I'm getting a 30k enlistment bonus, I will be getting 1/3 after basic, 1/3 after 2 years at my duty station, and 1/3 in tax returns, if that's correct? I originally planned on spending around 9k to max out a PC, but now that I think about it it sounds dumb as hell, 2-3k should suffice. I already have a car and I'm on my parents insurance plan so I don't need to worry about that. I looked at the wiki and was kinda confused, lol.
At first I thought of placing the rest of my bonus after spending the 2-3k in a checking's account, but the interest would be too low to make any actual progress. I also thought about a Roth IRA, but I read that I can encounter some serious penalties if I withdraw money before the age of 59. I want to invest in a safe place where my savings can accumulate, and be able to withdraw that money after 5-10 years.
I will also be saving my paycheck and using the DFAC for sustenance, but will take like 150-250 from my monthly paycheck if I ever want to go out.
I used the Regular Military Compensation calculator to get an estimate on how much I will get paid and how much savings I will have after I leave the military. The minimum I would have in savings if I saved all of my paychecks after withdrawing 200 monthly after 4 years would be $76080. My goal is to have at least a 100k in savings before I leave the military. Which means I would need an additional income of around 5-6k a year after taxes to reach that goal.
I won't get tuition assistance till after I complete 1 year active duty, I plan on taking 1-3 classes a semester, and if I opt for the 4k TA offered by the army, I will have a couple hundred left over.
Submitted July 29, 2021 at 03:57AM by One_Gas4797 https://ift.tt/3iZcNkN
