First I want to say I’m not entirely sure on how the bonus system works and how it is paid any who here is my question…
I have been in the process of joining the army for the last year now and the time is finally coming soon. I will be given a bonus and was wondering if anyone has advice on how to invest the money and how much of it I should invest, I want to pay off an old car load i stupidly got when I was 19 which I still owe $18,000. Any who with what is left over how much and where should I put the money. I'm not sure on how long I want to have it sitting somewhere without being able to use it so l was leaning towards stocks mainly was looking at NVIDIA and Netflix stock. Keep in mind I would also like to still have some money on hand haha.
Anywho thank you and I will be looking forward to the responses.
20 joining army with potential 50k bonus
byu/outtofammo inMilitaryFinance
Posted by outtofammo
3 Comments
Sp500, voo or vti amd forgot about the money. Check back in a few years later. Or put it in a cma and get fdlxx and enjoy the tax advantages
Don’t forget federal and state income taxes.
VOO is a favorite ETF of set it and forget it investors as it’s a plain vanilla inexpensive S&P index fund that will track the broader market.
Not a financial expert to start off.
Definitely ask your recruiter about the bonus stipulations but it’s not uncommon to get half up front and the rest paid over time. I recommend paying off that car and rip that band-aid off, set aside a chunk of that and open up a high yield savings account fir unexpected expenses, open up an IRA and put something into that ($500-1000 doesn’t hurt) and then buy yourself something that you want, a little treat.