About to enlist in the army soon with a few thousand $ in my bank account. how shld i make use of it?

Question

hi i'm 18 y/o and about to enlist in the army soon with a few thousand $ in my bank account. what shld i do to make my money grow? rather than rely on the miserly interest rate that the bank is giving...

Answer 1

Save it!!!!!!!!!!! think of you're future now!!!!

Answer 2

There are many different investsments. A safe one that pays more than the bank is either certificates of deposit (CD) or money markets. For instance, a 3 month CD through Etrade is 5.00%APY. Their complete savings account offers 5.05% APY. With a money market you can take it out at anytime without a penalty. If you take money out of a CD before the maturity date you are assessed a penalty. There are many more options Treasury Bills (T-Bills) stocks bonds etc. Depends on how much risk you want to take and how long you want to invest for. Best person to talk to would be a financial advisor to get all your options.

Congrats on joining the army. Been in the army guard for over 22 years. Best decision I could have made. Hopefully, your time in the military will be just as good.

Answer 3

First off, from an OIF3 veteran, thank you. Be proud.

I would keep the money somwhat liquid, easy to access. Look ingto money market accounts that offer 5% interest rates and virtually no risk. Its not great, but you should hold that cash for an emergency fund. There are alot of things that the army pays for, but alot of times it is a reimbersment...so you may need to tap that cash for unforseen expenses.
Another thing that I want you to take to heart is to SAVE. As a new enlistee you won;t make much at all, but you can have virtually no expenses. Your housing, food, clothing is paid for. Save as much as you can. You have the option for the TSP, Thrift Savings Plan, take advantage of it.
While the main reason to joint he military is service to your country, there are benefits to be had. Have goals to get your college degree and save as much as you can.
Best of luck. Email me if you have any other questions
[e-mail]

Answer 4

Get extra platings for your kevlar.
Save your money and then use it on your family.

Joining the army is exciting at first, but there are hardly any good jobs out there for war vets (unless you go to college afterwards or beforehand). You know that, right?

But thank you for fighting for U.S. Go Marines! and the army. navy..
Join the Marine Corp. for more action on the frontline BABY~:D

Answer 5

depend on your risk appetite, if u can take more risk, then u can expect a higher return or loss, else u should just stick to that miserable but stable interest rate.

Answer 6

so your not an identity theft victim...put it in a safe deposit box..the interest isn't worth the risk ! the VA lately has compromised thousands because of poor security !

Answer 7

You better save the money coz you don't know when you need the money

Answer 8

don't do it, go to a technical school or college, 130° in the shade. no joke. IT SUCKS. not to mention people trying to kill you everyday. Go To School.