#Military #CareerDevelopment #StartingAt22 #LifeDecision
Hey there, 22-year-old serving in the military! 🎖️ Starting a new chapter in your professional life can be both exciting and intimidating, but worry not, as I’ve got some valuable tips to guide you on this journey.
Exploring Your Options
1. Assess Your Interests: Take some time to reflect on what you enjoy doing and what you’re passionate about.
2. Research Different Careers: Look into various industries and job opportunities to see what aligns with your strengths and interests.
3. Utilize Military Resources: Take advantage of career counseling services and transition assistance programs offered by the military.
Further Education or Training
1. Consider Higher Education: If you’re interested in pursuing a degree, look into educational benefits like the GI Bill.
2. Vocational Training: Explore certification programs or vocational training to acquire new skills and enhance your expertise.
Networking and Building Connections
1. Attend Networking Events: Connect with professionals in your desired field through industry events or online platforms like LinkedIn.
2. Reach Out to Mentors: Seek guidance from experienced professionals who can provide valuable insights and advice.
Creating a Plan
1. Set Clear Goals: Define your short-term and long-term career objectives to stay focused and motivated.
2. Establish a Timeline: Develop a structured timeline outlining the steps you need to take to achieve your goals.
Remember, it’s never too late to start a new career path at 22! With determination, perseverance, and a clear plan in place, you can successfully transition into a rewarding profession outside of the military. Good luck on your journey! 🌟 #CareerTransition #NewBeginnings #SuccessStory
Do you have/ need a car?
Bro there is some Captain or LT in your unit who is dying to answer this question. 100% guaranteed that dude is just waiting for someone to ask. Find him. Ask him.
I’m in the Navy. There are always at least 4 guys in the ship just chomping at the bit to give away this type of knowledge.
Start by NOT buying that fancy car from the dealership across the main gate of the base.
The fact you are asking these questions at 22 , and don’t pay for accom/food/medical means you’re already ahead of 95% of people your age
Contribute as much as possible to TSP especially when deployed. You should have very little “real life expenses “ food, healthcare, rent etc.
I’m obviously no finance expert because I had no one to teach me. I consider it a failure of the us education system. Basic economics should be taught in highschool. Anyway. That being said, don’t wait until you’re 40 to open a Roth IRA like I did.
Theres no reason you are living check to check unless you are putting all your disposable income into savings
You’re in a great position to get started and congrats for wanting it! First step, find a budgeting software that is free/low-cost (I use EveryDollar); create a budget each month and stick to it. Second: Investing doesn’t have to be complicated, and getting started at such a young age makes it even easier to keep it simple because time is on your side. I recommend “The Simple Path to Wealth” by JL Collins to every young person I know. It’s an easy read and he breaks down how simple it can be.
You have the GI Bill, right? Use the hell out of that.
I was a DoD contractor who produced videos for guys your age, advising them to do common sense things in their lives such as not drinking and driving and not blowing their money on some fancy road rocket.
When I was in the army and was trying to save money, I used a debit card. I decided that I was going to spend X-dollars per pay period, and when my paycheck came in I moved the money to savings/investments except for X-amount. That way I could literally see that amount tick down and then gauge where I was at and how much I could spend in the two week period.
Credit cards and their rewards are awesome and I’ve always had them but using a debit card really helped me corral the everyday spending habits once I made a few mistakes and watched my bi-weekly run out too soon.
There should be a financial center on post that can help you, but they won’t offer advice on what to invest in. Opening a vanguard SP500 index is a great place to start, but like others have said there’s some savvy E6 or O3 that would love to talk to you about this.
First of all, thank you for your service.
Set aside a certain amount of money each pay period to have fun with. Make it a reasonably small amount. Invest the rest. Someone said to start a Roth IRA. It’s good advice. Just go to Fidelity.com or some other investment firm, and click open an account. It’s not difficult.
Put the rest in whatever investment vehicle is available in the military. Sorry I’m not familiar.
Educate yourself. There’s good stuff here. Also, I recommend these guys: https://moneyguy.com/ They also have a podcast that’s fairly entertaining.
Best of success with your financial journey! And, thanks again for your service!
get out and go into the trades? union job. alot of them have a helmets to hardhats kind gig for vets.
youd still be fuckin up your body, but youd be making more money. (ive worked with a decent amount of vets who went into the trades)
So where do you spend your money?
If you are living paycheck to paycheck, then you really need to cut back on the crayons.
In all seriousness, I know it’s boring, but make a budget. Before you can figure out where you want your money to go, you need to know where it’s going now. Also, I know Marines struggle with this ;), but you should read a personal finance book or two. I started by reading Personal Finance for Dummies when I was in the Army. Thirty years later, I think it was one of the smartest decisions I ever made.
Also, check out the Dave Ramsey baby steps. I don’t go as hard as he does (I’m fine with debt for a mortgage, and I use credit cards that I pay off every month), but the basis is solid as hell.
The good news is that you are asking the right questions.
Take as many cleps and dantes tests as you can while they are free. If you pass, free college credit. If you fail no big deal and you can even try again.
First, thank you for your service and sacrifice. My advice starts with “do not carry a balance a credit card.” Many others have suggested not buying a fancy new car and they are right. Know what you spend and on what, sounds like that is minimal and as a result you can Plow as much into your TSP as you can. The more you save now, the better off your future self will be.
Don’t compare yourself to others, compare yourself to you. Strive to learn more about personal finance and make good small incremental choices for yourself. You will be amazed what small decisions over a period of time will do. Someone here already suggested the money guy. Definitely check out his financial order of operations. also, check out the wiki here.
Spending less than you make is the key to long term success. That is where many go wrong.
“Make a budget” is the simple answer, but more concretely, make high yield savings accounts for each of your big ticket items you want in life: house, transportation, vacation, wedding, hobbies, etc. Then put money in those accounts each month. If you spend on that item during the month, spend it from that account. Over time, those balances will grow and when you need a new set of tires, etc, the money will be there.
Also, each time you get a raise, raise your living standard less than your income.
You have until April 15 to put money into an IRA for 2023 tax savings. I think the limit is $6500 for 2023. (I think if you already filed your taxes, you can amend the return to show this.) If you don’t plan on touching that savings, putting some of that $ into an IRA would be worthwhile. You can also just start with 2024, but start now, and don’t wait until your 30s like I did.
If you put in $8,000 per year at 8% growth you’ll have 2 million by the age of 60. So put it in the C fund and keep it there.
Well, devil dog, start by not buying a car with 22% interest. That’s where most start to sink and never make it out.
Do what my smart friends did- once eligible for bah buy a house at each duty station- when you leave convert to a conventional loan and keep it as a rental.
Second ask an officer. I was navy, a lot of them are old money. If they’re a ring knocker you’re going to have to tell them to shut up to get them to stop
Oohrah!
Stay out of debt
Put monthly savings into a brokerage account and then into an S&P500 index fund. Do it consistently.
If you do that with 200 bucks a month, that’s 2400 a year. In 1 year, that will alone yield $240. This will start to compound greatly as you increase your monthly savings by promotions, bonuses, etc.
Step 1: You are under the Blended Retirement System. Ensure you set your monthly TSP contributions to ensure you get the max matched contribution from the government each month.
Step 2: Create a budget.
Step 3: Look at trying to max an IRA each year, or at least start putting money in. I think its $6500/yr now.
Those would be the starting points that I recommend.
I’m 23 in the military and need the same amount of answers as you. Reach out to a financial advisor on base (the Army at least has them), and they’ll help you figure it out. Mine suggests a high yield savings account. They accrue interests on how much you have in
Likely an unpopular comment but be sure to go to medical for EVERYTHING. When you get out, achieving a 100% disability rating will set you up for life.
I was fortunate and met some NCOs that used their VA loan to purchase a 4-plex. Lived in one unit and rented out the other 3 – lived for free PLUS some.
This hack will also set you up for years to come.
They inspired me to become a mortgage loan officer specializing in VA loans. I used the same hack and accumulated numerous houses (duplexes) and had over a million in equity by age 30.
You are in a position to set yourself up forever as long as you can be disciplined and defer your satisfaction (material wise).
Message me and I’ll get a lot more specific! Best of luck!
Do you own a Mustang or Camaro already?
Keep living in the barracks and eating in the chow hall. And don’t buy the Camaro, not matter how cool it is. Make sure you take advantage of your GI Bill benefits.
As a military member, you have some special financial benefits to consider. See https://www.bogleheads.org/wiki/Military_finances for the full rundown.
The biggest things: contribute to your TSP (50% C fund, 10% S fund, and 40% I fund or just do 100% L 2065). As much as you can manage. While you’re deployed, make sure your contributions are Roth. Frankly, as an E1, E2, or E3, you should probably have your contributions as Roth no matter what. You’ll be solidly in the 10% bracket.
Everyone has great advice here, but I’d like to put forward an idea (which I hope I can also get some opinions on): Creating a hefty mental health fund for yourself if you’ll be in a combat role. Too often our service-members get left behind in the cracks with debilitating mental health issues that prevent them from integrating back into normal society. These can take a long time to treat and the consistent underfunding of the VA, as I understand it, has created a situation where soldiers don’t have quality care.