Diversity, Equity, Inclusion & Belonging: Veterans Day
On this episode of Financially Naked: Stories from The Financial Gym, Rachel, our HR Manager, sits down with Joy, Certified Financial Trainer and military spouse, in honor of Veterans Day. Together, they discuss the unique financial aspects of military life, share insights into the challenges and benefits of service, and discuss how the military can offer stability and career opportunities.
Podcast Notes
Life in the Military
Joy has been married to her spouse for his entire military career. When they met in college, she knew he planned to be involved in the military. There are different paths you can take to enlist. You can join directly after high school, after college, or through a program like ROTC.
The United States has a volunteer army, and it does not cost any money to enlist. It does not have to be a lifelong commitment. Depending on your skills and interests, there are a range of roles within the military, from mechanics to doctors and even legal careers.
Joining the military can be similar to any other government job with benefits. It can be a good option for young people because there is hands-on training. It can act as an apprenticeship for various trades with transferrable skills. There’s always the potential of being called into active combat, but it just depends on what’s happening.
If you’re not able to pay for college, joining the military is an option! The GI Bill and tuition assistance make higher education accessible for active-duty members. You can stack the educational benefits and earn a degree.
Financial Benefits and Challenges
Military pay is based on rank and years of service, with additional allowances like non-taxable housing stipends. It can be a well-paid job, especially for someone without a college degree.
Living on base can be a good option for people because it is simple and cost-effective. Unfortunately, there may be limited availability, so it may not be an option for everyone, depending on where you are stationed.
VA loans are available for active duty members or veterans who want to purchase a home. These loans do not require a down payment or PMI, making homeownership more accessible and attainable.
Joy and her husband never lived on base because they rented an apartment early in his career. In early 2020, they purchased a home and were very lucky with the timing because the market became much more competitive later that year.
Reflections and Final Thoughts
If you’re considering joining the military, weigh all the pros and cons. While it can be a good option, it may not be the best fit for your family or your goals. Joy and her spouse have not had to move, but sometimes having to move is part of military life.
The military can provide stability and government-funded benefits, but it’s not a path that leads to extravagant wealth. Instead, it provides opportunities for personal growth, learning, and ongoing benefits after retirement.
Transitioning from active duty to civilian life can be challenging, and the systems take time to navigate, so it’s important to have a plan. It may take time for you to start receiving disability benefits, and you’ll have to find insurance outside of Tri-Care to avoid any lapse in coverage.
The military is more than just front-line combat; you can pursue many different jobs. If you are looking for career stability, education, or a sense of community, the military offers structure, education, and opportunity.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Team
Meet Rachel Murakonda, HR Manager
Meet Joy Liu, Certified Financial Trainer