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Financial advice for a young military man.

Discussion in 'Military' started by ChamYota, Apr 6, 2013.

  1. Apr 6, 2013 at 12:53 PM
    #1
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    Cam
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    So fellas, as you may know I ship out for boot camp on May 1st. I'll complete my infantry mos to ensure that i'll have the GI bill to use on my future child in the future, the real objective is counter-intel but thats not the point of this thread.

    The question i have is that what financial strategies do y'all have for me so i dont trip and make stupid mistakes that i could have avoided otherwise.

    My financial situation:

    -Truck is paid for (parents) I pay for mods
    -Enrolled at Clemson University. Going to be commissioned as an officer upon graduation.
    -Getting a scholarship to pay for all my tuition upon return from basic/AIT so i will essentially have no debt besides the amount i've already aquired(5-6K) in student loans.
    -I have the LIFE scholarship which is (2.5K/semester) that i'd be getting back in cash every semester
    -The scholarship will be giving me a monthly stipend (350$)
    -When i go to drill one weekend a month that'll be about (220$ish)
    -I plan on living off campus as its cheaper and looking at getting a single bedroom/studio type place for around 375-400$ month without utilites and stuff.


    So, What sorta stuff do i need to start doing to set myself up for success while and after college?

    Cam

    UPDATE: so fellas usaa is a great place indeed and I got 2 very important things done today

    1.got a credit card (300$ limit/and it has a rewards program as well)
    2. Set up a cornerstone moderate mutual fund. (50$/month) which is very reasonable for what I'm getting for my money's work.

    Just wanted to do an update.
     
    Last edited: Apr 11, 2013
  2. Apr 6, 2013 at 3:07 PM
    #2
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    Cam
    Clemson,South Carolina
    Vehicle:
    05 PreRunner AND 82' Toyota P/U 4wd
    H1 Morimoto projector with XB35 4300K bulbs with Mini-gatling gun shrouds, BHLM. Debadged,OEM roof rack,TW sticker,Sockmonkey Beside decals,265/70/16 Nitto terra grapplers with dick cepek DC'2 wheels,weathertech floor liners(front/back),USA Spec Ipod reader,Scanguage II,Bestop Supertopper and more in the works...
    bumping this
     
  3. Apr 6, 2013 at 3:21 PM
    #3
    Catcrazed

    Catcrazed Save a horse ride a Railroader

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    Don't extend your self on credit. Do something to establish credit but don't fall into that I'll always have a paycheck or I'll charge it up this month and pay next month trap. It just adds up " I been there" Start out with a savings account have and amount auto transfer there each paycheck. 10% $50 bucks enuff to build a saving but not so much you'll notice its gone. Deployments and the such are stressfull enuff debit really makes it harder.
    Also debit may have an effect at reinlistment time if you don't have a job lined up you mite stay in just to pay your bills. Don't trap yourself.
    Also wear protection children all over the world are expensive.
    Just keep life simple they issuse you almost everything you need to live. Its hard cause its the first time you'll prob have your real own money and want to buy lots of stuff. But just try to keep it as simpleas you can you don't really need that much. If you pay in cash its your's. Unlike credit where its eventually yours.
    Also the payday scams are big around bases so stay away from that for sure.
     
  4. Apr 6, 2013 at 3:22 PM
    #4
    JNome

    JNome Made in Maine.... Yessah bub!

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    Start right up by signing up with USAA for everything financial, insurance, investing, etc. As a young soon to be ensign, who really wasn't knowledgable of financial stuff, USAA has helped me with any financial question I may have as well as offering advice and great customer service....can't stress this enough. Im sure some more senior folks will chime in on here in a bit.
     
  5. Apr 6, 2013 at 3:33 PM
    #5
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    -Im going to call USAA Monday and set up a small credit card if i can. I'll use it once a month to buy gas.(~50-60$ depending on the station)
    that should establish credit and it'll be good for now until i get a bit more established.

    -Live simply is prob the most important thing that i've taken away from that paragraph, i'll keep that in mind.

    Thanks mate, i'll give them a ring Monday and get something set up.
     
  6. Apr 6, 2013 at 3:34 PM
    #6
    Rupp1

    Rupp1 Well-Known Member

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    Just by thinking about your finances, you are already ahead of the game at your age. Knowledge is power...
     
  7. Apr 6, 2013 at 4:21 PM
    #7
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    H1 Morimoto projector with XB35 4300K bulbs with Mini-gatling gun shrouds, BHLM. Debadged,OEM roof rack,TW sticker,Sockmonkey Beside decals,265/70/16 Nitto terra grapplers with dick cepek DC'2 wheels,weathertech floor liners(front/back),USA Spec Ipod reader,Scanguage II,Bestop Supertopper and more in the works...
    Thanks man, im just trying to get some help sorting out the best way to make sure i dont get over my head early and stuff. :thumbsup:
     
  8. Apr 6, 2013 at 4:24 PM
    #8
    teamamerica

    teamamerica Get off your horse and drink your milk.

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    Yeah man, usaa is your best bet, and have a savings plan and stick to it. I kept breaking in mine all the time and I really don't have shit to show for it. And when you get the credit card for gas, only use it for gas. No exceptions (unless it's life or death)
     
  9. Apr 6, 2013 at 4:26 PM
    #9
    Redfox1

    Redfox1 'Stralia! Riding Roo's and wrangling koalas

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    Can't see your location from my phone. But rent around my school is easily 600 bucks a month without utilities
     
  10. Apr 6, 2013 at 4:33 PM
    #10
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    This is my issue right here.

    I don't know what i need to save for and how much and for how long it needs to be saved.

    My first plan is to get about 1000$ saved and tucked away for a rainy,shitty,messy circumstance, when i get back from basic i'll have that amount tucked away in a mutual fund or something, so it's growing on it's own and if i need it, i'll be able to pull from it,

    I've also been considering taking a percentage of my check (unknown yet) to contribute to my mutual/rainy fucking day fund.

    I've gotta see what my average income is after the summer and what goes in and out before i get ahead of myself.
     
  11. Apr 6, 2013 at 4:34 PM
    #11
    screamineagle68w

    screamineagle68w Roll Tide

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    Hey I shipped out on May 1st last year haha. But you seem to be doing the right thing already, just be smart with your money..and dont make any babies.
     
  12. Apr 6, 2013 at 4:35 PM
    #12
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    H1 Morimoto projector with XB35 4300K bulbs with Mini-gatling gun shrouds, BHLM. Debadged,OEM roof rack,TW sticker,Sockmonkey Beside decals,265/70/16 Nitto terra grapplers with dick cepek DC'2 wheels,weathertech floor liners(front/back),USA Spec Ipod reader,Scanguage II,Bestop Supertopper and more in the works...
    Im in South Carolina. the place im looking at is about 375$/month without internet,water,power. which is what im going to need, im prob looking at close to 500$/month in that respect...

    Thats the plan.:D
     
  13. Apr 6, 2013 at 4:37 PM
    #13
    woode87

    woode87 Well-Known Member

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    This.
     
  14. Apr 6, 2013 at 4:42 PM
    #14
    TacoTT520

    TacoTT520 Active Member

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    dont buy dumb stuff while on pass ($50 of candy because you can, then throw up because of it like i did lol) during your training, idk how many people i saw buying family crest(ancestry) stuff or swords or even the way overpriced ACU bags that are in the PX. Just dont get tricked into anything either, you would think AAFES would look out for soldiers but they'll let any con artist set up a stand. You sound like you have most everything planned out already which is outstanding just stay focused and you'll be okay
     
  15. Apr 6, 2013 at 4:43 PM
    #15
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    H1 Morimoto projector with XB35 4300K bulbs with Mini-gatling gun shrouds, BHLM. Debadged,OEM roof rack,TW sticker,Sockmonkey Beside decals,265/70/16 Nitto terra grapplers with dick cepek DC'2 wheels,weathertech floor liners(front/back),USA Spec Ipod reader,Scanguage II,Bestop Supertopper and more in the works...
    -No Babies. Check.
     
  16. Apr 6, 2013 at 4:43 PM
    #16
    teamamerica

    teamamerica Get off your horse and drink your milk.

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    Shoot for whatever you can afford, mine was 600$ a month (I'm active duty)
     
  17. Apr 6, 2013 at 4:44 PM
    #17
    teamamerica

    teamamerica Get off your horse and drink your milk.

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    Yeah aafes is the biggest piece of shit, don't fall for that dumb shit, or the shirts from basic. It's all a rip off.
     
  18. Apr 6, 2013 at 4:45 PM
    #18
    SCConstable

    SCConstable Member

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    You are on the right path by starting out debt free. Keep it that way. Do not fall for the mantra of debt being normal. Normal in America is broke. Take financial advice from rich people, not your broke neighbor or friends. They are that way for a reason.

    The best advice I can offer is to open a Roth IRA NOW, max it out, and invest it in decent growth stock mutual funds. If you do this now, you will retire with millions. No joke, just the magic of compound interest.

    Thanks for being willing to serve your country!
     
    Last edited: Apr 6, 2013
  19. Apr 6, 2013 at 4:55 PM
    #19
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    I've heard about this but apparently i'll have to do more research, this looks to be an interesting way to make money.

    I see, i'll have to set similar goals, although not on the scale that you're on at the moment lol.

    I aint buying shit they dont tell us to buy. lol
     
  20. Apr 6, 2013 at 5:11 PM
    #20
    Monster Coma

    Monster Coma Well-Known Member

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