- Joined
- Jul 20, 2006
- Messages
- 3,920
The recent (2009) USAFA grads that I know and have talked to have all stated that they have more money now than they ever have had. The three things that they all have in common are:
1) They are all in UPT. (less time to spend money)
2) They are all single.
3) They all took the Career Starter Loan in their 3 deg. year and invested it.
These guys are all maxing out their IRA contributions each year, and are continuing to grow their investments with monthly deductions from their paychecks. I think that if you plan ahead and use a little money sense there is no reason that you can't live very comfortable on your military salary.
PIMA has good advice about not taking pay advances if at all possible. As in any career, don't spend more than you make.
There is an Auto Hobby Shop at the Academy, too, and our cadet takes advantage of it to change the oil in his truck. It costs $4 for an hour of hoist time (which includes use of the shop tools), and he buys the oil and filter in town so he has his oil change done for about $12. As PIMA said, take advantage of what is available.
Stealth_81
1) They are all in UPT. (less time to spend money)
2) They are all single.
3) They all took the Career Starter Loan in their 3 deg. year and invested it.
These guys are all maxing out their IRA contributions each year, and are continuing to grow their investments with monthly deductions from their paychecks. I think that if you plan ahead and use a little money sense there is no reason that you can't live very comfortable on your military salary.
PIMA has good advice about not taking pay advances if at all possible. As in any career, don't spend more than you make.
There is an Auto Hobby Shop at the Academy, too, and our cadet takes advantage of it to change the oil in his truck. It costs $4 for an hour of hoist time (which includes use of the shop tools), and he buys the oil and filter in town so he has his oil change done for about $12. As PIMA said, take advantage of what is available.
Stealth_81