8 Do's and 3 Don'ts to Become a Military Millionaire | Military Money Personal Finance 8 Do’s and 3 Don’ts to Become a Military Millionaire Show us some love! 101shares Becoming a Military Millionaire is Simple Yes, it is. Simple, but not necessarily easy. It isn’t hard to save money, invest it in a boring index fund, and let compound interest work its magic…except this is slow, not exciting, and requires discipline. Luckily service members have an innate amount of discipline! If you can follow these ten steps (and avoid the three pitfalls below) you can become a military millionaire before retirement as well! 1. Expense creep is a silent killer. We tend to increase our spending habits a little bit with every pay raise, it is human nature. Don’t do this! Resist the urge, and save at least half of every pay raise you receive. It will be tempting to increase your spending with each pay raise, but you must check that impulse. This is important because you want to be able to save as much of your income as possible in order to invest it. 2. 3. 4. Newsflash, they do! 5. 6.
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