I think you guys are missing something here in regards to the enlistment bonus. They say you'll get 25k - awesome, a good chunk of change. However, did they mention that it'll be broken down into 3 payments (could be 2, it's been a while), each of those being taxed. What this means is you'll most likely NOT get a single payment above 10k. What real estate is there to invest in with that? During the first 2 years of your career, you'll be drawing E3/4 pay, which sucks. Especially if you're not married (no BAH), your funds will be tight. It's great to have all these plans of what to do with that huge bonus, but consider that they're smaller bonuses, think about your needs (a car, laptop, maybe furniture for that apartment while at NPTU), and you'll probably be left with very little. Definitely not enough to invest in real estate. And in the Philippines? Have you seen what floods and tsunamis have done to that place recently? If you want to take a chance, hop into an "emerging markets" mutual fund - they've done amazingly well the last ten years, but took it as bad as any during the recent financial crisis.
As far as managing your money goes while attached to a ship or on deployment... Obviously if you're on a sub at sea, it's zero. But if you're on a carrier, you'll be able to manage that money as often as you feel the need to (read: as important as you make it). I had regular access to a computer and checked google finance daily, so therefore was able to stay on top of the markets. My advice to you - sign up for the TSP right away and start contributing 10-20% of base pay. I just got out after 6 years and have 20k in that alone. That is only half the money I saved while in - I never reenlisted and spent all of that original enlistment bonus while still in Charleston (like most do).
Hello everyone,
I understand that the sign on bonus will be taxed and I may only come out with 15k, if that. As for a car, laptop, furniture, I come from a fairly well to-do family and I was able to buy a car and laptop when I worked at my local Costco Wholesale (still love that place) =]
One question I do have for living arrangements during NPTU schooling; Are we allowed to have roommates to cut down on rent/utilities, or must I live by myself.
And about the Philippines flooding and all... you can't believe that the whole island floods at any particular time like half of Americans do. Up in the mountains and highlands, 15,000 dollars can buy you around 100 acres of prime forest if not more. We had recently (5-7 years ago) built a house in Pangasinan province (300 miles north of Manila) for $5000, a modest 1,400 sq. ft. home. I don't think times have changed very much over there.
I have signed up for submarine duty and I'm aware that I will not be able to manage my funds myself, but my father is some kind of investing genius. (Idk how he does it) I might just let him handle it for a while until I get my DD or HD
