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Financial advice for a young military man.

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

  1. Nov 25, 2013 at 8:31 AM
    #81
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    In response to:

    1)Already there, started back in april, i have two separate accounts, one has about 400 w/ 50$ going into it every month and i recently after returning from basic/AIT with my spare money opened another ROTH ira account with USAA and that has 600$ w/ 100$ going into it every month, when next year rolls around i'll increase the increments to 100$ and 150$/month respectively. My scholarship payed for my school so i have a bit of money to throw around after paying bills and such.

    2)As with the credit card, i only use it to pay my internet bill(30$) based on your logic with the 30% i suppose i could buy gas once a month as well and that'll get me around the 100$ mark.

    3)When i know for certain what i plan on spending(I will by january) i will do exactly that, take a sum of money and throw it in the ole' savings account.

    Thanks for the advice! :thumbsup:

    See above post. :cool:
     
  2. Nov 25, 2013 at 8:49 AM
    #82
    BamaToy1997

    BamaToy1997 ASE Master Tech Vendor

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    Just make sure, as far as #1 is concerned, to keep it at a 10% level. That way as your pay increases, your investments ALSO increase, but if you have a bad month, then your 10% matches. ALWAYS keep it at 10% of gross pay. Then, when you finally get married, be sure she does the same.

    You mentioned going into the intelligence sector. If that is a true goal, when you DO get married, make sure your future spouse has a good financial background as well. Security clearances for intelligence don't just look at YOU, they look at your FAMILY.
     
  3. Nov 25, 2013 at 8:57 AM
    #83
    PkTaco

    PkTaco Well-Known Member

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    Seems like you're already doing this but the more diverse your finicial profile is the better. Invest in more then just one forum of retirement savings.

    I don't see the point in not using the credit card for all of your monthly bills that you are already goin to have. For example, I always put my gas, groceries, ect on my credit card. I pay it off in full every month and it is easy to track my spending that way too.
     
  4. Nov 25, 2013 at 9:02 AM
    #84
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    10% huh. i guess if my income isnt increasing(not yet anyway), i'll just leave things the way they are, dont wanna be going too far into the monies, didnt think about it like that.

    My spouse will have good finances, it'll be one of those things that weighs heavily amongst other things of course.
     
  5. Nov 25, 2013 at 9:03 AM
    #85
    ChamYota

    ChamYota [OP] AKA Crash Bandicoot

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    Clemson,South Carolina
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    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...
    well the card i got only has a 300$ limit on it. I do see what you mean, having it one one card, the debit card i use for college has all my stuff on it and i review it everyday.

    My bills will equal close to around 600-700$ after it all said and done
     
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