Posted on Dec 3, 2015
Financial advice for a successful military career?
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Military Pay
Finance
Advice
Posted 9 y ago
Responses: 13
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I recommend that each time you get a pay raise that you apply a portion of that money to an investment such as an IRA or a Roth IRA. Set up your retirement account as a monthly allotment SPC(P) (Join to see). This way you will gradually increase your retirement accounts without noticing much difference in your take home pay.
While you are young and healthy purchase a life insurance policy [whole life or some type of equivalent that is not term insurance because premiums on term insurance go over significantly each time you renew - usually at 10 years]. SGLI is great but it is transformed into VGLI term insurance after you leave the service.
While you are young and healthy purchase a life insurance policy [whole life or some type of equivalent that is not term insurance because premiums on term insurance go over significantly each time you renew - usually at 10 years]. SGLI is great but it is transformed into VGLI term insurance after you leave the service.
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1) don't marry a stripper .... That is what my senior chief advised me ....
2) We are not paid that much so don't donated your retirement away. Charity not always involve money. You can donate time, and you may earn a candy (Ribbon) out of it too.
3)TSP TSP TSP.
4) GI BILL GI Bill, my senior chief said:" When you get out of the military and your still don't have a BS degree in a usable major? you are dumper than I thought you are!!"
5)Don't buy high price tag item without a waiting period. mandate yourself to wait a week to buy things that at $XXXX range, and 2 weeks on $XXXX ... blah blah blah.
6)Don't waste money on sex and games. a wife or husband? look at rules 5.
7)Your uniform is cool and attractive! so don't spend money on expensive clothing. plus if your girls or men don't like your uniform ... they aren't suppose to be on your "money spend list" anyway.
8)Car is for commute, not for show off.
9)interest rate and interest rate, learn it and it will serve you well.
10) don't spend money on stripper too :).
2) We are not paid that much so don't donated your retirement away. Charity not always involve money. You can donate time, and you may earn a candy (Ribbon) out of it too.
3)TSP TSP TSP.
4) GI BILL GI Bill, my senior chief said:" When you get out of the military and your still don't have a BS degree in a usable major? you are dumper than I thought you are!!"
5)Don't buy high price tag item without a waiting period. mandate yourself to wait a week to buy things that at $XXXX range, and 2 weeks on $XXXX ... blah blah blah.
6)Don't waste money on sex and games. a wife or husband? look at rules 5.
7)Your uniform is cool and attractive! so don't spend money on expensive clothing. plus if your girls or men don't like your uniform ... they aren't suppose to be on your "money spend list" anyway.
8)Car is for commute, not for show off.
9)interest rate and interest rate, learn it and it will serve you well.
10) don't spend money on stripper too :).
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PO1 (Join to see)
Number 3 especially. I got out of active at 23, didn't go into the reserves until 42. In that time I didn't start saving (401k) until I was about 38. One thing I made sure I did was start sticking a large portion of my drill pay and base pay while on AT into my TSP. In just 10 years of reserve time I've managed to put away about half of what I've done in my Civ. 401k in 14 years.
The TSP is managed VERY well in my opinion. After the crash of '08, I'd recovered most of the losses in less than a year, and was doing VERY well a year after that. My 401k (self managed and I think I've done a good job) took two years to recover the loss, and since 2010 I've wrangled about 15% gains.
The TSP is managed VERY well in my opinion. After the crash of '08, I'd recovered most of the losses in less than a year, and was doing VERY well a year after that. My 401k (self managed and I think I've done a good job) took two years to recover the loss, and since 2010 I've wrangled about 15% gains.
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1. Avoid any car dealership in the same town as the post.
2. Do not believe that a retired Sergeant Major or First Sergeant working for said dealership has your best interests in mind, they do not
3. Do not under any conditions use title loans, pay day loans or check cashing places.
4. Avoid credit card debt if at all possible. Having one that you carry a small balance on and pay off each month will help your credit. The star card never helped mine but when i didn't pay it my credit was impacted so avoid that one too.
5. Any interest rate over 12% should be avoided at all costs
6. SAVE SAVE SAVE SAVE!!!!!!!! I cannot stress this enough. DO NOT TOUCH YOUR SAVINGS UNLESS IT IS AN EMERGENCY!!! I got out after 9 years and had $13K saved up. It was gone on 4 months just to get me established as a civilian. You will at some point leave the Army be it after 4 years or 30 years, but you will eventually leave. Save for this and prepare.
I was a prime example of what not to do since I pretty much did the exact opposite of what I am suggesting. It took me years to fix my credit.
2. Do not believe that a retired Sergeant Major or First Sergeant working for said dealership has your best interests in mind, they do not
3. Do not under any conditions use title loans, pay day loans or check cashing places.
4. Avoid credit card debt if at all possible. Having one that you carry a small balance on and pay off each month will help your credit. The star card never helped mine but when i didn't pay it my credit was impacted so avoid that one too.
5. Any interest rate over 12% should be avoided at all costs
6. SAVE SAVE SAVE SAVE!!!!!!!! I cannot stress this enough. DO NOT TOUCH YOUR SAVINGS UNLESS IT IS AN EMERGENCY!!! I got out after 9 years and had $13K saved up. It was gone on 4 months just to get me established as a civilian. You will at some point leave the Army be it after 4 years or 30 years, but you will eventually leave. Save for this and prepare.
I was a prime example of what not to do since I pretty much did the exact opposite of what I am suggesting. It took me years to fix my credit.
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