How much should i have after 20 yrs in the military ?

  • in the military"any branch" how much money will i have saved
    if i put $500 from my base pay into the bank and the interest from
    that for 20 years. Not including the bonus pay for other stuff


  • $500 a month or a year you don't give that info. as for it being a month, i can say with certainty you will be saving any $500 a month. I know your thinking i won't have to pay rent i will be living in the Barracks, they provide food, and clothing too. no medical bills i won't need to spend much money so i can put it all in the bank and save it.
    well first off the clothes they provide you won't be wearing when your off duty you will be getting clothes. you won't want to eat in the mess hall every meal every day. your going to want a car, so even if you get a cheap one and pay cash you still have insurance, and gas, not to mention repair bills.
    sooner or later you will meet someone and if they are in the military also i'm pretty sure a date won't be including a dinner in the mess hall. if you get married you'll be needing $500 more a month not putting it in savings.
    be realistic and set up a budget stick to it, and don't spend money foolishly like to many young people do going into the military, and you'll be able to save, and enjoy yourself while you serve the Country.


  • lol

    500$ x 12months x 20 years = 120,000$ plus interest


  • for the 1st year you would not really be able to put $500.00 per pay check into savings, that amount is unrealistic based on what you get paid.

    as it would depend on what interest rate etc you got for your savings then any answer would be fuzzy at best.

    My son manages to save roughly $300.00 per month as well as the thrift savings plan and for the first year having the GI bill amount taken out.


  • What kind of interest does your bank offer. You should look into CD's or talk to someone at a bank to figure out how to invest it. Look into IRA's.








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    Author: admin     03 11th, 2010 in portal.gzui.com     edit

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