Financial Advisor Through the Military

[DeadCactus]

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Learned recently that most military members have access to a free financial planner/advisor of some sort as an on base benefit. Anyone use one of these? Curious how the experience compares to paying someone in the private world who is familiar with physicians.

 

[Onefellswoop87]

Learned recently that most military members have access to a free financial planner/advisor of some sort as an on base benefit. Anyone use one of these? Curious how the experience compares to paying someone in the private world who is familiar with physicians.

I imagine they tell you things like:
- If you are looking into buying a sports car or motorcycle right out of boot camp, go with the 14% interest loan instead of the 17.5% interest.
- Even with the increase in BAH (and the increase in lifestyle with moving out the barracks), being married is not a financial net positive move.
- Buying your beer and cigarettes out around town is bad for your (financial) health. Buy them on base.

But all joking aside, I have no idea. But I assume one who deals with your income range on a regular basis would give better and more applicable advice than once who generally works with those who are mostly earning their first regular paycheck.

 

[pgg]

What Fluffhead87 said. You’re not their demographic and they likely have little to offer besides telling you to make a budget and live beneath your means and max TSP as you’re able to.

It’s tempting to think that if it’s free, the only cost is your time.* But bad or inappropriate financial advise is really, really expensive.

Doctors - even .mil doctors - aren’t lance corporals or petty officers or line officers. I’ve heard a few talks over the years from active duty finance experts and it was all low yield basic stuff.

Read the Bogleheads start page, a couple books recommended there. If you feel you need advice, pay a flat fee advisor. Open an account at Vanguard, Schwab, or Fidelity. Save. Index. Prosper.


* incidentally, that applies to this post too 🙂

 

[militaryPHYS]

Learned recently that most military members have access to a free financial planner/advisor of some sort as an on base benefit. Anyone use one of these? Curious how the experience compares to paying someone in the private world who is familiar with physicians.

Being in the military allows you to have accounts with USAA. USAA has great free financial advisors for basic personal finance stuff. They of course have to advocate for their own products and cannot recommend or advise on products outside of USAA, but for the other basic stuff (lowering debt, improving credit, saving for education/retirement basics) it is a great service.

If you go outside the military and go looking for someone who is good with physicians your first few hits will likely be people interested in your large net worth (or future large net worth).

READ THE WHITE COAT INVESTOR. He has a links page with trusted advisers, but I would argue if you follow his advice and stick with a boglehead mindset you can do it on your own. You can also check out militarywhitecoat and look for the Personal Finance 101 article. Lots of good resources related to the military physician

 

[Gastrapathy]

Shilling your own blog??? Nice.

 

[Gastrapathy]

Getting educated to a basic DIY level is required even if you will ultimately use an advisor (this is a general comment, not a criticism of the OP).

Getting started - Bogleheads

 

[militaryPHYS]

Shilling your own blog??? Nice.

Haha, its easier than reposting all of the links I already put on the site for reference. Literally just launched it now that residency is over. No adsense or monetary value to it.