It’s Easy to Get Rich in the Military
The title says it all. Many people would disagree with this statement, but we at MilitaryMillions know it is true. We either currently are or were in the military, and we used it to become rich. We want to use this site to show you how to do it too.
There are a few ways we know of to get rich in the military. Here they are:
- Stay in for the pension – Many civilians work 40+ years before they can retire. You only have to stay in for 20 years to retire with an inflation adjusted lifetime pension. It’s even tax free in some states. You might not realize it, but the value of the pension alone can make you rich. According to the Department of Defense, the value of a 20 year pension for an E7 is $689,299. For an O5 at 20 years, the value is $1,332,882. (Reference – Military Retirement Tables from the Statistical Report on the Military Retirement System) Combine this pension with regular savings in the Thrift Savings Plan, and you’re a millionaire if not a multimillionaire. This, frankly, is why we named the site what we did.
- Live frugally and become a super saver – There are a few advantages you’ve got that will allow you to live frugally and sock away more of your income. They include government housing or a tax free housing allowance, government provided or subsidized meals, free medical and dental care, on base services (exchanges, commissaries, gyms, auto shops, child care, etc.), uniforms to wear instead of expensive clothes, military discounts, USAA insurance, and no income lapse when you change jobs.
- Purchase houses or condos at each of your duty stations and turn them into rental properties – This is how you turn the downside of frequent moves into an upside. A potentially very lucrative upside.
- Use special programs for veteran entrepreneurs – There are many programs available that help veterans with an entrepreneurial spirit. Own your own business and become wealthy.
- Learn a lucrative and marketable skill – Use tuition assistance, military training, scholarships, or the GI Bill to acquire a lucrative and marketable skill. Medicine, cybersecurity, dentistry, law…whatever it is. Let the military train you to earn a high salary.
Over the next few months we’re going to discuss each of these in detail and teach you how to make your own MilitaryMillions.