Pursuing a military career is extremely rewarding. Aside from getting the chance to serve your country and your people, you also are entitled to a number of financial benefits that can set you up for life. In addition to basic pay, allowances, and incentives, military members also have access to a savings deposit program (while deployed), thrift savings plan, affordable housing, generous education benefits, and low-cost life insurance. Despite the aforementioned financial benefits, many active duty service members are worried about their finances. According to a post on CNBC, an overwhelming 9 in 10 active service members are anxious about personal finances.
To make ends meet and work towards financial freedom, active duty military members can practice good financial management habits, as well as look for investments that can provide passive income. Here, we list some easy investments that active duty military members can pursue. We do caution you to do your research, as no investment is a guarantee.
Trading can be a lucrative source of income for those in the military. Whether it’s forex or stocks, trading gives military members a chance to secure their finances for the long-term. In addition, there’s never been an easier time to trade as a source of passive income thanks to the sheer number of online trading platforms available today. However, military members should remember that trading equities, forex, or other assets does come with risk. With that said, those who want to get started with trading should first open a demo trading account. FXCM’s trading demo accounts show how these platforms accurately simulate live market conditions and are absolutely risk-free. Through this, aspiring traders can learn the ropes of trading without putting their hard-earned money on the line. Once they’ve acquired the trading skills and know-how, they can then deposit their hard earned money into their trading account and potentially earn huge gains.
Buying and selling cryptocurrency has become very popular today. Because of the cryptocurrency market’s high volatility, some folks are able to make huge profits by buying low and selling high. Moreover, there are a number of cryptocurrencies being released today, which then increases the success rate of those who want to ride the cryptocurrency hype. Aside from being able to make some cash on the side, investing in crypto can also help active duty military members give back to their community. In fact, Yahoo reports that a community-focused decentralized project has recently launched a new cryptocurrency where a part of the revenue goes to financial relief for veterans and their families. Additionally, cryptocurrency has been used to support refugees and families in Ukriane.
Another investment opportunity that military members should consider is P2P lending. In this venture, investors are directly connected to people who are in need of credit. Through this, lenders can earn higher returns through interest and other incentives while borrowers get to access low-cost loans. Lenders can earn back the money through equated monthly investments, which includes the principal and interest income. To create passive income, lenders should reinvest the money they earned by finding other borrowers. P2P lending can also serve start-ups and other business-minded folk. By lending money to such individuals and budding corporations, lenders can gain back their money and earn income through dividends, shares, and accrued interest. This is especially fruitful if lenders are able to choose a start-up or organization that has a good business practice, a solid business plan, and a high-potential product.
What we’ve listed above are just some of the many investment opportunities for active duty military members. For more money-making opportunities, be sure to check our post ‘Remote Work Opportunities for Military and Their Spouses.’
Article written by Ruthanne James
Exclusively for Military Money Matters
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