There are a few military bloggers who kick around thoughts and ideas behind the scenes. These include Doug from The Military Guide, Rob of Military Financial Planner, Ryan of The Military Wallet, and Jason of Hull Financial Planning. These are the guys I turn to when I have a crazy question or run across something that would only interest geeks who like to think about financial stuff.
Last week, someone had a question about military bonuses and retirement savings. In response to our conversations, Ryan wrote an epic piece at The Military Wallet: Enlistment and Reenlistment Bonus Guide – Everything You Need to Know about Bonuses. He’s done a great job of gathering enlistment and reenlistment bonus information in one location.
Bonuses can be a great opportunity for eligible service members to build an emergency fund, boost retirement savings, pay off debt, or make a smart major purchase. Understanding the process and having a plan BEFORE you have a huge deposit is the best way to make sure that bonuses are providing the most benefit. It is far too easy to fritter away even a large bonuses; “I had $8,000 just two months ago…where did it go?”
If you have questions, and you’re not completely convinced that I will know the answers, rest assured that I have a team of super-smart friends who help me figure out things that I can’t understand on my own. So send those questions in!