Financial Independence in the Military|Military Dollar - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2019-08-20T07:00:20
In today's episode, Cody and Justin are joined by the magnificent Military Dollar.
Justin really had a blast getting to vent the military money misunderstandings with someone who could relate.Everything gets covered here. Military housing, insurance, investing and of course retirement.
Listen and follow along with the summary below and make sure to check out the links at the bottom of the page.Episode Summary
When she was in college she didn't have a lot of money
Her parents were also draining on her finances some in collegeIt was clear to her that she needed to get her finances together and started tackling finance books
She ended up commissioning as an Air Force officer through the ROTC programShe also got a scholarship but because it was a private school, it didn't cover everythingWhen she graduated she had $20k in student debt, credit card debt and a car payment
Both of her parents are entrepreneurs but aren't very good with money
Upon graduation she got a new car and had a total of $42k in debtAfter four years in the military she was debt free
Her degree was in political science but she ended up in a very different career fieldNow she's making great headway towards financial independence
She loves her job and never wants to work for pay after she retiresThen we discuss the flaw with just choosing a job you love
We then discuss why it can be beneficial to live in a high cost of living cityMil dollar then starts breaking down exactly what she makes in the Air Force
Justin and Mil dollar then break down common money mistakes military makeThe big ones include housing and comparing military to civilian pay
Then we unravel the military 401k also known as the Thrift Savings Plan (TSP)This includes some big changes coming to the TSP this year!
Now the moment you've been waiting for...retirement
We go over both the traditional retirement and the new blended retirement systemMilitary Dollar finished the episode with how she plans to travel the world with free flights in retirement
Key TakeawaysMilitary is a really solid FI path: Unfortunately people think the military is something people do because they didn't have any options. In reality it's full of some of the smartest people you'll ever meet and certainly one of the most sure fire ways to retire between 38-43.
People will find an excuse: Military members often spend all of there housing allowance on a house even if they could get by just find spending a third. The mentality doesn't make any sense but it's an easy excuse for sure.
FI lifestyle possibilities are endless: During the wild card question, Mil Dollar talks about this magical retirement community. That's the beauty is you can do whatever you want and there's no reason to live a cookie cutter life you don't want.
Call to ActionIf you know someone in the military or considering the military please share this episode with them.
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