Over a career many military officers accumulate at least one rental property. The sale of that property can generate a pretty big tax bill. By using a 1031 exchange you can defer the tax bill on the sale. But make sure you work with a financial planner or tax advisor that understands the unique military tax benefits available to you.
While many military members will be able to use GI Bill funds to pay for their children's education, in many cases it won't be enough. Using a 529 plan to save for college expenses is a good idea. But you also need to understand how you can use 529 plan funds.
As a newly commissioned military officer controlling your financial affairs is important for your personal life. Consider using this advice to start making sound money decisions that will set you up for long-term future success.
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