The Millionaire Soldier
A military personal finance blog.
Soldiers helping Soldiers
Welcome to the Millionaire Soldier, a military personal finance blog for members of the Armed Forces and their families. I created this website with one goal in mind, helping others within the military community to win with money.
Over a decade ago, I made the choice to become a self-made millionaire by the time I retired from military service. Along the way, I found many naysayers who doubted it was even possible, especially with an Enlisted Soldier’s pay. Their negativity only fed my motivation to keep going.
I assure you, this path is not easy. But, I also assure you that my success is repeatable and can become your success. This personal finance blog is for helping my fellow brothers and sisters in arms overcome their financial hardships with education and a community for encouragement.
No matter where you are financially, there is hope that you can better your self. You can defeat debt, live without worry, plan for your future, finance your child’s education, and live the life you want in retirement. Join in on the conversation today.
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How to Spend $500 each Month to Achieve Financial Independence
In our post from earlier this week, we discussed the results of the Schwab 2019 Modern Wealth Survey. It should be no surprise that most of the participants in the survey were living paycheck-to-paycheck. But interestingly, the participants reported that they spent an average of almost $500 a month on non-essentials items. Only through identifying […]
How to Guide: Setup an Allotment in myPay
An allotment is a portion of your paycheck which instead of being deposited into your primary bank account is deposited into another account as directed by you. These funds are paid in full with the first of the month. But the reduction of your payment is spread across both paychecks. For example, suppose normally receive […]
Is FOMO Keeping You Poor?
Are social media and FOMO, or the Fear Of Missing Out, causing you to live a paycheck-to-paycheck lifestyle? This may be the case according to the results of Charles Schwab’s 2019 Modern Wealth Survey. The survey was conducted on 1,000 Americans to understand their habits with money Interestingly, nearly 3 out of 4 Millennials and […]
When do I get a Military paycheck in 2019?
Let’s be honest, when they talk about the US Military being an all voluntary force, they weren’t talking about us working for free now were they. The general rule of thumb is that your paycheck arrives on the 1st and the 15th of each month. But there are always exceptions to the rules. In this case, […]
2019 Retirement Account Contribution Limits
The Internal Revenue Service (IRS) has announced the increased limits you can contribute to your retirement accounts starting in 2019. This is great news for those of you who are looking to increase your retirement savings. The last time the IRS updated the retirement contribution limits was in 2013. Changes to the Thrift Savings Plan […]
New to the Military: 5 Financial Tips They Won’t Teach you in Basic Training
Joining the military can be a scary experience. No, not because of the yelling drill sergeants, but for many, this is the first time you are out in the world. As such, you are now responsible for your personal finances. I wish I could tell you that you will be taught everything you need to […]
The Millionaire Soldier mentioned on The Chris Hogan Show!
My journey to discover financial independence may have started about a decade ago, but it wasn’t until I read The Total Money Makeover by Dave Ramsey that I had sound advice and direction on how to get there. Since that time, I have been following the advice from Dave and his team, to include Chris […]
5 Essential Books to Enhance your Financial Literacy
Not all Readers are Leaders, but all Leaders are Readers.-President Harry Truman I was recently giving some financial advice for someone who will be joining the military soon. Part of the advice that I gave this individual, that I also give everyone else, was that to always be reading. Tom Corley once compiled a list […]
Contribution Calculator: What will Your Account be Worth at Retirement?
The personal finance gurus, far and wide, all agree on one thing, you should be contributing 15% of your paycheck into a retirement account. Being in the military is no different. The reason is simple, you will have money socked away for the glorious day you decide to never to work again. Wouldn’t retirement be […]