NewsHow To Make The Most Money In The Military

How To Make The Most Money In The Military

-

Can You Have A Side Hustle On Active Duty

3 Ways to MAXIMIZE Your Military Money

Yes, youre allowed to have a side job in the military, but you have to get it approved by your command first. Its not difficult but still something you need to go through before starting up a side gig. The process is going to depend on your branch of service and your command. So the best place to begin the process of getting approved is with your leadership.

How To Maximize Your Redux Retirement Earnings

Redux was an optional retirement plan for active duty service members who began their service after July 31, 1986, but before January 1, 2018. It’s generally considered the least favorable retirement plan.

Under the REDUX system, at the 15-year mark, service members could elect to receive an immediate monetary bonus of $30,000.

  • 2.5% times the service members years of service
  • minus 1% for each year of service less than 30 years
  • times the average of the members highest 36 months of basic pay

For 20 years of service, you would be looking at 50% . Since 20 years is 10 years less than 30 years, your percentage multiplier would be 40% . You then multiply that number by your average of 36 months or 3 years of basic pay. Your basic pay is typically how much you are paid in your current rank.

After age 62, the benefit becomes 2.5% times the number of years of service times the average members highest 36 months of basic pay. Its in favor of the longer serving military member, so the incentive is to remain on active duty longer before retiring.

Try using the Department of Defenses REDUX calculator if you need help calculating your benefits.

Make Patriotism An Everyday Thing

I have a hard time explaining to my son why Daddy might have to work three straight weeks in a row with nary a day off, because he doesn’t really grasp the whole “Reserve life means two jobs” thing. But he does grasp the whole “we love our country” thing. In his very tiny preschool mind, he can tell you right away that Superman and his dad have something in common: They’re both heroes. “Me too,” he’ll say. “Me hero!” And he’ll find his dad’s boots and put them on and clunk around the house.

And then I cry because of the adorableness.

He does this because he knows that, in the simplest terms, his dad is trying to save the world, and so is his favorite superhero. We might have to explain things in preschool fashion, but even a small child can understand that, and he can learn that that has something to do with his country. When he see American flags on our walks, he’ll turn to me and say “Daddy flag!” and we talk all about what it means to live in America and how lucky we are.

He might not get all of it yet, but one day he will. And the day he does, he can be proud — not just of his nation or what his father is doing, but also of himself. We celebrate America, even when we’re missing Daddy most.

Read Also: What Can Prevent You From Joining The Military

Start A Mobile Welding Business

The other way to make 100k welding is by starting a mobile welding business. By following this avenue to welding profits, you can grow your business at your own pace. You can start a mobile welding business by investing in welding equipment, buying a vehicle to transport equipment in, and focusing on high-profit customers that you can drive to. You can also charge higher rates since a mobile welding business is seen as more of an on-demand service.

Lets face it, there are a lot of expense for someone to run their own welding shop with the cost of the physical welding shop structure.

You will still need to make an initial investment in items such as a portable welding machine along with welding equipment and materials to travel with you.

Also, you will need some type of cargo van or truck to move your equipment around in. The advantages of starting a mobile welding business are that you can travel to the job sites which might yield higher profits on your bottom line.

This advantage is why a mobile business could also be considered one of the highest paying welding jobs as well.

When you have a mobile welding business, you can select only the highest paying welding jobs to keep your profit margins high. By focusing on that, you will be able to make 100k welding as a mobile welder in no time at all.

Related Article: Get Paid to Deliver Cars to Florida

Build An Online Course

How Much Money You Actually Make in the Military

I am building my first online course as I write this. The idea behind an online course is that you add as much value as possible for a reasonable price in order to teach somebody a skill. For example, my course is designed to take you from Ive decided I want to invest in real estate to I own a cash-flowing rental property.

The more value you add, the more you can charge, in theory. The goal should always be to help as many people as possible.

Teachable

While we are talking about courses you should definitely use Teachable! We have brought in over $20,000 this year on Teachable, and I can attest that it is a very viable way to earn money.

Teachable makes it very easy to build a course, host a mastermind group, and/or run a coaching program. When I first started these things, I was not using Teachable. I was using a mix of Square for billing, and Google Drive for hosting my content. Teachable is 100 times better, and I could not be happier with the switch!

Don’t Miss: Can You Join Army At 17

When You Start A Family

The military also offers valuable benefits to the family of service members, too. Enroll your spouse and children in DEERS, the Defense Enrollment Eligibility Reporting System, so they can access military healthcare and health insurance, the commissary and other benefits on base.

Also update the beneficiary on your Thrift Savings Plan and life insurance coverage. Your spouse can also get up to $100,000 in low-cost life insurance through Family Servicemembers Group Life Insurance, with premiums based on age , and $10,000 for each dependent child for free.

Check Out: $3,600 Stimulus Payments for Families To Start in July

Learn about education benefits for your spouse kids. The Post 9/11 GI Bill covers the full cost of in-state tuition and fees and public colleges for up to 36 months, or up to $25,162 for the 2020-21 school year for private colleges. Servicemembers are eligible for some benefits from the Post 9/11 GI Bill after serving on active duty for at least 90 days, and they can receive full benefits after 36 months. But if they stay in the military for even longer generally if they serve for at least six years and agree to serve for four more they can transfer their GI Bill benefits to their spouse and/or children. Keep these benefits in mind as youre making your future military plans.

Life Insurance Offer: Rates start at just $10/mo. No medical exam ever – ages 18-60. Get your quote in seconds and coverage in minutes, if approved.

How To Get Out Of The Military With A Lot More Paper In Your Wallet Than Just A Dd

The day has finally arrived. You sprint out of the company office, bounding across the grass as SNCOs and boot-tenants…

ByTask & Purpose | Published Jun 8, 2018 1:28 PM

The day has finally arrived. You sprint out of the company office, bounding across the grass as SNCOs and boot-tenants holler to stay off the daggum grass. But it doesnt matter. Youve made it. Youre untouchable. Youre free. You have your DD-214, and your last paycheck burning a hole in your pocket. Time to hop in that Ford F-150 that you financed at 20% and roar past the base gates for a road trip back to your hometown.

Two weeks later, youre flat broke, credit card debt is eating away at your Post-9/11 G.I. Bill housing allowance, and youre sharing a one-bedroom apartment with three other people and sleeping on a yoga mat.

Dont be this guy. Leaving the military can be tough enough without adding money troubles to the mix. Task & Purpose spoke with a couple of financial experts and veterans to glean some helpful tips for avoiding post-service poverty.

You May Like: How To Claim Ptsd In The Army

Know Tsp Plan Investing Preferences

TSP plans have a limited number of investment options. So, make sure youre comfortable with not being able to invest in individual stocks or other publicly traded investments. Note: even though there are a limited number of funds, the TSP still allows investors to have a sufficiently diversified investment portfolio, due to the large number of stocks and bonds found within each of the TSP funds.

The TSPs 5 main fund options are all based on index funds. There is also a Lifecycle or L fund. These are comprised of the 5 main funds and allocated according to your target retirement date. If youre an investor who likes to have the option to put your money elsewhere, TSP may not be right for you.

While there are not many options to choose from, these options cover most types of major indexes and have very low fees. Low administrative expenses and resulting fees are one of the TSP plans most attractive features since fees eat away at your returns. Since the TSP has very low administrative expenses, more money will stay in your account and continue working for you.

Network With Another Military Millionaire

Military Pay Tips | 5 Ways to Make the Most of Military Money

Future military millionaires surround themselves with millionaires.

A famous Jim Rohn quote says that you are the average of the five people you spend the most time with.

For this reason, you need to upgrade your network.

Am I saying to ditch all of your friends? Maybe. If your friends are holding you back in life, cut them off.

Stop spending time with negative people!

*Life-hack alert* If you notice a friend is constantly posting negative, or anger-inducing content on Facebookunfollow them. Unfollowing them will hide any and all of that negative crap, but since you didnt unfriend them it will go unnoticed!

Trust me, youll notice a huge difference when scrolling through social media.

In the same manner, you need to replace the negative Nancy with positive Paulor the negative Nick with positive Pauline .

There are a few benefits to doing this.

One is that your life will be less stressful after limiting your time with negative people in your life.

Another is that by being around people that have already achieved the goals you want to achieve you will gain a wealth of experience. These people will help pull you up to their level of success, and you will notice massive growth taking place in your life!

I cannot stress this enough, networking is one of the most important items on this list!

Don’t Miss: Does The Army Pay For Your House

What Military Branch Pays The Most

High-paying jobs can be found across all branches of the militaryannual salary is paid according to rank, years of experience, and location. For example, a low-ranking, newly enlisted Army private or Air Force airman has a pay grade of E-1 , whereas the highest-ranking officers in any branch of the military will have a pay grade of O-10, which can earn military members upwards of six figures.

That said, some branches are known to promote faster than others: According to Indeed.com, the Army often promotes military personnel more quickly. A more advanced education will also help you rise the ranks faster a college degree often helps military members get promoted.

Here are some of the highest-paying jobs in each branch.

Soon Or Currently Retired Maximization

Once service members retire, there aren’t many options to maximize their military retirement pay because that amount is locked in based on service history. However, the TSP account is a portable retirement benefit. This means that when a service member leaves, they can have the TSP transfer part or all of their account into an IRA or another eligible employer plan account of a new employer) and continue to earn an annuity.

Recommended Reading: What’s The Weight Limit To Join The Military

Does The Military Still Have A 20

There have been changes made to military retirement so that those who retire before 20 years whether due to circumstance or personal choice can still obtain retirement pay. Stepping back into civilian life after years or decades in the military brings certain retirement benefits depending on the length of time served and rank in the military. Typically, however, you’ll need to serve for at least 20 years to receive full retirement pay.

Put Your Utilities Into Vacation Mode

How much money do officers of various ranks make in the U.S. military ...

Okay, deployment won’t be a vacation for you. But that doesn’t mean your utilities can’t take a break. Unplugging your refrigerator , calling your cable/internet provider and asking them to suspend your service or lower your rate while your gone, or even turning off your electricity, water, and gas are all options.

For myself, the easiest was just to cancel my Netflix, lower my internet bill by 80% by putting it into vacation mode, and unplug my refrigerator and all the electronics in the house. That saved me almost $50 per month.

Read Also: Does American Airlines Give Military Discounts

Education And Career Services

One of the perks that cause many people to consider a military career is the education benefit that service members receive. When you are in the military, you may be able to get most of your education expenses paid for. Existing college debt, future college tuition and even living expenses while you are in school are all potentially covered because you are in the military. Not only that, but your family members may receive benefits for their education as well. When you are ready to transition to civilian life, you will find a number of benefits and resources that will help you make that transition to a civilian career more easily.

Understanding these benefits is the key to using them well. Here are some steps you can take to ensure you are taking full advantage of your military education and career benefits and all that they offer your family.

For more information about college and career benefits for military members, visit:

What I Wish Someone Had Told Me About Military Money

This is a guest post from Airman Mildollar, the brains behind the Military Dollar website, featuring simplified personal finance for military members.

I was pretty lucky when I entered the military. I had friends who commissioned before me who warned me that it could take a while for your pay to start. They told me to save money while I was still in college so that if I didnt get paid for a month or two, Id be okay. Im very grateful to them for passing that information.

Unfortunately, there are a lot more quirks about money in the military that nobody warned me about. Heres what I wish I had known.

Read Also: Will Joining The Military Pay For College

Expert Insight On Maximizing Military Retirement And Benefits

  • What are some of the common mistakes service members make concerning their retirement?
  • What are other ways besides maximizing pay to get the most out of one’s military retirement pay?
  • How is BRS different from the Legacy programs? What does this difference mean for service members enrolled in BRS now?
  • Is there anything else service members should be aware of when approaching retirement?
  • Director of Business Development at PARCO. Military – Separated in 2016 at the rank of Captain with a total of eight years of service, which included three years of enlisted time before attending Officer Training School at the rank of A1C.

    Saving Money On A Military Deployment Faq

    WHO CAN EARN THE MOST MONEY IN 24 HOURS?

    How much money can you save on deployment?

    My goal was to save over $50,000 on my last six month deployment. If you are serious and disciplined, you can probably save more than 90% of your income while you are deployed. This put you way ahead of your peers and set you up for a lifetime of financial success.

    Does military get paid more when deployed?

    Yes, your pay will probably increase due to special duty pays like hostile fire, family separation allowance, hardship duty, and other combat zone specialty pays. If you deploy to a designated combat zone, your income will be federal income tax free. This CZTE or Combat Zone Tax Exclusion pay is for every month you are in a combat zone, for the entire month.

    What do you do with deployment money?

    Save and invest your deployment money. Use the SDP, TSP, and Roth IRA as tools to achieve rapid financial independence.

    How much money do you make on a 6 month deployment?

    More important than how much money you can make is how much of it you can save. Personally I try to save over 90% of my income when I am deployed. You might not be able to save as much due to obligations at home. But save all that you can, invest it wisely, and you can probably pocket over $10,000 on a six month deployment. My goal for my last six month-er was $50,000.

    How much do soldiers get paid on deployment?

    Military servicemembers on deployment get paid the same way we get paid when we’re at home: through a direct deposit into our checking account.

    You May Like: How To Become A Social Worker In The Army

    Popular Articles

    What Branch Of Military Is Right For Me

    The Us Military: A Brief Overview ...

    How To Become Navy Recruiter

    Requirements To Become A Sailor How...

    Can I Go To College After The Military

    Working Toward A Degree From Ucla ...

    What Is The Military Life Insurance Benefit

    Do You Need Additional Coverage Or Private Life Insurance ...

    Does Royal Caribbean Have Military Discount

    How Much Is Our Military Discount On Royal Caribbean Cruises ...

    Can You Join The Military With Sickle Cell Disease

    Why Does It Matter Helping families...

    Must read

    How To Become Navy Recruiter

    Requirements To...

    You might also likeRELATED
    Recommended to you