If you are a young man considering the military, this article is for you. The military is a difficult job, but it has a ton of benefits. The biggest benefit is that it can make you rich if you do it right. Read on to find out how to become rich by joining the armed forces
The first step to becoming rich in the military is basic training. When you join the military, you will go into basic training and all of your money will go into savings. You do not get paid while you go through this grueling training and they hold your money out until later in basic. Set this money up to go into an investment firm with an investment representative that you trust.
Set up before you leave for basic how you would like to allocate your money as far as investments. The investment representative will assist you in setting up the right plan for your age and goals. Have that money start working for you now.
By the time you get out of basic training, you will have one heck of a nest egg. The military is picking up the tab for almost everything that you do. This will continue as you go through your schooling in the military. Continue to invest the money, and live off of the military in the meantime. You are making an investment in your future, after all.
Finally, you will get stationed someplace for your regular duty. At this time, you will have a significant chunk of change in the bank and working for you, so just forget that it exists. Do not go out and blow this money just because you have it. It will accrue compound interest for as long as you leave it alone. If you are in your 20s, this will be extremely significant by the time you are in your 40s.
As you work your way through the military, try to take advantage of any and all ways to save money through them. Wear the fatigues all the time so you have no clothing needs. Live in the barracks instead of off post. Eat at the mess hall. All of these things can allow you to put more and more money away. This is a wonderful way to end up rich at the end of your time in the military.
Tips & Warnings
- Save every chance that you get and invest the money.
- Use the free stuff that the military offers every chance you get.
- Sacrifice now for huge dividends later.
- Resist the urge to blow the money after basic and AIT.
- Do not take the money out of the investment firm until you are truly needing the money.
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