Thanks for watching everyone! If you found this video helpful, then give this video a LIKE to support my channel. Also check out my entire TH-cam Playlist on Military Finance and Investing: th-cam.com/play/PLscTZuOqKWIycpttIOB044CBFLdPpgiYu.html
Well said. In medical school my wife and I were poor and we received Navy Scholarships. Neither one of us expected to make it a career. She died on active duty, not from her deployments but from a terminal brain tumor. She was buried with full honors in Arlington National Cemetery with full honors. That was in 2014 and I am grateful for the military being there for us. I retired this year after over 28 years of service at an 06. What you show is very succinct is absolutely right in the money.
Joined as a private, earned a bachelor's while on Active Duty, Green to Gold ADO graduate, medical retired as a CPT with 14 years. Gentlemen, the opportunities are always there. It's up to you to seize them. No one can do it for you.
This is the benefits video I needed! I’m 27 about to be 28. My wife and I just had a daughter and I need to make a change to secure my families future before it’s too late.
really glad and interested to hear you joined at 32, as someone who's 27 currently still in school for their bachelor's and considering the benefits of joining the service.
As a retired 27 year CMSgt (E-9), I can't tell people enough how fortunate I was during my career. Throughout my time, the AF paid for my AAS, BA, and MHR. There are so many benefits to serving and, IMO, the retirement can't be beat. You have no idea the freedom there is knowing you'll never worry about finances again. My retirement gives me the freedom to be truly risky with my investments, no bonds will ever be in my portfolio. You're just so far ahead of the curve. Medical care freedom that Tricare brings is amazing. So so many!! 🤣🤣🤣. My first LES was $687 per month, before taxes. Take the $100 MGIB payment and taxes, I was making a whopping $198 per payday in '91.
Wow Rob! I didn't know you are an E-9! Congrats and that's amazing! I am so honored to have you as a subscriber. Thanks for the comment and support, I appreciate it Cheers!
@@JakeBroe , Thanks! I've taken significantly more interest in investing and finances since I retired. I try and glean as much from any person I can, so my own research, and then apply what works best for us. Your list was spot on. Overall, enlisted Airmen in the AF are treated leaps and bounds better than other branches, simply no comparison.
Got you beat by 10 years pal.....E-1 total pay was $551 in 1981....But what did I care, I was 17 years old and the Navy let me work on F-4 Phantoms and A-7 Corsairs! Thankfully though, I was smart enough to put away for college as there was no G.I. bill then. Fast forward 27 years and I retired in 2008 as an O-5 with a pair of Navy pilot wings and a helluva alot of great friends and sea stories/experiences. Now I get to enjoy the benefits of having worn those uniforms. Wouldn't have done anything different.
Being in the military can also be a curse for some people or loved ones. There are many ways to enjoy life without being in a military, old or young. As long as you're living, you can have the life wish you've always wanted. 💙
Wow!! I just found your channel. My son is in the Navy. He is a Seabee. I’m glad I found your channel. I’m definitely going to share it with him. Thanks for everything you do!!
Recently separated Navy O-3. I think it is good to be aware of all the financial benefits of being in the military. The military is a job. A great, patriotic job, but it is a job. I noticed sailors, new and seasoned who were unaware of some of the amazing benefits we were afforded. More people should be made aware. ESPECIALLY those who are already proudly serving. Per you usual, great video Jake!
Thanks Alvin! I honestly hear servicemembers complaining all the time about their pay and how they can "make so much more" with a private sector job. But they just aren't factoring in things like tax savings, TSP matching and free healthcare. It drives me nuts when people in the military complain about their pay.
@@JakeBroei understand that frustration. The yearly increase in base pay and how it's also structured to increase based on years served is clutch! I think I will miss that January bump in pay.
Few jobs in the private sector allow you pick up where you left off many years later and continue towards your 20-year retirement like the Reserves. A six-year veteran may be able to re affiliate with a reserve component to complete an additional 14 years for that pension. Nothing quite like it.
One thing you left out is joining the reserves if you don't want to do 20 years on active duty, but can do the remainder in the reserves to get your 20. Then at age 60 you will be eligible for a pension, be it smaller, but for one weekend a month (2 days but paid for 4 days) and 2 weeks a year it is well worth the benefits. I did 10 years active duty and got out because of my wife (ex now) and then did 10 years in the reserves and got out (again because of the ex), wish I would have stayed past my 20 in the reserves as that would have kept my security clearance active and added more points for a bigger retirement check, but foolishly I listened to my wife. One last bit of advise is to document, document, document any health issues while on active duty as this will make getting va medical services easier after leaving the service.
Wow, wish I had stayed. I had made all meritorious ranks, and when I went up at E4, and was granted E5 in just less than 2 yrs. a E8 threw a fit in front of my Gunny, and said no man was going to get this rank and then be eligible to re-up for the next rank. I understood, his position, but I was upset, and left the Marine Corps; then the Army recruited me for my experience with NBC, and so I finished my 6 yrs. and never got my rank back... I was so disappointed... I worked so hard and even out performed all officer personnel in the NBC; classes, except one airwing cornel and we were close; but then that is life, and I found out God always has a plan. SO thanks for your service, and thanks for the posts
Haha, I appreciate that FAMC! I have a couple more military finance videos coming this week and next, then I'll be back to more general investing content. Stay tuned!
Thanks again brother Jake! These are the same benefits I tell people. I actually did a PowerPoint for my wife, to convinc her to let me join. The one thing that isn't on your list, because it isn't tangible, is the life experiences, and travel that we get to do. Keep up the great work! I think the recruiting office will be contacting you soon ;)
Hey Walter! I actually do have another one of these videos planned for best "non-financial" benefits to joining the military. Let's see if I can get that video to come together! Cheers!
Great Video Sir! Disclaimer: Not all service members receives BAH. Officers automatically receive this benefits fortunately but enlisted member, in example, in the Marines usually don’t receive this benefit until they hit the rank of E-6. Roughly between 10-12 years is realistic to make that rank. Obviously different Branches & MOS can vary that timeframe. Different branches have different rules for BAH. Marriages & Dependents are the most common.
Why would it take 10-12 years? If you reside off base, it's a benefit they can't restrict. Now, if you're saying the MC doesn't let their troops live off base until a certain rank, that's a different story.
@@roburb73 if you're in the marines you can live off base all you want, you'll be given a barracks room but if you live off base all expenses will come out of your small paycheck. you would only receive BAH at a lower rank if you're married or possible had dependents. if not, then you gotta wait till you reach e-6. these rules even apply to people being stationed with the marines I.e Navy personnel.
@@DevonHolly16 , So the Marines forbids a single E-6 and below from living off base and receiving BAH for doing so? Yes, I get you can choose to live off base and pay out-of-pocket, but that's asinine.
Yes, lower ranked enlisted members may sometimes be required to live in barracks, but it doesn't change that they do not pay rent, utilities, etc. So they may not receive BAH (or BAS if they are a meal card holder) but the entitlement (tax free) still exists.
Ever heard of Vet Tec? It's a coding bootcamp fully paid for vets as long as they have 1 day left on the gi bill. BAH is also paid when attending a bootcamp. Bootcamps can cost around $10k-20k
Great video as always Jake, i just wanted to bring up to light that the tsp calculation doesn't really apply the same in the navy because we don't get that 5% match until the end of our contract, we only get 1% until our 3rd year out of 4 and then at your last year is when you actually get a 5% match.
Hey Winston! You are correct in that it takes a certain amount of time to become fully vested in the TSP and you start earning the full 5% matching. You are correct in that the numbers for that are slightly off. Thanks!
i am a veteran with a new graduate going into the military. i have road mapped his career out and how the va home loan could be his #1 benefit ever. how? the VA home loan qualifies you up to a 4 unit multihouse which means renting out the properties can bring in more money while youre serving. taking those profits and buying other properties and so and so on. The home loan can be the most valuable of them all, next up to the education benefits. great video
I'm four years late but one important thing to note about the SCRA benefits is that if you are stationed in what's called a "Key Provision State" (Louisiana for example), you can get SCRA benefits applied for loans, debts, and credit cards you've gotten after joining. Depending on what lender/bank you went through for these loans, debts or cards, they may fight you on it. But keep at it. I got my mortgage down from 8% to 6% less than two months after purchasing my home in Louisiana. I don't have a list of "Key Provision States" but I'm sure they are easy to google. Louisiana is obviously one of them.
Thank you Captain excellent information I’m a retired Gunnery Sgt USMC my wife works at the VA and my Daughter is a Nurse at the VA we all need to learn more about the Roth Self directed IRA I commend you on such a detailed video
Good video for service members. In your case, since the person left the military after 6 years, then you should use the Present Value (PV) of the BRS piece that they get to move to a civilian employer. Some of the other items should also be changed from FV to PV. Great job helping these outstanding Americans. Service men/women: hint try, try, try to save more in the TSP than the 5% match, target to increase your savings 1% with every pay increase...work up to about. 18-20% total savings in the TSP. Yes, you will need that much. One challenge with getting all the tax free BAH + BAS, is that your cost when you retire is going to be higher. In other words, the time you spend in the military is, for many, covered by tax free BAH + BAS. When you get out ... to live at the same standard of living...you will need a larger savings...It's a bit complex, bottom line save way more than you think that you need to save.
Jake The United States Marine Corps( Honor, Courage, Commitment) was the best thing that happened to me in life. After completing 20 years of service and graduating from SDSU with a BS degree.......paying off my house( VA Loan NFCU) .. i can thank the Marines for the FOCUS AND DRIVE... to complete my goals. That Focus help me with Government /employment/CalPers/ after my military career was completed.
Hi Jake, great video. Just pointing out a math error for #8, 7:35 mark . $1,833 x 12 x 0.20 = $4,399.20, not $2,639 So, the total tax savings will be higher than ~28,000
Thanks for the correction sayrox! Yeah, I was being pretty casual with the math. Tax savings for the first 3 years of service would probably be lower anyways since they probably would be in the dorms and not even be receiving BAH. Though you can make an argument for receiving tax free housing as a benefit. I still like its position in the ranking!
That's a great goal Collins and it is definitely possible (with time and patience). Congrats on being selected and I wish you all the best at OTS! Cheers!
Hey Chris, I have a question if you don’t mind. How will you be an officer and study a PhD at the same time. My goal is to have my PhD paid for by the Air Force? Thank you Sir.
I joined just so I could go to college. I wanted to attend Louisiana Tech Biomedical engineering (fairly new then) but when I got out they said I only got enough to go to a close community college; I say the world lost, but we will never know; thanks again
Great video Jake! Very thorough breakdown of monetary benefits of joining the military. I'd be interested to hear about health insurance after serving. Does the health insurance continue to help early retirees? I know in the video you only had the benefit being for the 6 year enlistment. Thanks for all the great content 👍
Hey EG! I am not familiar with how health insurance works through the VA for military retirees. I assume it is a great benefit, but I just do not know enough about it at this time. Cheers!
@@JakeBroe - indeed, a video on military spouses, financially, medically, etc. would be quite useful. I have yet to find a good singular resource that aggregates the various aspects of dependents (spouse + children). I would greatly appreciate it.
Right about the pension I want to change rules, my husband became disable after four years of serving he wanted to continue with USAF they denied him service.. leaving him badly, now he’s 100 % disable but his pension should be honor period.
So I’m getting a 30k bonus . Is there a way I can lower the amount I will be taxed . From what I know since I live in Cali I would have to pay federal tax and then state tax . Also what do you recommend I do to get some credit history so I can purchase a home as soon as possible
Hey Lalo! Good luck at basic! As for lowering your tax burden, change your state of legal residence to wherever you will be stationed and you'll end up paying way less taxes. Just walk in to the finance office at your first base and ask for the form to switch your state of residence and then when you file, just file for that state to avoid california taxes. Here is a video talking more about it: th-cam.com/video/RbZe4xknRvY/w-d-xo.html
The sad thing is I see most people in the military not even use the benefits. I see people who want go get out after their first enlistment and never used TA while active and have no plans to use GI bill once out.
Im defenetly gonna try the audience first. I don’t know much about it compared to the army but im pretty smart, graduated with honors from high school studied law for 2 years
HAHA, ya, leave it to the Air Force Officer to assume E5s in other branches are all automatically authorized to live off post. LOL Also, great explanation on the Post 9/11 GI Bill. Every time a friend or friend of friend who knows someone getting out of the military and they ask me advice about transitioning back to civilian life, the first thing I tell them to do is look at the Post 9/11 GI Bill and see how much that's worth to you, and how will make money while going to school from the BAH. I used mine (still have about 6 months of benefits left) to get 2 masters degrees at a private university in Chicago. So between the BAH and tuition, I got $175K worth of benefit, and a kick ass job after graduating. Also had 2 kids with TRICARE, and ZERO dollars out of pocket! Civilian friends who had kids, WITH insurance, still cost them around $4K each. Maybe that's why so many soldiers are baby daddys at age 20... LOL.
Hey Jo! Yep, you can use the GI Bill to earn a pilot's license. Check with the VA to see if the school you are interested in is approved by the VA for GI Bill use.
This is great to listen to now when somebody's in the Air Force what does the defense of Department of the United States Air Force paper look like when you get out of the u.s. Air Force. I am talking with somebody that's in the Air Force and stationed at Wright-Patterson Air Force Base in Ohio and is it true when he has his benefits go to his beneficiary do they really have to pay for that
Hello, thank you for the video it was very helpful. how can i join the army currently i live in Zambia but have plans to relocate to the USA once my Green card is approved.
When you on duty like you are asigned in the Afhgasnistan, can a soldier stoll communicate with their family ir their children by using the military phone for free? Thanks. Gid Bless🌷
You can use your own phone while deployed no matter the country. Unless your in a bad spot which certain commands will require you to use a certain form of communication. All of this depends on your MOS as well. I been on 2 deployments and always used my personal phone to talk to family.
Hellow sir my i ask something if your part wants to leave the service would he able to pay his leave ,,,before he get his salary and document? Hoping u can help me about this ,,,😊
The military really should play up the "retire at 40" angle in ads, and that for every combat troop there's something like 10 REMFs...so good chance to enjoy it even if there's a war. Great list!
I'm a skinny Vietnamese with a student VISA here in the U.S. I would love to join the millitary when I have the greencard. Which one should I join? I'm only 140lbs and I have a B.S degree in IT.
What is your Masters in? I appreciate the knowledge you share. Especially about the pension. The only thing I question is do you think that it's possible we could be shirked of the pension?
You mentioned you had $40k student loan debt did you use the loan forgiveness program with the military? Or does that not allow you to use the gi bill for your masters if you do so?
Thanks for watching everyone! If you found this video helpful, then give this video a LIKE to support my channel. Also check out my entire TH-cam Playlist on Military Finance and Investing: th-cam.com/play/PLscTZuOqKWIycpttIOB044CBFLdPpgiYu.html
Hey Jake, can you do a video about the National Guard retirement and pay please?
What is your personal opinion for the easiest and fastest way to get rid of credit card debt?
This actually help me so much
Thank You
Well said. In medical school my wife and I were poor and we received Navy Scholarships. Neither one of us expected to make it a career.
She died on active duty, not from her deployments but from a terminal brain tumor. She was buried with full honors in Arlington National Cemetery with full honors. That was in 2014 and I am grateful for the military being there for us.
I retired this year after over 28 years of service at an 06.
What you show is very succinct is absolutely right in the money.
Thank you to you both for your service and sorry for your loss.
Don’t know you but I respect people in the military highly thank you both for your service
Thank you and your family for your service💪🏾💪🏾
RIP
Thank you. I miss her so much but she was an incredible Naval Officer.@@imadedisaccount2commentido693
I like how in the military, you are judged by your duty. In the civilian world, you are judged by salary.
By duty you mean rank?
@@blaska7131think he means billet like what you actually do for your job
@@blaska7131 no, MOS. Military occupational specialty. If you’re Infantry then ur tier 1.
Military saved my life and turned it completely in the right direction! Thanks for sharing Jake.
Thanks for watching and commenting deadleague! I am happy to have you with us. Cheers!
How
This is what I want to turn my life around and become the best version of my self beside money thanks for saying that
Joined as a private, earned a bachelor's while on Active Duty, Green to Gold ADO graduate, medical retired as a CPT with 14 years. Gentlemen, the opportunities are always there. It's up to you to seize them. No one can do it for you.
This is the benefits video I needed! I’m 27 about to be 28. My wife and I just had a daughter and I need to make a change to secure my families future before it’s too late.
really glad and interested to hear you joined at 32, as someone who's 27 currently still in school for their bachelor's and considering the benefits of joining the service.
I’m 27 too man and still debating 😅 how’s your journey been so far ?
@@ambitiousproductions3224same dude did u join ?
As a retired 27 year CMSgt (E-9), I can't tell people enough how fortunate I was during my career. Throughout my time, the AF paid for my AAS, BA, and MHR. There are so many benefits to serving and, IMO, the retirement can't be beat. You have no idea the freedom there is knowing you'll never worry about finances again. My retirement gives me the freedom to be truly risky with my investments, no bonds will ever be in my portfolio. You're just so far ahead of the curve. Medical care freedom that Tricare brings is amazing. So so many!!
🤣🤣🤣. My first LES was $687 per month, before taxes. Take the $100 MGIB payment and taxes, I was making a whopping $198 per payday in '91.
Wow Rob! I didn't know you are an E-9! Congrats and that's amazing! I am so honored to have you as a subscriber. Thanks for the comment and support, I appreciate it Cheers!
@@JakeBroe , Thanks! I've taken significantly more interest in investing and finances since I retired. I try and glean as much from any person I can, so my own research, and then apply what works best for us. Your list was spot on. Overall, enlisted Airmen in the AF are treated leaps and bounds better than other branches, simply no comparison.
Got you beat by 10 years pal.....E-1 total pay was $551 in 1981....But what did I care, I was 17 years old and the Navy let me work on F-4 Phantoms and A-7 Corsairs! Thankfully though, I was smart enough to put away for college as there was no G.I. bill then. Fast forward 27 years and I retired in 2008 as an O-5 with a pair of Navy pilot wings and a helluva alot of great friends and sea stories/experiences. Now I get to enjoy the benefits of having worn those uniforms. Wouldn't have done anything different.
I should of joined when I was 18. I’d be retired and enjoying life more. Amazing benefits!! Wish someone sat me down and explained them to me in 1994!
Being in the military can also be a curse for some people or loved ones. There are many ways to enjoy life without being in a military, old or young. As long as you're living, you can have the life wish you've always wanted. 💙
Wow!! I just found your channel. My son is in the Navy. He is a Seabee. I’m glad I found your channel. I’m definitely going to share it with him. Thanks for everything you do!!
Jake! Thank you for your service and blessing us with this informative information with finance and military benefits!
I greatly appreciate you watching Jacquie! Cheers!
Recently separated Navy O-3. I think it is good to be aware of all the financial benefits of being in the military. The military is a job. A great, patriotic job, but it is a job. I noticed sailors, new and seasoned who were unaware of some of the amazing benefits we were afforded. More people should be made aware. ESPECIALLY those who are already proudly serving. Per you usual, great video Jake!
Thanks Alvin! I honestly hear servicemembers complaining all the time about their pay and how they can "make so much more" with a private sector job. But they just aren't factoring in things like tax savings, TSP matching and free healthcare. It drives me nuts when people in the military complain about their pay.
@@JakeBroei understand that frustration. The yearly increase in base pay and how it's also structured to increase based on years served is clutch! I think I will miss that January bump in pay.
@@Alvin_1914How much would I make as a 19 year old, fresh out of community college
@@GaveMeStyle7coincidence that i am also 19 years old... as for community college, only halfway finished my associates.
@@Alvin_1914as for i, @JakeBroe's video are really hyping me up for the military now that i know the savings that accumulate in the background!!!!!!
Few jobs in the private sector allow you pick up where you left off many years later and continue towards your 20-year retirement like the Reserves. A six-year veteran may be able to re affiliate with a reserve component to complete an additional 14 years for that pension. Nothing quite like it.
This is my plan if I don’t wanna stay active after the 7 I’m signed up for now. Do you know what all goes into this?
I am thinking of the Reserves potentially as well! Great option!
One thing you left out is joining the reserves if you don't want to do 20 years on active duty, but can do the remainder in the reserves to get your 20. Then at age 60 you will be eligible for a pension, be it smaller, but for one weekend a month (2 days but paid for 4 days) and 2 weeks a year it is well worth the benefits. I did 10 years active duty and got out because of my wife (ex now) and then did 10 years in the reserves and got out (again because of the ex), wish I would have stayed past my 20 in the reserves as that would have kept my security clearance active and added more points for a bigger retirement check, but foolishly I listened to my wife. One last bit of advise is to document, document, document any health issues while on active duty as this will make getting va medical services easier after leaving the service.
For sure James! The Palace Chase and Palace Front programs are a great way to still get that pension at age 60!
Wow, wish I had stayed. I had made all meritorious ranks, and when I went up at E4, and was granted E5 in just less than 2 yrs. a E8 threw a fit in front of my Gunny, and said no man was going to get this rank and then be eligible to re-up for the next rank. I understood, his position, but I was upset, and left the Marine Corps; then the Army recruited me for my experience with NBC, and so I finished my 6 yrs. and never got my rank back... I was so disappointed... I worked so hard and even out performed all officer personnel in the NBC; classes, except one airwing cornel and we were close; but then that is life, and I found out God always has a plan. SO thanks for your service, and thanks for the posts
Thing that dude didn't mention at the start is, you're not starting off as E-5 your first year, probably not even after your first four
2024 ready to join the military not really knowing all this prior , really appreciate all this new knowledge
Another great quality video! You're becoming my favorite TH-cam channel
Haha, I appreciate that FAMC! I have a couple more military finance videos coming this week and next, then I'll be back to more general investing content. Stay tuned!
As a service member I totally concur. Great job Jake!
Thanks Caleb! Cheers!
as someone commissioning in may, these are helping a lot
Awesome! Thanks for watching Connor. Congrats on commissioning soon!
Thanks again brother Jake! These are the same benefits I tell people. I actually did a PowerPoint for my wife, to convinc her to let me join. The one thing that isn't on your list, because it isn't tangible, is the life experiences, and travel that we get to do. Keep up the great work! I think the recruiting office will be contacting you soon ;)
Hey Walter! I actually do have another one of these videos planned for best "non-financial" benefits to joining the military. Let's see if I can get that video to come together! Cheers!
@@JakeBroe that's awesome brother. Looking forward to it. I have been sending some of my troop over to your channel. Keep it up!
Great Video Sir!
Disclaimer: Not all service members receives BAH. Officers automatically receive this benefits fortunately but enlisted member, in example, in the Marines usually don’t receive this benefit until they hit the rank of E-6. Roughly between 10-12 years is realistic to make that rank. Obviously different Branches & MOS can vary that timeframe.
Different branches have different rules for BAH. Marriages & Dependents are the most common.
This alone makes me wish I would have joined the Air Force
Why would it take 10-12 years? If you reside off base, it's a benefit they can't restrict. Now, if you're saying the MC doesn't let their troops live off base until a certain rank, that's a different story.
@@roburb73 if you're in the marines you can live off base all you want, you'll be given a barracks room but if you live off base all expenses will come out of your small paycheck. you would only receive BAH at a lower rank if you're married or possible had dependents. if not, then you gotta wait till you reach e-6. these rules even apply to people being stationed with the marines I.e Navy personnel.
@@DevonHolly16 , So the Marines forbids a single E-6 and below from living off base and receiving BAH for doing so? Yes, I get you can choose to live off base and pay out-of-pocket, but that's asinine.
Yes, lower ranked enlisted members may sometimes be required to live in barracks, but it doesn't change that they do not pay rent, utilities, etc. So they may not receive BAH (or BAS if they are a meal card holder) but the entitlement (tax free) still exists.
Ever heard of Vet Tec? It's a coding bootcamp fully paid for vets as long as they have 1 day left on the gi bill. BAH is also paid when attending a bootcamp. Bootcamps can cost around $10k-20k
Thanks for that information! 👍
Great video as always Jake, i just wanted to bring up to light that the tsp calculation doesn't really apply the same in the navy because we don't get that 5% match until the end of our contract, we only get 1% until our 3rd year out of 4 and then at your last year is when you actually get a 5% match.
Hey Winston! You are correct in that it takes a certain amount of time to become fully vested in the TSP and you start earning the full 5% matching. You are correct in that the numbers for that are slightly off. Thanks!
My grandfather is a us navy military in america. He have alot of benefits that I inherit,
i am a veteran with a new graduate going into the military. i have road mapped his career out and how the va home loan could be his #1 benefit ever. how? the VA home loan qualifies you up to a 4 unit multihouse which means renting out the properties can bring in more money while youre serving. taking those profits and buying other properties and so and so on. The home loan can be the most valuable of them all, next up to the education benefits. great video
Best benefit breakdown I've seen so far on TH-cam. 10/10. Gained a sub from me! Thanks for all the work you put into this!
I'm four years late but one important thing to note about the SCRA benefits is that if you are stationed in what's called a "Key Provision State" (Louisiana for example), you can get SCRA benefits applied for loans, debts, and credit cards you've gotten after joining. Depending on what lender/bank you went through for these loans, debts or cards, they may fight you on it. But keep at it. I got my mortgage down from 8% to 6% less than two months after purchasing my home in Louisiana.
I don't have a list of "Key Provision States" but I'm sure they are easy to google. Louisiana is obviously one of them.
Thank you Captain excellent information I’m a retired Gunnery Sgt USMC my wife works at the VA and my Daughter is a Nurse at the VA we all need to learn more about the Roth Self directed IRA I commend you on such a detailed video
Thanks Jeff! I appreciate the comment and support. Best wishes to you and your family!
#1 take from this
DISCOUNTS AT HOME DEPOT HELL YA
There is good money and bad money, Jake. Depending on where you end up. The Dream Sheet can be spotty. The Air Force is very different from the Army.
Excellent video, it reinforces why I’m trying to do 20 yrs.
Thanks Stanley! Glad you enjoyed it!
Great Video! I like the top 10 format!
Thanks Michael! A Top 10 non-financial benefits videos is coming next week!
Hey Jake, thank you for this insight. Very helpful and informative.
Thanks for watching R Spears! Cheers!
@@JakeBroe you're welcome and thank you once again. Also I'm watching your videos about stocks. Trying to learn more about it.
Wow I never knew most of this information, thank you
Thanks for watching 247eclipse! Cheers!
I would add savings on auto insurance for being a USAA member.
My insurance is ~100$ cheaper for the same coverage with farm bureau compared to USAA, so mileage may vary
shipping out in January and did not know about the car loan 6%. I have 12 so I will be happy to change that
Would love to see a benefit analysis for active vs reserves. Thanks!
Hey Kato! That's a good video idea. I'll look in to it. Cheers!
Hello Jake, I appreciate your videos. You’re helping this army wife to navigate military benefits! 🎉 you are appreciated!
Good video for service members. In your case, since the person left the military after 6 years, then you should use the Present Value (PV) of the BRS piece that they get to move to a civilian employer. Some of the other items should also be changed from FV to PV. Great job helping these outstanding Americans. Service men/women: hint try, try, try to save more in the TSP than the 5% match, target to increase your savings 1% with every pay increase...work up to about. 18-20% total savings in the TSP. Yes, you will need that much. One challenge with getting all the tax free BAH + BAS, is that your cost when you retire is going to be higher. In other words, the time you spend in the military is, for many, covered by tax free BAH + BAS. When you get out ... to live at the same standard of living...you will need a larger savings...It's a bit complex, bottom line save way more than you think that you need to save.
I’m also in Minot 😁 love watching your videos btw!
Awesome! Don't you just love the smell of jet fuel in the morning here in Minot? haha, cheers Krystian!
@@JakeBroe LOL
Jake The United States Marine Corps( Honor, Courage, Commitment) was the best thing that happened to me in life. After completing 20 years of service and graduating from SDSU with a BS degree.......paying off my house( VA Loan NFCU) .. i can thank the Marines for the FOCUS AND DRIVE... to complete my goals. That Focus help me with Government /employment/CalPers/ after my military career was completed.
That's awesome John! Congrats on your military retirement, degree, and success in your post-military life and career! I wish you the best in life!
Hi Jake, great video. Just pointing out a math error for #8, 7:35 mark
.
$1,833 x 12 x 0.20 = $4,399.20, not $2,639
So, the total tax savings will be higher than ~28,000
Thanks for the correction sayrox! Yeah, I was being pretty casual with the math. Tax savings for the first 3 years of service would probably be lower anyways since they probably would be in the dorms and not even be receiving BAH. Though you can make an argument for receiving tax free housing as a benefit. I still like its position in the ranking!
I’m an e-5 in the MC. 4 years service and I see 8$ of the BAH, and instead live in the lovely barracks with one other marine. It’s awesome!
Hey Reilley! Yep, all the branches are slightly different. All I know is the Air Force and I cannot speak for the other branches. Cheers!
I go to OTS on Monday. I have been watching all of your videos! I am hoping to get a Ph.D paid for by the Airforce.
That's a great goal Collins and it is definitely possible (with time and patience). Congrats on being selected and I wish you all the best at OTS! Cheers!
Hey Chris, I have a question if you don’t mind. How will you be an officer and study a PhD at the same time. My goal is to have my PhD paid for by the Air Force? Thank you Sir.
Very informative and brief to the point thanks man!!
I joined just so I could go to college. I wanted to attend Louisiana Tech Biomedical engineering (fairly new then) but when I got out they said I only got enough to go to a close community college; I say the world lost, but we will never know; thanks again
love the information THANKS BIG UPS thanks you for your service!
maybe the best benefits we get are the freinds we made along the way 😭😂
TY for sharing, my daughter is now in West Point
Great video, completely agree
Thanks Julio! Cheers!
I honestly believe I have nothing to lose when I join the military!
Keep up the great work!!
Great video Jake! Very thorough breakdown of monetary benefits of joining the military. I'd be interested to hear about health insurance after serving. Does the health insurance continue to help early retirees? I know in the video you only had the benefit being for the 6 year enlistment. Thanks for all the great content 👍
Hey EG! I am not familiar with how health insurance works through the VA for military retirees. I assume it is a great benefit, but I just do not know enough about it at this time. Cheers!
I have approx. 400+ college hours, and I work at Wal-Mart as a associate, and no one has ever been excited about hiring me.
Great video! Subscribing for sure
Amazing video, thank you!
Man, I love watching your videos. Can you do a video on benefits for military spouses?
Thanks Segel! That is in interesting video topic idea. I can look in to it! Cheers!
@@JakeBroe - indeed, a video on military spouses, financially, medically, etc. would be quite useful. I have yet to find a good singular resource that aggregates the various aspects of dependents (spouse + children). I would greatly appreciate it.
My guy didn't even bother with the Marines 💀
Right about the pension I want to change rules, my husband became disable after four years of serving he wanted to continue with USAF they denied him service.. leaving him badly, now he’s 100 % disable but his pension should be honor period.
Come on Jake! Add the Coast Guard to your slides 😂 Always forgotten.
If I add the Coast Guard then people will want me to add the Space Force! Never!! lol
@@JakeBroe oh please. One has been around since 1790.
As an aside Space Force on netflix is great!
Coast guard is older than the navy. Just saying
I’m shipping out June 6th I’m glad I found your channel at 17 years old ! Appreciate your videos
So I’m getting a 30k bonus . Is there a way I can lower the amount I will be taxed . From what I know since I live in Cali I would have to pay federal tax and then state tax . Also what do you recommend I do to get some credit history so I can purchase a home as soon as possible
Hey Lalo! Good luck at basic! As for lowering your tax burden, change your state of legal residence to wherever you will be stationed and you'll end up paying way less taxes. Just walk in to the finance office at your first base and ask for the form to switch your state of residence and then when you file, just file for that state to avoid california taxes. Here is a video talking more about it: th-cam.com/video/RbZe4xknRvY/w-d-xo.html
Minot coldest duty station in the USA; bravo for you!!
The sad thing is I see most people in the military not even use the benefits. I see people who want go get out after their first enlistment and never used TA while active and have no plans to use GI bill once out.
Im defenetly gonna try the audience first. I don’t know much about it compared to the army but im pretty smart, graduated with honors from high school studied law for 2 years
Not bad Jake! 👍
I appreciate that Handlez! Cheers!
came from youtube recommend, new SUB
9:23 so, TA then GI, got it!
Great information!
HAHA, ya, leave it to the Air Force Officer to assume E5s in other branches are all automatically authorized to live off post. LOL
Also, great explanation on the Post 9/11 GI Bill. Every time a friend or friend of friend who knows someone getting out of the military and they ask me advice about transitioning back to civilian life, the first thing I tell them to do is look at the Post 9/11 GI Bill and see how much that's worth to you, and how will make money while going to school from the BAH. I used mine (still have about 6 months of benefits left) to get 2 masters degrees at a private university in Chicago. So between the BAH and tuition, I got $175K worth of benefit, and a kick ass job after graduating. Also had 2 kids with TRICARE, and ZERO dollars out of pocket! Civilian friends who had kids, WITH insurance, still cost them around $4K each. Maybe that's why so many soldiers are baby daddys at age 20... LOL.
you okay?
Thanks for the video !!!
I’m so grateful I came across your page can you do a video or do you currently have a video on promotion rank from 1st lieutenant to Captain ?
Hey RJ! I have a video about my salary as a Captain: th-cam.com/video/BqbkMM-dUw8/w-d-xo.html
@@JakeBroe yes I seen and enjoyed I’m a first Lieutenant I just wanted advice about promotion to captain steps and advice LOVE YOUR VIDEOS BY THE WAY
Meu bizavô éra militar da Marinha dos EUA na América. Ele tem muitos benefícios que eu herdei.
I should have watched this video before joining the Marines! With all the bases Air Force has, you could possibly benefit from no income tax!
That's a good plan! Thanks for watching BlueSEF!
waw, thanks for the update
Wisconsin also has its own gi bill as well
Nice!
you are the best
Thank you Zaid! Cheers!
Hey man I was wondering if you would be able to use your Gi bill to get a pilot license? Love the content keep up the good work.
Hey Jo! Yep, you can use the GI Bill to earn a pilot's license. Check with the VA to see if the school you are interested in is approved by the VA for GI Bill use.
Also, can you talk more about the TSP and which sections I should invest more in
This is great to listen to now when somebody's in the Air Force what does the defense of Department of the United States Air Force paper look like when you get out of the u.s. Air Force. I am talking with somebody that's in the Air Force and stationed at Wright-Patterson Air Force Base in Ohio and is it true when he has his benefits go to his beneficiary do they really have to pay for that
And he said chief Master Sergeant
Can you help me on this issue please thank you
Thanks Jake for this highly anticipated video
You are very welcome Xavier! I am going to make a Top 10 video for non-financial benefits next week!
I'm going into the military fresh out of HS for anyone who is or has been in the military is it worth it??
Bro it's crazy I'm tryna join the military too but idk which branch I wanna join. Still Undecided
He's American Japanese citizen,
Hello, thank you for the video it was very helpful. how can i join the army currently i live in Zambia but have plans to relocate to the USA once my Green card is approved.
When you on duty like you are asigned in the Afhgasnistan, can a soldier stoll communicate with their family ir their children by using the military phone for free? Thanks. Gid Bless🌷
You can use your own phone while deployed no matter the country. Unless your in a bad spot which certain commands will require you to use a certain form of communication. All of this depends on your MOS as well. I been on 2 deployments and always used my personal phone to talk to family.
Do you know if G.I. bill covers anything firefighting related?
Not sure if you will respond too comment, but for health insurance, will the money add up each month or stay at a flat rate 200$ each month
Other than the amount in pay does a reservist get the same benefits for a 4 year contract?
Investing in real estate is superior to a TSP it isn’t even close. Otherwise, good financial advice
Well how do vet's end up homeless if they make so much money
Some spend it in irresponsible fashion, or are not aware of the tools they have as if you don't look for them, you don't know about them.
Hellow sir my i ask something if your part wants to leave the service would he able to pay his leave ,,,before he get his salary and document? Hoping u can help me about this ,,,😊
The military really should play up the "retire at 40" angle in ads, and that for every combat troop there's something like 10 REMFs...so good chance to enjoy it even if there's a war.
Great list!
Thanks HS! Cheers!
I'm a skinny Vietnamese with a student VISA here in the U.S. I would love to join the millitary when I have the greencard. Which one should I join? I'm only 140lbs and I have a B.S degree in IT.
And ima join when I’m 18 future navy
Do you have a reserve version?
American army officials can do private business during the service and after the retirement?
Welcome to come over ☺️
Cheers!
Do you get military benefits in the Salvation Army?
military pension only works if you do 20 years service? thank you
What is your Masters in? I appreciate the knowledge you share. Especially about the pension. The only thing I question is do you think that it's possible we could be shirked of the pension?
**I get to take Net+ and Sec+ for FREE.99**
You mentioned you had $40k student loan debt did you use the loan forgiveness program with the military? Or does that not allow you to use the gi bill for your masters if you do so?