My Definition of “Rich”
If I tell you that it is easy to get rich in the military, I think I have to explain what I mean by the word “rich.” I’d give you the Merriam Webster dictionary definition, but no one really uses actual dictionaries anymore. The dictionary app sitting in my Macintosh dock defines rich as “having a great deal of money or assets; wealthy.” That begs the question, “What is a great deal of money or assets?”
Although it is often said that a million dollars isn’t what it used to be, I’m going to use having $1 million of assets as a definition that many people would consider rich. This is especially valid if you look at this data from a 2016 report from the Economic Policy Institute:
As you can see, the average family has $95,776 saved for retirement. This average is skewed by some people with much more than that as the median is only $5,000.
In my opinion, this greatly strengthens my assertion that having over $1 million is “a great deal of money or assets” and makes you “rich.” It is over 10 times the average retirement savings in the US.
Next, we’ll talk about some easy ways to get rich in the military.