Responses: 66
I like the answers the first couple of people said especially SGT Aaron Kennedy. I constantly preach to the new Soldiers daily to start a TSP and save while you are still young. You can save $500.00 a month, which is $250.00 on 1st & 15th that you will not miss. The average young Soldier these days can blow 500 or more on any given weekend at the bar, club, strip joint or PX....... Something else to look at and consider is Roth IRA and stocks........... I remember someone was talking to me about investing in the bitcoin stock 7 to 8 years ago when it first came out. I looked it up and saw it was 5 cents a share. I didn't know anything about this bitcoin or crypto currency as we know today. If I would have listened to the person and just invested $50.00, I would be a millionaire today. If I were you, I would listen to some of the things these guys are saying.
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No tabacco use. You can buy a cheap car for the cost of smokes and chew. Save a little money every payday. Little money add up to bigger money in time. Wait until you can afford toys.
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Most of these are great answers. You should check out Dave Ramsey Financial Peace University. https://www.daveramsey.com/fpu
It is awesome and has a lot of great ways to stay on top of your finances. Just like anything plan the work and work the plan. Best of Luck!
It is awesome and has a lot of great ways to stay on top of your finances. Just like anything plan the work and work the plan. Best of Luck!
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Investments have been mentioned: TSP, ROTH IRAs, gold, possibly rental properties as you obtain rank/grade. I recommend getting a credit card like one offered from USAA that gives you points. The program is called the Eagle Points Program. I use my USAA card for every purchase. (American Airlines has a great credit card as well). It gets payed off monthly. At the end of the month I get hundreds or thousands of points. Those points are redeemable at hotels, airlines, cruises, restaurants, etc. I also use every discount I can such as GroupOn. Learn to live by not paying full price. I'm not saying to buy cheap. You buy quality once. And last: in whatever profession you choose if and when you advance and get a raise don't use it. You never had that money so invest it. Being financially secure will give you incredible confidence and conversely having poor financial decisions will utterly wreck havoc on your career and those around you.
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If you don't have a long credit history because of age, you can always get an AAFES star card and pay on time to build your credit. If you plan on making the military a career, you can enroll in the Thrift Savings Plan (TSP).
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