Can A Career In The Military Make You A Millionaire?

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Comments

1. Bogus..I've been putting 15-20% Since I started in the Fed Government at 19. Salary ranging from 53k-70k(as of now). My TSP is in the C, S, and I funds for the time being. I just hit the 100k mark and have been in for 9 years...My TSP is going to have to grow exponentially over the next 16 years for millionaire status. Hopefully this happens but seems a little unbelievable right now..
2. At lease be reach a E-4 pay grade
3. Even if the service member doesn't reach the million dollar mark, they can prepare and be financially fit once they retire.
4. Yes, you can become a millionaire by serving in the military. I know that for a fact. At least 3 of the officers who mentored me on financial matters are multi-millionaires. My 35-year old friend who died in Iraq was also a millionaire. There are plenty of wealthy former military (enlisted and officers) who followed sound financial advice, but they are generally humble and private about it. The ones I know served because it was a calling, and they feel uncomfortable being put in a spotlight. They are NOT the ones driving new cars on the base, buying every new electronic gadget, and filling their house with antiques. The greatest financial advantages military people have are the allowances related to housing that help them avoid one of the major costs civilian families face. Right after that is healthcare. People in the military sacrifice to win on the battlefield, and when they make financial sacrifices on the same intensity level, they can win on the home front, despite all the drawbacks of military life. Instead of blowing tax-free post-deployment money on a new car, splurge on a new tactical flashlight, and invest the rest!
5. E-2, investing 1000$ per month, with no debt, it can be done.
6. if you are any sort of true christian, you should end your contract with the military (your paycheck coming from extortion) and stop doing the bidding of evil and corrupt politicians who if it weren't for you, would just be 'pissing into the wind' with their initiatives if they didn't have costumed yes-men carrying them out.
7. The main problem with this video is very few people are ever enlisted for 40 years. Half that time is probably way more realistic.
8. If you're considering joining the military, they've started to change how their retirement system works. Basically you get less of a pension, but the government will at least somewhat match your TSP contributions.
9. The average military career is 20 years. After those 20, you would transition to the civilian workforce with a very good resume and could get a job either as a civil servant or contracts or if you refer, in industry. There are many opportunities for veterans. So your would be getting your retirement and your salary which would give you the opportunity to maximize your retirement account. You can transfer your TSP to a regular 401k once you are. To make things better, once the transition is made from the military to civilian workforce most organization match a percentage - which does not occur in military TSP right now.
10. 40 years in the military? can you say stress level over 9000?
11. I've been in the Navy for 25 years. Just a couple of facts..1. There's no such thing as a 40-year private. The next level is automatically given simply based on time in rank.2. The base pay might only be $26,000 per year, but there are additional pay called "entitlements." Ka-ching.
12. If you are in the Army you are guaranteed to promote to SPC (E4) if you stay enlisted for at least 2 years. There is a time limit that you are allowed to stay a SPC but once you pass that time limit you get kicked out. If you're a SPC for more than a few years you're probably a loser! Haha my husband is going to be promoted to SGT at his 3 year mark.
13. One workshop that I had in the military that was similar to Dave Ramsey's is if you save $50 a month at an early age in a good Roth IRA and let it build you'll be a millionaire. With the military you have the added bonus of the TSP plan.
    
    You can make the max contribution of 5500 for the year and put any extra you make in the TSP. If you can (for whatever crazy reason) put 100% of your pay into the TSP. The only reason you would do that is if your spouse has a good job and it's going to help you save.
    
    And don't plan spending 40 years on the military. This stuff is for the young and the bold.