Can A Career In The Military Make You A Millionaire? [Video]

This is the Dave Ramsey show you can follow me on Twitter if you'd like at Dave Ramsey Haley says how can an
enlisted person that is going to make the military a career retire a millionaire well Haley if you're going
to make the military a career even in the military you will get promotions as you go along if you do your job and you
know do do the things you're supposed to do and so you're not going to be locked in at just your entry-level pay and I
mean if you if you enter as a private and forty years later you leave as a private in any industry we would call
that a loser okay not because you served in the military but because you had absolutely no ability to get any kind of
a promotion in 40 years that would just be horrendous that's just so far below average that it's unbelievable so but
even at that if you were to save from a in the in the TSP that the military has available Thrift Savings Plan you put it
all in the see plan the see plan the average on the see plan has been ten point oh nine percent as of today that's
the average it's been over the last many many many years okay and like 20 25 30 years so if you save money in the see
plan and it made 10 percent which is its track record and you did that from age 25 to age 65 if you put in a hundred and
sixty dollars a month into that you would have put you would have a million dollars and that would make you a
millionaire now one hundred sixty dollars a month it is only two thousand dollars a year okay uh nineteen hundred
and twenty dollars to be exact a year and we tell you to save fifteen percent of your income and that would mean
you're only making thirteen thousand dollars a year and I don't think the military pays that low so if you stay
out of debt have your emergency fund in place and you say fifteen percent of your income if you're making like
twenty-six in ours a year you're going to do that twice as fast in Lourdes you're going to
have if you did you you know you'd have be putting in not 160 but you'll be putting in 320 and you get to
millionaire status a lot faster so that's that's not much money you're making $26,000 a year at that point your
whole life and honestly if you make if you enter anything making $26,000 a year that's fine I've made less than that but
if you exit 40 years later still making only $26,000 you want your whole life and never got a raise I think we can all
agree that's a loser all right so that's how you would do it if you just took that exact snapshot and extrapolated it
through your whole life this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the
subscribe button to get the latest content and check out these other great clips from the show you can do this you
know that really is a message whether you've got two hundred seventy thousand dollars in student loan debt or 27
thousand well you've got a fifty thousand dollar income a five hundred thousand dollar income

Source : Youtube

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