Financial Aspects

[Steadfast]

In 4 years a case of beer (that is 4 six packs) may cost $100,000.

[Jim]

Proudlosers, understand what you are saying, but let us focus on getting you ready for OSUT. It has been a couple months since your last posted PT test. Please self-administer one and post your results on this thread within 48 hours. When you accomplish that task we can discuss financial planning; yes there are several of us who have been there and done that successfully. Never, never quit!

[RangerX]

Financial security is not about how much money you have, rather how much debt you DON'T have. Long term financial security is not about how much money you have in the bank now, rather it is about your continued ability to earn.

If you want to be comfortable in life, collect skills, not bills.

[cams]

You're a fucking drone. This is the 3rd intro you've started. The second one you actually started in the Rangers and Veterans Intro Forum.

I haven't seen one clear and concise post by you, stating your intent and COA, since you joined this site back in August.

I see you being washed out or peered for failure to follow simple directions and getting your buddies in the jackpot, never mind the fact that your PT scores suck.

This was a complete lack of situational awareness to start Intro # 3, with it's sole content being you complaining about not making enough money being a Ranger. That statement alone tells me that you don't want this and that you will fail. You haven't even left for OSUT yet you fucking pussy. You need to be beaten with a sweaty PT sock and a roll of fucking quarters just for morale training.

[Sleepy Doc]

I don't feel this is the wrong light at all. If anything, I wish more people your age (including myself, way back when...) took their finances seriously. Here is something that you may not have considered. No one, and I mean NO ONE has ever enlisted in the armed services for the paycheck. In fact, I'm going to be brutally honest; as a private the pay downright sucks ass. Multiply that X10 if you have a family and kids to maintain as a private. It is one of the great ironies that young men and women who sacrifice so much, and sometimes literally put their lives on the line in the service of the Nation, and yet are paid so little that they must subsist on food stamps in some cases. In my opinion, it is a travesty. It wasn't until I was a SGT that I was getting parity in what I would make as a civilian paramedic.

That being said, there is a lot to be said for having a paycheck there twice a month without question. The advantages of having your health care, housing, and chow taken care of you won't realize until you have to meet those expenses yourself. This is another advantage of going to the 75th Ranger Regiment. They have finally given their men a decent place to call home, but the medical section and D-FAC have always been without par. ( I have a co-worker whoes son is being jerked around at Ft. Drum partly by being seen by incompetent medical staff, and secondly by an indifferent and/or lazy NCO support channel..)

You won't live extravagantly and have Steak Diane 5 nights a week, but can live comfortably to be sure. Like any job civilian or military, if you blow through your money, you will be broke. In four years with a modest savings plan you could easily have $10K tucked away. Remember, the starting annual salary for an E-1 private was roughly $18K for this year. Throw in your bonuses and hazardous duty pay and it ain't much more. You want a hot tip? In order to get the good retention bonuses and “extra pay” you have to put in your time. The more highly specialized, such as EOD tech or SF medic, or intel analyst, the higher the bonus. The idea is to make yourself the most desirable and they will jump through hoops of flaming ass to get you to stay. However, you haven’t done day one and it sounds as if you expect to be handsomely compensated. Good luck with that. Right now you are just another snot nosed enlistee. You have zero skills and training and are a dime a dozen.

To make a long story short, if you are going in the military and expect to make a lot of money (even with investments), then don’t waste your time. You will be sorely disappointed. If you already know that you want to stay for a full 20 years and make wise investments, one could retire as a millionaire, but you have to put in your ruck time to get it. You want to make a lot of money? Go and be an investment banker or a stockbroker. However, no matter what you do in life or how much you make, if you squander your money and live hand to mouth, you will be broke. That and don’t expect to get paid until you have earned it.

[Sleepy Doc]

And further more....

It sounds like your PT is for shit. THAT is what you need to be focusing on right now. Opt. 40 contract or not, You have to pass the PT test, and other stuff before you get the "golden ticket" and then you have to prove every day that you are worthy of it. I'm not exaggerating one bit when I say that if you make it through RASP and get to Battalion, eventually you will look back and realize that RASP was the easiest 8 weeks of being a Ranger.

Really, I think you need to take stock and ask yourself just exactly why you want to be in the service, let alone a Ranger. I don't need you to tell me about it, and quite frankly I don't care. Yes, you are correct that it is your life you a re putting on the line, but when it comes right down to it, Uncle Sugar can give a rat's ass. Those that do this job, especially those who make a career out of it, do it for far more altruistic reasons than a paycheck. My brother did 23 years in the Navy, and when he retired he apologized to the family for being absent for all those years. He knew that he was sacrificing being there with the family and wasn't making a whole lot of money. Shit, man! Mr. Pat Tillman gave up a seven figure NFL career to get paid a fraction of what he was making in the NFL.

Seriously, if you think that you are something special just because you were handed an Opt 40 contract? Wake up, bro. At this point you are a listing in the recruiting command's roster, and nothing more. Once you get in, though, by all means manage your money wisely.

[Jim]

Proudlosers. I agree with Ranger Cams. Your PT scores are weak. You are now one of the Mentees, so I will be monitoring your progress. From a financial standpoint, I am doing well. I'm worth more than most. If you stay in the Army, you have a pension, and you can put money into a 401K equivalent. I would not worry about a dollar goal, rather, I would look at the fact that if you complete RASP and join a Ranger battalion, you will be so busy, you won't spend money. On the other hand, if you fail RASP, you will have a lot of free time to spend money. Over time, I paid off my mother's mortgage and made a down payment on my brother's house. But, your bottom line should be pass OSUT, BAC, and RASP. Then, we will talk about investments. Never, never quit!

[PerryB]

Proudlosers, once you're in the Army you'll have access to the TSP plan. I highly recommend you use it. The money you set aside in the TSP grows tax free. The TSP is like a civilian 401K. Never Quit and remember it is impossible to work out too hard before you ship. Push yourself harder than you ever have. Set goals and surpass them and then set new goals. Eat right, hydrate, and, work your ass off.

PerryB

[goon175]

Why do you want a 100k in the bank after you are done with one enlistment? Do you have a specific goal in mind that you want that money for? It's my personal opinion that money just sitting in a bank account doesn't do you a damn bit a good. Now if the goal is to get out and go to an ivy league school with out incurring debt, or start a business, or travel the world for a few years before settling down, then that makes a bit more sense to me.

[Jim]

Ranger goon175, right now I don't have any specific plans for after my first enlistment. However, I know or have met people who have served one enlistment and now they are short on money and don't really have any valuable markeatable skills either. Money breeds money so if I have a decent sized bank account after my first enlistment I'll be in a good position to begin a career of my choice. Perhaps 100K is unreasonable but something in that neiborhood would be good.

I agree with Goon175. When I reenlisted I got a bundle of money. I paid off my mother's mortgage and bought stock in ESSO (now EXXON-MOBILE). Don't just put money in the bank. There is a need to diversify. The other aspect of this is have a realistic goal. To do that you have to do your homework and determine just what your future goals are. Never, never quit!