mit.edu) or a different living wage calculator, to locate the hourly living wage for you new location.

1. Choose a State, city, or metro area

2. Review the different situations and determine the hourly living wage based on your family situation

3. Write the amount to the box below

4. Repeat with the secondary location for above

http://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx


COST OF LIVING AND LIVING WAGE

1st Location (city, state)

Salary adjustment for location

Housing difference for location

Hourly Living Wage

2nd Location (city, state)

Salary adjustment for location

Housing difference for location

Hourly Living Wage

NOTES:

ACTIVITY: TAXABLE vs. NON-TAXABLE

DIRECTIONS: List a benefit that is non-taxable. Use your LES to determine what pay you receive that is non-taxable and write it in the box below. FEDERAL, STATE AND LOCAL TAXES

NON-TAXABLE


UNDERSTANDING HOW TAXES AFFECT YOUR INCOME

SEPARATION TAX CALCULATIONS

WEBSITE ACTIVITY: Determine your taxes after transition

DIRECTIONS: Find the 3 tax amounts using: https://smartasset.com/taxes/income-taxes

1. Enter your Civilian Salary Equivalent as the Household Income

2. Enter a location

3. Indicate Filing Status

4. Choose a secondary location

5. Write the information in the space provided below


TAXES FOR CIVILIAN SALARY EQUIVALENT - Separating:


1st Location (city, state, zip)

1st Location - Taxes based on civilian salary equivalent

2nd Location (city, state, zip)

2nd Location - Taxes based on civilian salary equivalent

NOTES:

WEBSITE: Federal Income Tax Calculator

WEBSITE: http://militarypay.defense.gov/Calculators/High-3-Calculator/

https://smartasset.com/taxes/income-taxes

http://militarypay.defense.gov/Calculators/High-3-Calculator/


RETIREMENT TAX CALCULATIONS

WEBSITE ACTIVITY: Determine your taxes with retirement pay

(Calculating taxes for those retiring requires you to first determine your pre-tax retirement pay.)

DIRECTIONS:

1. Estimate pre-tax retirement pay using http://militarypay.defense.gov/Calculators/Active-Duty-Retirement/High-36- Calculator/

2. GO TO: https://smartasset.com/retirement/retirement-taxes

3. Choose the state where you wish to retire

4. Complete the following information:

- SS = $0 (if not drawing SS)

- Annual Retirement = military retirement

- Annual wages = amount needed to close the gap between retirement pay and civilian salary equivalent

- Location = zip code

- Year of birth

- Filing Status

5. Choose a secondary location

6. Write the information in the space provided


TAXES FOR RETIREMENT

Retirement Pay

Annual Wages: Amount used for gap between retirement pay and civilian salary equivalent

1st Location for Retirement (city, state, zip)

1st Location Tax Amount

2nd Location for Retirement (city, state, zip)

2nd Location Tax Amount

NOTES:

http://militarypay.defense.gov/Calculators/Active-Duty-Retirement/High-36-Calculator/



https://smartasset.com/retirement/retirement-taxes


ACTIVITY: Discussion of Terms

• Premium: amount you pay for health insurance every month

• Deductible: amount you are responsible for paying before your insurance starts cost sharing

• EX: if you have a $1500 deductible, you pay all costs up to the $1500

• Co-insurance: the percentage of medical costs that you are mandated to pay after reaching your minimum deductible

• EX: if a visit to the doctor is $100 and your co-insurance is 20%, you owe $20.

• Co-payment: a flat fee service providers charge based on the health plan

• EX: a $20-$40 co-pay every time you visit your primary care physician

• In-network cost: cost to see a doctor who is in your particular network and has an agreement with the insurance company

• Out-of-network cost: cost to see a doctor who is not in your healthcare plan; cost is usually greater and can be up to the full cost of the service.

• Out-of-pocket cost: deductibles, co-payments, and co-insurance not covered by the insurance provider; does not include premiums

• Out of Pocket Maximum/Limit: most you will pay for covered services in one year; after this amount is reached, insurance covers 100%; does not include premiums

• Flexible Spending Account (FSA): special account paid into by premium holder which can be used to pay for certain out-of-pocket health care costs

• Health Savings Account (HSA): a pre-tax savings account for those with high deductible plans to pay for deductibles, copayments, coinsurance and some other expenses


WEBSITE ACTIVITY: Estimate the cost of health insurance

DIRECTIONS: Go to a healthcare website – such as https://www.healthcare.gov/see-plans/

1. Add your zip code; follow directions to add your specific information

2. Review Plans – there is no obligation to purchase/enroll

3. Add your research to the box below

ESTIMATED COST OF HEALTHCARE

Website Used

Plan Name

Company

Monthly Premium

Annual Premium

Deductible

Co-Pays

Coinsurance

NOTES:

https://www.healthcare.gov/see-plans/


DEBT

SPENDING PLAN UPDATE - DEBT

Now is the time to review the DEBT section of the Spending Plan Workbook (Excel document). Include:

• Mortgage

• Car Payments

• Credit Cards – bank, department, Military Star Card

• Loans – personal, student, car, home

Creditor Purpose Actual Payment Balance Remarks

SPENDING PLAN UPDATE – DEBT-TO-INCOME RATIO

ACTIVITY: Determine Debt-to-Income Ratio

DIRECTIONS:

1. Determine the total amount of your monthly payments, and write them in the box below (remember to include your rent/mortgage)

2. Write your gross monthly income from your spending plan in the box below.

3. Divide payments by income, and multiply by 100.

4. The result is your DTI. Write it in the box provided.

5. Provide additional notes as needed.

DEBT-TO-INCOME RATIO

Total reoccurring monthly payments

Gross Monthly Income

DTI

NOTES:


ACTIVITY: VIDEOS

The TSP for BRS members: What’s it all about?

https://www.youtube.com/watch?v=h7nsWNrz1l Staying in TSP? www.tsp.gov/staywithus DON’T MOVE - Time: 2:26 and ONCE YOU’RE GONE, YOU’RE GONE – Time 1:49

ACTIVITY: Determine Net Worth

DIRECTIONS:

1. Determine the value of all your assets that could have a cash value

2. Determine the total of your liabilities (debt owed)

3. Subtract liability from asset to find your Net Worth

NET WORTH

Assets

Liabilities

Net Worth

NOTES:

SPENDING PLAN UPDATE – ASSETS

Now is the time to review the ASSETS section of the Spending Plan Workbook (Excel document).

https://www.youtube.com/watch?v=h7nsWNrz1l

http://www.tsp.gov/staywithus


FINANCIAL ACTION PLAN

ACTIVITY: Current Financial Situation

DIRECTIONS: Return to the information captured in past modules and fill in current financial situation chart.

Total Current income (with BAH, BAS, etc.)

Civilian Equivalent Salary

Monthly Expenses

Total Debt

Debt-to-Income Ratio

Total Assets

Net Worth

NOTES:

ACTIVITY: Revisit Financial Goals

DIRECTIONS: Return to the financial goals in Section 1; determine if these goals are still valid with an understanding of your current financial situation and with financial constraints which can occur during transition. You can either rewrite the goals here or revise as necessary.

FINANCIAL GOALS

Short-Term Goal:

Med-Term Goal:

Long-Term Goal:

NOTES:


REFLECTIVE ACTIVITY: Increase Income, Decrease Expenses and Indebtedness

Ways to increase income: Ways to decrease expenses: Ways to decrease

indebtedness:

• Spouse gets job

• Active-duty person gets part-

time job

• Seek out temporary or seasonal

work

• Review and change tax filing

status and exemptions

• Enroll in federal or state

programs

• Use eBay, Craigslist, or a garage

sale to sell items you no longer

use

• Use internet to research the best

prices for more expensive

purchases

• Apply for unemployment

entitlement

• Down grade or eliminate the

cable package

• Bundle packages for cable,

Internet, and cell phone

• Re-shop for auto, home, and life

insurance

• Eliminate your land line; use

cell phone

• Review current cell phone plan

to determine if any extras can

be removed

• Check books/eBooks/movie out

from library

• Use public transportation or carpool

• Turn off lights & appliances when not using. Check with your utility company for more tips

• Ask for veteran and military discounts

• Find friends who can trade services; babysitting, pet sitting, etc.

• Cook at home and pack your lunch; plan menus around foods on sale

• Use coupon/Groupon for shopping, dining out, and

recreational activities

• Shop at thrift stores

• Ask utility companies about a budget plan for consistent utility bills

• Cancel underutilized subscriptions such as

gaming services, Hulu, Netflix, Amazon Prime

• Stop using credit cards

• Pay off debts by paying the

debts with the highest interest

first

• Pay lowest balance first and roll

payment into next debt

• Pay down debt using a power

pay plan. Take advantage of

websites that explain various

methods of power paying; such

as PowerPay.org

• Pay more than the minimum

payment

• If you get a raise, use the

additional money to pay

down a debt

• Shop for the lowest

interest rates, refinance

when possible

• Consider consolidation

loans

• Contact credit card

companies and negotiate

a lower interest rate

• Seek help if you are in serious

debt.

• Ask if accrued interest

and late fees can be

waived by your creditors if you

enroll in a non-profit

debt management

program

Documents

Soldier for Life – Transition Assistance Program...Soldier for Life – Transition Assistance Program SFL-TAP Army Day Participant Handout Managing Your (MY) Transition, MOS Crosswalk,