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Can A Career In The Military Make You A Millionaire?

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My uncle has inspired me he did 20years he now is retired living in cal drinking Starbucks everyday
Comment from : @BradVlogs369

With BRS yes in 25 years
Comment from : @anchoredsoul09

I think its possible However, it will take a lot of sacrifice
Comment from : @30jersey478

If you start out age 20, do 20 as a GI, you get out at 40, with preference for federal jobs (Probably some others, too) Get that Fed gig, you can convert your service time to Fed seniority Do 10 as a Fed, retire from there with 30 years, 2 pensions at around age 50
Comment from : @harleybbirdwhisperer

Not sure a career will do it, but one hitch will get you benes that will put you on the path I know, it worked for me 😊
Comment from : @harleybbirdwhisperer

By c plan he’s referring to the c fund right?
Comment from : @dylanwilley

DO NOT JOIN THE MILITARY!!
Comment from : @anthonyroberts2678

I spent 20 years in the navy very few enlisted stay in for 40 years the only ones I seen were E-9's The only officers are very senior admirals If your joining the military to become a millionaire good luck
Comment from : @RodneyDempsey-o8w

Please educate yourself on the topic before giving nonsense advice You cannot stay in the military for 40 years as a private Let alone 5 years
Comment from : @vanessa-s4g5m

Im 18 and im joining the US army real soon, you just opened my eyes to get out of poverty WE GONNA MAKE IT OUT THE HOOD BOYS!!!!!!
Comment from : @PRSCORPION

10000 wish I had joined the military at 18 retiring at 38 would be insane for a 60 pension for life, TSP retirement is probably one of the best out there max it out every year You will be literally swimming in money
Comment from : @casualpeen

What percentage should you put in the Roth and traditional?💜💯💜
Comment from : @MsLady-gb3gy

I agree with the comments here as far as it being pretty hard to never get a promotion in the military On the other hand both in the military and civilian corporation world there is the "Peter Principle" This is common and happens when dumb leaders give promotions to people who are incompetent and do not promote the people who are hard-working and capable
Comment from : @tkleo2006

If you enter as a privateand you get out 20 years later That is what we call "a loser" Truer words have never been spoken! Hahaha!brbrAlso, you can't stay in for 20 years as a Private, but still
Comment from : @floydismyname

If you joined the military to exit a millionaire, you not only joined for the wrong reason but you also were very misguided upon entry
Comment from : @Z71pecker

I’m doing about 2200 a month into tsp right bow
Comment from : @guzzy9596

Sorry for lying sorry
Comment from : @bensalter7997

Sorry for what I did
Comment from : @bensalter7997

Low balled tf outta it😂
Comment from : @1ooseCannon

It’s definitely possible I’m on pace to make it around 36
Comment from : @nickwilsonxc

Retirement is 20 yrs in Military not 40 And active 20 years which makes one not to think accurately when it comes to finance But i think is better to get an expert after retirement to advice you on what to invest your money inEstates, Stocks and others
Comment from : @judithedet2048

imagine only saving 15
Comment from : @code5829

Is it possible to be a part time realtor and open up a vehicle armoring company while in the Ranger battalions active duty?
Comment from : @A_lfredbrz

Retirement is only 20 years in the military not 40
Comment from : @andrewgreer2786

Money cannot make you happy
Comment from : @marinesourdreamsshallnever9131

Good stuff Sir, I believe investing in something profitable is one of the best ways of gaining great financial ground I can testify
Comment from : @richardnowel4838

Plus the value of the pension
Comment from : @wylieclough1373

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Comment from : @meyerkeer332

Thank you Dave 😊 I appreciate you breaking this down I will do this today
Comment from : @naomikelly2821

Saving is for losers, learn to earn, banks are flushed with cash to be borrowed by businesses
Comment from : @mnejc

There are so many things that soldier pay out of pocket you would not believe When you become an NCO( non commission officer) it is even more
Comment from : @ScottiesTrains

40 years? Lol
Comment from : @BobNevins420

My uncle moved to the US from the Philippines when he was a teen Joined the air force, and didn't start investing until he was 30 He retired a few years ago Came to me when I turned 30 and asked me why I wasn't investing when all my money was just sitting in savings Showed me his entire finance breakdown I had no clue my uncle was a millionaire Completely shocked We set up a mutual fund for myself right on the spot
Comment from : @cartman8814

15 and working on this when I grow up I wanna be a millionaire so I can buy whatever I want whenever
Comment from : @britesuniverse8818

Idk why Dave focused his answer on the person never being promoted That was not part of the question His answer should have been more comprehensive following average promotion cycles, and compared various investment strategies in TSP TSP has no matching contributions Also, military personnel are eligible to retire and receive pensions after 20 years Only career generals sometimes put in 40 years
Comment from : @kennethboehnen271

What does that mean a "private"? Is that an independent contractor?
Comment from : @zeynand4039

Yes, you can retire with a million dollars, but in 40 years, that million will only be worth $372k assuming an average rate of inflation This is often never explained in investment videos You will need close to $3million in 40 years to be worth the same as $1million today
Comment from : @DailyMeditation365

Military is easy if you can follow rules Show up to work on in time, do what you’re told to, study for your promotion That’s all you need
Comment from : @Kanti12311

So about 15-20 make a pension So if you are going enlisted, a first sergeant or sergeant major is possible after 30-40 years If you survive and don’t spend a lot of money, you will make it Keep in mind food and housing is subsidized Making that pension is important as it allows you passive income into your sixties
Comment from : @NotShowingOff

You have no business a attempting to answer this question
Comment from : @perryroger21

Not anymore, they did away the pension system in 2018
Comment from : @sanansa4567

Stay in your lane Dave Your lack of military knowledge is gross
Comment from : @CodyDunlap

From the inside, there are forces at play that are hard to give advice on #1, A lot of Soldiers think about today because tomorrow isn't promised and the line of work is generally more dangerous than the general populace I take my family on vacation before deployment just in case I don't come back whether it puts me in debt or not #2, Soldiers make very little money until they've been in quite a while, definitely past the first enlistment #3, only 17 of Soldiers retire from the military
Comment from : @bryan_witha_whyy

Ok, obviously Dave misspoke on the 40 year military careerhe's not a military financial specialistat all Disregard this statement, you are focusing on the wrong part of his message brbrHe is correct though It doesn't take huge sums of money to retire a millionaire and you can do so with a military career (I did) The keys is that 1) you must invest, and the earlier you start the better I started with just $50/month for the first few years 2) You need to understand what you are investing in Strictly talking TSP, if you investing in the G&F funds, you are not going to get very good returns I'd highly suggest C&S funds, but it is really based on your risk tolerance 3) Live on less than what you make, but not at the expense of having fun Enjoy life Best of luck and thank you for your service
Comment from : @joshhoward1289

already over 6 years in the military, have a cushy emergency funds, dumping 15 into TSP with 5 matching, split into C, S, and I funds Any ways I can invest more in other areas?
Comment from : @Groffy17

40 years in service lol 😂
Comment from : @bryanrolan4548

Doesn't the military pay that low? XD $1,300 a month? if you're a private/newly enlisted?
Comment from : @Easystep87

Dave what do you think about the 22 trillion in debt our nation is currently in?
Comment from : @jacobmoore7381

The longest I know of is 32 years
Comment from : @heysoulsista

Dave it wont be doing 10 in a recession
Comment from : @nohopeequalsnofear3242

Get wealthy by investing in real estatecase closed
Comment from : @RealEstateWithRay

Please type in your search engine, "Who says you can't retire a millionaire while serving in the military" This is my story! It can be done I have not been employed by an employer since the day I retired from the Marines 12 years ago Mugsy
Comment from : @mugsydrzewiecki1503

SoDave doesn't know jack about the military The only 40 year E-1's you'll see are the ones in the brig
Comment from : @jwake4803

Teachers don't usually get pay raises Are they losers?
Comment from : @aaddam16

40 year military career?!?!? thats un heard of on the active enlisted side, 20 is a career, it's very rare you see someone make it close to 30 much less 40!?!?
Comment from : @brandtaylor93

Lol "That means we have a loser at 26k and never had a raise your whole life" Uhh why aren't asking about crony capitalism at that point? Especially if we are talking military which might I add has a 800 billion dollar budget, so im sure they can pay their service members more
Comment from : @thejquinn

Banking on a military career is NOT a good idea You can possibly get injured and be forced out medically before you hit 20 years for basically any reason when getting your required medical check-ups There's also the possibility of being injured during combat and medically retired before 20 There's a reason why they call it "service"
Comment from : @stevm7974

My husband is air force, 12 years I've received a very large settlement last year, but we live off his income and are doing very well in our life I'm on step 6 and Im only 29
Comment from : @faithamber596

What was that? Don't speak about military unless you know the military The best way veterans (or active duty) can become a millionaire is through VA loans Buy every time you move and rent them out Be creative on what you tell people instead of telling them to save or you will be a looser Terrible!
Comment from : @HousesandCars

This shows how little civilians know about the military I retired at a 38 years old with a pension, still young enough to start a second career No one retires as a private!
Comment from : @haroldbottom3474

It's literally impossible to be a private for 40 years
Comment from : @hex8787

I have 11 years in and am about at $250k net I don't know if I will hit a million before retirement at 20 years service (41 years of age) or not - but that is the goal We have no debt, bought all our vehicles used with cash, paid all education bills without student loans (I have a Masters / my wife is working on her doctorate) All this while being a single income household with no inheritance It can be done!
Comment from : @MrShaggyllama

He sounds like Jim Ross from WWE
Comment from : @christianguillory3867

Your basic pay for a private for less than 2 months is just over 19k a year, but you don't have to pay big bills so you save money in the end
Comment from : @ArmyRangerSJ

every pay bump I get I put in savings ill be maxing out tsp every year soon
Comment from : @MrCaRealtor

BogusI've been putting 15-20 Since I started in the Fed Government at 19 Salary ranging from 53k-70k(as of now) My TSP is in the C, S, and I funds for the time being I just hit the 100k mark and have been in for 9 yearsMy TSP is going to have to grow exponentially over the next 16 years for millionaire status Hopefully this happens but seems a little unbelievable right now
Comment from : @KingJamesVL

At lease be reach a E-4 pay grade
Comment from : @mrnemesis6442

he said to invest for 40 years, not to serve for 40 years, open your ears and hear how many people really retire from the military at 40-45 and never take on another job?
Comment from : @timlist4173

Even if the service member doesn't reach the million dollar mark, they can prepare and be financially fit once they retire
Comment from : @yourmilitarymoney

E-2, investing 1000$ per month, with no debt, it can be done
Comment from : @zachryphipps1031

if you are any sort of true christian, you should end your contract with the military (your paycheck coming from extortion) and stop doing the bidding of evil and corrupt politicians who if it weren't for you, would just be 'pissing into the wind' with their initiatives if they didn't have costumed yes-men carrying them out
Comment from : @voluntaryexchange7635

The main problem with this video is very few people are ever enlisted for 40 years Half that time is probably way more realistic
Comment from : @raccoontrapper

If you're considering joining the military, they've started to change how their retirement system works Basically you get less of a pension, but the government will at least somewhat match your TSP contributions
Comment from : @excaliber009

The average military career is 20 years After those 20, you would transition to the civilian workforce with a very good resume and could get a job either as a civil servant or contracts or if you refer, in industry There are many opportunities for veterans So your would be getting your retirement and your salary which would give you the opportunity to maximize your retirement account You can transfer your TSP to a regular 401k once you are To make things better, once the transition is made from the military to civilian workforce most organization match a percentage - which does not occur in military TSP right now
Comment from : @emmarywebb9483

40 years in the military? can you say stress level over 9000?
Comment from : @mike9077

I've been in the Navy for 25 years Just a couple of facts1 There's no such thing as a 40-year private The next level is automatically given simply based on time in rank2 The base pay might only be $26,000 per year, but there are additional pay called "entitlements" Ka-ching
Comment from : @LETSWIM1

If you are in the Army you are guaranteed to promote to SPC (E4) if you stay enlisted for at least 2 years There is a time limit that you are allowed to stay a SPC but once you pass that time limit you get kicked out If you're a SPC for more than a few years you're probably a loser! Haha my husband is going to be promoted to SGT at his 3 year mark
Comment from : @paytmitch

One workshop that I had in the military that was similar to Dave Ramsey's is if you save $50 a month at an early age in a good Roth IRA and let it build you'll be a millionaire With the military you have the added bonus of the TSP plan brbrYou can make the max contribution of 5500 for the year and put any extra you make in the TSP If you can (for whatever crazy reason) put 100 of your pay into the TSP The only reason you would do that is if your spouse has a good job and it's going to help you save brbrAnd don't plan spending 40 years on the military This stuff is for the young and the bold
Comment from : @aurigenesis