[Z06] #1 Question asked so far!
Drifting
Joined: Jul 2005
Posts: 1,506
Likes: 5
From: Milpitas CA
Don't worry about what other people spend their money on or what they think you can afford.
As a somewhat recently retired PJ (4yrs ago), the best advice I can give you is to buy a house now. I lived in base housing and didn't buy my first house until I retired and I was 42 years old. Ideally you should buy a house every time you PCS. Rent out the one's you're not living in. Some time after you retire you can sell some or keep them as income properties.
Military retirement isn't much. My E7 over 24 comes out to about $35,000 a year including a non taxable portion for disability. You sure can't live or own a Corvette on that.
Have a plan for your whole life. I got a BS during my last few years in since school was almost free, except for the work and long hours. Develop your part time work or something else that interests you so you have something for when you are 40ish and looking for a new career.
While your planning for your future have as much fun as you can. You can't take it with you.
Dog
As a somewhat recently retired PJ (4yrs ago), the best advice I can give you is to buy a house now. I lived in base housing and didn't buy my first house until I retired and I was 42 years old. Ideally you should buy a house every time you PCS. Rent out the one's you're not living in. Some time after you retire you can sell some or keep them as income properties.
Military retirement isn't much. My E7 over 24 comes out to about $35,000 a year including a non taxable portion for disability. You sure can't live or own a Corvette on that.
Have a plan for your whole life. I got a BS during my last few years in since school was almost free, except for the work and long hours. Develop your part time work or something else that interests you so you have something for when you are 40ish and looking for a new career.
While your planning for your future have as much fun as you can. You can't take it with you.
Dog
Melting Slicks
Joined: Aug 2005
Posts: 3,398
Likes: 2
When I was in my late teens and had a boat, jet skis, 6 cars and a house and was always home and not working people would ask me all the time how I managed all that I just replied I sold weed and lots of it. Talk about some pissed off looks from people when I told them that.
Melting Slicks
Joined: Aug 2005
Posts: 3,398
Likes: 2
My parents gave me no financial support once I left the house at 18 way back in 75. They were pissed I didn't go to college so that was it on any finance help from that point on,. They realized in the next year I certainly didn't need their help with anything cept advice on investing money and it was good advice cause im 51 and retired now and living very comfortably. My wife and I are the same way with our kids. Daughter is in college right now senior year and we give her whatever she needs expense wise over her part time income (she also works as a bartender cause she loves it and has maintained 4.0). Our son chose not to go to college as I did and we were pissed he didnt and we cut him off when he turned 19 with help on bills forcing him to go get a job. Kinda funny how it comes around with your own kids eventually.
Last edited by briann510; Apr 30, 2008 at 09:55 AM.
Racer
Joined: Mar 2005
Posts: 437
Likes: 0
From: Key West Fl
But I am the command financial specialist as well.
