“…my wife and I have come up with a plan to be retired at age 38…”
During a war it might seem inappropriate to discuss personal finance issues that concern soldiers. However, soldiers are people, too, and they have financial concerns just like everyone else.
I’m proud to introduce Taurean Washington, a Geezeo user and military professional. He was kind enough to answer some questions for us and offer a peek into military life. You can find Taurean in the Geezeo group “Combat Investors”.
Taurean, how are you involved in the military? What is your job?
I am a second generation Soldier. Before me, my grandmother’s four sons (my uncles) served one in each of the combative military services so one in the Marines, Army, Navy, and Air Force. My wife’s father serves in the Army as well, he retires later this year. Before I joined, my eldest brother served in the Navy before becoming an officer in the Air Force. I serve in the Army as an officer. I manage maintenance operations for engineer units.
Who manages your finances while you’re in a war zone?
I manage my finances regardless of where I am because I am rarely at home. To keep things simple, my wife and I maintain and manage our finances separately. I handle all of the non-recurring bills (credit, etc.) and investments while she handles the everyday and the recurring bills (phone, internet, etc.).
Most civilians can’t appreciate the myriad of sacrifices military people make in service to our country. Beyond the patriotism required to serve, would you say that some of the financial benefits of service influenced your decision to join the military?
The main financial benefit for me at this point is stability. The possibility of being fired, or laid off, or any of the things that exist in the real world I am afforded oblivion.
What are some financial incentives to serve? For example, GI bill gives soldiers a way to afford college, some for the first time. VA home loans give favorable interest rates so soldiers can build wealth through home ownership. And finally, all military personnel can choose to shop at the “PX”, which has highly discounted prices on items like food. What are some others?
The things that you mentioned plus tax benefits. For example, some of my pay is received as allowances that are not viewed as taxable income. There are other benefits as well including retirement, legal services, medical insurance, deployments, and even fitness. Specifically, I can retire after only 20 years of service and begin receiving my pension immediately. Legally I am afforded law services and counsel at no cost. My medical healthcare is free and my family’s is inexpensive. Deployment benefits include federal tax exemption and family separation pay. Finally, the fitness benefit is that there are gymnasiums and recreational services available at no cost wherever we are stationed. On a separate retirement note, my wife and I have come up with a plan to be retired at age 38 for both of us and it is achievable without ever having to work again.
Do you think these financial incentives are generous enough relative to what is asked of our service people? What would you change?
I would honestly only ask that some of the same problems being discussed at the federal level be repaired for us as well. Social Security is my biggest gripe. Many military members feel that their pay is inefficient and to an extent it is but to consider the life value, there is no compensation that the average person would accept for death (in the most extreme case). There are many hardships endured in this life that many can’t begin to identify with and I am incapable of explaining. In recent months, I was given the opportunity to spend more of my time in the world as you know it and I felt like an alien; I didn’t speak the same language, value the same things, etc.
What are your plans for life after service? Or do you intend to make this your career?
This is my career and I would like to buy a set of town houses or apartments to manage and dwell in. Beyond that I plan to walk around the house in my underwear and Burberry goulashes after sleeping until I no longer feel like it.
Any other thoughts?
I dream of being rich now but I have a thorough understanding of how that could ruin my life. I try and wait patiently but darn it if I could get there already!
Thanks, Taurean! We wish you the best of luck in your financial pursuits and thank you for your service to our country. The fact remains that our servicemen and servicewomen put a tremendous amount on the line — more than many of us can appreciate. Thanks for sharing a bit about your life and wallet.
What are your thoughts? We aren’t shy from discussing the intersection of money and politics here at Geezeo. Discover what other members think of a variety of issues in Groups such as Iraq Contractors or say hello in Taurean’s group, Combat Investors. Or browse our other money and politics articles such as “Name Your Biggest Issues for World and Wallet”.
