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    The Transition: Preparing for Financial Combat
    The Transition: Preparing for Financial Combat
    The Transition: Preparing for Financial Combat
    Ebook198 pages1 hour

    The Transition: Preparing for Financial Combat

    By Cpt (R) Larry Wallace Jr. PhD and Col (R) Heath J Niemi

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    About this ebook

    The Transition: Preparing for Financial Combat is about preparing transitioning service members psychologically for the next stage of their life after the military. This book approaches every facet of a transition with unique insight and helpful techniques to better mentally prepare and create the proper self-awareness to succeed and thrive within the civilian workplace. The better prepared a service member becomes through their transition, the greater the chances in achieving their desired lifestyle and goals. The Transition is truly invaluable because it assists our Nation's greatest asset, our service members.
    LanguageEnglish
    PublisherBookBaby
    Release dateMar 1, 2019
    ISBN9781543965223
    The Transition: Preparing for Financial Combat

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      Book preview

      The Transition - Cpt (R) Larry Wallace Jr. PhD

      ©2018 Dr. Larry Wallace Jr. and Heath Niemi. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

      Contents

      PREFACE

      IN THE BEGINNING…TO SERVE

      THE DECISION POINT

      THE REALITY

      EXIT PATHWAYS

      Retirement.

      Involuntary Separation.

      Voluntary Separation.

      SELF-BRANDING

      RESUMES

      Resume Formats.

      Acronyms.

      Master Resume or Curriculum Vitae (CV).

      Corporate Resume.

      One-Page Resume (Wall Street).

      Government Resume.

      Bio-Resume.

      Business-Networking Card.

      LinkedIn Profile (LI).

      Email Account.

      TRANSITION PSYCHOLOGY

      Pre-Contract—The Transition.

      Post Contract—Opportunity Found.

      THE FACTORS

      Role.

      Flexibility.

      Geography.

      Compensation.

      Quality of Life.

      Autonomy.

      Engagement.

      Quality of the Team.

      Risk.

      Company Size.

      Diversity.

      NEGOTIATING TOTAL COMPENSATION

      Medical & Dental.

      Paid Time Off (PTO).

      Relocation.

      Education & Training.

      401K and Matching.

      Sign-On Bonus.

      Stock/Equity Options—Vesting period.

      Sales/Performance Bonus.

      Other Miscellaneous Compensation.

      ENTREPRENEUR / CONSULTING

      Small Business Operations.

      Competition Assessments.

      Launching.

      Business Canvas.

      Business Plan.

      CHESS STRATEGY

      Networking.

      Executive Coaching.

      Individual Strengths.

      Interviewing.

      SEARCH FIRMS & OTHER OPPORTUNITIES

      Search Firms

      Job Fairs & Hiring Events.

      Online Platforms.

      CONCLUSION

      APPENDIX A: Service Member Benefits.

      APPENDIX B: Geographic Factors

      APPENDIX C: Entrepreneurship

      APPENDIX D: Transition Programs

      APPENDIX E: Training & Education

      APPENDIX F: Interviewing

      APPENDIX G: Internships & Cooperative Education (Co-Op)

      APPENDIX H: Search Firms

      APPENDIX I: Online Job Hunting

      APPENDIX J: Veteran Programs

      APPENDIX K: Claiming Disability

      APPENDIX L: Bio-Resume

      APPENDIX M: Cover Letter

      APPENDIX N: Executive Resume

      APPENDIX O: General Schedule (GS) Equivalent Civilian to Military Ranks

      APPENDIX P: General Schedule (GS) Required Waiting Periods

      APPENDIX Q: Senior Executive Service (SES)

      APPENDIX R: Blended Retirement System

      APPENDIX S: Legacy Retirement System

      ABOUT THE AUTHORS

      PREFACE

      The Transition: Preparing for Financial Combat is about preparing transitioning service members psychologically for the next stage of their life after the military. This book approaches every facet of a transition with unique insight and helpful techniques to better mentally prepare and create the proper self-awareness to succeed and thrive within the civilian workplace. The better prepared a service member becomes through their transition, the greater the chances in achieving their desired lifestyle and goals. The Transition is truly invaluable because it assists our Nation’s greatest asset, our service members.

      While reading this book, think of the term ‘The Transition’ as the catchphrase for your physical and mental state of change (from one aspect of life to another); whereas, ‘Preparing for Financial Combat’ represents the psychological readiness required to succeed in obtaining your desired financial security. The support structures and systems accustomed to within the military will vary significantly once separated. Therefore, how you plan your transition along with the decisions made along the way, impact your post-military financial security.

      The layout of this book encapsulates the process to successfully develop the self-awareness and psychological stamina required to meet and exceed your goals. Based on the structure of military publications and doctrine military personnel are familiar with, the table of contents, notes, appendixes, and hyperlinks (e-book only) enable easy access to desired information. A key benefit of this book is that it consolidates heavily dispersed information, simplifies difficult to comprehend programs, and serves as an alternative source for services.

      IN THE BEGINNING…TO SERVE

      Congratulations! Whether you completed 20-plus years of military service or decided to exit the military early after years of serving our nation honorably—Thank You! We thank you for what you and your family have done and the sacrifices you’ve made for the greater good by volunteering to serve.

      To serve is a calling. Serving is a contribution to the welfare of others, according to the Merriam-Webster Dictionary. Having dutifully rendered your service to our nation, it is now time to focus on the next phase of life after the military, what we call The Transition. Financial security is commonly the largest concern for service members during this period because healthy finances ensure the welfare of you and your loved ones.

      This book is specifically designed to provide a framework to mitigate the systemic challenges commonly encountered during this time after service. This book’s purpose is to prepare you psychologically, and to assist as you navigate the nuances of Corporate America and the economic landscape you will likely encounter after your life in the military. The Transition offers useful recommendations and helpful hints to enhance your success as you enter this next phase of life.

      THE DECISION POINT

      Perhaps it is the culmination of time and rank (i.e., sergeant majors with 28 years or colonel with 30 years), reaching the 10-year mark and deciding not to go for the retirement carrot, or simply feeling it is the right time to take the next step; whatever the reason, now is the time to commit to your transition out of the military. It may be worth your while to consider a couple of items before making your final decision. Never make a transition decision rashly or emotionally.

      First, take a few moments, go to the MyPay calculator, and forecast your retirement pay for several different courses of action. If you plan to depart before you are retirement eligible, compare the next promotion rank at three (3) years in grade (to receive full base pay at that rank) and ask yourself, Could I make up the difference, outside of the military, for the remainder of my life having invested the right amount above and beyond my daily cost of living? Even if you have found the golden goose egg of an opportunity or have landed a nice inheritance, you may find that the difference between a 05 with 20 years and 06 with 26 years, a CW4 with 20 years and CW5 with 25 years, or E8 with 20 years and E9 with 26 years is far more lucrative than imagined. Just maybe, staying in a few more years would be worth it. Certainly, your final decision should be made with all possibilities fully considered.

      Additionally, you and your spouse need to find a good financial advisor who will produce a retirement plan that considers your current situation compared to your different retirement courses of action. For the future you want, do you have enough to retire on given forecasted inflationary rates, when you finally decide to stop working? How much will you need to provide for daycare, schooling, utilities, and amenities? And the culminating question: how much will you need to make at your next job in total compensation to reach your ultimate goals? The answers to these questions will frame and prioritize the factors you will consider when assessing job opportunities to achieve your goals.

      THE REALITY

      Although civilian communities receive well-educated, trained, and prepared citizens when separating service members join their communities as veterans, the ability of veterans to articulate self-worth as a monetary value is a distinct challenge. Regardless, veterans generate tremendous opportunities for success in their communities and for themselves.

      Under the redesigned Department of Defense Transition Assistance Program (DoDTAP), the goal upon separation is career readiness for job employment, business ownership, technical training, and/or higher learning. Once TAP is completed, you should be prepared to offset unfamiliar labor market costs, adjust to modified military benefits, and meet general expectations to align your military skills with what the civilian workforce desires.

      However, the notion that the DoDTAP alone can fully prepare you for the transition is a fallacy. The DoDTAP’s sole purpose is providing information, tools, and general training to ensure service members and their spouses are prepared via awareness for the next step in civilian life. Quite often the DoDTAP is frowned upon given its design, yet it accomplishes its purpose. It is helpful to keep in mind that the military is a service authorized to use deadly force to support the interests of our nation and all its citizens. Therefore, the military and its leaders are focused on ensuring combat readiness through realistic training. Regardless of how much attention and support may be desired to enhance the transition for those who have served, resources remain prioritized to meet the top priority of the military, which is to ensure readiness for the defense of the nation.

      Understanding the DoDTAP’s framework and limitations, we can see how resources like this book and other products and services are needed. To summarize a statement by Michael Sarraille, founder of VETTED, we shouldn’t expect TAP to transition us back into civilians; rather, we need Corporate America to assist the transition into Corporate America. Why? Because asking the military to transition veterans into civilians is like asking Corporate America to turn civilians into service members. When you want to make a soldier, you send them to basic training, a ranger to ranger school, etc. Therefore, a successful transition into a productive civilian depends upon training and assistance from Corporate America and other aligned resources such as The Transition: Preparing for Financial Combat.

      Although this book is crafted for those in and near retirement eligibility, it is fashioned in a manner to also prepare, equip, and assist those interested in joining the military, new to the military, or who have been serving in the military for any amount of time; to include their loved ones and any others interested in and/or supporting those from the military.

      EXIT PATHWAYS

      Regardless of how your time in the military concludes, you may be provided some monetary compensation. Depending on which exit path you are eligible for and choose, you will

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