For context, I was medically separated a month ago and just now got my severance check. I don’t wanna say how much I actually have but I have a hefty amount saved up in total for someone of my age.
What do I do now? Right now I’m thinking of putting aside $10-15k to finance for a car in the near future. I’m also going to buy an AR-15 pretty soon as a sort of post-EAS gift for myself and if my math is correct, that’ll run me up to around $1,500 to $2,000 (this is including all of the logistics required with the rifle itself, such as buying ammo, magazines, a safe/cabinet, gun bag, etc.). I’m also looking to spend $700-900 on a laptop for school. Then there’s obviously regular living expenses and bills that I gotta cover. Lastly, I’m looking to spend $5,000 for a trip to Thailand later this year as a gift for myself.
With the rest of my money saved, what can/should I do to ensure that I don’t blow it all away? I’m thinking of maybe putting a few grand into the stock market but I’m not really a stocks guy and don’t really know much about it aside from the basics. I’m currently living with family and the plan now is to basically save as much of my MHA as I can and then next year I’m planning to move out. I don’t really want to work right now since I want to focus solely on school but that might change and I’m flexible.
Also, since I got a severance check, how long will it take until the VA can actually start issuing me my VA disability?
Just got my severance check and I now have a decent amount of money saved up. What do I do?
byu/GodofWar1234 inMilitaryFinance
Posted by GodofWar1234
5 Comments
How’s your IRA account looking? That’s a retirement account. Stock? Do index funds or ETF only. Don’t pick individual stock. If you risky, invest & save your extra cash in Bitcoin. Use Strike.me or Cash App to buy. I gained 120% in just a year from Bitcoin & 287% in 5 years timeline.
What u gonna do for job or income hereafter? Where u gonna stay or how are you going to pay bills/rent? Don’t tell us you moving back to parent’s place.
Max your roth for the year if you haven’t. For the other money, if you don’t need it in 5 years can put it in the stock market (look at index funds). Anything under you can out in CDs or high interest savings account
Why don’t you build an ar-15? You’ll save yourself a ton of money.
Apply for VR&E through va.gov for college. Don’t waste your gi bill when you can use Vr&e. You can also get a laptop and things for school instead of paying out of pocket for one.
Dude. You have to give a ballpark of what the amount is if you want tips.
My advice will be vastly different if you’re talking like $5k vs $55k.
In general I’d advise all young people to read a financial book or two. Try to get enough knowledge to answer these sorts of questions yourself. I’d recommend “millionaire mission” by Brian Cranston, but there are other good financial books. Take the time to educate yourself.