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

https://www.youtube.com/watch?v=qIKcWdspZ9k

00:00:03
This is the Dave Ramsey show you can follow me on Twitter if you'd like at Dave Ramsey Haley says how can an
00:00:10
enlisted person that is going to make the military a career retire a millionaire well Haley if you're going
00:00:20
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
00:00:27
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
00:00:34
mean if you if you enter as a private and forty years later you leave as a private in any industry we would call
00:00:42
that a loser okay not because you served in the military but because you had absolutely no ability to get any kind of
00:00:50
a promotion in 40 years that would just be horrendous that's just so far below average that it's unbelievable so but
00:00:59
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
00:01:07
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
00:01:15
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
00:01:23
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
00:01:31
sixty dollars a month into that you would have put you would have a million dollars and that would make you a
00:01:38
millionaire now one hundred sixty dollars a month it is only two thousand dollars a year okay uh nineteen hundred
00:01:48
and twenty dollars to be exact a year and we tell you to save fifteen percent of your income and that would mean
00:02:00
you're only making thirteen thousand dollars a year and I don't think the military pays that low so if you stay
00:02:06
out of debt have your emergency fund in place and you say fifteen percent of your income if you're making like
00:02:13
twenty-six in ours a year you're going to do that twice as fast in Lourdes you're going to
00:02:18
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
00:02:26
millionaire status a lot faster so that's that's not much money you're making $26,000 a year at that point your
00:02:33
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
00:02:42
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
00:02:52
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
00:02:58
through your whole life this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the
00:03:06
subscribe button to get the latest content and check out these other great clips from the show you can do this you
00:03:15
know that really is a message whether you've got two hundred seventy thousand dollars in student loan debt or 27
00:03:20
thousand well you've got a fifty thousand dollar income a five hundred thousand dollar income

Source : Youtube
 

Be the first to comment

Leave a Reply