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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 10:23 AM
    #21
    cgs2k2

    cgs2k2 Ohio Member

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    this.

    truck looks cool too man
     
  2. Oct 23, 2012 at 10:26 AM
    #22
    Janster

    Janster Old & Forgetful

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    Amen!! Couldn't agree more!
     
  3. Oct 23, 2012 at 10:33 AM
    #23
    belone12

    belone12 Well-Known Member

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    Never spend more in a month on a credit card then you can absolutely pay off that month. That's the best way to keep from paying 16%+ APR and keep your credit. I had the luxury of the being the youngest of 6, and my brother is now 37 with horrific credit b/c of his actions when he went to college. Never recovered. It's one thing i take seriously (and is now my profession). Keep the Nissan, like you said, you won't be driving much for a while and it looks like a sweet truck (that is paid for). Bank as much money as you can, stay away from that house idea too. It may seem attractive now, but once the reality sets in and you need $10g's for a new roof, $5g's for a plumbing, etc. and you realize you bought a small house in an area that doesn't have a high appreciation value, it may not seem like such a good investment. I'm from the northeast so I don't know, just being conservative. You made a great choice by joining the army, don't want to see you make bad choices in getting in over your head financially.
    Oh and what someone else said, don't dip your pen in company ink. Save yourself the headaches! That applies every where in life!
     
  4. Oct 23, 2012 at 10:36 AM
    #24
    336

    336 [OP] Well-Known Member

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    Thanks for all the info! Keep it coming, I love it and am very open to new suggestions.

    Good point at the house buying + repairs, made me look at the differently. I've also thought about stocks a little bit.

    The only bill I will have will be my cell phone bill; as spoiled as it seems my parents insist on letting them finish paying off my truck.

    Thanks for the compliments on the truck as well, it was built on a high schoolers budget.. exhaust, AFE CAI, rhino lined fenders/rockers, pro comp 7089s, TAG Rear bumper, sound system, and tint.. and more I'm sure. Lol.
     
  5. Oct 23, 2012 at 10:42 AM
    #25
    12TRDTacoma

    12TRDTacoma Mid Traveling

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    THIS RIGHT HERE

    DO NOT GET MARRIED, and seriously by all means only date civilian girls. Military females are just bad news. Don't be that guy and get married, you'll be in a world over your head. Save the most you possibly can and spend very little on what you absolutely need. Someone mentioned earlier of getting with USAA. This is a good move as well, they are pretty damn good and I have insurance with them speaking of which. Fantastic service, cheap rates, all that good stuff. Keep the Frontier, bills are no fun.

    So you're going to relax in Jackson hmm? Lol I went to Benning as an 88M motor transport operator. I am now 31B military police. Much more prevalent training, much less BS. Basic and AIT was a whole lot of fun, TONS of laughs!
     
  6. Oct 23, 2012 at 11:00 AM
    #26
    stewartx

    stewartx Well-Known Member

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    Of course, you're probably not going to be able to get any financing until you're out of training (both Basic & AIT) and at a permanent duty station. That means holding onto your Frontier until at least then.

    Afterwards, a new vehicle might be a good way to spend your money if you can pay it off during your first tour - leaving your options open after that (you don't know now if you'll reenlist or whatever - with payments tough while looking for another job).

    Education, which provides the most options, is another good way to spend your money, especially since you can often get student financial aid. Check with the education office at your new duty station to see what's available to active duty service members. I know sitting in a classroom doesn't sound so great right now, especially since you just left school, but it really pays off in the end.
     
  7. Oct 23, 2012 at 11:23 AM
    #27
    336

    336 [OP] Well-Known Member

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    Definitely taking classes upon arriving to my first PDS.. Will try to get basics out of the way at least and then continue with something in the field of information technology or so.
     
  8. Oct 23, 2012 at 7:44 PM
    #28
    azreb

    azreb Geezer

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    Lots of good advice here. I would suggest that you save what you can and invest in mutual funds in a Roth IRA. My personal financial philosophy is to pay no interest if I can avoid it. You have a good truck now. Why not save what you would make in payments and pay cash when it comes time for a new one? If you sit down and do some simple calculations you will see how much that interest costs in the long run. It takes some tough self-discipline, but if you can extend that idea to all your financial dealings, you will be far ahead in the long run.
     
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