What is the best course of action for the extra money from a deployment?

LTC Private RallyPoint Member — Fri, 05 Dec 2014 04:49:39 -0500

Soldiers (Officers/NCOs/Junior Enlisted) consistently blow large amounts of money when they get home from a deployment, because they think they owe it to themselves. I have my ideas on what to do/not do with the extra money from deployments, but I would like more ideas to share with the soldiers that I am currently deployed with.

Response by PO1 Private RallyPoint Member made Dec 5 at 2014 5:23 AM

PO1 Private RallyPoint Member — Fri, 05 Dec 2014 05:23:14 -0500

Enotions speak oftentimes more than logic upon returning from deployment. Unless one takes his time before returning, sets aside a sum that he will spend without regret, the binge-spending will continue.

I was tempted to do the same after my first deployment, but glad that I conducted a self-assessment on pre-setting my limits on concert and a restaurant and that's it while watching my counterparts blow it all away

Response by CPT Private RallyPoint Member made Dec 5 at 2014 6:01 AM

CPT Private RallyPoint Member — Fri, 05 Dec 2014 06:01:34 -0500

simply having a plan is the best way to prepare to for large sums of money. You can plan to blow some of it as you may feel you are entitled to it but knowing your limits will save you in the long run. Staying the course will result in wealth and not "I don't know what I did with all that money" after you are broke 2 months after you get back.

Response by MSG Wade Huffman made Dec 5 at 2014 7:08 AM

MSG Wade Huffman — Fri, 05 Dec 2014 07:08:25 -0500

I retired shortly after my deployment to Afghanistan and a good chunk of the money was put to good use (IMHO) as a down payment for our home.
Bottom line is to set financial goals and have a plan to get there. Everyones situation is different.

Response by CW5 Private RallyPoint Member made Dec 5 at 2014 7:16 AM

CW5 Private RallyPoint Member — Fri, 05 Dec 2014 07:16:50 -0500

Bank or invest most of it, LTC Private RallyPoint Member, then go out and have a good time or buy yourself that big screen TV you've been wanting with what's left over. You'll be glad you did!

Response by SFC Private RallyPoint Member made Dec 5 at 2014 12:48 PM

SFC Private RallyPoint Member — Fri, 05 Dec 2014 12:48:08 -0500

I try my best to in courage Soldiers not spend it all once they return but to save and invest after paying off any debt. I also tell them to use some of the money they received to take a small trip for themselves or they're family.

Response by PO2 Corey Ferretti made Dec 5 at 2014 1:38 PM

PO2 Corey Ferretti — Fri, 05 Dec 2014 13:38:28 -0500

I payed down debt to zero. i wish i would of taken what was left to build a savings and invest. the dumbest thing i did was buy a ton of fishing equipment great at the time but now i dont fish as much.

Response by SGT James Elphick made Jan 21 at 2015 6:33 PM

SGT James Elphick — Wed, 21 Jan 2015 18:33:56 -0500

Save/invest it for after they ETS. It will ease the transition if they have something to fall back on, I know it did for me.