Reddit military finance Rented a U-Haul, budget, etc per our needed size. r/Military_Finance: The official subreddit of $MIL. 19yr old in the National Guard here, about to move to college next semester and looking at getting my own car insurance plan. 44K subscribers in the MilitaryFinance community. The VA IRRRL (or Streamline) is amazing and I’m so thankful it exists. Assuming you commission. MilitaryFinance join leave 52,527 readers. your contributions can be used in emergency situations without penalty or for purchases Hello~ I got out in Aug of 2023. Currently have: C Fund - 40% S Fund - 40% L2050 - 20% First off, this post is geared towards people shopping for term life insurance. FreeTaxUSA has an AD military free file offer - as long as your AGI is under $73k and you were AD in 2021 (have a W-2 from an AD employer), you can file everything for freefederal, state, any sort of tax situation (interest, dividends, capital gains, self-employment, business income, etc, etc). Members Online Can my veteran boyfriend (28m) and I (27f) get a VA mortgage loan together even if we aren't married? It's clearly taking up mental bandwidth if you're posting about it on Reddit. In my opinion, financial freedom is about having enough "cash" to be able to do what I want across a range of activities at any given point in time. I might downgrade my Plat to the Gold since I have the Chase Reserve which is a better travel card than the plat in my opinion. Technically, it could be done, but it does not give you "financial freedom". 9% return and psychological boost of paying it off in less than a year: win win. Agreed. Labels the boxes, etc. Members Online Reserve Retirement and VA disability question/advice Chase waives ALL annual fees for its consumer credit cards (for both military member and spouse) IF opened after Sep-2017 (when the Military Lending Act went into effect) also waives for cards opened prior to service (under SCRA). I use the Citi double cash back - you get 1% back on purchase and another 1% back on payment for 2% back total. I need help deciding which online MBA would help me best in my active duty career and beyond. If you find someone to beat navy feds rate, and you're banking with them. Regarding the vehicle maintenance. That is dependent on you and your situation. Consider maximizing your TSP contributions up to $69K for the year. For Air Force enlisted, chances are much higher they will not I had the financial class as a 2LT, but all I did was IRA, and I didn't max out. I'd recommend starting there until you know more about your own financial strategy. There are some nuances to be aware of, but done right, you can supercharge your retirement savings. It's also trending more towards small/mid cap companies (average market cap going from 17m to 4m). I feel like I am pretty knowledgeable, I've been subbed to finance subreddits for years, am now maxing out my TSP and Roth IRA, I understand the differences between Roth and traditional, and the TSP and IRAs (which I notice is very commonly That's a good going rate right now. So I’m getting forced to leave the army because of my legal separation my ex wife gave me full custody of my kids because she’s mentally unstable but I got bonus from the army 47700$ for 6 re up I didn’t expect for non of this to happen to me honestly my leadership told me switch to reserve and complete the rest of the 6 years there if I Not exactly your demographic, but close. I just got my first amex card. Wife is AD and have 2 young kids. Get the Reddit app Scan this QR code to download the app now. For example: TSP should be minimum 5% of their pay. Be careful that you register through the military free file offer - I made my account initially Animals and Pets Anime Art Cars and Motor Vehicles Crafts and DIY Culture, Race, and Ethnicity Ethics and Philosophy Fashion Food and Drink History Hobbies Law Learning and Education Military Movies Music Place Podcasts and Streamers Politics Programming Reading, Writing, and Literature Religion and Spirituality Science Tabletop Games The funds shouldn't be too different, but the new one is slightly more diversified. I’ve been serving for 2 years and 5 months now, soon turning 26. Members Online MyPay says that my TSP has a rate of 12%, however there are no deductions on LES, no match, and no contribution to my actual TSP account 42 votes, 46 comments. Military members are paid semi-monthly (twice a month). popular-all-users | AskReddit-pics-funny-movies-gaming-worldnews-news-todayilearned and directly support Reddit. 1. I'm a 10 year CW2 looking to give a class to my Company on all things military finance, well the basics to start at least. financial, national and We are here to help the members of the military with any financial questions they might have. Bi-weekly (what you calculated) = 26 paychecks in most years. Semi-monthly (how mil are paid) = 24 paychecks per year. Many military members prefer military-related financial institutions such as USAA, Navy Federal Credit Union, Pentagon Federal Credit Union, or one of the many on base banks. I've spent some time browsing the subreddit but, want to confirm a few things and ask a few questions. Members Online Have a stupid GTC debt, they deducted closed to 900 from my two Jan checks, however it’s not reflecting on Citi We are here to help members of the military with their personal finance questions. You can still do great being enlisted That being said, no one checks your stuff, so if you have an empty weight ticket and a full weight vehicle ticket for the same vehicle(s) without obviously going over the max load rate of the vehicle, no one is going to be the wiser. Press J to jump to the feed. The TSP is awesome. The process was so much easier and less expensive than I thought it would be. However we can't let ourselves confuse a small portion of situations with the majority. 9% raise. You can put in any branch, rank, time in service, CONUS zip code, dependents, special pay etc to calculate Military income gets taxed weird with the allowances so you have better take home. There is an additional limit that includes your employer contributions (which is the same for civilian 401ks) and because for military also includes any CZTE traditional dollars you contribute when your deployed. Hello fellow TSP investors. I think I have had it with NavyFed after decades as my primary, the final straw has been their "upgraded" site that doesn't seem to work properly. Many bases offer an auto hobby shop where you can rent a car lift/bay for $8/hr. If that's unaffordable because of life, the bare minimum you want to contribute is 10% of compensation, which would be ~$500/mo. So the other day I had a Zoom call with a financial advisor who has a wife that is a retired E-7 in the Air Force just to get Hello r/MilitaryFinance, . edit subscriptions. I got lucky and only had to buy one set of OCPs and service dress (my squadrons have paid for my other daily uniforms). Note: officer now and been in a hot minute. I resigned my commission in NOV23 and am currently going through my VA appointments . Members Online My Spouse claimed California residence (my HOR and where I claim) for income tax but paid Maryland income tax all year. military aid puts more pressure on European allies who have publicly embraced Zelenskiy since the Oval Office blow-up. Members Online Advice/Thoughts on Financial Plan for 18 y/o in the Army If you are investing in similar funds: C fund in the TSP and VOO/SPY in the Roth ira you don't need to invest in the Roth Ira. But I would add #4: Have a spouse with his/her own career. Dump it. Search all of Reddit. 3 children under 4 Monthly expenses: needs $11K (includes BAH and childcare) and it varies up to $1000 for wants/unique purchases $1000 (this is things like eating out, date night, extracurricular for my We are here to help members of the military with their personal finance questions. You will get most if not all your undergrad (in business!) paid for prior to entering military service and start in an entry-level leadership position in the military upon graduation. What Financial struggles do service members deal with most and why? I’d like to understand the specific Hey guys, so I just got out after 7 years and also got 100% P&T. Military members are usually comfortable with the lower end of that scale due to good job security but it will depend based on other factors like your family situation. S. Reddit iOS Reddit Android Rereddit Best Communities Communities About Reddit Blog Careers Press. . With all that I’m bringing home $4600-5100 a month with disability and GI bill not including the wife’s paychecks. If you want to use the military as a path to financial freedom, then become an officer if possible, and simply get paid more and save more. There are four or five different providers that you can choose from, and I think each has two different cost options. Was cleared through everything when I separated but lo and behold had a debt of 590$ and was never notified. Would also add that unlike the Army or USMC, where 90+% of the enlistment force fights the battles, in the Air Force, 90+% of the enlistment force supports the officers who fly the planes and fight the battles 90+% of those who fight the battles are enlisted, in the Air Force 90+% of those who fight the battles are officers. Members Online Money management ,S&P 500 vs realestate vs elsewere Good morning! I’m an E-4 in the military, married with a baby on the way in September. It takes the vanguard model to its theoretical maximum and because of that, provides a fantastic value. Coast Guard E-5 here with 6 years TIS. Or check it out in the app stores TOPICS. Credit Cards Questions & Discussion - Military Benefits, SCRA, MLA, Annual Fee Waivers, Chase, American Express, Spouses | Updates Monthly The only potential downsides I can think of going through a med board (the way to possibly get medical retirement) are the possibility of a med hold keeping you beyond your original EAS date and some people treating you badly if they think you’re faking it/you should just suck it up. They drop off. It's the real deal and basically designed to save military folks from predators like FC. They'll only approve one credit card per five days and two per 90 days. Members Online ABCMR recently granted my date of rank petition (filed back in 2018). Internet Culture (Viral) Amazing So unless you have a degree in finance and an insane job offer on Wall Street, the military is an extremely good financial decision. but I’m going in as an e-3 (college credits), so 20k plus my needs getting taken care of? 5. You can call the and speak to an auto loan representative, and sometimes they'll come down to the rate you found. I've been dealy interested in personal finance lately and I'm just wondering what are the best credit cards for when I get out of the military? Bonus points for mentioning the categories you use those cards with. Ehh kinda. As pointed out in this subs FAQ thread, the military finance flow chart says when you get married and/or have kids is a time to consider adding term life insurance to Your TSP plan under-funds your retirement. Me: Bought SD Home, 100k in renovations/upgrades, and new BMW M3. A junior NCM pay posted to a high cost city with no PMQ availability is a huge failure on the part of the military. my subreddits. I did it over the course of like 4 weeks and a lot of lengthy bathroom breaks on Reddit. What do I do? Assuming you don’t have an emergency fund that will cover the expense and you are active duty, contact your service’s aid society (Army Emergency Relief, Air Force Aid Society, Navy-Marine Corps Relief Society, or Coast Guard Mutual Assistance). Here is my current set up of cash back cards: Currently getting a minimum of 4% cash back on all purchases (Fidelity Visa Signature Rewards* 6 month targeted promotion). I'll make a post about it in the morning for the Army folks who are on the border. 0% +, what are your recommendations? Hey everyone! I'm currently serving AD military, E-3 just over 2 years in. We are here to help members of the military with their personal finance AmEx doesn't have a hard rule for charge cards (Plat/Gold/Green) like they do for credit cards. The first time we lived in our trailer (30 days of travel, 4 month I-stop, and 2 months of house hunting at the new duty station), we bought a brand new 2019 5th wheel. 64 votes, 55 comments. It's like a regular ACH transfer between banks. From a strictly financial standpoint, avalanche is always better so I would change "snowball or avalanche" to Agree. Anyways this morning I woke up to a great email from American Express: The SCRA provides for a maximum annual interest rate of 6% per year on loans you received before starting active military duty. Active duty income and part time working spouse. Military members do not get bi-weekly pay (meaning every 2 weeks). The army is also changing the multiplier next year to potentially go beyond 2. There are better ones, with like 5% or 3% or something, but they typically rotate categories quarterly, or only give that amount for one or two types of purchases or something. You should be contributing at least 25% of basic pay into Roth TSP to ensure you are contributing 15% of your total gross civilian equivalent compensation. You want to save 15% of your compensation for retirement. Correct me if I'm wrong please 19. So to compare the two, you need to take the bi-weekly pay, multiply it by 26, and divide it by 24. This is the best article I’ve ever seen written on it, and it was written by a well-known military finance and early retiree guru, u/NordsMilitary. You should be able to find a link for vision insurance through the Tricare webpage. The majority of situations where people cry poor is due to poor personal finance capacities, and financial ignorance. I do mortgages and a vet myself, happy to help you out - not sell you into one way or another. The L2055 fund is 99% stocks and will automatically adjust as you get closer to 60 years old. Your logic on this being good make no sense. As someone that has 4x Amex Platinums, 2x Amex Business Platinums, 2x Amex Gold, 2x Amex BCP, BILT for rent, Chase Sapphire Reserve, 2x Chase Freedoms for rotating categories, Military Star card for military Exchange, Costco card, Sam's Club card, 2x Citi Custom Cash cards for 5% every month, and a Citi Double Cash card for everyday purchases. com). When we did ppm, we ordered a house pack from U-line for our sized house. As far as contributing, I'd still recommend maxing a conventional Roth IRA before a rothTSP, simply because a conventional RothIRA is accessible without penalty (e. Guaranteed 6. No more than 1-3 business days. 77 users here now. Check out my Original Post for some background. Source: me and my spouse and following the credit card hobby closely. Spouse and I packed over a few weeks. I have an emergency and need money. get reddit premium. Recommend trying several banks (if just for the "$200 for opening an account" bonuses). Don't hesitate to ask any questions you might have! Check out the wiki for We are here to help members of the military with their personal finance questions. I’m confused about how much people actually spend money in the military, people claiming to be broke? I make 17k a year, and 90% goes to all my needs (food, housing, phone, bills etc. 5x depending on MOS. Press question mark to learn the rest of the keyboard shortcuts. 5k is the limit of your contributions. This is a place for holders and veterans to discuss everything $MIL related! $MIL is a Skip to main content 104 votes, 89 comments. FAQ. $1200 the first - NROTC students are eligible for other financial support to allow debt-free or limited-debt graduation (other scholarships/grants, part-time work, some universities subsidize Download the app called Military Pay (designed by Military. She should elevate this up her chain as well. This ensures your retirement fund provides near equivalent income to you in retirement almost indefinitely. Also, financial struggle or not its her money, she is entitled to it for the service she provides. Military personal finance flow chart. g. Got an email from my lender saying because I made six on time payments I’m eligible for an IRRRL refinance. Beginning 2024, due to the Secure Act 2. I think that flowchart you linked is AWESOME for folks in this sub, but can be overwhelming for folks new to looking at their finances, as it doesn’t necessarily have the resources included to explain the why. Yes, it really can be that good. The underlying fund is called VMFXX, just know that you don't actually have to buy it with money you deposit into your account- it's called a settlement fund because that's where money "settles" after it's finished transferring from your bank. Made sure my medical issues were documented during my last two years, that made the disability application and screening process pretty easy. At the bottom of page 2 of card member agreement it says "you have been identified as a covered borrower under military lending act" from what I've read that means my fee will be waived. Members Online 20M Financial suggestions/opinions based on financial profile We are here to help members of the military with their personal finance questions. But in my opinion, buying would be the better investment, regardless of rates. 35% HYSA, however I heard other companies such as Wealthfront, Cit Bank, and others that are 5. The other 40% has to be made up with tax dollars. When I was a MAJ I started getting into finance seriously and started maxing out TSP, IRAs, and started taxable accounts. Retired W5. Way behind inflation😂 base paying going from $3849->$3964. Military salaries are not comparable to physician salaries because you’re paid based on rank, location, and bonuses versus job (slightly less/around 100k to start depending on location/bonus) but HPSP will pay your tuition, books, and a stipend so you won’t have debt or it’ll be an insignificant amount compared to 400k depending on how much Here’s my life hack strategy starting in 2030 Retire at 38/O3E $4600 70% VA $1800 Passive rental income (NC property paid off) $1500 45K subscribers in the MilitaryFinance community. Have her start collecting evidence of attempts to We are here to help members of the military with their personal finance questions. Advantages r/Military_Finance: The official subreddit of $MIL. The general rule of thumb for an emergency fund is 3-6 months of expenses. Best recommendations for TSP Allocations based on your experience and performance. jump to content. We are here to help members of the military with their personal finance questions. I currently have a standard NavyFed savings account and wanting to move my funds into a higher interest rate account, I do have Amex’s CC (Gold and Platinum), and I see they offer a 4. This is a big nono for finance to have not fixed it yet after multiple attempts to interface. Bonus: is there like a legit military tax attorney or tax accountant that i can talk to about this? I did the free military tax filing this year and it was literally an e4 cook who said this was her first time filing taxes for other people. What banks or financial institutions come highly recommend to do personal banking (checking/savings) with. The army is pushing up the timeline next year to between 8-9 years of service. What branch? I'm seeing some bad information. Have tried Chase, Citi, Varo, SoFi, Morgan Stanley, etc, and lifelong USAA. You'll owe four years active duty (or eight reserve), but you'll get management experience, and you'll be in a prime position to pursue an MBA because you'll have They usually pay out about 80% of your total final pay (this include all your entitlements, sold unused leave, bonus, severance pay) and then withhold 20% of the remaining for DFAS to conduct their audit of your entire pay history to collect . Military Qualified Financial Planner (MQFP) is a new designation that I'm excited about. My husband and I recently paid off all our consumer debt! I am looking for advice for balancing investing and saving. Maybe define what "high interest debt" is? Someone who is new to finance might have a skewed view and think their 16% APR credit card is ok. This is a place for holders and veterans to discuss everything $MIL related! $MIL is a SBP as a program covers only 60% of what it pays out with what it takes in. Ok but a 8yr E5 is getting 2. I've interviewed many of the people behind the exam, creation of the designation, and who sit on the board. Cadets have to either return or buy the uniforms they used in rotc besides PT uniforms. Now find me an insurance program that pays out more in benefits than it takes in premiums. r/MilitaryFinance. Members Online Mypay withheld $100 a day in extra withholding instead of $100 a pay period. I put my source of income as military. So many military spouses don't work. I mainly got the plat because I hated those long layovers in the airports, but spending them in the priority pass lounges wasn't that bad. Or check it out in the app stores TOPICS because that's a big part of making it happen. When I was in Deck: TL:DR: SR ND spent 10k on hookers, booze, and hotels in two days after six months on restriction. I also like resources like Personal Finance for Dummies, The Military Guide to Financial Independence and Retirement, PBS’s Two Cents, and the Military Family Advisory Network’s MilCents online course. Or rather, whatever percentage gets you $650/mo. Now I’m at 22% income tax and my net take home is slightly higher than my income as an E5 once I The pause in U. I'm working on a one page "Personal Finance Flowchart for Military Servicemembers" There are plenty of expenses people could have that take away from the overall surplus you mention. I used that as my starting point, but my ultimate goal is to develop a one-pager to be used in a financial mentoring session. Anyone recommend a car My significant other is a military OBGYN. They are claiming to drop my interest rate a whole percentage point which would in turn drop my mortgage about $200 per month. Members Online Advice/Thoughts on Financial Plan for 18 y/o in the Army r/MilitaryFinance: We are here to help members of the military with their personal finance questions. They have employees that can help you, provide guidence and they have all the necessary tools. 0, there are no RMDs for the Roth TSP, so it acts similar to the Roth ira without the investment flexibility. Which in the long-run is what you really want. I want an MBA to complement my officer career when I eventually commission. #3 is what kills a lot of guys. I second the used trailer point. hionqv rqop adcbv mohxt clfbf rfjcclp hrbarpfb wbbum epupn bzejus ledthh ueffc djtabi qbffswf gnsl