Finances

Where to Start

Financial Help

Financial Coaching at WRNMMC

 

Free service that can help with:

  1. Analyzing your credit report or credit scores

  2. Discussing your investments and retirement (TSP) options

  3. Creating a budget/spending plan

  4. Developing a game plan for working through sticky debt problems

  5. Preparing a financial action plan for separating or retiring

  6. Working up a detailed savings plan for a major purchase (like a house or car)


Contact the Bethesda Fleet & Family Support Center:

How to Find a Financial Planner:

https://investor.vanguard.com/financial-advisor/financial-advice

https://www.whitecoatinvestor.com/financial-advisors/

https://www.physicianonfire.com/recommended-financial-advisors/

Resident Financial Priorities

  1. Disability Insurance

  2. Life Insurance & Will

  3. Tiny Emergency Fund

  4. Refinance Private Loans

  5. TSP

  6. High Interest Debt

  7. Roth IRA(s)

  8. Student Loans

  9. Mortgage/Low Interest Debt

Based off the White Coat Investor

Financial Resources

Pay

Basic Pay

  • Click the Military Pay Calculator below to determine your pay based off your grade and years in service

Housing Allowance (BAH)

  • Determined based off Walter Reed's zip code: 20814​

Special Pay (increases in the Fall):

  • PGY-1: $100/month

  • PGY-2/3s: $666/month

 

Thrift Savings Plan (TSP)

 

Life Insurance

Servicemembers' Group Life Insurance
  • SGLI provides low-cost term life insurance coverage to service members

  • Allows a maximum of $400,000 coverage

Supplemental Life Insurance

  • Some people choose to purchase supplemental TERM life insurance

    • Benefits: often cheaper the younger you are​

Disability Insurance

Disability Insurance provides an income to live on if you are unable to work due to a disability.

Once you leave the military, your disability insurance is gone. This is often why some people buy supplemental disability insurance early on in their careers. This can often be cheaper to buy during your time in GME and often is not available if you are OCONUS.

Disability insurance should be purchased from an independent agent, who can sell you a policy from any of the “Big 5” disability insurance companies (The Standard, Guardian/Berkshire, Principal, Ameritas/Union Central and Mass Mutual).

 
 

Credit Cards

Once you are active duty, you are eligible for two great credit cards with amazing benefits and the annual fee is waived.

American Express Platinum Card: great for travel

Chase Sapphire Card: a great card for travel and dining

 
 

Emergency Funds

This section is currently under construction.

 

Roth IRA

This section is currently under construction.

 

Student Loans

This section is currently under construction.

 

Home Buying

This section is currently under construction.