This is a guest post from Airman Mildollar, the brains behind the Military Dollar website, featuring simplified personal finance for military members. I was pretty lucky when I entered the military. I had friends who commissioned before me who warned me that it could take a while for your pay to start. Unfortunately, there are a lot more quirks about money in the military that nobody warned me. The situation is not going to get better if you ignore it. This is related to the. But also mark down every time you talk to the Finance office or your supervisor about it. Keep every email.
Tax Benefits for Members of the Military
We all know military benefits are pretty good. You get mess hall and PX privileges. You can take advantage of on-base housing and living subsidies, including medical care. And you get a pension — an incredible pension! Retiring servicemen and women can expect to get 50 percent of their base pay from their pensions after completing 20 years of service. Assume this soldier retires at age 43 with 20 years of service but with no increase in rank. Also assume that this soldier can also expect an annual three percent COLA after he or she retires. That, in short, is how much a military pension is worth. Now, of course, the civilian world is known for paying higher salaries. I can assure you that this is not a reasonable goal.
Savings Accounts and Insurance Help
But suppose you put in 10 years of service and then leave to pursue a higher-paying profession. This monthly savings figure is so much higher because so little time is available for the money to compound. The amount of money that has to be saved each month has nearly quadrupled, because the time frame for saving has been cut in half. It may seem as if your civilian counterparts are doing better financially, because they earn more money and can buy more things.
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How am I going to find a new job? How will my finances change as a civilian? What should I do about health insurance? However, this may not be realistic. Speaking of saving …. Make sure to save up an emergency fund of three months to one year of living expenses.
Job Hunting Tips for Military Families
Why did you join the military? Chances are the answer to that is quite complex. It likely includes a measure of having a desire to serve our country combined with the potential financial benefits of a military career. Succeeding in the military can be a very financially rewarding career path, and also brings the satisfaction of knowing that you have done your part to serve your country. As a military service member, there are numerous benefits beyond your paycheck that you can also enjoy. Sadly, many active duty service members and veterans fail to take full advantage of these benefits, and they are, in effect, losing out on important financial perks to their careers. The financial benefits of being in the military include many different categories. You can receive benefits in your taxes, to pay for your education, to cover housing expense and to help you save more effectively. Are you using these to the fullest extent? This guide will help you see all of these potential financial benefits at a glance, and dig a little deeper into how you can use them to make the most out of your military career. As a veteran or service member, you have given much of your life to serve our country. Some of these are tax-related.
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How to easily make $50,000 in College after the Military
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One in three employees with a full-time job tne held a second job, mostly to bring in more cash. A second job can bring in much-needed extra cash, provides additional job stability even in uncertain times and means plenty to do during an average workweek. The US military does provide wages and benefits, but with the rising cost of living and with families sometimes finding their expenses increasing, many military families turn to additional work to raise extra income. In addition, military spouses and family members sometimes have their own reasons for seeking extra work. They may like the idea of extra spending money or they may want to build their resume, even when stationed overseas.
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Traditional work may present some challenges for military families. Military families may also move often, which can impact career choices. The good news is that there noney several ways you can how to make money after the military extra money right now as a military family:.
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