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Job, Money, Retirement
Semper Vet
May 28, 2024
Presented by
The US government allocates 270 billion dollars - 5% of its total federal spending - to veterans annually. Despite this significant investment, vets are 15.6% more likely to be unemployed and 50% more likely to be homeless compared to our civilian counterpart. Here comes the 1 million dollar question:
With so much funding, why are veterans still struggling?
Because we don’t know these opportunities. The lack of guidance affects every aspect of a veteran’s life. For instance, many vets I’ve met lack the fundamental financial knowledge that could significantly benefit them - they don't understand how IRAs and 401k work, or the benefits of compound interest. They don’t know that there are hundreds of millions of dollars being spend on programs specifically designed to help veterans. Most importantly, many transitioning veterans don't know what to expect or have a clear vision of their post-military careers. This is where I come in. I show you the jobs that you are most likely to get, I show you the non-profit organizations that receives millions of dollars in funding just to help veterans, I show you a path that’s not pitch dark. I will be your scout to search for veteran-benefitting opportunities out there around the clock. Welcome to the Semper Vet™ community!
I post the content that I know is genuinely useful for veterans. I mean, what kind of info do you see on the VA newsletter? There’s a raffle in December for you to win a Tacoma truck? Wait, it’s freaking February now…
Make no mistakes, there are many excellent nonprofit organizations out there dedicating millions of dollars to design and run programs that help veterans. The only problem is, these opportunities are often hidden deep in the internet, making them hard to find. Ask yourself this, how often have you stumbled upon an opportunity too late and found yourself wondering, "How did I not know about this?" Not anymore.
My desire to have someone guide me when I needed it most is why I started this newsletter. I will be your guy. I will tell you what I learned through sweat and tears. I refuse to be the guy who half-heartedly tells you that “you are not alone in this. Everything will be okay. GO FUCK YOURSELF AND HAVE A NICE DAY” Instead, I'll be here to show you actionable steps and real opportunities.
Hi, My name is Simon. I learned English by watching SpongeBob. I joined the Marines after finishing high school. Following my military discharge, I attended Columbia University and completed an internship on Wall Street. Now, I'm a software engineer.
It took me 10+ years to be able to write this short paragraph above. A lot of luck, a lot of sweats, no blood but a few tears. I can show you what I learned over the last 10 years in 1 year for you, if you let me.
🚀 🚀 What Do I Offer?
Exclusive opportunities from nonprofit organizations and corporate America, tailored made just for veterans.
Essential transition insights, including but not limited to, financial knowledge, resume help, retirement planning, VA benefit navigation that truly helps you to get ahead in the civilian world. (sorry guys, no get-rich-quick schemes here. I don’t have a magic stock pick or any pyramid scheme company selling fake protein powder)
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1. Great Opportunities From Corporate America
Microsoft MSSA Program
Overview:
There are basically 3 paths to go:
Cybersecurity Operations (CSO) (the path is exclusively for the transitioning veterans that already have 2 years of IT experience)
Cloud Application Development (CAD) (train you to be a software engineer)
Server and Cloud Administration (SCA) (train you to be a network engineer. This profession does not get as much limelight as software engineering, but it is still highly valuable)
I participated in this program (CAD), and while it provides a solid foundation in programming, particularly in C#, the true value lies in the network you build. I am still in touch with some of the friends I made during the course. Not to mention the countless professionals who were invited as guest speakers. If you try, you can make a lot of meaningful connections. The course itself is quite rigorous - full day class + take home assignment. It’s fast paced, but it’s doable. Most importantly, upon graduation, you'll gain access to exclusive opportunities available only to MSSA graduates. I highly recommend this program.
To truly shine, show your passion for programming by immersing yourself in study before the interview. It’s a huge advantage if you can demonstrate how you’ve used programming to solve real-life problems. For example, my first project was to create an interval timer that helps me during my work-out session. This experience of mine helps me convince the interviewers of my genuine passion for programming.
Pro-tip:
We have our own Reddit group - r/MSSA! In the reddit, ask around to join their Discord (a chat app like WhatsApp, but better. Don’t worry, it’s very easy to use!)
Inside the r/MSSA, people posts their experiences and recommendations. Pay attention and learn from their mistakes!
As mentioned previously, the key of being selected is to show your passion! Demonstrate your passion for programming not just through words but through actions - showcase the problem-solving programs you’ve built, the interesting articles that you read about AI, etc)
I recommend registering a new outlook email specifically for this program. Make sure the email address is professional (therefore, [email protected] may not be a good choice…). In the future, when you apply for positions exclusive to MSSA graduates, your email address will be how they recognize you (were in the MSSA program).
Detailed Info:
Who can apply? Transitioning active duty, veteran, and veteran spouse (new programs are now available to veteran spouses, how exciting!)
Timeline (this is just for reference, Microsoft can change this at any time, do your own research!):
Sep 16, 2024–Jan 17, 2025 | apply between Apr 29–May 13, 2024
Nov 4, 2024–Mar 11, 2025 | apply between Jun 17–Jul 1, 2024
Jan 13–May 9, 2025 | apply between Sep 2–16, 2024
Apr 7–Aug 1, 2025 | apply between Nov 18–Dec 2, 2024
Hiring Our Heroes
Heard a lot of good things about this program.
They have numerous hiring events, fellowship programs, and education and networking opportunities
This nonprofit also has a cohort (DoD Skillbridge program) that matches you with companies that will take you in as an intern.
This program even has a small business grant program that supports veteran entrepreneurs.
Pro-tip:
LinkedIn is your best friend for this! Reach out to people on LinkedIn who participated this program or are actively promoting it!
Remember, with this sort of vet program, building your network is crucial! You never know who might have a friend at Lockheed Martin who can refer you to the perfect entry-level job!
Timeline:
2024 - COHORT 2APPLICATION DEADLINE - FEBRUARY 15, 2024
April 29 – July 18, 2024
2024 - COHORT 3APPLICATION DEADLINE: JUNE 6, 2024
August 26 – November 14, 2024
2025 - COHORT 1APPLICATION DEADLINE: OCTOBER 10, 2024
January 13 – April 3, 2025
Northrop Grumman
They used to have a program that trains you to be a software engineer like the image below, I will keep my ear on the ground for you guys. I highly doubt if this is just one time thing. FYI, if you have a TS clearance, Northrop Grumman loves you! Apply!
In the meantime, it’s not a bad idea to keep informed.
clicked the “Attend Our Monthly Transitioning Military Information Session” link
3. Monthly Financial Knowledge
tl;dr: 401k good. Consistently invest in 401k = comfortable retirement. Chose the plan that tracks S&P 500 index fund because it is the most stable fund that yield 8 to 10% annual return. Watch out the expense ratio of the plan (should be lower than 1%). Good luck, future millionaire!
What’s 401k?
A 401(k) is one of the common type of retirement savings plan offered by many employers. It allows employees to save and invest a portion of their paycheck before taxes are taken out. There are 2 types of 401k:
Traditional 401(k):
Pre-Tax Contributions: Money is contributed before income taxes are deducted, which reduces your taxable income for the year you contribute. This can lower your current tax bill.
Tax-Deferred Growth: The money in your account grows without being taxed over the years.
Taxes on Withdrawal: You pay income taxes when you withdraw money during retirement.
Example:
Suppose you earn $50,000 a year and decide to contribute $5,000 to your Traditional 401(k).
Your taxable income for the year will be $45,000 ($50,000 - $5,000).
You save money on income taxes this way. why? The less your taxable income, the less income tax you pay. In this case, if your tax rate is 20%, contributing to a Traditional 401(k) saves you $1,000 in taxes that year ($5,000 x 20%).
At retirement, if you withdraw money from the 401(k) and let’s say your tax rate is still 20%, you will pay 20% tax on however much money you withdraw (ignoring investment growth for simplicity).
Roth 401(k):
Post-Tax Contributions: Money is contributed after income taxes are deducted, so your taxable income is not reduced in the year you make contributions.
Tax-Free Growth: The money in your account grows without taxes, just like a Traditional 401(k).
Tax-Free Withdrawal: You do not pay any taxes on withdrawals, including both your contributions and the gains, if you meet certain conditions (usually that the account has been open for at least five years and you are at least 59½ years old).
Example:
Suppose you earn $50,000 a year and decide to contribute $5,000 to your Roth 401(k).
Your taxable income remains $50,000 for the year, so you get no immediate tax break.
You pay your usual income tax on the $50,000, which at a 20% tax rate is $10,000.
However, when you retire and withdraw from the Roth 401(k), you pay no taxes on your withdrawals, saving you money if tax rates are the same or higher in the future.
Comparison:
If you expect your tax rate to be higher in retirement than it is now, a Roth 401(k) might be more beneficial because you lock in the current lower tax rate and avoid higher taxes later.
If you expect a lower tax rate in retirement, a Traditional 401(k) could be better as it reduces your taxable income now when your tax rate is higher.
In essence, the choice between a Roth and Traditional 401(k) often comes down to when you prefer to pay taxes—now or in retirement. Each option has benefits depending on your current and expected future financial situation.
This means you can reduce your taxable income, potentially paying less in taxes now while saving for the future. The money you put into a 401(k) grows tax-deferred, meaning you won't pay taxes on it until you withdraw it, typically after retirement. Many employers also match a portion of your contributions, which is like getting free money added to your retirement savings. This makes 401(k)s an effective way to build a nest egg for your later years.
There are many plans you can invest within 401k, which one do you choose?
The one that tracks s&p 500 index fund! Why? Because it’s the most stable fund out there that has the lowest rate. The average growth of S&P500 index fund is 8 to 10% per year! If you invest 200 dollars a month for the next 30 years, you will at least have $298,071.89 (estimate). The good way to think about this is: treat it like a phone bill - pay it and forget about it for 30 years. if you feel like a baller, invest $500 a month, you are going to have $745,179.72 (estimate) 30 years later.
But Simon, it’s gonna take 30 years, why do i have to wait so long?
Because this is not a get rich quick scam!! For good things to happen, it take a lot of time and consistent effort.
Expense Ratio:
This is a sneaky one. The 401k funds are managed by finance professionals and they typically don’t provide services for free. Expense ratio is how much they charge you. An expense ratio is the annual fee that investment funds charge their shareholders to cover the fund's operating expenses. If you invest $10,000 in a 401k plan with an expense ratio of 1%, you'll pay $100 in fees per year. This means that $100 will be deducted from your investment annually to cover the fund's operating expenses. This may not sound like a lot, but over 30 years, the difference between a 1% and 2% expense ratio could end up being tens or even hundreds of thousands of dollars.
Always choose a plan with an expense ratio lower than 1%. Below 0.20% is good, below 0.10% is great, and below 0.05% is excellent.
Transitioning Veteran Consulting Session
Provide 1-on-1 session in financial wellness preparation, IT career field mentoring, transitioning emotional support, veteran programs guide. Contact [email protected] to setup an appointment.
If you are having a crisis or having thoughts of suicide, please dial 911 immediately.
Last Words
I’d love to hear your thoughts! If there’s a particular issue you believe many vets face but isn’t getting enough attention, please reach out to me at [email protected]. Don’t forget to join my discord!
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