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I tried it, could not do it completely, but glad on the savings I did manage...
I remember being told years ago while in Japan that the Japanese saved at least 10% of their earnings. Then when we were in Germany met Germans who saving for the future was a way of life...
In honor of full-disclosure and lest I be accused of mis-leading or being disingenuous; I should add that I am an ET1(SS) [Electronics Tech on subs]. I retired as an E6.
During my career I collected an assortment of NECs [job-codes like MOS in the Army]. Mine were: 3333, 3322, 1481, 9545, etc.
The 'Command Financial Specialist' is not an NEC. You can not join the Navy and be a 'Command Financial Specialist' as your rate nor as a full-time job.
There are schools offered at most Navy bases, where you can learn this as an added job to be doing. Along with, and on top of, your normal job and duties.
Once you attend such a school, you may be among a group of 'Command Financial Specialist's at your command, or you may be the only 'Command Financial Specialist' at your command.
As a 'Command Financial Specialist' you may be ordered to volunteer at the base 'Navy/Marine Corps Relief Society' office as one of their budget counselors.
Once you have been appointed to be a 'Command Financial Specialist' you will be expected to attend more of these 'training opportunities' every time you are in port and one comes available.
Also hand-in-hand with this is the IRS's VITA [Volunteer Income Tax Assistant] certification. Every fall, on every Navy base, the IRS offers a 1-week or 2-week school on tax filing. They require that for the following tax season, each attendee provide free tax filing services to all crewmen.
I ended up being VITA certified many years, during which I became intimately familiar with that topic. For the second half of my Active Duty career I completed the tax filings for nearly all of the crewmen [and officers] at my commands.
So you see, I pursued the topic of finance / budgeting by my own choice, and it took on a life of it's own. However very few sailors focus this much of the topic.
I also had the benefit / curse of marrying an accountant. She also volunteered at 'Navy/Marine Corps Relief Society' as a budget counselor. She also attended the IRS VITA courses and used their certifications right up until I retired.
She took great pride in her budgeting of our household finances, our investment portfolio, and on the general topic of 'Home Economics' and frugality.
We were foster-parents at 3 duty stations. At one duty station we had 3 foster-children for 3 years, along with our own 2 children we had 5 children and 2 adults living at home. She maintained a monthly grocery budget that never exceeded $200/month.
I am certain that my Net Worth would have never grown to the extent that it did, had it not been for the assistance of my spouse. As I spent an average of 7-months / year underwater.
When you marry you are forming a team. If you both are focused, then you can both accomplish a great deal. The vast majority of Navy marriages that I witnessed were not such good teams. Divorce runs very high in the Navy.
So I hope that you can see; in full-disclosure, without mis-leading, or any disingenuous-ness on my part, my Navy career was not typical. Nor was my history of investing to be considered typical. I merely wished to point out the possibilities. I know it is possible because I did it. But very few sailors do.
I guess the question I am invg is is it significantly easier to save $ in the navy than civilian life for the average worker? I would think with food and housing being paid for and a central work location that you would be able to plow a lot of $ into savings. 1 could also do that in civilian life however I suppose. I just think for your avg worker making 60k in civilian life vs 25-30k in navy, it would be wayy easier in the navy but I could be wrong.
I guess the question I am invg is is it significantly easier to save $ in the navy than civilian life for the average worker?
I would think with food and housing being paid for and a central work location that you would be able to plow a lot of $ into savings.
I have seen military people who were financially ruined because they could not handle their finances. I know several who left the military with Zero savings...
Quote:
Originally Posted by DaveC9114
1 could also do that in civilian life however I suppose. I just think for your avg worker making 60k in civilian life vs 25-30k in navy, it would be wayy easier in the navy but I could be wrong.
I don't know where you got those numbers but consider:
1. Free medical. If you retire, for life. What is that worth?
2. I am 63, retired from the service 21 years ago, got a very good paying job after that which allowed me to retire at 53.
3. When you retire, you start drawing your retirement pay right then.
4. Your meals, housing many of those benefits are not taxed.
5. The lowest ranking military person (E-1) starts with basic pay of $1,401 per month, their BAH (Housing allowance) with a spouse, stationed at Albuquerque, NM would be $1113.00 per month. How much do you have to earn before taxes as a civilian to earn $1,113.00 per month? I am guessing maybe $1,356.00? How about full medical coverage for you and the wife? Maybe $450 per month? I figure the lowest ranking person in the military with a wife earns at least $40,000 in total compensation. If that person stays 20 years and makes E-6 which you should be able to walk away with $1,800 a month for the rest of their life, if they entered at 17, they would be 37 years old... I know, a lot of if's. I have drawn over a half million dollars in retirement pay.
(Many of that comes from my 63 year old brain. I hope it is accurate).
So, do you make 60k, per year. If so, start banking...
The military is a serious decision, which is very difficult to imagine. There was probably several hundred times I wanted to quit. I am glad I stayed...
I have seen military people who were financially ruined because they could not handle their finances. I know several who left the military with Zero savings...
I suspect that looking at folks leaving the military, more of them are broke, than how many have a portfolio.
Quote:
... The military is a serious decision, which is very difficult to imagine. There was probably several hundred times I wanted to quit. I am glad I stayed...
I hated it many times as well
After 6 years I got out. It took me 4 more years to realize the importance of a military career. I was fortunate that after a 4 year break in service they let me back in.
When I retired I had to attend a retirement class. In that class, I was the only person in the classroom who had been planning for retirement. Most of them had no savings, their only 'plan' was to try and find a second career.
I retired at 42; bought land and began building a farmhouse.
Gonna call the local recruiter and talk to him tomorrow.
My main goals are to try and get a accounting/finance related job with the Navy, save and invest as much $ as possible, get the GI bill for grad school when I getout, learn valuable experience in finance/accounting and hopefully assume more and more responsibility so I can go up in rank. Helping sailors (or any soldiers really) with help in taxation, financial planning and meeting long-term monetary goals is something I'd be interested in. I do have a college degree so hopefully I can join at a E-3 or so (have had some tendinitis/patellafemoral knee issues but trying to work through it)
Gonna call the local recruiter and talk to him tomorrow.
My main goals are to try and get a accounting/finance related job with the Navy, save and invest as much $ as possible, get the GI bill for grad school when I getout, learn valuable experience in finance/accounting and hopefully assume more and more responsibility so I can go up in rank. Helping sailors (or any soldiers really) with help in taxation, financial planning and meeting long-term monetary goals is something I'd be interested in. I do have a college degree so hopefully I can join at a E-3 or so (have had some tendinitis/patellafemoral knee issues but trying to work through it)
There is no reason why you can not earn your Masters while on Active Duty.
hi i have a medical dissabilty where sometimes i lose vision in my right eye, can i still join the navy?
id like to know if theres any way i can pass my eye exam without making them aware of my eye condition
the navy is all i have and its been my dream to join it i need to be a part of it there is no other option for me
please i need help
You realize that IF you get in the navy and join the fleet you could be putting your shipmates lives at stake with your unspoken physical impediment...
There is no reason why you can not earn your Masters while on Active Duty.
That is true....I'm not a drinker/smoker/gambler (unless its gambling where I think I have an advantage of positive expectation, i.e an investment)
Who knows if the Navy will take me and allow me to go in for what I want to go in for. I'm sure they are having no problems recruiting these days so we shall see....
To give a little background info. I am 19 years old and currently in college. All my life I have been fascinated by the military, but was always discouraged from enlisting("you'll die out there!" was a common phrase I heard). Recently, a few things have happened in my life that have really put things into perspective for me. I want to be a part of something bigger than myself. After doing a LOT of research both on here(thanks for all the posts and info) and the internet, I have settled upon the Navy. I just have a few questions that still need to be answered, if you would....
1. I read on another post that if you have over I believe 48 college credit hours, you are an E-3 ranking to begin with. Is this true?
2. From experience, would you recommend finishing up a bachelor's degree before enlisting? Unless you are an Officer, a bachelor's does not mean much as far as ranking, or is that inaccurate?
3. Throughout high school and after, I have been an avid runner(varsity cross country and track), so should I focus on other types of training to prepare for basic? Any thoughts on that.
4. Along with basic, is there any advice you can give me, and I'm sure others, who are contemplating going?
5. When I do get past basic, I want to have a job that involves Intelligence and Information or possibly SWCC. Any recommendations as far as picking my rate?
6. I do one day want to become an Officer and know that there have been others who have studied and received their degree while serving. Is this a difficult task to accomplish?
7. When finished with Officer school, what is your ranking? Or does years of experience play into that? Meaning that if I finished up my bachelor's without enlisting then enlist, what rank would that be? In comparison to enlisting, finishing the degree, and then Officer school.
8. I know a lot of people say that they want to do Special Warfare when they start out, but I have always been one to work hard for what I want.(I have numerous records at my school and consistently placed high in state events for track.) Any advice as far as getting there?
9. I am going to visit a recruiter tomorrow, with a list of questions already made up, but can you think of any really important questions I should be asking?
Any other thoughts or advice would be very much appreciated. Thank you all for your service and God Bless!!
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Thinking of joining the Navy...
