I am just wondering if setting aside $5,000 a year in the Navy is reasonable. If I go up in rank it will get better and better....
2007-05-24 09:00:45 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
definitely, any money you set aside is good. Many of the military men I see end up spending it on booze anyway. Keep your money, you will need it when you get out.
2007-05-24 09:04:29 · answer #1 · answered by sdgirljen 3 · 0⤊ 0⤋
Setting aside money anywhere, anytime for any reason is always a good thing - put the first year's in a 1 year CD and renew it for 1 year each year - put the 2nd year's $5k in a 2 year CD and renew it for 2 years each year - put the 3rd ... and so on.
Eventually, when you get into your 60s (my age) you'll convert those to CDs that come due each and every month of the year - something that'll be handy when making nursing home payments every month when and if that's needed - by that time you'll have a Power of Attorney for Finances who'll redeem the CDs and make the payments on your behalf.
2007-05-24 16:07:05 · answer #2 · answered by Ben 5 · 0⤊ 0⤋
Set aside $5,000! When I was in the military my highest annual salary was $3,2335.
2007-05-24 16:05:32 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋