How to Create Financial Freedom in One Enlistment #financialfreedom #militarymillionaire #financialindependence - Our Book Just Dropped | The No B.S. Guide To Military Life: How To Build Wealth, Get Promoted, and Achieve Greatness - This post is going to be geared towards somebody's first enlistment, but the information is applicable no matter where you are in the process. I wanted to create this short guide to achieving financial freedom in one enlistment because I think there are some simple, actionable steps you can take to build wealth in the military. I wish I had known this when I first joined! Thrift Savings Plan The very first thing you should do is invest in the Thrift Savings Plan (TSP). You should contribute 5% of your paycheck to the TSP no matter what! With the new blended retirement system, if you contribute 5% of your paycheck into the TSP you will receive a 5% match from the government. That is an instant 100% return on your investment, and basically a 5% pay raise, so make sure you take advantage of it! Personally, I recommend you contribute much more money to the TSP than this, especially when you first join the military. The closer you can get to max out your contributions ($19,500/year at this time) the better off you’ll be. Compound interest is magical, and the more you can contribute at an early age, the better! For most young service members you should probably contribute to the ROTH TSP, as opposed to the Traditional TSP, but that is a personal preference. The main difference is that with traditional you pay taxes later, and with ROTH you pay taxes now. Personally, I would rather pay the taxes now, because there is a good chance that you’ll be in a higher tax bracket during retirement if you play your cards right. There are a few reasons the TSP is where you need to start: It is completely automated and takes literally zero effort or mental energy once you’re setup. It is a low-fee, tax-advantaged retirement account, that will compound and grow forever. Because of the above bullet, you can set up your retirement account at an early age, which means you can afford to take some decent risks in life. Your TSP balance counts toward “cash reserves” for your lender when you’re buying real estate. You can take a TSP loan, or liquidate your TSP if an emergency arrives in life, and you absolutely have to use the money, although I don’t recommend doing this unless you have to. Track Your Spending The simple act of tracking where your money goes will allow you to make better financial decisions and slash expenses. If you don’t know where your money is going, you’ll never be able to keep it from going there. You will probably be surprised by how much of your money is going toward groceries, eating out, or aimless spending. For that reason, if you can start tracking your spending, you’ll be able to curb the unplanned expenses and save more money to invest. You don’t need to do this with some crazy spreadsheet like you used to. Your bank most likely has a way to show you what categories your money is going to, or there are several budgeting apps out there you can use. I actually hate tracking my spending, so I use a different approach to budgeting, but I know my numbers and don’t exceed them. Increase Your Savings Gap Your Savings gap is the amount between your income and expenses. Let us say that you earn $5,000/month, and spend $4,500/month, your savings gap is $500/month or 10% of your income. The fastest way to achieve financial freedom is to increase your savings gap and invest that money. - Real Estate Investing Course: Recommended books and tools: - SUBSCRIBE: - Website: Instagram: Facebook: - My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom! - Click here to SUBSCRIBE: to the channel for more awesome videos!...(read more)
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For many people, the military offers a unique opportunity to create financial freedom. Enlisting in the military can provide not only a steady paycheck but also valuable benefits such as healthcare, housing allowances, and retirement savings. However, creating financial freedom in one enlistment requires intentional planning and disciplined budgeting. Here are some steps to help you create financial freedom in one enlistment: 1. Set clear financial goals The first step towards creating financial freedom is to set clear financial goals. These goals should be specific, measurable, realistic, and time-bound. For example, your goal might be to save 50% of your paycheck each month or to pay off all your debts within two years. Make sure your goals are tailored to your personal situation and aspirations. 2. Create a budget The next step is to create a budget. This will help you track your income and expenses and make sure you are living within your means. A good budget should include all your income sources and all your expenses, including fixed expenses like rent or car payments, and variable expenses like groceries and entertainment. Stick to your budget and avoid unnecessary expenses. 3. Maximize your military benefits The military offers many benefits that can help you create financial freedom. Make sure you are taking advantage of these benefits, such as the Thrift Savings Plan (TSP), which is a retirement savings plan for military members. Another benefit is the Servicemembers Civil Relief Act (SCRA), which can lower the interest rates on your existing loans while you are on active duty. 4. Save and invest wisely Saving and investing are key components of creating financial freedom. Make sure you are saving a portion of your income each month, even if it’s just a small amount. Look for ways to increase your income, such as taking on a part-time job or finding ways to earn money online. Consider investing your savings in low-cost index funds or other investments that match your risk tolerance. 5. Avoid debt Debt can be a major roadblock to creating financial freedom. Avoid taking on unnecessary debt and focus on paying off any existing debts as soon as possible. Try to avoid high-interest credit cards and loans, and consider using cash or debit cards instead. Creating financial freedom in one enlistment requires discipline and dedication, but it’s possible. By setting clear financial goals, creating a budget, maximizing your military benefits, saving and investing wisely, and avoiding debt, you can create a solid financial foundation that will serve you well for years to come. https://inflationprotection.org/creating-financial-freedom-in-a-single-enlistment-a-guide/?feed_id=91491&_unique_id=6448abb6b2da4 #Inflation #Retirement #GoldIRA #Wealth #Investing #financialfreedom #financialfreedomaffirmations #financialfreedomdaveramsey #financialfreedomforbeginners #financialfreedominthemilitary #financialfreedommotivation #financialindependencepodcast #FinancialIndependenceRetireEarly #financialindependenceretireearlydocumentary #financialindependenceretireearlyfire #financialindependencetedtalk #frommilitarytomillionaire #howtocreatefinancialfreedominoneenlistment #militarymillionaire #ThriftSavingsPlan #financialfreedom #financialfreedomaffirmations #financialfreedomdaveramsey #financialfreedomforbeginners #financialfreedominthemilitary #financialfreedommotivation #financialindependencepodcast #FinancialIndependenceRetireEarly #financialindependenceretireearlydocumentary #financialindependenceretireearlyfire #financialindependencetedtalk #frommilitarytomillionaire #howtocreatefinancialfreedominoneenlistment #militarymillionaire
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