As 2016 is right around the corner, do you believe that you can live on a single stream of income?

2015-10-29T14:58:52-04:00

A single stream of income may or may not be enough these days.....

Response by SFC Michael Hasbun made Oct 29 at 2015 2:59 PM

2015-10-29T14:59:54-04:00

Depends on the income.... If I can find a job that doubles my take home pay, sure...

Response by SSgt Private RallyPoint Member made Oct 29 at 2015 3:23 PM

2015-10-29T15:23:53-04:00

My wife and have been doing it for the last 9 years with kids for most of that. She has only recently just started to work again and most of her check covers the child care expenses. Is it hard and do we sometimes struggle, absolutely, but we are happy.

Response by SGT Jeremiah B. made Oct 29 at 2015 4:08 PM

2015-10-29T16:08:10-04:00

It's really going to boil down to where you live and what your non-negotiable expenses are. But as SSgt Private RallyPoint Member points out below - A lot of someone's check is going to go to childcare when there are little ones involved.

In my household, I "just" work two jobs. It means I'm not around much, but we're not paying child care and we can afford to live within a reasonable distance of my kids' school and my job.

Response by SPC Joshua Heath made Oct 29 at 2015 4:35 PM

2015-10-29T16:35:22-04:00

My family already does.

Response by 1stSgt Private RallyPoint Member made Oct 29 at 2015 6:42 PM

2015-10-29T18:42:43-04:00

It would be tough.

Response by Cpl Private RallyPoint Member made Oct 29 at 2015 7:41 PM

2015-10-29T19:41:47-04:00

Yes, but it's getting more difficult. Any major medical procedures next year will most likely wipe out what's left of my savings.

Response by PO3 Sherry Thornburg made Oct 30 at 2015 8:53 AM

2015-10-30T08:53:43-04:00

I've been doing that for most of the last 18 years. It takes careful budgeting, but it can work.

Response by SPC Elijah J. Henry, MBA made Oct 30 at 2015 7:29 PM

2015-10-30T19:29:57-04:00

Yeah, I do. And comfortably. Just don't be stupid with your money.
That is to say, being smart with your money is mostly making a habit of not being stupid with your money.

Response by CW5 Private RallyPoint Member made Oct 31 at 2015 9:34 AM

2015-10-31T09:34:00-04:00

Learn to live within your means, whether it's $20,000 or $200,000, or even $2,000,000. We have two incomes, three if you count my retirement, so I guess that's easy for me to say, but it's a principle, and principles apply no matter the circumstances.

Response by MSgt Asa Anthony Wynn made Oct 31 at 2015 9:54 AM

2015-10-31T09:54:24-04:00

Yes, only if you do not have any unforseen issues. To dig deep, factors influence that belief we don't think about sometimes. We have to weigh in the issues of:
- Medical (increasing after you transition). That includes being disabled to the point that you are unable to get that "good size salary," due to how the employment system is.
- Home (like repairing items)
- Job/Career (ability to make the salary/per hour figure to sustain the basic needs). This includes if that "retirement" check (remember, everybody's check is not the same amount at all) helps is an adequate amount.
- Family (spouse unable to work for medical and/or child situation [to include special needs/disability status]; cheaper for spouse to stay at home with child up to 4 years old)
- or, all three of the above factors.
Points (we need systems to help prepare military people's mindset when they are ready to transition):
- if you are by yourself, for the majority in this category ... yes.
- If you have family ... and have other "things" going on that drains the budget (with inability to actually save money toward your other "retirement" timeframe), then the reality would be "No."

Response by CMSgt James Nolan made Oct 31 at 2015 11:21 AM

2015-10-31T11:21:01-04:00

I put no, because there was no middle ground answer. It depends on the area of the country that you are living. The vast majority of us do not have access to Base facilities and/or housing. If you live in CA, gas is running $3/gallon. Property taxes are 1% of the cost of the house, and real estate in regions can be as much as 10x the rest of the country.

If you are able to pick where you are going to live, then, yes it is definitely possible, you have to be smart with your money, live using a budget (unless your single salary is GIANT).

The key to living securely later on, is to invest in your retirement, early on. An investment of $500 a month at age 20, could result in a retirement fund of multiple millions at full retirement age (60 ish). The earlier you start, and longer it stays, the better off you will be.