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Looking for Financial Advice for Young Soldier

Discussion in 'Military' started by 336, Oct 23, 2012.

  1. Oct 23, 2012 at 9:04 AM
    #1
    336

    336 [OP] Well-Known Member

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    Hey guys, I'm new here. Over from Clubfrontier.. Love the site and I spend more time here than on CF. I'm looking at getting a Tacoma but would like some insight from other military members.

    I leave for Army Basic training next Sunday (Nov 4). I've been reading a lot about investing and being smart with money. If you could go back to my position, 18, single, no bills, no credit, just a clean slate what would you do? I really would like a Tacoma, but feel like I should hold off.

    Basically I'm seeking advice in all areas of finance and how to benefit the most from military pay.

    I drive a 2006 Nissan Frontier, it's close to paid off. My first vehicle bought by my parents, mods bought by me. My MOS is 35G - Imagery Analyst for those wandering. Pic of my truck...
    [​IMG]
     
  2. Oct 23, 2012 at 9:08 AM
    #2
    Delmarva

    Delmarva Mayor of TW

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    Welcome to TW :wave:

    Keep the Fronty until it dies... bills are no fun and having a vehicle that is paid off is well worth it... :)
     
  3. Oct 23, 2012 at 9:08 AM
    #3
    acdronin

    acdronin Well-Known Member

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    As an investment towards a reliable vehicle you can't go wrong with a Tacoma, they hold their value well and a well-cared for used truck is going to be a lot cheaper than new. Maybe you could try to sell the Fronty before you leave for BT, or sell it after BT and save the $ towards something nice in a Tacoma.
     
  4. Oct 23, 2012 at 9:09 AM
    #4
    KCDuran

    KCDuran Stormtrooper

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    Honestly if you don't have any credit.... I'd save your money. Start saving get a credit card and use that as a bank card and pay it off every month. Buying a new truck or car is always a fun thought and a big decision. The question you should ask yourself is, "do I need a new/newer truck? If I do, why?"

    Every time I buy anything I always do a pro and con list... Other than buying uniforms because I need stuff that isn't trashy cut up or dingy.....

    I hope that helps...Also invest in a Roth IRA.... Do small things
     
  5. Oct 23, 2012 at 9:10 AM
    #5
    BuzzardsGottaEat

    BuzzardsGottaEat "Pick up some speed.. You'll make it."

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    For real man, spend as little as possible. Don't go out boozing, don't blow it all on nice gear, and watches and glasses and clothes or something gay like a lot of my guys did. This is my advice to you. Be that guy that won't spend unless it's something you need. Hold off on buying the truck, keep yours for now. When you have a few years in and big chunk of change saved up (it adds up quick with little to no bills) then start shopping for that good deal. Whether you do 4 years or 20, start saving every penny now and you will be happy you did later.
     
  6. Oct 23, 2012 at 9:10 AM
    #6
    KCDuran

    KCDuran Stormtrooper

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    Also when you get out of basic get with USAA ASAP. They will always help you out and give some suggestions as well.
     
  7. Oct 23, 2012 at 9:20 AM
    #7
    336

    336 [OP] Well-Known Member

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    Sweet guys. Thanks for the warm welcome.

    Starting a Roth IRA account is at the top of my list. Signed the paperwork for a credit card today so that will be here soon, figured it would be smart to use it, and pay it off each month to build my credit.

    The way I look at is if I upgrade vehicles then I won't be buying a house soon. If I keep the Frontier then I may be able to get a small house and rent it out to friends that will be graduating college. I should be able to control myself, I'm pretty smart about things and only spend when needed. I'll be without my truck for so long anyways... my AIT is 21 weeks in AZ.
     
  8. Oct 23, 2012 at 9:25 AM
    #8
    KCDuran

    KCDuran Stormtrooper

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    Do you know where you're going to be stationed? GL on the house thing THAT is a scary investment I hope you trust the people living there. By the way thank you for your decision to serve my friend :cool:
     
  9. Oct 23, 2012 at 9:26 AM
    #9
    Delmarva

    Delmarva Mayor of TW

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    have fun at huachuca... it's a giant shithole.. :thumbsup:

    :D
     
  10. Oct 23, 2012 at 9:34 AM
    #10
    336

    336 [OP] Well-Known Member

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    ^ Fort Jackson for Basic, and then Fort Huachuca for AIT.


    Haha fuck... that's not reassuring at all :p

    Haha I guess the Frontier will get some TLC during it's time at home. Yes the house is a scary investment, but I have believe if I bought a quality "small" home I could get renters. At least that's the plan lol...
     
  11. Oct 23, 2012 at 9:37 AM
    #11
    KCDuran

    KCDuran Stormtrooper

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    Good luck my friend have fun at basic :D lol
     
  12. Oct 23, 2012 at 9:38 AM
    #12
    336

    336 [OP] Well-Known Member

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    Haha I think I'll be fine physically. It sucks cause it will take 12 weeks to finish instead of 10.. fucking Christmas exodus....
     
  13. Oct 23, 2012 at 9:42 AM
    #13
    KCDuran

    KCDuran Stormtrooper

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    Anyone can so it physically (I'd hope) but its all about that mental f*** they give you. Buddy of mine went through army bmt as an officer select and he told me he had a lot of fun and got to shoot and get qual'd on a bunch of weapons. Enjoy your time. And stay mentally sharp, remember this, it's all a game and you need to figure out how to play it well. Also don't screw over your people in the process.
     
  14. Oct 23, 2012 at 9:48 AM
    #14
    bash42

    bash42 Well-Known Member

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    this is simply not true....people are paying close to new prices for trucks that are 2 years old. Honestly, just drive the nissan until it dies, save your money for other things. You have the rest of your life to be in debt and worry about bills. the frontiers are nice trucks!
     
  15. Oct 23, 2012 at 9:49 AM
    #15
    336

    336 [OP] Well-Known Member

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    Yeah that's what I heard. It's all a game and you must play it well. Which is nice because that's how I've always viewed life in general, a big game. The anticipation is worse than the nervousness.
     
  16. Oct 23, 2012 at 10:02 AM
    #16
    MudFlap

    MudFlap Well-Known Member

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    I agree, keep your Fronty and enjoy not making payments for a while (I know its not QUITE paid off YET but still......)

    The one thing I would advise you to do, cause nobody taught me the importance. TAKE CARE OF YOUR CREDIT! That shit follows you and its hard as hell to bring back up. I didnt care about mine untill I was almost 30 and my son was born (kids make ya grow up dont they? LOL). In 2004 I started paying off the charge offs on my credit report to try to start re-establishing myself. In 8 years I am JUST NOW able to get my own credit again w/o anyone cosigning for me, and I aint getting those GREAT intrest rates either but considering where I WAS, Im doing good.

    So take care of that credit, it affects SO MUCH, like insureance rates, intrest rates (those 2 can cost you several THOUSAND dollars, and it could even affect would be employers decision to hire you too. . . . .
     
  17. Oct 23, 2012 at 10:05 AM
    #17
    TallTacoma

    TallTacoma Well-Known Member

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    You've been given good advise, so far.

    Don't buy any houses. That's way more than you can handle on a lower enlisted paycheck. Again, don't buy a house. Rental houses are a can of worms. If you can't watch your rental property like a hawk, don't do it. Your buddy's buddies will trash your sh*t, guaranteed.

    Concerning getting rid of the Frontier for a Tacoma, what Tacoma do you want? Do you want a $8000 first gen or do you want a new one? Too many variables to give you good advise on that one. How much do you owe on the Frontier? Are you upside down?
     
  18. Oct 23, 2012 at 10:13 AM
    #18
    BuzzardsGottaEat

    BuzzardsGottaEat "Pick up some speed.. You'll make it."

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    His truck is payed for, first vehicle payed for by his parents (score). I say keep it till it rots, get a Taco someday when you really feel like it's time to move on for a rational reason other than, I think the Taco is a little better. I'd keep a free Fronty over a $30,000 Taco anyday
     
  19. Oct 23, 2012 at 10:17 AM
    #19
    Reeves

    Reeves Well-Known Member

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    Keep the Nissan, Baracks are free man and like said above dont buy all that high speed shit just a nice pair of boots and socks the army will provide everything else. Your time at basic will be cake
     
  20. Oct 23, 2012 at 10:19 AM
    #20
    The109

    The109 Well-Known Member

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    Stay away from military females. Only date civillians. Don't get married just so you can move off base.

    Keep your Nissan for now.

    Keep a good attitude no matter how shitty things get in the military. I started off poor, joined the Navy, got my degree.... now I'm doing great.
     
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