While many people join the military to serve their country, there is nothing wrong with wondering what kind of benefits you are provided with in return for signing up for this particular career. You may know about a few of them, but it is unlikely that you know about all of the benefits. Consider the following four financial benefits of being in the military.
Assistance With Purchasing a Car
Cars are incredibly expensive, even if you have a military discount. For this reason, there are companies that give great auto loan rates specifically to military personnel. Such rates are not typically available to non-military personnel, which means that if you decided to go with the companies that offer the exclusive rates, you would be getting a deal that you could not get otherwise. Such rates immediately expand your car selection, and you might be able to get the car of your dreams with the rates that you are offered.
Better Deals on Life Insurance
When you are in the military, you are automatically at a higher risk of getting injured or losing your life. While the military has its own policies in place on how to handle things if a traumatic or life-threatening event occurs, there is no guarantee that everything will be handled automatically. Because of this, it is a good idea to look into life insurance policies, especially if you have a family or dependents that you are taking care of. It is not unreasonable to think that the higher risk that your job poses would lead to higher rates. However, if you look into the right life insurance companies, you will be able to get a much lower rate than you originally might have anticipated. This will lead to you being able to qualify for a plan that will cover more than the basics, so you and your family can be as protected as possible.
Financial Aid for College
While you probably know about the G.I. Bill, there are a lot of other opportunities for military personnel to get additional financial aid for college that other students would not qualify for. It would depend on which college you decided to go to, and you might get even better financial aid if you have made good grades and participated in community service prior to attending college. Each institution would be different in terms of what kind of financial aid would be offered to you, but they are all worth looking into if you want to go to college.
While enlistment bonuses can get upwards of tens of thousands of dollars, they are not offered everywhere. Unless you are willing to enlist with a specific branch or qualify to be enlisted in a position that is very hard to fill, you will probably not even see an offer for an enlistment bonus. If you are offered one, you should not take a verbal offer at face value. You need to get the offer in writing or it does not count. Also, you need to keep a copy of all of your records and not lose them, as it can be very difficult to obtain any piece of paperwork after it has already been given to you.
Also consider that getting an enlistment bonus might put you in an entirely different tax bracket. When that happens, even more taxes will be taken out when it is time to file, so you did not really earn the bonus that you were given. A good portion of that bonus will end up going toward taxes, so it is wise to save at least half of it just in case you end up owing more than you originally thought.
There are a lot of benefits to being in the military, and as military personnel, you should be taking advantage of all of the benefits that you qualify for. Keep this article in mind and be on the lookout for more benefits that come from being in the military.