Hello! I am 17 and about to turn 18 in a week. I am about to open a navy federal account (savings and checking) and I ship off to the air force on September 10th. My recruiter told me that since I am doing 6 years in client systems before October I get a 5k bonus. I am asking for advice for someone who is starting out in life and does not want to make the same financial mistakes as my parents. Some questions I have are
What credit card should I apply for?
How much should I have in my savings?
What is the recommended amount of money should I put in my TSP?
Should I invest in CDs?
For some clarification since I know this is a very broad question. I am very financially responsible so not paying credit cards will not be an issue. I have been working since I was 13 and never had any problems with cash, I do not own a car, I am not a big spender on anything and am not addicted to anything except coke zero and even then I just buy the $1 2L off brand at walmart. I will most likely buy my first car in my first station depending on where I am stationed and needs. I also do not travel a lot
To also add. I understand the basics of financials, make a budget, treat a credit card as a debit card, and never download door dash
Advice for starting?
byu/Different-Cut-9689 inMilitaryFinance
Posted by Different-Cut-9689
1 Comment
Save for a car, put 5% in roth tsp invest in the c fund. Research the tsp and see if that’s the fund you want to invest in. Get a separate Roth, put money in a hysa, invest in etf index, live below means. When you feel more comfortable put more in tsp. Figure out what you want to do before starting college. Look at a credit card that fits your needs. If you feel you’ll mostly spend it on travel or food look for a secured credit card that will get you points towards it. Never miss a payment on anything and don’t take out a loan unless you need it. When saving for a car figure out the down payment you want to put on a car. Get what you want with a car too. The bigger the better paying it completely off isn’t always a good thing while we’re young. Sadly we need debt to look better for applications. We need dept so that when we want to apply for things they see we have large purchases and a credit history. Work on yourself at a young age by reading books and listening to podcasts. Have a plan for when you wanna get out and have fun. Also start watching people who are at the place you wanna be in life you can ask for as much advice as you want but if someone isn’t where you want to get in life look for the mentors that are. So take this with a grain of salt.