Sunday, January 17, 2010

Get Rich In The Military: A Real Life Example

A while back I wrote guest blog post for the site Bizzia entitled Get Rich in the Military. The post was a summary of some of my personal beliefs surrounding money and how you can exploit some of the unique opportunities you have serving in the armed forces. I hadn't really gone back and read the post in a long time but the other day I got an email that had me go back to revisit it. The email I received was from a fellow Air Force member named Jared. He spoke about how he has transformed his outlook on money and began achieving his financial goals. It was great for him to reach out and to allow me to post his story. I think his story is a great example of how achieving your financial goals is much more about your mind and a few simple habits than any complex system or knowledge. If you treat your circumstances as opportunities, don't make excuses, and keep your overall happiness as the ultimate goal then i think success is inevitable. Jared definitely is subscribing to the BadskiBlog definition of what true wealth is and it is great to see him succeeding. Thanks for taking the time to email me!


My name is Jared, I'm Active Duty AF and currently in contracting career field. I'm currently an E4 and will sew on staff next month. I like what you had to say about finances and the military.

I have been very fortunate and blessed in the last year and a half.. First off I'm in a very hot career as I believe your in the same one too. Next I have no bills (except for cell phone) and rent. I do agree buying a house is good but when I'm only using half my BAH for rent then I think renting may be the best option. I just re-enlisted with the 7 SRB they were offering. I'm investing most of that money now. On top of that I got a sweet assignment to Moron Spain where the COLA is very generous. I'm going to invest all that too. I've deployed 2 times in 4yrs and have paid off all credit cards and my truck. No sense in getting a new vehicle mine runs fine. I'm single w/ no dependents so I can save half my paycheck every month. I have sworn to never get in credit card debt again. I had over 10 thousand in credit card debt alone at one point.

So to boil this all down I joined the military 4 1/2 yrs ago with a total of 30 grand in debt to now having 2 Roth IRA's with 10 plus grand in each and over 50 grand in my bank. And you know was all in the military and I only reenlisted for 4 years and I'm only an E4. I'm finishing up my business degree and the military has literally paid for all of it as I try to get my books free from a library.

I'm completely blown away with the power of money and your completely right it's all about looking at an investment in time, ownership of your time, your life.

I'm not here to brag at all, in fact I'm just amazed and tickled. If people would take your advice and stop whining about being in the military and look for the upper hand of it all you would see a lot more military millionaires at the end.

I now give advice to young Airman and telling can be done!! I started late too as I joined when I was 27 yrs old and now I'm 31.

Thanks again and hope to hear back your thoughts.



Anonymous said...

Why have two Roth IRAs? You can only invest up to $5000 per year. Why not do the TSP and a Roth?

Matt Bader said...

He may have meant that he has two separate brokerages with Roth IRA shelters. For instance maybe he has some in Vanguard and some in USAA. Or, perhaps he had a Roth and then started a business on the side and started a Self Directed Roth IRA? I am not too familiar with the latter but either case could be what he meant.

Perhaps his income is not great enough to where he can max his Roth, contribute to the TSP and still have money for other purposes. In that case he may be opting to pass up the TSP for the liquidity and options that straight mutual funds provide. Not sure. Great question.

UTA Clan said...

Hello. Where can I find a link to the "Get Rich in the Military" article you wrote for Bizzia?