Most people do not think of serving in the military and growing wealth in the same sentence, especially for young service members. However, a savvy member of the military can make wise choices and realistically leave the service on a great financial path with more wealth than when he or she entered the military. The key is to be smart and make wise financial choices that will help you grow your wealth instead of living paycheck to paycheck. Use the following tips to help you understand how to get rich in the military.
Automatically Divert a Portion of Your Pay to a Savings Account
One simple way to grow your net worth and increase your wealth is by establishing a healthy savings account while you are serving in the military. Your best bet is to have a portion of your paycheck automatically transferred to a savings account each time that you get paid. If you do this every time you get paid for the several years that you serve in the military, you will have a large and healthy savings account when you are discharged. While this is smart to keep some cash in your savings account, once you have a healthy amount saved up, you may want to talk to a financial advisor about purchasing stocks or investing in mutual funds to help your money grow.
Take Advantage of Military Programs to Purchase a Home
While you can opt to live on base while serving in the military, you are much better off purchasing a home. Government-backed mortgage loan programs for active-duty military and veterans allow people to purchase a home without having to put any money down. After buying a house, you can then use your basic allowance for housing paid by the military to pay your mortgage. If you choose a house wisely, you can make a very good profit when you sell the home after being discharged, which can put you on the path towards becoming rich.
Invest in Yourself
One of the biggest benefits of serving in the military is receiving money to pay for higher education. It is always in your best interest to take advantage of these benefits and earn a degree so you can begin a career in an in-demand field that pays a high salary. Some members of the military opt to begin taking classes while on active duty, so it will not take as long to complete a degree after being discharged. Make sure that you choose a degree program wisely so you won't have any issues finding a high paying job after you graduate.Share