Military families have unique financial challenges and opportunities. On the one hand, military service provides a steady income and benefits that can be helpful in building long-term wealth.
On the other hand, frequent moves and deployments can disrupt long-term savings plans and make it difficult to maintain a consistent budget.
Here are a few tips for building wealth while serving your country:
1) Make the most of your military benefits.
One of the biggest financial benefits of military service is the availability of low-cost life insurance. Make sure you are taking advantage of this benefit by enrolling in a policy that meets your needs. You may also want to consider investing in a Thrift Savings Plan (TSP), which is a retirement savings plan available to military members.
2) Invest in your education.
Another great benefit of military service is the opportunity to further your education. Use this benefit to invest in your future by taking courses that will help you advance in your career. Not only will this make you more marketable when you leave the military, but it can also help you earn more money over your lifetime.
3) Create a budget and stick to it.
A budget is essential for any household, but it can be especially helpful for military families who may have irregular income due to deployments or other factors. When creating your budget, include all your expected expenses, such as housing, food, child care, and transportation. Once you have a budget in place, stick to it as closely as possible to ensure that you are making the most of your money.
4) Contribute Your Combat Pay to a Gold IRA.
One way to build wealth while serving your country is to contribute your combat pay to a gold IRA. A gold IRA is a retirement investment account that will permit you to invest in gold assets physically. This can be a great way to protect your savings from inflation and market volatility.
NOTE: If you are interested in opening a gold IRA, work with a reputable company specializing in gold investing. This will ensure that your account is set up properly and that you are getting the most out of your investment. Also, please make sure to review & consider these top-rated gold storage companies as you’ll want to choose a secure depository to hold your precious metals.
5) Invest in real estate.
Another great way to build wealth is to invest in real estate. This can be a great long-term investment, especially if you are able to purchase property at a discount due to your military service. If you are interested in investing in real estate, be sure to do your research and work with a reputable agent or broker.
These are just a few tips for building wealth while serving your country. Building wealth takes time and effort, but it is possible to do it while serving your country. By taking advantage of your military benefits, investing in your education, and sticking to a budget, you can set yourself up for financial success.
And, if you want to get creative, we recommend learning how to convert 401k to gold so you can contribute your combat pay to a gold IRA! Whatever route you choose, be sure to do your research and work with reputable professionals to ensure that you are making the most of your money.
What Can Military Service Members Invest In?
Financial experts recommend that military families invest in order to have access to funds on demand. The investments available include stocks, bonds, mutual funds, cash, or conservatively invested inside a retirement account like IRA’s for civilian workers who want their hard-earned money protected from market fluctuations while still earning interest rates higher than what they could get at a bank savings account.
Can Service Members Invest in Stocks?
Service members can invest in stocks and other investments with the help of a qualified financial professional. It is important they know their options before starting any investment strategy, including how much risk they’re willing to take on by purchasing individual shares or ETFs that track markets as index funds do – without investing directly into individual companies themselves!