Serving in the military has great benefits and rewards associated with it. There is the honor bestowed on you as a person willing to die for his or her nation and educational benefits, amongst others that you enjoy. But after that, what happens next?
It is common knowledge that salaries and dues paid to the military officials are not exactly fabulous and in the long run may not be enough for sustenance, especially during retirement. Unfortunately, according to statistics, the majority of them are not saving for retirement, at least not by participating in the Thrift Savings Plan. So have you thought about investing in your future and also that of your children now? If you have not, this post is definitely going to change your mind.
There are a lot of investments to make while you are out serving your beloved country. These investments go a long way to secure your future and that of family in case you happen to not return after a while. Some investments you could dapper in include;
- Real estate: investing in real estate never goes wrong. Even with the minimum wages you receive, it is possible to invest in property that would appreciate over time and also give you extra finances especially in cases where you rent out such property. According to Military.com, the VA home loan can be used to purchase up to a 4-unit house so long as it is owner occupied. In the cases where you do not have enough capital to start an investment, there are various organizations that are willing to provide assistance. And if you ever run into a financially challenged situation, you can look up Military Mortgage Professionals Ratings and Reviews in case you need assistance. And don’t forget, ‘the earlier you begin, the more assets you acquire’.
- Retirement savings plans: there are several savings accounts that have been set up for military personnel. Retirement accounts such as 401k plans, Roth IRAs, the Thrift Savings Plan, and other retirement accounts have been set for the purpose of future use. Some of these accounts, allow you to contribute to your retirement fund before the money is taxed. It then grows tax-free until the day you decide to withdraw it in retirement, at which time it is taxed.
- Business franchise: You can also consider buying up a business franchise. More and more US franchises and business opportunities are now offering special discounts and incentives to qualified military veterans. With a franchise you don’t have to start afresh to grow a new brand or product. Also, the systems and procedures are already in place, and you can get training and support from the franchisor.
So while you are preparing yourself for a time in the military, or already served your time, it is important to always consider the future in whatever plans you make to avoid unpleasant situations.