What financial tips would you give yourself straight out of boot camp?

RallyPoint News — Mon, 05 Aug 2019 12:38:10 -0400

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Response by SFC David Reid, M.S, PHR, SHRM-CP, DTM made Aug 5 at 2019 12:44 PM

SFC David Reid, M.S, PHR, SHRM-CP, DTM — Mon, 05 Aug 2019 12:44:45 -0400

Save some of your money, at least 50%.

Response by SGT David A. 'Cowboy' Groth made Aug 5 at 2019 12:48 PM

SGT David A. 'Cowboy' Groth — Mon, 05 Aug 2019 12:48:23 -0400

Stay in for the maximum amount of time, and go to as many schools as possible

Response by COL David Turk made Aug 5 at 2019 12:53 PM

COL David Turk — Mon, 05 Aug 2019 12:53:17 -0400

1. Don’t lend anyone money if you expect to get it back. 2. Don’t run up debt. 3. Spend only what you absolutely have to, saving the rest. 4. Delay “rewarding” yourself/family, until you have a stabilized tour and an emergency nest egg.

Response by MAJ Ken Landgren made Aug 5 at 2019 2:35 PM

MAJ Ken Landgren — Mon, 05 Aug 2019 14:35:48 -0400

Save and invest.

Response by PO1 John Johnson made Aug 5 at 2019 2:54 PM

PO1 John Johnson — Mon, 05 Aug 2019 14:54:27 -0400

Don't run straight out the post gate with your first paycheck and buy a 5.0 Mustang at 18% interest (not that I did that; I'm just sayin)!

Response by Maj John Bell made Aug 5 at 2019 2:57 PM

Maj John Bell — Mon, 05 Aug 2019 14:57:42 -0400

1) Know the difference between "nice to have" and "need to have." If you think you really need something... research it. Know what it costs brand new. Then, checkout the thrift shops, auctions, yard sales, classifieds, and craigslist before you buy new. What ever you save by buying used... bank half.
2) Never go into debt for "nice to have."
3) If you absolutely cannot bank 15% of your take home pay... you are living too large. [10% into emergency savings, 5% into "fun stuff" savings]
4) When an emergency comes up... empty the fun stuff savings first.
5) When you have 6 months pay in your emergency account, put any extra into an investment portfolio, NOT the "fun stuff" account.
6) If you have a credit card with an outstanding balance, kill the balance. Even if it empties your emergency balance.
7) Your credit card limit should never be above 1 months take home pay. Never allow a financial institution to increase your credit card limit.
8) When you vacation, take whatever you budget is and pay that into the credit card. You will have a positive balance. During the vacation, periodically check the balance. When it hits zero, you are done... go home.

Response by SSG(P) Private RallyPoint Member made Aug 5 at 2019 5:12 PM

SSG(P) Private RallyPoint Member — Mon, 05 Aug 2019 17:12:21 -0400

Invest it. Whether it's a savings account with a decent interest rate or start your own 401K of some sort.

Find a job, keep the job, don't rely on "military background" on the resume to get you anywhere. Use that as a basis if need be but show your own discipline. Job hoping is never a financially stable move.

Imagine you do not have a credit card and you have no way of relieving debt, treat every purchase as if its cash only. Eventually you may start to make it a habit to only buy what you need to get buy and find yourself with extra money left over. It will add up.

See what the military can offer and confirm against your contract. School tuition reimbursement, extra monthly funds for being in school, loan reimbursement, etc.

Stay in shape. Sure you don't need to spend on a gym membership but you can cut a lot of potential costs in illness and injury if you keep active and moving.

Response by CW2 Michael Bodnar made Aug 7 at 2019 9:06 AM

CW2 Michael Bodnar — Wed, 07 Aug 2019 09:06:52 -0400

Pretty loaded question but here are my initial thoughts. Don't spend all of your money once you get paid. Save at least 10% by putting into Roth IRA's or a high interest savings account. Work to get promoted as quickly and efficiently as you can. Lastly, enroll in college courses and earn your degree because it will open some doors for you.

Response by 1SG Private RallyPoint Member made Aug 8 at 2019 10:41 AM

1SG Private RallyPoint Member — Thu, 08 Aug 2019 10:41:30 -0400

Stay away from the Star Card, and invest more for retirement.

Response by SSG Rick Austin made Aug 8 at 2019 9:12 PM

SSG Rick Austin — Thu, 08 Aug 2019 21:12:21 -0400

Buy War Bonds...man. I'm old...

Response by SSgt Boyd Herrst made Aug 8 at 2019 10:41 PM

SSgt Boyd Herrst — Thu, 08 Aug 2019 22:41:14 -0400

You have your pay going to
Your account.. you have a promotion coming up.. When it happens put the new difference in a Reserve and forget it !
Annual pay raise ? To special share and forget it.. another promotion? Put part of in special share and forget.. you be surprised how much you accumulated after awhile! Don’t forget savings bonds !

Response by PO1 H Gene Lawrence made Aug 9 at 2019 1:05 PM

PO1 H Gene Lawrence — Fri, 09 Aug 2019 13:05:10 -0400

Give ten percent to God, save ten percent in an untouchable account before buying anything.

Response by SFC Jay Thompson made Aug 14 at 2019 8:50 AM

SFC Jay Thompson — Wed, 14 Aug 2019 08:50:44 -0400

The fun part for new recruits is that they have access to the internet and investing right out of the box on their phone (and everyone has a phone now) Start an account (etrade swab etc) and get 10% of your check deposited!

Response by SFC Scott Higgins made Aug 14 at 2019 12:13 PM

SFC Scott Higgins — Wed, 14 Aug 2019 12:13:56 -0400

1. Save at least 10% of your paycheck
2. Buy Savings Bonds - have them purchased right out of your paycheck each month.
3. Set an allotment to go to a savings account right out of your paycheck each month. (See #1)

Response by LTC Private RallyPoint Member made Aug 15 at 2019 10:01 AM

LTC Private RallyPoint Member — Thu, 15 Aug 2019 10:01:24 -0400

Always have a plan to get out. Get out it that plan makes more sense than staying in

Response by SFC Christopher Taggart made Aug 18 at 2019 9:45 PM

SFC Christopher Taggart — Sun, 18 Aug 2019 21:45:43 -0400

Stay out of debt...if you have debts...pay them off!

Response by SGT Private RallyPoint Member made Aug 21 at 2019 4:35 PM

SGT Private RallyPoint Member — Wed, 21 Aug 2019 16:35:07 -0400

Save everything, you live for free in the barracks, and the military will provide all essentials.

Response by SGT Steve Harvin made Jan 29 at 2020 7:26 PM

SGT Steve Harvin — Wed, 29 Jan 2020 19:26:14 -0500

Save your money and don’t bye a car or get credit cards

Response by SGT Rickey Sartin made Jan 29 at 2020 7:39 PM

SGT Rickey Sartin — Wed, 29 Jan 2020 19:39:17 -0500

To Retire

Response by PO1 Eric Morgan made Jan 29 at 2020 7:42 PM

PO1 Eric Morgan — Wed, 29 Jan 2020 19:42:27 -0500

Save as much as you possibly can and stay in as long as you possibly can (hopefully until retirement). Take every class that is offered to you and ask about those that have not been outright offered. If you save half of your pay, from bootcamp until separation, or retirement, you will have many opportunities open to you and will be in a much better place to make those decisions. When asked about the G.I. Bill, SIGN UP FOR IT AND DO NOT TURN IT DOWN FOR ANY REASON!!!

Response by SGT Gary Johnson made Jan 29 at 2020 7:50 PM

SGT Gary Johnson — Wed, 29 Jan 2020 19:50:32 -0500

put money aside for your future

Response by SSG Lourdes A Negron Torres made Jan 29 at 2020 8:05 PM

SSG Lourdes A Negron Torres — Wed, 29 Jan 2020 20:05:13 -0500

Save and be wise

Response by SPC Private RallyPoint Member made Jan 29 at 2020 8:57 PM

SPC Private RallyPoint Member — Wed, 29 Jan 2020 20:57:02 -0500

Pace yourself & be patient--budget for everything. Don't forget to include yourself as a budget line item--you will spend more if you're suffering from deprivation. Credit is not the answer (it can be sometimes, but only at strategic moments). Don't borrow for something just because you are too impatient to save for it.

Response by MSgt Jason Babcock made Jan 29 at 2020 9:04 PM

MSgt Jason Babcock — Wed, 29 Jan 2020 21:04:42 -0500

Go to your family readiness center to get a budgeting class. I highly recommend finding a money management class like Money Matters to get your lifelong financial plan going. Even if you are not a church person the money matters principals can help you lead a debt free life. Giving all that interest to a bank is such a waste. Stick to it.

Response by PV2 Richard Bengoechea made Jan 29 at 2020 9:22 PM

PV2 Richard Bengoechea — Wed, 29 Jan 2020 21:22:39 -0500

I am setting up the account for my elderly father. What credit union can he join?

Response by Sgt Demetras Puckett made Jan 29 at 2020 9:27 PM

Sgt Demetras Puckett — Wed, 29 Jan 2020 21:27:53 -0500

Don't rush through life....

Response by SFC Terry Demieville made Jan 29 at 2020 9:46 PM

SFC Terry Demieville — Wed, 29 Jan 2020 21:46:53 -0500

1. Find out who Dave Ramsey is and follow his advice to achieve financial peace. Whether you are a Christian or not his Financial Peace University will teach you how to budget your money and save for your future. Some credit unions will give the course for free and several churches give free courses to people who can't afford the course so check around.
2. Get and stay debt free so that when you have hard times they won't be so hard financially. http://www.daveramsey.com
3. No matter what never co-sign for anyone and don't ask someone else to co-sign for you. You are responsible for the debt if they don't pay.
4. Stay away from the Title loans and other fly by night loan companies that charge high-interest rates as once they have you it's hard to pay them off, especially on military pay.
5. Be careful who you ask to take care of your finances while you are deployed as they may take the money and run. Use autopay when possible.
6. Don't loan money to co-workers unless you are ready to just give it to them if they don't pay it back. It creates hard feelings.
7. Don't buy insurance or anything else from someone that shows up at the barracks. They are not always legit.
8. Don't buy a "company car", thats a car that has been sold several times within the same company.
They are already worn out and will cost you tons to repair.
9. Don't go to a major store, open a credit card, buy an expensive item and then take it straight to the pawn shop for cash. That never works in your favor.
10. Do not spend more money than you have in the bank. Overdraft charges will eat your lunch.
Make sure you know how to use a check register. If you don't know how most banks will be glad to teach you how.
Best of luck.

www.daveramsey.com

Response by SPC Joseph Terrana made Jan 29 at 2020 9:47 PM

SPC Joseph Terrana — Wed, 29 Jan 2020 21:47:02 -0500

Set realistic goals

Response by SPC John Talbott made Jan 29 at 2020 10:09 PM

SPC John Talbott — Wed, 29 Jan 2020 22:09:44 -0500

You don't really need that new 1986 Jeep Renegade and Darth Vader costume. Invest and DON'T Marry her!

Response by SPC John Talbott made Jan 29 at 2020 10:10 PM

SPC John Talbott — Wed, 29 Jan 2020 22:10:45 -0500

Don't buy that new 1986 Renegade CJ-7 and whatever you do DON'T marry her.

Response by SrA Amanda Jackson made Jan 29 at 2020 10:41 PM

SrA Amanda Jackson — Wed, 29 Jan 2020 22:41:06 -0500

Save a little here and there if you can and invest!!! This helps out tremendously when you or if you ever get out. Or when govt shut down happens. But seriously, save your money if you can.

Response by PO1 Joaquin Romero made Jan 29 at 2020 11:25 PM

PO1 Joaquin Romero — Wed, 29 Jan 2020 23:25:30 -0500

Don!t spend your money foolishly, try to save or buy savings bonds and do not touch them till you for at least 10 years. Never question your orders.

Response by Sgt Ralph Winslow made Jan 30 at 2020 12:32 AM

Sgt Ralph Winslow — Thu, 30 Jan 2020 00:32:46 -0500

Never, ever borrow money.

Response by SGT Bradley Dillon made Jan 30 at 2020 5:10 AM

SGT Bradley Dillon — Thu, 30 Jan 2020 05:10:26 -0500

Stay away from the “Party Animals”, believe me I know from experience

Response by CW3 Thomas Gray made Jan 30 at 2020 6:10 AM

CW3 Thomas Gray — Thu, 30 Jan 2020 06:10:21 -0500

Max out the TSP and get into a college savings plan.

Response by SP5 Thomas Felton made Jan 30 at 2020 7:29 AM

SP5 Thomas Felton — Thu, 30 Jan 2020 07:29:43 -0500

Hello I had a pass balance with navy federal. How can I get back on my feet with them.

Response by CPT Private RallyPoint Member made Jan 30 at 2020 8:15 AM

CPT Private RallyPoint Member — Thu, 30 Jan 2020 08:15:25 -0500

Invest in education, mutual funds and retirement. And dont pick Ft. Bliss as a station of choice

Response by PO1 William Quinn made Jan 30 at 2020 9:55 AM

PO1 William Quinn — Thu, 30 Jan 2020 09:55:23 -0500

Love my Service Dog, Heather. NFCU helps with a saving account for her donations.

Response by PO2 Private RallyPoint Member made Jan 30 at 2020 10:04 AM

PO2 Private RallyPoint Member — Thu, 30 Jan 2020 10:04:58 -0500

Contribute 10% (or more) to the tsp

Response by PVT Danny Hildebrant made Jan 30 at 2020 10:34 AM

PVT Danny Hildebrant — Thu, 30 Jan 2020 10:34:23 -0500

If I can receive a little amount for my house rent. I have no house of my own but only renting in the amount of $400/mo. living together with my wife, in a little house.

Response by Cpl James Harvey made Jan 30 at 2020 9:13 PM

Cpl James Harvey — Thu, 30 Jan 2020 21:13:14 -0500

The best credit is money in the bank.

Response by Capt Thom Dressler made Jan 31 at 2020 7:00 PM

Capt Thom Dressler — Fri, 31 Jan 2020 19:00:28 -0500

Check your credit score daily. Correct any errors right away.

Response by CPO Heidi Cermak made Feb 1 at 2020 9:35 AM

CPO Heidi Cermak — Sat, 01 Feb 2020 09:35:43 -0500

avoid credit cards and buying a car until you have a decent down payment on a certified vehicle. USe navy federals car buying business to help find a good reliable car.

Response by MSG Private RallyPoint Member made Feb 1 at 2020 9:22 PM

MSG Private RallyPoint Member — Sat, 01 Feb 2020 21:22:23 -0500

Put the maximum amount into your TSP. Choose the best TSP plan for you. Talk to your fellow service members about TSP. Not only your peers, but your seniors and juniors. You never know what a person did before they joined the military and they could have some expertise or life experiences to share.

Response by SGT Ray Puffenbarger made Feb 3 at 2020 2:47 PM

SGT Ray Puffenbarger — Mon, 03 Feb 2020 14:47:24 -0500

Don't get indebted to the Military Star Card/exchange credit program. It followed me for over ten years after service and I almost missed out on buying my first house because I wanted to buy a gold chain and cross pendant in South Korea when I was 20 years old.

Response by SGT Ray Puffenbarger made Feb 3 at 2020 2:48 PM

SGT Ray Puffenbarger — Mon, 03 Feb 2020 14:48:51 -0500

You're worth it! Pay yourself ten percent per check (into a savings account). You'll miss it less now than you will miss not having done it later. Believe that.