If you're a #military retiree, I have an amazing secret to share with you.....🤔
If you're smart, you can put yourself in a position where you can do what you WANT to, not just what you HAVE to!😃
But......there's a catch.🤨
You CAN NOT allow yourself to fall into the financial traps that capture so many #veterans after their #militarytransition.
👎I need a bigger house
👉No you don't, you've lived in your house for years and you've been ok.
👎I need a newer car/truck
👉No you don't, if it gets you from A to B, it's fine.
👎I need a boat
👉Get a friend with a boat, the average boat owner uses their boat just 1️⃣9️⃣ days out of the year
👎I need a new motorcycle
👉One of the single most overpriced "toys" you can buy, if you "need" one, buy a used one, let some other sucker waste their money.
👎I'll just "buy term and invest the rest"
👉First of all, that's not a strategy, it's a marketing slogan. Second of all...we both know that you're not going to invest the rest. Get your advice from someone who actually does financial planning for a living, not some radio talk show host with a temper.
👎I'll just contribute up to the employer match limit
👉In 2020, the average of an enlisted military retiree was 42, an for officers it was 46. Assuming they both retire at age 67 and experience an EFFECTIVE rate of return on their investments of 6% in order to have $1,000,000 by that time, the 42-year old would have to save $18,500 per year, and the 46-year old would have to save $25,000 per year.
The point that I'm trying to make here is that in most cases, your OPPORTUNITY for financial independence is going to DOUBLE after you retire...if you're willing to not let your LIFESTYLE double as well.
Want to learn how to STOP making Military Money Mistakes?
Click here: https://lnkd.in/g-wAsqB3
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https://lnkd.in/gFqQyfSS
Fire Lieutenant | Licensed Paramedic | Inspector | Investigator | Instructor | Mentor | Student
2moCongratulations!