Just want some advice! As I am going into the space force doing cyber security if I should mention I am married aswell with no debt or kids.
Edit: I should also include I will be going to college while in the military and I plan only to stay for 4 years enlistment
What Would You Do Differently if you joined just Now as a 20 Year Old in the Military?
byu/Ok-Acanthocephala606 inMilitaryFinance
Posted by Ok-Acanthocephala606
7 Comments
Exactly what you’re doing. Space force or Air Force. Doing cyber / IT, or space ops.
Study up on your TSP, the differences between the different funds. Start investing as much as you can immediately. Start a budget as soon as you’re able and stick to it saving as much as you can. Buy an inexpensive and reliable used vehicle if you don’t already have one $5k or less (Honda, Acura, Toyota). Take care of your credit by always making your payments and use credit cards responsibly. Keep your spouse in the loop as this is going to be a big change for you both as a family.
Not much we’d do differently. My husband would probably start using TA sooner.
I would read up more on goal setting and spend more time thinking about what is important to us instead of just “save more!”
Definitely take advantage of the Roth TSP. That wasn’t an option when we got started. (However, if your spouse has a significant income, make sure Roth is right for you.)
The thing that I’m really glad we did do was maxing out his TSP, my 401k, and both IRAs for a few years before we had kids. It was a great jump start to the retirement savings and it got us used to living below our means.
Start out with 50% ROTH TSP and treat the remainder like your salary. Budget around that. Don’t spend more than BAH on housing or more than BAS on food. Then forget about finances and focus on your career. Leverage any schooling that you can get in cyber. After you’re in the workforce and fully qualified, try to get as many certs on the space force’s dime as possible. Focus on promotion, but keep your eyes on the prize that is the civilian sector work that cyber sets you up for.
Once you get out, you’ll have ~80k in your ROTH TSP as a 26 year old, plus whatever else you’ve saved, plus probably 90k worth of certs/schooling, plus a TS/SCI clearance, plus the GI bill, plus access to the VA loan. Expect a six figure job if you keep your GI bill, and more if you decide to use it to get a masters degree. Congrats, if you don’t fuck up you found a golden ticket
Max out TSP
Don’t get fat, work out hard every day and eat good food. So many people in your role, basically all of them are very fat.
Do it for your health and longevity. Money means nothing if you’re unhealthy.
Invest 50% of your pay monthly…. Avoid debt like the plague…save and invest until it hurts and then save 10% more. Buy apple Microsoft google and amazon every month you are in the service and don’t sell… invest all small and large windfalls such as tax returns and inheritance etc…
don’t VOO and chill … if highlander rules are ineffective then QQQ all the way.