By understanding how to take advantage of them, you can secure your future and potentially even retire young. Military pay can’t make you rich, but it does provide excellent saving and investing opportunities, including some unavailable to civilians. But those who’ve paid off their nonmortgage debt and built an adequate emergency fund are ready to start saving for retirement and even building passive income from investments. Most military members shouldn’t even consider serious investing until they get out of debt and develop a savings cushion. Even more troubling, that number shows the trend has grown worse, with the percentage more than doubling since 2014. Over a third (34%) of military service members say they don’t pay their monthly bills on time, according to a 2019 study by the National Foundation for Credit Counseling. Unfortunately, these on-the-job challenges don’t teach much about personal finance. Combat tours, deployments, and frequent transfers are just a few of the difficulties they face frequently. Military service members know their way around hardship and challenge.
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