Only 9% of young Americans have shown an interest in serving in the military according to the latest figures- we’ve seen a precipitous drop which means that our nation’s security could be at risk in the future. And not only that but when you look at it through a simple economic lens, the lower the supply (in this case of individuals willing to serve), the higher the benefits those individuals will receive. So not only are new enlistees fulfilling a patriotic duty, but they also have the opportunity to reap some serious financial rewards as well. That’s why we’re pumped to talk with Lacey Langford on the podcast- she’s a veteran, a milspouse, and an Accredited Financial Counselor with over 15 years of financial planning, counseling, and coaching experience. Today we talk about the host of financial benefits from serving our country and joining the military: Thrift Savings Plans, pensions, the GI Bill that pays for college and other training, tax avoidance, free healthcare, and more!
Additional links:
- Lacey – Check out Lacey’s site where you can find her podcast: Military Money Show, and find her over on Instagram as well!
- Support – And if you’re in the military, we were happy to hear about the instruction that’s provided to service members. For individual help with your money, check out the Office of Financial Readiness or your local base family services office as it should have at least one financial counselor.
- And aside from financial guidance, Military OneSource can provide a host of resources- everything from deployment to parenting.
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cashback offer! Just toggle the sliders and you’ll know which card to consider.
- Newsletter – Don’t forget to sign up for the best personal finance newsletter in all the land! It’s completely free and something we create to help you along your journey to financial freedom. It drops every Tuesday morning and you can always unsubscribe if you don’t dig it!
During this episode we enjoyed a 100% Lambic Bio Geueze by Cantillon! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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Great interview and I enjoyed learning about Lacey and what she does to help the military community. My only critique is the millionaire part of the title. You guys never went into any sort of plan or military exclusive benefit that allowed a service member specifically to build wealth. It is much more common for people in the military to full under predatory lending and poor money habbits than it is to succeed in the long term.
Thanks for what you do, and keep up the good work. I have been listening since episode one, like a fine Belgium beer you guys just keep getting better with age.
Nathan
Good point, Nathan. We should have connected those dots better. Lacey touched on the pension, TSP, and healthcare benefits (in addition to other lucrative ones). BUT, we should have specifically detailed how service members can reach millionaire status via those specific benefits. And you’re spot on about the bad habits that many, particularly younger service members, tend to develop. I was glad to hear that there’s mandatory financial education happening for most of those folks!