Special Episode: Supporting Veteran Families Living Paycheck to Paycheck

Varo Prosperity Podcast

About Maj. Gen. Steven Lepper: Steven J. Lepper became the Association of Military Banks of America’s (AMBA) President and Chief Executive Officer in 2015 after serving for one year as the Acting Director and Deputy Director of the American Bar Association’s Rule of Law Initiative and for thirty-five years as an Air Force judge advocate culminating in his service as Deputy Judge Advocate General of the Air Force. A retired Air Force major general, Steve has spent most of his career as a legal advisor and counselor to senior U.S. government and military leaders.

About Shannon Razsadin: Shannon Razsadin became the Military Family Advisory Network's (MFAN) president in 2020 after serving as executive director since 2015, a role she maintains to this day. She advocates for service members, veterans, and their families by translating their needs in an effective way for service providers to comprehend. A subject matter expert on the military-civilian divide, family well-being, and financial readiness, Shannon has contributed to major global media outlets and spoken at the White House Conference on Hunger.

In this episode, Colin, Gen. Leper and Shannon discuss:

- Collaborative solutions provided by AMBA and MFAN.

- Unique financial challenges faced by military families and veterans in a post-pandemic world, navigating housing transitions in active duty and veteran life, and how military families can achieve financial stability and wealth equity.

Key Takeaways:

AMBA, with a history dating back to 1959, facilitates vital connections between military members and banks through initiatives like the Armed Forces Financial Network, ensuring global access to funds. Meanwhile, MFAN, in its decade-long journey, leverages data and collaboration to empower modern military families, addressing financial challenges in innovative ways.

In a post-pandemic world, military families and veterans face unique financial challenges, including job instability, frequent relocations, limited credit options, and lack of financial education. These issues highlight the importance of programs like the Veterans Banking Benefits Program.

Military families face uncertainties in long-term living due to frequent relocations, making homeownership decisions difficult. Banks can help by providing personalized advice and navigating sudden moves, offering crucial support beyond typical financial situations, and easing the burden on military families' financial lives.

The future of military banking aims to provide veterans with a more interactive and comprehensive financial experience. The launch of VBBP 2.5, featuring a new platform called VetCents, offers financial education and guidance, all designed to help military families achieve greater wealth equity and financial stability.

"What we exist to do and what banks should all strive to do is simply to understand the financial challenges that their military and veteran customers face. That's really the first and most important way for the banks to be able to help them." — Gen. Steven Lepper

"One of the things that we have really seen work and be successful is when the community and people who are serving this population are aware of the resources so that we can take a no wrong door approach." — Shannon Razsadin

Connect with Maj. Gen. Steven Lepper:

AMBA website: https://ambahq.org/

VPPB website: https://veteransbenefitsbanking.org/

LinkedIn: https://www.linkedin.com/in/stevenlepper

Connect with Shannon Razsadin:

MFAN website: https://www.mfan.org/

LinkedIn: https://www.linkedin.com/in/shannon-razsadin/

Connect with Varo:

Website - https://www.varomoney.com/

LinkedIn - https://www.linkedin.com/company/varobank/

Instagram - https://www.instagram.com/varobank/

Twitter - https://twitter.com/varobank

YouTube - https://www.youtube.com/varomoney

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