What is the worst financial mistake that you made in the military?

2022-07-29T15:33:47-04:00

From PFC to LT, being a new servicemember is full of regretful decisions. Navy Mutual’s experienced professionals understand the situations servicemembers face and can help you make the right decisions for the future.

Response by Lt Col Charlie Brown made Aug 1 at 2022 9:55 AM

2022-08-01T09:55:43-04:00

Great resources for newcomers

Response by SGT Private RallyPoint Member made Aug 3 at 2022 12:30 AM

2022-08-03T00:30:38-04:00

didn't make enough $$$ to make much of a mistake...

Response by SFC Joe S. Davis Jr., MSM, DSL made Aug 4 at 2022 1:45 PM

2022-08-04T13:45:33-04:00

thanks for sharing

Response by PFC Edgar Mosier made Aug 7 at 2022 5:51 PM

2022-08-07T17:51:58-04:00

I don't like to say so, but... Marriage.
Seriously, my first wife cheated on me and I paid for that dissolution of marriage.
My second wife got confused (Her brother preferred dresses and makeup.) and I paid to dissolve that union after over a year of separation.
My third wife could have taught Roseanne what make for a NASTY wife and how to be abusive... Again, I paid to escape.
But, I never made any mistake at enjoying the children that I sired. ;-) God & I love those buggers!

Response by TSgt Private RallyPoint Member made Aug 9 at 2022 7:53 AM

2022-08-09T07:53:21-04:00

I re-enlisted to soon. I was a cadet in NCO school (Shake and Bake) at Ft Benning MOS 11F40. I got around $1000 for a six year enlistment. Had I waited a few weeks till graduation with the 11F VRB I would have gotten $10,000.

Response by Sgt Ed Allen made Aug 9 at 2022 10:32 PM

2022-08-09T22:32:27-04:00

In 1984, as a Corporal, I took my wife to Okinawa Japan on a 1-year unaccompanied tour right after we got married. It would probably have been fine except that she spent most of the money buying trinkets and gifts for her family in the states. The gifts didn't cost all that much, but the shipping sure did.

When I got back to the states all I had from my paycheck (which was the day that I flew back stateside, was a single 500-yen coin in my pocket.

If I had made her stay in the US instead of taking her to Japan, I would probably have save a couple thousand with little or no effort.

Response by SGT Private RallyPoint Member made Aug 10 at 2022 3:22 PM

2022-08-10T15:22:59-04:00

Trusting the ex to pay the bills and save the alloted amount.

Response by SFC Joe S. Davis Jr., MSM, DSL made Aug 11 at 2022 8:01 AM

2022-08-11T08:01:44-04:00

thanks for sharing.

Response by 1LT Peter Duston made Aug 17 at 2022 6:20 PM

2022-08-17T18:20:52-04:00

Drinking up too much of my pay until a buddy, later a Bank VP, took over my pay and rationed it out. Thank you Ernest Arvesen! You make it possible to have funds for travel and skiing during our tour in Germany.

Response by SSG Kenneth Drolsum made Aug 20 at 2022 12:52 PM

2022-08-20T12:52:42-04:00

When I first arrived in Germany in 1966 an E-7 advised me buy gold. Gold was around $35/oz. and illegal for US citizens to own at the time. He was buying 1 or 2 ozs. Per month. The stuff looked like a postage stamp in a small plastic case. Of course at the pay level I was at it would have been difficult to enjoy the month without that $35.
I will not even mention the $800 I went through during a three day drunk in San Francisco after arriving back from Vietnam. The glories of being young.

Response by CH (MAJ) Eric Dye made Aug 20 at 2022 5:06 PM

2022-08-20T17:06:32-04:00

Retired too early; but a congregation called me to come and my family did not want to move again; so I retired after 28 years combined enlisted and commissioned time.

Response by COL Randall C. made Aug 26 at 2022 2:30 PM

2022-08-26T14:30:06-04:00

Worst mistake was not saving for the future sooner than I did.

I was a typical college kid back before I went onto active duty - minimum payments on credit cards, took $20 out of the ATM whenever I needed something (assuming there was money there), etc. Lived within my means (mostly), but by no means did I save for the future.

Two things turned that around for me - the first was being shipped to the desert when I was a young shave-tail. It's hard to spend any money when you're in the middle of sand dunes (well, it was back then) for weeks at a time. I was single at the time so basically all the money that came in was used to pay off any debt I had.

The second was the good fortune I had to encounter a more senior officer that was fiscally smart and explained that I should adopt a strategy of "Pay me now, pay me later" any time I got an increase in my pay (promotion, longevity, cost of living, etc). Enjoy 50% of the pay bump ("pay me now") and put the other 50% in to savings of some type (invest it .. buy bonds .. etc).

I never missed the money I put into my future because I never started using it in the present. After 30+ years of doing that, I'm pretty set for the rest of my life.

I always took those lessons to heart and one of the "welcome to the unit" for new troops when I was a commander always included a discussion about financial security and the need to start as soon as possible with whatever can be spared BEFORE discretionary spending.

Response by SSG Elmer Price made Aug 28 at 2022 5:44 PM

2022-08-28T17:44:10-04:00

While stationed in Hawaii 25th Inf division. 1979 Not buying 3 or 4 $30.000 homes as today they sell for $230.000 LOL