Build Your Wealth with These 3 Tips
As a Veteran or active duty service member, there are many benefits you receive that can help you build wealth overtime. We're going to be talking about the top three things that you implement today that will lead you to financial freedom in the future.
Set a financial plan. Make sure you set a financial plan and have a budget. Most Americans have no idea with regards to what they're doing in their budget. That's why they spend on average 105% of their income annually. If you're still active-duty be sure to activate your Thrift Savings Plan.
Understand your benefits as a Veteran. You have the most amazing benefits out there in the marketplace. Benefits including your housing allowance, your VA home loan benefit, things like your GI bill and disability upon end of active service. If you don't understand the ins and outs of all of these benefits, it's incumbent upon you to do so, you are just missing out on building wealth over time. If you don't understand them, ask for a mentor, do your own research, or find someone that understands them thoroughly.
Understand real estate and your VA home loan benefit. Own real estate over time. The average net worth of a veteran upon retirement that owns their house is about 45x the average net worth of a veteran upon retirement that doesn't own their house or gives their BAH up to their landlord or the housing authorities.
Invest in yourself, invest in real estate.