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I genuinely think joining the military is one of the greatest financial decisions young adults from low-income families can make.
I'm speaking from experience, so let me explain:
1. For the first few years, you potentially have no bills except a cell phone.
You live on base for free.
You eat on base for free.
Your healthcare is free.
Transportation costs are low.
Shopping on base is tax-free and likely cheaper.
2. After a few years and rank promotions, you're likely eligible to move off base. You'll receive a housing allowance based on your area and a food allowance, both tax-free.
3. When you move, the military covers all expenses and even gives you extra cash to help with other costs.
4. Because much of your pay is tax-free, the IRS likely places you in the lowest income tax bracket or the next one up, meaning you pay very little tax relative to your actual take-home pay.
5. You have access to the VA loan for purchasing or building homes with $0 down. Additionally, you can use Tuition Assistance to attend school completely free while serving.
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