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The Military and Your Money: How to Financially Thrive While in the Service

How to thrive financially while in military service?
 
 

   There are so many reasons to join the service, and for many individuals the common denominator is simply a call to duty. Enlisting in the army means many changes from civilian living and how this choice will affect your finances is no exception. If you are already active, or simply just exploring the option, think about what a military career means for you financially so that you can best prepare yourself.

 

   Take Out a Life Insurance Policy

 

   While this is not the most glamorous facet of the military, the fact remains that there is a higher risk for danger in this sector than in others. Having said that, a life insurance policy can protect you and any dependents you have now or may have in the future from financial hardship because of an unexpected event or hit to your health. A term life insurance policy is one that has a set period attached to it at the point of signing. These polices can be used as a sort of savings account, to later be sold to receive a cash payout.

   Before you jump and decide to sell a term life insurance policy to receive its cash value, review a guide on how to do it. These guides will highlight for you the pros and cons, as well as any tax implications that can come with this money move. Also think about why you may need to do this down the line. Reasons like the need for a lump sum of cash, beneficiaries no longer needing your death benefit, and the elimination of costly premiums each month are three examples of common reasons for selling.

 

   Investments

 

   Investing is a smart way to grow your net worth regardless of your profession however for those in the service, investing is especially savvy since it is not limited by location. Online investing makes it easy to trade from wherever you may be deployed at the time. Not to mention, the option to use a virtual financial advisor to assist you appeals to many military families. Since moving around is synonymous with being in the service finding ways for military service members to prosper that are not tied to one physical location or another is a game changer.

 

How to thrive financially while in military service?

 

   Look for Discounts

 

   A tight budget can only get you so far on the essentials. Sure, you can cut out extras like expensive cars, lavish vacations, or brand name clothing, but there are everyday items that you simply cannot financially avoid like living expenses and groceries. Having said that, as a member of the military you are eligible for certain discounts that those outside the community are not. Seek them out with a vengeance.

   These discounts are a benefit of your job and same as you would not ignore the benefits of a civilian job, you should not ignore these either. There is an abundance of retailers that offer discounts for military on many everyday items as well as the one-off things that you and your family might need. Everything from mortgages to movie tickets can potentially come with a military discount, and military families know that every little bit helps.

 

 

 
 

 

 

 

 

 

 

 

 

 

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