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.
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.
|