Most people who enter the military join because of patriotism and a strong desire to serve their country. Some are more looking for self-improvement by learning discipline and inserting a noble purpose into their life. And others are initially drawn in by the financial benefits that come along with enlisting.
This final incentive is one of the proudest traditions of the U.S. military. While no institution is perfect, the government has always pledged to stand by its soldiers and reward those who serve with certain benefits.
What are the top benefits veterans can enjoy after their exit service?
That is definitely something of a subjective question. But the following benefits — some coming directly and some coming in the form of skills that you pick up along the way — are undeniably some of the best financial resources that veterans should all try to take advantage of today.
1. Mortgage and Tuition Benefits
The GI Bill is one of the most famous and revered pieces of law ever passed in Washington. It has changed somewhat over the years. But the goal has always been to ensure that anyone who has served can have the opportunity to pursue any career they want in the future by offering generous tuition assistance. Almost everyone who serves sees this as a primary benefit, and millions upon millions have taken advantage to earn their degrees.
The home loan guarantees available to veterans are another similarly beloved resource. The Financial Resources for Veterans, for example, can allow vets to get into a new house with no down payment, making it much easier for you to put your family into a dream home.
2. Investing in Discipline
Achieving financial security is everyone’s dream, and military members have a leg up on many civilians in terms of actually getting there. This is because investing success comes down to discipline. And who has more of that than people who have gone through boot camp and served their nation?
Investing can become a very low-risk endeavor if you just continually put small amounts of money into mutual funds with good performance history. You may not be seeding the next unicorn startup and turning into a billionaire overnight. But your money is almost certain to grow — slowly but surely — over the next few decades, and the benefits are even better if you’re investing pre-tax dollars into something like a 401k or Roth IRA.
3. Protecting Your Family’s Future
When it comes to managing their money, military families and veterans have another ace up their sleeves beyond their talent for discipline. Current and former members of the military have the entire arsenal of USAA services at their disposal — which offer some of the best benefits and terms of any financial services company.
One great example are USAA life insurance policies. With tiny monthly payments, life insurance is one of the greatest financial deals you can find anywhere. And when the coverage terms are this advantageous, there is no reason not to protect your family’s future financial security by loading up and getting the best policy you can. It will ensure that your children and loved ones are protected no matter what happens to you.
The Best Financial Resources for Veterans
What is the best benefit of serving in the military? Having served. Nothing can compare with this type of experience and the life lessons it teaches to everyone who has ever put on a uniform.
But the perks sure are great! Specifically, veterans will be able to take advantage of the GI Bill for tuition assistance, home loan guarantees through the U.S. Department of Veterans Affairs, the discipline they have learned, and financial perks that benefit their family.
It is hard to imagine any way that a country can truly repay its soldiers for their sacrifice and commitment. But it’s great to know that, at least for U.S. veterans, they will always have access to a wide range of financial resources.