Building wealth is a financial buzz phrase we hear a lot. We all want a build-up of wealth, but how do we get there and what does that path look like for service members and their families?
In this episode, Jerry Quinn, shares actionable insights for military families looking to build wealth and achieve financial success, what wealth-building means, and practical strategies for saving, investing, and navigating tight budgets.
Jerry is a Colonel in the Army Reserve who has spent more than 30 years working in banking and insurance, specifically on military and veteran financial, housing and career matters in those industries over the last 15 years. He is the Chief Operating Officer of the American Armed Forces Mutual Aid Association (AAFMAA). Established in 1879, AAFMAA now has $23 billion of insurance in force. Since 9/11 AAFMAA has provided more than $1 billion to military and veteran families of the fallen. At AAFMAA, Jerry oversees all aspects of AAFMAA Life Operations, including financial education, member benefits, survivor services and life insurance.
Start with What’s Available: Employer Retirement Plans
One of the easiest ways to begin building wealth is by taking full advantage of employer-sponsored retirement accounts. If you have access to a 401(k), Thrift Savings Plan (TSP), or the Blended Retirement System (for military members), contributing enough to get the employer match should be a top priority.
Why It Matters
- Employer-matched contributions are essentially free money that can grow significantly over time.
- Retirement accounts offer tax advantages that help your money compound faster.
- Getting started early allows even small contributions to accumulate over decades.
Even if you plan to invest elsewhere, maxing out employer benefits first is a smart move.
Related Podcasts: Saving for Retirement with IRAs
Consider Mutual Funds for Simplicity and Diversification
If you’re new to investing, mutual funds provide a straightforward way to get started. Companies like Fidelity, Charles Schwab, and T. Rowe Price offer well-managed funds that require minimal effort while giving you exposure to a diverse mix of investments.
Why Mutual Funds Work
- They provide built-in diversification, lowering your overall risk.
- You can start with as little as $50–$100 per month.
- They are professionally managed, so you don’t need to pick individual stocks.
Related Podcasts: Back to the Basics: Investing Fundamentals
Savings Alone Won’t Build Wealth
Many people feel safest keeping their money in a high-yield savings account, and while it’s useful for an emergency fund, it’s not a long-term wealth-building tool.
The Issue with Relying on Savings
- Savings interest rates often don’t keep up with inflation, meaning your money gradually loses purchasing power.
- Unlike investments, savings accounts don’t benefit from market growth.
Instead, consider balancing liquidity and growth—keep enough cash for emergencies, but invest the rest in assets that can appreciate over time.
Stay Consistent, Even When Markets Are Uncertain
One of the most common mistakes in wealth-building is hesitating to start or pulling out when markets fluctuate. Investing requires patience, and short-term market drops shouldn’t derail a long-term strategy.
A Wealth-Building Mindset
- Focus on time in the market, not timing the market—long-term investing historically yields strong returns.
- Understand risk and diversification—investing in a broad mix of assets helps balance ups and downs.
- Keep learning—financial literacy is key to making informed decisions.
When to Consider a Wealth Advisor
As your financial situation grows more complex, professional guidance can be valuable. While many people can manage their own investments early on, if your net worth exceeds $500,000, it may be worth interviewing financial advisors to help with:
- Investment strategy and tax efficiency
- Estate planning and wealth protection
- Ensuring your portfolio aligns with long-term goals
The Most Important Step: Just Start
One of the biggest barriers to building wealth is simply not getting started. Whether that means contributing to a retirement account, opening a brokerage account, or investing in real estate, the key is to take action.
“If you don’t get started now, you’ll never know what you’re able to achieve.”
Wealth-building isn’t about perfection—it’s about consistency. Start small, learn as you go, and trust the process.
Wrapping Up Building Wealth
Building wealth is a journey that requires consistency, patience, and informed decision-making. Whether you’re starting with employer retirement contributions, exploring mutual funds, or gradually expanding into more sophisticated investments, the key is to take that first step and stay the course. Markets will fluctuate, and financial goals may evolve, but a disciplined approach will always yield better results than inaction. By focusing on long-term growth, making smart financial choices, and continuously learning, you can create lasting financial security for yourself and your family.
Resources From Building Wealth Episode
- AAFMAA (American Armed Forces Mutual Aid Association)
- Blended Retirement System (BRS) Information
- How to Win Friends and Influence People by Dale Carnegie
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