After reading about the lengthy Military history of this great country, you might be encouraged to make the Military a career, or at least start off your adult life there. This could be a great decision, even if you do not plan on being a career Military man or woman. Take a look at some of the benefits that are only available to Military Personnel & Veterans.
Cash Money Bonuses
If you enlist in the Military, you may be able to receive a sign on bonus of up to 40,000 dollars. That is a notable amount of money and one that, if you are smart, can set you up well after your Military service.
If you elect to take advantage of a cash sing on bonus, we advise you to please be smart about it. Unfortunately, most new recruits are young, 18 to 19 years of age. They lack the maturity to use this money smartly. Please seek the counsel of a knowledgeable financial planner who can help you use the money wisely.
Consider this. You are young. If you took that entire 40,000 sign on bonus and put it into a retirement savings, you could have over 300,000 dollars and that is without adding a dime to it. That is the power of compound interest over time.
The VA loan is one of the most incredible home loans that you can get. For Veterans, it means that you can get into a home far easier than your average civilian. Take a look at some of the advantages.
- No Down Payment
Conventional financing requires 20 percent down to purchase a home .Even FHA loans require 3.5 percent but with a VA loan, you can get into a house with zero deposit. Nothing beats a zero down loan.
- No Mortgage Insurance
Mortgage insurance, required on most other loans with less than 20 percent down is not needed with a VA loan. That can save you hundreds of dollars a month on your mortgage loan.
- Easy Qualifications
VA loans tend to be easier to qualify for because of the guarantee by the government. This often allows for lower credit loan approvals and even bad credit loans that might not have been approved with other home loan programs.
- Loans Are Assumable
If you sell your home to another Veteran, they can assume the loan. This can make your home more attractive if interest rates climb.
Money For College
These days, most college students leave college crippled with debt. As a veteran, you can get your education on the government dime. The GI Bill, may be able to get you an education and a degree without all of the debt.
It is a huge advantage to be able to go to school without worrying about where the money is coming from. Then, when you graduate, you could start your career without being crippled with debt.
That could allow you to choose the career and job that you want to do, not the one that will pay for your debt. This is a choice that most college grads do not get.
As a Vet, you may eventually be able to take care of a number of health benefits including inpatient care, outpatient care and mental health services. In addition, you may qualify for life insurance benefits and burial benefits upon your death.