Joining the Military for Financial Independence
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Joining the Armed services for Fiscal Independence
The armed forces isn't for everyone (hell, it was barely for me!). But it does offer a lot of benefits, and if yous practise decide to join, these benefits can exist a great boon to your quest for financial independence. Read on to find out if you should consider joining the military machine for financial independence.
Reaching Fiscal Independence with the Military's Help
Although I didn't realize it at the time, joining the military was a huge step towards financial independence. There is absolutely no style I would be in the financial situation that I'm in if not for the benefits that I received from joining the military.
The best thing about this is that almost anyone can join the war machine and proceeds these benefits. I hope, I am not an Army recruiter! But it is true that many people feel similar they will never be able to accomplish fiscal independence because they don't have a Stem caste, aren't skilful at math, or can't pay for college. At that place is a path, if you lot are physically able and come across the age requirements, and that path is the armed services.
Full disclosure: I hated being in the military machine. It was fun during ROTC, but it got old once I got into the National Guard. There were besides many rules and I'm too much of a free spirit. Besides, as I got older, I realized that a lot of what we were doing probably wasn't right. I don't blame the Soldiers for that though, I blame the politicians who put the Soldiers into that position. But I digress.
Even though I didn't necessarily enjoy my time in the military and I don't necessarily hold with how the military is beingness used, I however remember it'southward a dandy opportunity for people without a lot of options to start working towards financial independence. If yous join the baby-sit, you lot brand an extra few bucks every month (it'south the ultimate side hustle!).
Can you Become Rich By Joining the Military?
Let'southward be real. Military salaries aren't that high. You aren't going to go rich past joining the military and saving the traditional 5% of your income. The only way to brand a good income in the armed services is to put in time and move up in rank. On the plus side, the military tends to take intendance of information technology's lower ranking personnel by offering on-base nutrient and housing, so your basic needs are covered.
But you aren't joining the armed services for the bacon. You are joining the military for financial independence. And it'due south the benefits that are going to assist you become there.
The Benefits of Joining the War machine
Paying for Higher
The armed forces paid for my college educational activity. I went the ROTC (Reserve Officer Training Corps) route, and then the military paid for my tuition. Unfortunately, I still had to take out student loans for housing, merely I graduated with only 20K in student loan debt, while near of my peers had over 40K. That's a huge difference. The year I graduated, they changed the rules then that the ROTC scholarship could cover either housing or tuition, so if you can discover a grant to cover tuition, you will exist set! The military also amazing educational opportunities if y'all decide to go the enlisted route. Check out the GI Bill for more data.
VA Loans
The second huge helping mitt my military service gave me was a VA loan. VA loans are amazing. They are backed past the Veterans Administration, and make it super super easy for Veterans to buy a business firm. There are two huge advantages to using a VA loan. The commencement is that you don't need a down payment. There is no possible way I could take afforded a down payment on a dwelling in Southern California, even at the bottom of the market. Condos and town-homes were selling for above 200K, so to afford a traditional loan I'd take to come up with forty one thousand dollars! That'southward a tough thing to exercise for a 20-something year quondam from a lower middle-grade family.
The 2.5-5% down payment needed for a FHA loan is more reasonable, only even that'south between five and ten thousand dollars, and when you add in closing costs, that gets unaffordable as well. Also, after the crash of 2008, borrowers have to pay Master Mortgage Insurance (PMI) if they can't come upward with a down payment, which sometimes makes the mortgage itself unaffordable.
Another big plus of the VA loan is that yous don't accept to pay PMI, fifty-fifty if you don't have a down payment! At that place is a funding fee which depends upon the value of the loan, but they can roll that into the mortgage so yous don't have to pay it upward forepart. The VA helped my buy my starting time home with only x grand upwardly-front for endmost costs. I wouldn't have been able to exercise it without them.
Healthcare
Military service also offers an additional bonus that may help yous gain fiscal freedom: healthcare. Obviously the VA doesn't take the best healthcare, but its definitely better than having nothing. I don't currently use the VA for healthcare and I actually don't plan on using information technology anytime soon, simply its prissy to know that I accept that option to fall dorsum on.
Other Benefits
These are the financial perks of war machine service that I have been able to capitalize on, just at that place are others also, such as sign-on bonuses, retention bonuses, free job training, and Basic Allowance for Housing to name a few.
The armed services is likewise a great equalizer. It doesn't intendance how smart you are, where you came from, how much money your family unit has. The war machine treats everyone the same, and offers anybody the same benefits. It just cares that you are physically capable of doing the job.
Is Joining the War machine For Financial Independence Right For You?
Although I hated my fourth dimension in the military, I'm glad I did information technology. It gave me a hand up out of the lower middle-class. It as well benefited me in other, immeasurable ways. I wouldn't exist the confident leader that I am today without the experience that I gained in the military.
I understand that the military machine isn't for anybody. Information technology is definitely a lifestyle adjustment, especially agile duty and deployment. At that place are many physical, emotional, and political things to consider earlier deciding to join. But its a great selection for people without any other options. It's a smashing path out of poverty, and a great fashion to start on the road to financial freedom.
Source: https://partnersinfire.com/finance/military-and-financial-independence/
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