4 Ways That Military Service Can Secure Your Financial Future
Many young people are considering joining a branch of the military after high school, and that’s a great way to serve your country. However, one needs to approach the subject of military service with the right mindset. It’s a difficult path through life, but it’s also an opportunity for self improvement. Military service is a point of pride and patriotism for many, but there are also financial incentives for risking your life for your country. A successful military career can help to insulate you from financial risk later in life. Here’s what you need to know.
Military service is a lucrative career option, especially when compared to low skill jobs that are available to high school graduates, and that can be a powerful incentive for young men and women. However, beyond simply making money, one needs to practice good money management in order to get ahead of the game, so to speak. Military service makes a person eligible for many additional benefits, one of which is access to military and government banking operations. A military checking account can keep your money safe as you continue to earn money, and these accounts have savings account options like any other bank.
A savings account is the cornerstone of long term financial prosperity, as a savings account can give you not only a place to keep your money secure, but also interest over time that increases your wealth passively as you continue to earn money. The building of interest, paired with the fact that many of the average person’s living expenses will be taken care of during military service, presents a financially responsible person to build a life for themselves during their military tenure.
Military veterans are granted access to free medical care via the Veterans Health Administration and Veterans Administration hospitals throughout the country. However, this is dependent upon receiving an injury or other condition as the direct result of service. While receiving an injury is an unfortunate side effect of military service, it is more likely for servicemen and women than for the average person. However, if a veteran has received an injury in the line of duty that might cost a civilian an immense amount of money over time, they will be spared those costs via the Veterans Health Administration. This also applies to mental health conditions. Free access to health care is an important part not only of veterans’ health, but also of their financial security after their service has ended.
Many retailers and other commercial entities provide military veterans with discounts as a means of supporting the troops. Some of these discounts can be surprisingly substantial, and they can potentially save you a ton of money. This is especially true because these discounts are based on a percentage of the total cost of your purchase, meaning that they can put a major dent in larger purchases like those of appliances.
As stated above, just after high school is the time most young men and women are considering military service, and that’s assuming they aren’t considering it much longer. This is potentially the best possible time to join the military for a couple reasons, one of which is simply fitness, as young people are generally much more fit than older individuals. Another major advantage of enrolling after high school, but before college, is that military service can give you access to tuition free college. This is especially valuable to those who intend to serve for a shorter period of time, which is fairly common. This means that a given serviceperson will be given the means to build a lucrative career for themselves after they’ve served, as well, which greatly expands their financial options and security.
Military service can be daunting, but it’s also heroic. That heroism isn’t lost on the superiors of servicemen and women, and it is rewarded in a number of ways that make for a financially secure life after their retirement from military service. With this outline in hand, you understand some of the financial benefits of service and can plan accordingly.