Make a list of jobs or businesses you might be interested in or that you’ve always been interested in.  Commit to ‘try on’ these careers temporarily to see if you really like them.  Pick one at a time and focus on it for 1-2 weeks.  Go to the library, read books about it, and surf the internet for information.

Call several people who are working in these jobs and ask for an information interview by phone or in person.  Tell them you’re researching the industry and simply want to ask some general questions.  Ask them what the standard salary range is, type of work done, hours, travel requirements, skills required, or anything that’s important to you. Ask them what they like and don’t like about their job.  Maybe you could volunteer to actually work in the environment for a short time.

This exercise will give you valuable information whether you plan to look for a job or start your own business. Do this for each of the careers/ businesses you listed one at a time.  Be thorough and learn everything you can.  Keep notes on what you like and don’t like about each one.

Do NOT use this time for serious job hunting. This is research.  You do not need a resume, a portfolio or a blue suit.  All you need is sincere curiosity, some enthusiasm and enough courage to make that first phone call!  That said, be sure to add the names and numbers of people you speak with to your now-growing network.

This is part of a complete step-by-step military retirement checklist. I’ll be posting weekly action steps here, so please subscribe over in the right-hand column so you’re sure to get each update.

When you’re very clear on what you want, your chances of finding it are significantly increased…

Identify what is important to you in a job/ career.  Make 3 columns on a sheet of paper.  Label the first column ‘Things I Love’ and list all the things you love about your job.  Some things might be flexible hours, travel, no direct supervision, great boss, location, stable paycheck, etc.

Label the second column ‘Things I Hate’ and list everything you hate about your job.  These might include long hours, changing schedules, lack of rewards, lack of leadership, travel, location, etc.

When you have completed your lists, go back over them and circle the top 2-3 items on the ‘Things I Love’ list that are important to you to carry into your future.

On the ‘Things I Hate’ list circle the top 2-3 items you do not want to have to tolerate in the future and would just as soon leave behind forever.

In the third column, list all the things that are important to your choice of job/ career.  These are things like a certain salary level, location, health or dental insurance, profit sharing, 401K Plan, paid sick and personal leave, number of leave days per year, advancement opportunities, type of work, child care, professional association dues paid, relocation allowance, expense account, education tuition benefits, etc.

List everything that’s important to you, then go back and number them in order of importance, 1= most important.  For example, if salary is the most important thing to you, number it 1.  If location is the next most important thing to you, number it 2, and so on. Continue numbering everything on your list.  Finally, circle items numbered 1, 2 and 3.

Use this list of priorities to help you choose a job/ career/ or business to pursue.  Refer to it also when negotiating an offer!

This is part of a complete step-by-step military retirement checklist. I’ll be posting weekly action steps here, so please subscribe over in the right-hand column so you’re sure to get each update.

Before you leave the military, take a good look at your current and future financial situation. If you’ve never done this before, I can offer some practical suggestions for getting started. You may want to begin by learning the basics about financial statements, the different types and what each tells you.

Begin with a simple Income and Expense breakdown. List all of your current income sources and their monthly amounts. Then list all of your monthly expenses. If you’ve never done this and would like help, contact the Fleet and Family Support Center or your Command Financial Counselor. They have pre-printed forms and can help you fill them out.

Next, project what your Income and Expenses will be after you leave the service. For a retirement pay projection, there are several online sites that offer this service. Do you have any debts that could be paid off before you leave the service? How might you simplify your lifestyle to lower expenses? Remember to include your new State and Federal tax bills.

One of the most frequently asked questions by people leaving the military is, “How do I calculate the equivalent civilian salary to my military salary?” Or “How much income do I need to maintain my current lifestyle?” A broad estimate would be to increase your gross military pay by 35%. {gross MIL salary + (gross MIL salary x 35%) = gross CIV salary}

For those of you comfortable with your Income and Expense Statement, complete your Balance Sheet listing all your assets and liabilities. I define assets as those things that generate income, and liabilities as those things that create expenses. By this definition, your home is a liability. Yes, its value may be appreciating long term but it does not generate income. It doesn’t put money in your pocket every month. Think about it…

Assets are things like bank Certificates of Deposit, rental income property, your own business, and interest earning savings. Liabilities are things like such as your mortgage, credit card balances, school loans, and car and boat loans. Is your Asset column larger than your Liabilities? How might you increase your assets? What could you buy that would generate positive cash flow every month? Are there any liabilities you can reduce?

A clear picture of your financial situation will help when you go into salary and benefits negotiations with a prospective employer. And if you plan to start your own business, your Balance Sheet may be required as part of a bank loan request package.

Which brings up an often asked question, “Will prospective employers use my military retirement retainer and benefits as bargaining chips during my civilian salary and benefits negotiations?” The answer is that they should NOT.

All the major corporate Human Resource Officers I’ve spoken with have told me they would never consider military retirement in calculating an offer. It’s clear discrimination.They don’t ask about your dividend payments from stocks or other income sources, why should they ask about your military retirement?

Your retirement is a benefit you’ve earned and is not to be used as a bargaining chip. If you’re asked about it, I suggest you say it’s not on the table for discussion. If they persist, you may want to go to another company. That one isn’t ethical.

Start the next chapter in your life on solid financial ground. Know where you are now, where you want to be in the future, and create a plan to get there. Manage your money with integrity and it won’t end up managing you!