Military finances — Bravo Zulu!

There is a certain level of uncertainty when it comes to living and working in the military.

After all, injury and illness can end your career at any time.

Though unpredictable, serving in the military is a highly rewarding experience. The question is, how can you protect yourself financially while achieving your short and long-term financial goals?

As you know, military life is constantly changing. From base changes to deployment, you may not be in the same geographical location long term.

Still, the basic foundations of wealth building still apply.

  • Have emergency savings. Strive to save for six months of expenses, at a minimum.
  • Clear your debts. If you have high interest debt, that’s priority one.
  • Diversify your investments. Cash investments, bonds, and stocks are three great ways to branch out.

And remember, as your rank and salary increase, make sure to adjust your budget to match.

There are a few unique investment options available to those who serve their country. Look into the Thrift Savings Plan (TSP), which is part of the Blended Retirement System. The Blended Retirement System combines the TSP with the annuity for those who retire after 20 or more years of military service.

The best way to grow your wealth at every stage of your career is to invest. Keep putting money in, and you’ll hit your money goals faster, even with the hurdles that come with military life.

If you’re ready to take your financial goals to the next rank, speak with me today. Together, we’ll assess your unique situation and help set you on the path to a comfortable retirement after a life of rewarding service.

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