How To Make Extra Money While Enlisted (16 Easy Ways) | Wildchildretire

Key Takeaways:

• Enlistment and reenlistment bonuses offer the biggest lump sum of extra cash.
• Leveraging COLA, Pier Diem, and Hazard Duty pay is a great way to provide a short boost of additional income.
• Starting a blog is the best military side hustle to earn more money.

Interested in learning how to make extra money while enlisted?

Here we’ll show you 16 easy ways to earn extra money in the military.

These tips have allowed my wife and me to become military millionaires before our 13th year in the Air Force.

So check out the helpful read if you’re interested in seeing how learning a new language, house hacking, and living abroad can help you earn some extra cash while you serve your country.

Let’s dive right in.

16 Simple Ways To Earn Extra Money In The U.S. Military

Military pay is actually pretty decent, but why not earn some more?

That way, when it’s time to get out, you’ll have enough of a cushion to help you ease the transition to civilian life (or maybe even achieve financial independence).

Below are some tips that have helped me achieve my millionaire status while I served my country.

Enjoy!

1. Enlistment Bonus

This is where you can make some decent money. For example, the U.S. Army service branch offers enlistment bonuses of up to $50,000 for certain specialties to new recruits.

Just imagine a new department of defense recruit at 18, getting $50,000 up front! And if you use the Betterment app, invest in a total U.S. stock market index fund, and let it ride for 20 years, you could be sitting on $500,000!

So before joining military life, ask your recruiter about enlistment bonuses and what you may be eligible for.

You can also check out this link for more information on Army enlistment bonuses.

2. Reenlistment Bonus

Ahh, yes, the reenlistment bonus is also super awesome. I should know. I re-enlisted and got $40,000 TAXE FREE DOLLARS! (I was deployed).

An (SRB), also known as the Selective Retention Bonus, is given to those who extend their contracts to stay in the military. The extra cash is generally paid in a single payment of 50% towards the time of reenlistment. After that, the bonus will be paid in equal annual installments until it is gone. Although your enlistment bonus is taxable, there are a few notable exceptions. For example, your enlistment bonus won’t be taxed if you re-enlist while in a combat zone or if you’re a foreign national who enlists outside of the United States. Additionally, any installments made on the bonus will also be tax-free.

And in some careers, you can make up to $400,000!

So if you need extra money for your savings account and want to stay in the military, a reenlistment bonus is a great way to get it!

3. Make Rank Faster

If you’re staying in for 20 years more, this is the surest way to make some extra cash fast. But how does one get promoted more quickly? Here are some tips that have helped me along the way:

1. Get to know your superiors. Find out what makes them tick and what their goals and objectives are. Build a relationship with them so they can trust you and your abilities.
2. Be the expert at something. Whether it’s knowing the ins and outs of the regulations or being able to fix anything that breaks, make yourself the go-to person for your particular skill set.
3. Win awards (especially Christmas timeframe). This one is a no-brainer, but be sure to put your name in for every award you’re eligible for, especially around holiday time. Winning packages take work, and most folks want to relax during that time, leaving it a prime window to hit that acceleration button and sneak a victory.
4. Get good at test taking. In the military, there are always tests to be taken for promotions. If you can ace these tests, it will go a long way in helping you move up the ranks. Use Quizlet to help you score high points.
5. Find a mentor. This is someone who is 4 ranks ahead of you that you can go to for advice and guidance. They can help you navigate the military bureaucracy and point you in the right direction to make you rank faster.
6. Get a high-visibility job. If you want to get noticed, put yourself in a position where you’re front and center. A great way to do this is by becoming the commander’s assistant or taking on other high-profile roles.

By following these tips, you’ll be on your way to earning extra money in the military in no time!

4. Commission

The average officer’s basic pay is twice as much as an enlisted member’s. For example, in 2022, a 10-year E-6 in the military makes $3987, while a 10-year O-5 makes $8318! That’s a lot of money! So how does one become commissioned? See below for some Air Force examples:

• After earning a college or postgraduate degree, you must complete Officer Training School
• Attend the United States Air Force Academy
• Plan to join AFROTC during your college career
• Join the enlisted ranks and work your way up to becoming an officer

There are many benefits to becoming a commissioned officer, not just the extra money. Officers have more power and responsibility than enlisted members, leading to better career opportunities and faster promotions. Commissioning is a good option if you’re looking to make extra money in the military.

5. Get Married

Now, don’t get married just because of the extra cash you will be pouring in (yes, in some scenarios, you could be making a good amount of money). What I’m saying is, if you’re going to tie the knot, you should know a few things:

• Dual BAH. If you’re married to another military member, you could get dual BAH. For example, my wife and I received $2400 for about 7 years! We were able to use that tax-free money to pay off 3 houses!
• Increased BAH (Some call it dependent pay). You could get paid $300 or more a month if you’re married to a civilian.
• FSA (Family Separation Pay.) If you separate from your spouse for a certain amount of time, you could earn $250 or more a month.

So there are a few things to consider if you’re in the military and want to make extra money. You could always get married! 😉

6. COLA

Cost of Living Allowance (COLA) is another good one. I racked up thousands of dollars while I was stationed in Alaska. What is COLA, you ask?

It is a non-taxable allowance meant to compensate for the different living costs stateside or overseas. The purpose of COLA is to adjust purchasing power so that Service members stationed in a high COL stateside area or overseas can buy the same level of goods and services as those in a lower COL location, or CONUS.

Stateside, you can get COLA, but it is usually less than $100 monthly. Overseas you can get over $1,000 a month. The COLA is based on the host country’s economy and the costs associated with maintaining your current lifestyle in that area.

For example, my COLA was about $700 a month, combined with my wife, when I was stationed in Japan. As a result, we accumulated enough money in 3 years to buy our 1st house in full!

So, if you are looking for ways to make money in the military, consider moving to a place where you can get COLA. It is a great way to supplement your income.

7. Geoarbitrage

What a segway, and what the heck is Geoarbitrage?

Besides being a money-making goldmine for enlisted folks, it’s a straightforward concept.

You make more money by working where it costs less to live. 

For example, let’s say you’re in the military and stationed in Maryland. The BAH(Basic Allowance for Housing) for Maryland is very high because the cost of living is also very high. But, if you can find a way to live in a nearby cheaper location, like in Virginia, you can pocket thousands!

That’s what my wife and I did. We made it a purpose to steer our military career to Maryland. We got there, found a cheap neighborhood, and began to rack up the bank! Over about 10 years, we saved up enough to pay off 3 houses in full. And those 3 houses are now valued at about $900,000!

Do yourself a favor. Do research on high BAH locations. Network with influential decision makers, then move to the location of choice and make that money!

8. Deploy

During a deployment, you can make extra money in several ways. 

1. The Family Separation Allowance (FSA) is given to service members during significant family separation and can be worth up to $250 per month.
2. Service members who serve within an officially declared hostile fire/imminent danger zone are eligible to receive Hostile Fire/Imminent Danger Pay. Those who serve in a designated hostile fire/imminent danger area and meet the criteria can receive $225 per month.
3. Hardship Duty Pay. The amount for Hardship Duty Pay is determined by the level of hardship. There are three designations, and payments are made in $50, $100, or $150 increments per month, depending on the degree of hardship.
4. Assignment Incentive Pay can be worth up to $3,000 per month.
5. Per Diem. Which can amount to $800 per day.

So, deployment is definitely the way to go if you’re looking to make some extra money!

9. Go TDY

What is TDY? 

Temporary Duty (TDY) is defined as official travel away from an employee’s official duty station, which is performed incident to the employee’s duties. An employee on TDY travel status is in a travel status away from the official duty station for a period not to exceed one year and is expected to go back to the official duty station at the end of the assignment.

There are many ways to make extra money while in the military, but one of the best and most popular ways is to go TDY.

TDY offers many benefits and advantages, including: 

• Just like a deployment, you can make money with Per Diem: When you go TDY, you can make significantly more than you would if you were stationed at your home base. This is because TDY assignments often come with higher pay rates and allowances, such as per diem, which can sometimes be up to $800 daily.
• The same goes for Family Separation Pay: If you have a family, you may be eligible for Family Separation Allowance (FSA), which is an extra $250 per month.

I personally made thousands of dollars during my career going TDY. I had great experiences meeting new people and going to new places. If you want to make some extra money, I highly recommend looking into TDY assignments.

10. Sell Your Leave

Sell your hard-earned leave? Why would you want to do that!?!

Honestly, some folks are extremely busy and can’t take time off. And if you’re one of those folks, you should know you could make a few bucks doing so. But how much?

The formula is your base pay, divided by 30 times the number of days you sell, minus taxes. So if you make $2,000 a month and sell 10 days of leave, that’s $666.67 before taxes.

Not too shabby!

Of course, you’ll need to check with your chain of command to make sure selling leave is allowed in your situation. But if it is, and you’re looking to make a little extra money, this could be an excellent option!

11. Clothing Allowance

You don’t earn too much in this one, but every penny counts.

You get a lump sum for most services after basic training, and then you get an annual payment of around $300 or $400.

Yes, I know, not a lot, BUT you don’t need to spend that every year. As I type this, I’ve been in over 17 years and have spent probably around $1,000 on uniforms.

Get the bare minimum and pocket the rest!

12. Learn A Language

You can learn up to $1,000 extra monthly in the military if you know specific languages!

And what’s even better is that you can use Rocket Languages to learn a new language.

Rocket Languages offers a comprehensive and affordable language learning experience that is perfect for busy people on the go. With over 100 hours of audio and video lessons, interactive exercises, and cultural activities, you’ll be able to learn a new language in no time!

13. Use Grants

Free Money!

I know a guy who got over $10,000 a year while getting a FREE college degree while in the Air Force. 

But how is that possible!?!

Grants. And there are countless of them. But here are a few to consider:

• Air Force Aid Society General Henry H. Arnold Education Grant
• Briarcliffe College Online Yellow Ribbon Grant
• Columbia College Military Spouse Tuition Grant
• Iraq and Afghanistan Service Grant
• Military Spouse Career Advancement

Many opportunities exist for veterans and their military spouses to make money while serving our country. So don’t miss out on your chance to make extra money. Use grants!

14. House Hack

If you’re looking for ways to make extra money, house hacking is an excellent option for military service members. House hacking is when you buy a property and then rent out part of it to offset your costs. For example, you could buy a single-family home, rent a room, or remodel the basement or attic into a small apartment unit.

There are many benefits to house hacking, including the fact that it can help you build equity and make money from your investment.

So what are you waiting for? Start house hacking today and make some extra money!

15. Get SNAP

This isn’t the ideal option, but if you are in dire need, Supplemental Nutrition Assistance Program (SNAP) is a way to make some extra funds. The amount you can get varies each month, which can help with groceries and other necessary expenses.

To be eligible, you’ll need to meet some income standards and have little to no money in the bank. The best way to check and see if you are eligible is by using the SNAP pre-screening tool. If you are, great! The next step is to fill out an application.

You can do this online, over the phone, or in person. Once approved, you’ll start receiving benefits within 30 days. Remember, this money is for food expenses, so don’t go crazy at the grocery store!

Also, imminent danger pay, hostile fire pay, and combat pay do not count as income for SNAP. However, all other compensation and allowances are considered income.

So, there you have it. If you find yourself in a tough spot financially, SNAP might be able to help you out. Just remember to use the money wisely and only for food expenses.

16. Side Hustles

And last but not least, side hustles!

Man, oh man, this is my favorite for military folks because there’s a side hustle for every rank:

• Junior enlisted with a little less on their plate can use apps like Steady to find gig jobs around town in their spare time.
• Middle enlisted can probably start their own blog with Bluehost and start raking in cash!
• Senior enlisted leaders can hop on Fiver and sell their experience and writing skills to earn some extra cash flow.

No matter the rank or service, they’re a side hustle out there for you.

So pick one and start making it rain!

FAQ

Can you make extra money while in the military?

Yes! There are several ways to make extra money while serving in the military. For example, you can use grants to pay for school or start a side hustle to make some extra cash.

How do military members make extra income?

There are a few different ways that military personnel can make extra money. One way is to get a second job after their military duties. Another way is to find a side hustle that they can do in their spare time.

Can I have a side job while in the military?

A part-time job like weekend work at home depot, yes. A full-time job no. Also, make sure it does not interfere with your ability to complete your military service duties.

Can you own a business while in the military?

Military members can certainly own small businesses during their years of service. In fact, many people find that starting a business is a great way to earn extra money and gain job security.

How much extra money can you make on a deployment?

You can make over $1,000 a month or more when combing all the special pay benefits such as hazard duty pay, family separation, and per diem. To earn some tax-free money, throw it in a thrift savings plan, at watch it grow.

Summary

So there you have it! 16 easy ways to make extra money while enlisted. Now go out there and get started! Each of these methods can help you build your nest egg so that when your enlistment is up, you’ll be in a much better place financially. We hope this article has been helpful and wish you the best of luck as you pursue extra income during your time in the military.

Related Articles:

• How To Become A Military Millionaire (3 Simple Steps)
• 22 Ways To Save Money While Enlisted (By rank)
• How To Make Money Selling Photos of Yourself (Easy Sidehustle)

Which way will you make extra money while enlisted? We’d love to hear from you in the comments below!