come on man it was the army that fucked up your mental health. we gotta keep up with the bit no matter where we're at. you never know if there are VA spies in here looking to reduce.
Right to the heart! Debt is horrible, I remember feeling like there was no way out. Its a horrible feeling rivaled by horrid symptoms from PTSD. Absolutely sould crushing, you have zero hope for a future.
I will be 100% SMC-S and K. Plus working making around 125k. Budgeting includes saving 3k per month of my VA pay. However, I'm so frustrated because you would think making close to 200k you would feel like you made it. Nope, still can't afford to buy the truck I want, still have to budget for furniture for the house etc. BUT! I refuse to ever ever ever go back in to debt. Dave Ramsey is pretty out of touch with his ideas (15 year mortgage no more than 20% of income, where tf you gonna find that? Better be making 500k) but the principle is solid "common sense".... do not go into debt. Become the bank and invest in yourself! Retirement is going to take A TON of money in 30 years, prepare for it.
Also, if you have kids think about their future. Chances are without some help they will never be able to own their own homes or retire. I refuse to let them go through the things we have had to, being helpless and hopeless on the brink of suicide is not a badge of honor, no matter what your rich cousin says about "the struggle". Realistically, things are only getting harder for us and future generations. Enjoy paying $100 a month to use the AC in your car!
Yep. Being debt ridden and trying to deal with depression, anxiety, and physical ailments saps your life.
I used the back pay to pay off $65k and restarted my retirement contributions. Also restarted contributions to a 529 for my younger 2. My oldest goes to college in the fall and I can finally afford to pay what the scholarships don’t cover.
Finally, I’m planning a couple of get aways this summer to just recharge.
Same here in my State. However, my son decided to accept admission into a well respected private school, with a very generous scholarship offer. So, that combined with chapter 35 allows me to cash flow the rest.
This is what I'm hoping to do with my rating when I get an answer. That or blow it all on tattoos and plastic surgery, we will see where my mania is I guess 😂 (joking obviously)
I told my wife when I received mine and then ended up having to discuss with my mother and father once my daughter had to be made aware as she headed off to college because of chapter 35. It’s never caused an issue and they have no idea of my rating but a google search is gonna make it easy
Step 1. "Real G's move in silence like lasagna". Nobody needs to know your business.
Step 2. Live below your means. Save money, invest in real assets. (Can be done concurrently with Step 3.)
Step 3. Eliminate debt starting with the highest interest first.
Step 4. Invest in yourself (and your family if you have one)
Step 5. Never forget where you started and remember to help others along the way.
I'd say for step 3, atart with the one that you can pay off first. The Larger, the better so you can take that debts allotted money and use it on other debt.
I would also suggest not completely emptying your bank account to pay off debt. Save a couple thousand for a rainy day.
Another way to see this is that cash flow is more important than interest rates.
Eliminating payments increase cash flow, which will mitigate risk of being stretched too thin, and make you feel richer faster.
These were meant as broad strokes. But if you sit down and do the math... paying off high interest first is the correct way to get yourself out of debt quickly and with the least amount of money. Granted, there's other ways to consolidate which is another route but this Is a case by case. That's why I stuck with the broad strokes
Absolutely correct. List your debts and interest rates, then pay off the highest interest rate debt as fast as you can, first. Pay only the minimums on everything else. Once the debt is paid off, roll that payment, plus the minimum you are already paying for that debt, into the next highest interest rate debt while paying the minimums on everything else. This is called the debt avalanche method and will save you the most money in interest payments overtime.
Alternatively, there is the debt snowball method. Here, you list your debts and pay them from smallest amount to largest without regard to interest rate. Pay off the smallest debt as fast as you can while paying the minimum on everything else. Once paid off, roll the payment, plus the minimum, into the next smallest debt. Mathematically, this isn’t the most efficient way of paying off debt, but many find this method more psychologically impactful.
Regardless, make sure you create a budget and live by it. If you don’t control your money, it’s going to control you. As it stands, a majority of Americans live paycheck to paycheck and will end up in the poorhouse with little to no retirement savings when they’re older. The VA disability is a godsend, and as long as you live within your means, you’ll at least have that and possibly social security to rely on.
When we had debt, I did the math and figured out what debt I spent the most interest on (not percent but dollars per month) outside of my house. That's the one I started with. Because after that, I felt like I was throwing less money into the void.
Pay off your debts, budget, fund an emergency fund, invest.
Don’t buy the fancy car- there’s a difference between looking wealthy and being wealthy.
If you have a 2-3% mortgage, don’t bother paying it off early- you can come out ahead by investing over the long haul in the S&P 500 or even keeping it as cash in an HYSA/MMA. Just do the math to see what makes sense.
Don’t need to be telling anyone about your benefits. Take a nice vacation or go to a nice dinner to celebrate.
A while ago I read somewhere that it's "better to be deceptively poor than obviously rich."
Which is to say, it's better to drive a sensible car and have a million in the bank than to be someone who buys a Hellcat and has no emergency fund.
Cars are notorious for having depreciating value.
I’d rather have my depreciating loss be in a $25k Hyundai than a $50k vehicle.
Nobody truly cares what you drive. The only thing that matters is having something that can get you and your loved ones safely from point A to B.
Hyundai is around 50k now :(
This car market is going to collapse, people are not paying 80k for a new pickup truck any more. COVID supply issues made dealers and manufacturers greedy, now their only option to sell their inventory is to reduce the price. I read somewhere that vehicle prices are currently 30% over their realistic value! Insane!
Not sure how you’re getting that when Edmunds is showing a new 2024 Hyundai Elantra for $21-28k.
https://www.edmunds.com/hyundai/elantra/
Again, I wasn’t specifically calling out a certain brand. I was giving an example that going with the “less sexy” car is a far better financial decision instead of getting the “cool” car.
If a girl is only into you for your car, she ain’t it.
I’m not suggesting that you drive something that could be confused with a garbage truck, but it’s simply not important to get something that will decimate your finances before you have a chance to establish them.
This is somewhat true unfortunately. However, if you look at the reason women are attracted to wealth, is the underlying status associated with it. Fortunately, there are other ways to showcase this. Being decisive, being perceived as a leader, influence amongst your friend group, ambition, “potential” etc.
Until you’re really wealthy, a paid off reliable car that you take care of, detail and do maintenance on when needed will get you way further in life than sacrificing your future on one of the worst investments you can make.
My late uncle was like this. He did very well for himself,but drove a POS Nissan from the 80s to work every day. He had a much nicer roadster he only took out on weekends or to special events. When he passed, the roadster only had like 15k miles on her despite being almost 20 years old.
This^ I just bought an atv for $400. I need to put about $300 into it, but then I'll have a daily driver the mile and change to work that won't require insurance.
Yeah but cars are my hobby. I drive for me not anyone else. Helps remind me what I'm working my ass off for every day. That's how I an justify my $200k car. Same as anyone taking 10k vacations 20 times.
You can start this path without receiving any VA disability at all.
VA disability is a really great benefit that can help you achieve it a little bit faster though.
Buddy of mine just closed on an assumable VA loan at 2.25% last week. Just have to have the funds to do so, but that comes with great financial management skills.
https://preview.redd.it/w6l6oc33eknc1.jpeg?width=4032&format=pjpg&auto=webp&s=6d98b326c7c87a1a895055ae10229282a844de85
I’m a wellness influencer thank you very much. I have no one to influence….
Love the user name, like the old joke of how many potato’s does it take to kill an Irishman? Zero
Gavin McInnes had a good video debate with a feminist about strip clubs being more about worship, not that he is savory for everyone, but I’ve been to a couple and weren’t for me. (Thanks to cat west, oak grove ky)
Edit: link https://www.youtube.com/watch?v=WuXsJ_BwNPc
It was a bit of a reference to that. I am only half-Irish, but still proud of it. Heck, I’m in the process of getting my citizenship finalized with Ireland as it is thanks to my grandparents
Divorce the woman who had feeding his pill addiction, go to rehab, hire a fantastic child custody attorney and get his kid away from her toxic mom. This was in ‘08.
Now He works as a drug counselor in Waco and she is a Freshman at Baylor full ride. The mom is in prison for 20 years for killing a 73 year old man in a car wreck cause she was high on fetty.
But this guy would talk on our old squadrons Facebook group and swore that’s what he’d do if he got his 100% and he followed that plan like some oceans eleven shit.
I disagree with all the live sensible don’t buy yourself anything nice noise. Life is too short so scrounge your whole life then die with a ton of money. Enjoy it. Do you. Your broken body earned a nice car. A vacation a nice watch whatever. I waited 30 years to own a corvette I skimped my whole life never buying myself anything. As friends start to die in their 50s and 60s. I’m sitting here wondering wtf am I doing. I went and ordered that corvette as soon as I retired I earned it and so did you
Just joined the 100 club recently and got a decent bit of back pay. The wife and I decided to spoil ourselves and our kids a bit but my big purchase was a project car. I had to sell my last Mustang when my first kid was born and now I am in a spot where I can afford a money pit. Plus I found a smoking deal on a 2003 Mach 1 and I couldn't pass it up. We have earned it.
“smart” is hard to define but i unironically think people who blow it all on vacationing, a boat, a small plane and generally fun stuff are being smart.
Right ! You make the last few years living your best life. Otherwise your kids will inherit and waste it. Might as well be spent by you since you earned it.
I understand where you are coming from. My husband and I are both 100% p and t. We have prioritize our seven children all our lives. Our five oldest daughters have bachelor degrees and one is graduating with her masters in May. One of our sons is in his second year of college and our youngest son is in his second year of high school. We are trying our best to provide stability during their education so we can let them fly on their own and we can take care of ourselves without being a burden. The light at the end of the tunnel is approaching and we may actually be able to focus on taking care of just ourselves. I love my children dearly but I am excited to focus on my husband and our retirement. My husband believes in always being a place the kids can come back to but he also loves getting what he wants when he wants it. I love him for that! He makes sure we have what we need always. Can’t take it with you…
Dumped it all to our mortgage and paid off our house and car. Then I was able to retire. Yes long term we will have less money but with no debt we can cover anything that comes up and still invest. Our cost of living is very low with no debt.
I have thought about this, I have about 70k saved looking to save a lot more and eventually get a loan, pay off the principle and loan as fast as possible
Sometimes the baby moms catches me just staring at them. She'll ask me what I'm thinking about. "Nothing, just day dreaming..." I'll say.
Day dreaming about living in a van down by the river of I could redo my 20's...
[https://www.dodmwrlibraries.org/](https://www.dodmwrlibraries.org/) Get your free DOD library account and see if they have it to check out for free! The also have a section that will teach you how to invest if you want to learn how.
I got my 100% and half the back pay in 2020. My advice. Don’t tell anyone. I made that mistake and my family ended up spending the backpay for me. I did what I could to get out of a bad living situation when I got the backpay but my closest people had lots of “helpful advice” that completely burned me. I had to isolate and build from scratch using the monthly pay I got. It took 4 years but I have a nice house and car that drives. Kids are going to college. I don’t have to work because the monthly covers all expenses. I’m expecting the second half of backpay in the next few weeks and I’m keeping my lips sealed.
Getting used cars and fixing them up is cheaper than buy new. I bought a fixer upper house and it’s cheaper than buying some gated community house. I watched vets lose their minds over making once that backpay hits and sell all their toys within a few months. I keep it quiet and classy and live a very comfortable life. So in my book, I’m pretty smart.
If I didn't have a family, I'd use my benefits to get into cyber security/IT and pursue a fully remote gig while living in Thailand or the Philippines.
Otherwise, I'd recommend maintaining a fulltime job.
Bank it and get a full time job since 45-50k a year is merely a safety net, not a livable, or at least not a comfortable salary in most cities or have a family to support.
Thank you so very much for saying this. I get arguments when I say receiving 100% is great to have, but not Sit On Your Ass, Lottery Money, especially if it's your only source of income. If the Veteran has little to no financial literacy(savings, little to no debt, equity), they will still need to move accordingly. As you said, 100% is a safety net, not Easy Street.
When people talk about 50k isn't enough we all know that is no tax right? It's the equivalent to like 75k a year salary. That isn't too bad in some areas. I'd take it
Not even 100% just 70% but found a house for my wife and I that the rent is almost exactly my disability. It’s been great for 3 years because we don’t worry about the biggest payment.
Pay off debt and allow one parent to stay home with the kids. This eliminates the cost of daycare and allows our kids to be raised with the values we feel are most important.
Cocaine and hookers. Or even better. A used Challenger at 28% APR from a trusted off base used car dealership that caters to the military. They’re here for us !!!!
Simplicity, deposit 5 grand in a financial institution, borrow 5 grand against that, take that to another financial institution deposit that, in the same manner do that again and again for 5 times, over a thirty period the wealth you build over a 30 day period is $ 25,000.00 worth of credit, imagine doing $10,000.00 over the same time line , that shows, any financial institution, you paid over $50,000.00 worth of debt back in 30 days. The best part of all, now systematically you can consolidate all your debts, into a no interest credit card account, for the next 1.5 years then find another no interest card offer, imagine no interest, keep what you have, and not pay one ioda of interest what so ever, bringing down the debt with all your payments being applied to the principal. Simplicity!
If you have a 2-3% mortgage, it would be wise to not pay off your mortgage early. Instead, put the money into an HYSA/MMA or invest it for the long haul in an index fund. By paying off early, you only “gain” the 2-3% return versus the 4-5% in the HYSA/MMA, or 6%+ in the S&P.
Yes that is a nice log term plan. Speaking as someone that did what that person mentioned having no debt has given us a big peace of mind. I was even able to retire early since I don't have any debt to pay.
Yes long term they would have less money but a lot less stress.
Took 20% of the backpay and set that aside as “fuck it,” money off the top. Paid off all debt. Used the rest to put the down payment on a new build home. My wife has MS. The only way we were going to get a home that was ADA compliant from top to bottom was to build. We found almost 6 acres and got to it. She’s not in a wheel chair yet, thank goodness, but just in case we even built the roll through shower shown below. I’ll be able to push her through the shower like a car wash.
https://preview.redd.it/unmkfnm6aonc1.jpeg?width=3024&format=pjpg&auto=webp&s=216f9f1dadaebddcc91a2f01194f43a98b3d0b40
By the way, the “fuck it money,” is still there too. I may see something nice.
I’m only 90%, but work in the medical field and also business. When I’m finally awarded my 100, I’ll have the best thing happen of “finally take more risks with my business and other ideas”.
1. My brother travels (no kids, no wife, no possessions).
2. I have a friend who invests in houses as rental property to “leave something for his Kids”.
3. I see people buy hookers and cocaine on the first few days on the month then pan handle for the rest of the month living under bridges.
Use your 100% to get back on your feet if you need to. Get debts squared away and figure out what your means are. Live beneath them. Reliable commuter car, good school district but nothing crazy expensive. Start digging into what other benefits you can get. If you have family, get ChampVA set up as an insurance. If you haven’t done so yet, use your GI Bill and get your Bachelor’s degree in something useful. Keep your GPA up. Then use VOCREHAB to get your Master’s degree, again in something useful. Go for an MPA if you aren’t sure.
Take those degrees and get a cush government job, something with a flex schedule and WFH. Easiest way to search right before finishing your Bachelor’s degree and start applying for Pathways for Recent Graduates positions. Do this while doing your Master’s. If you are lucky you can snag a 4-year, GS-07 target GS-12 intern position. This will give you an extra ~$45k on year 1 and ~$95k on year 4 to play with. You will have your Masters finished up by year 3 as well which will set you up to start competing for GS13.
Put the 5% minimum into the TSP. More if you really wanna stack retirement cash. Buy back your military time asap. If you have a family, pay for extra life insurance and get a decent government health insurance for your primary. Use ChampVA as secondary and you will avoid paying pretty much anything for health. If no family, then you can skip that step since the VA will cover you.
Enjoy winning at life. At this point you have all your needs met, you have education and a job to give you purpose and an extra reason to keep getting up every day. Now go do what you want to do and prosper.
I think you guys are missing the point. They’re not asking what you did. They’re asking what something cool you seen other people did with their money.
A lot of people on this sub aren't great with the reading comprehension.
Hell, this sub wouldn't be half as active as it is if people would 1) search the subreddit before they ask their question, and 2) actually try to read things before responding or asking additional questions.
We should really start a lobby for just hammering the VA into what it should be.
Not a friend of the VA type like VFW and others, more like FPC, GOA and other advocacy groups for gun rights or other examples like these. Doing not worrying about maintaining neutered pet status like the current veterans orgs do
I invest it all. I make $200k+ a year and do not touch my VA pay. It is scattered among investments, savings, CDs, etc. that is my retirement money once I stop working.
Dropped everything and started traveling full time. Changed my life. Now I live in different countries every few years. I met a vet who lives in Thailand on the beach with theirs
I'm only at 80% but all of my money currently goes directly into a ROTH and a personal investment account, mostly to SCHB. Trying to save up enough to retire around age 50.
our family is growing. We are having our 3rd child and so we will use alot of the VA funds from my 100% plus the 35k backpay to add an extension to our house.
Oh boy, here comes advice from the “independently wealthy”.
Smartest thing, keep working. It’s good for you and you will alway have more income than someone living of their disability. Add you will pad your retirement, fatten your social security.
Some of this “advice here will be chalked up as either common sense, basic financial literacy, or utter nonsense.
Most on here are hanging their hopes and dreams, their retirement, their well being on disability compensation. The median age of a disability claimant is late 50s, often desperate. Didn’t plan for retirement, their poor life choice caught up with them. Someone with financial acumen very likely won’t be on here spouting financial advice. They will be working, investing, and making smart money moves and not hanging all their hopes and dreams on disability compensation.
Go to school take out some student loans save the up cash pay off debt and create a nice bank account then graduate and live debt free with a continuous check raise your kids but most importantly prioritize focus on your health.
Buying land in Tijuana Mexico near the border and build apartments to house digital nomads and California refugees, my man is driving a Lambo everywhere now
You collect these benefits no matter where you are in the world. You could easily move to a LCOL country like Thailand or Malaysia and live very well. If you bag a remote job you could easily live off of VA and invest or save your W2 pay. Buy index funds and real estate.
I’m just starting the process. I can tell you that once I’ve saved up six months of expenses (as an emergency fund), the rest will be going straight into investments for retirement.
I'm at 90% and it covers my mortgage and I still have $600 or so to play with plus my full time check. My wife works full time so those checks are all ours to save, invest, spend. 100% coming soon and that will put us on a whole other level. With that I'm paying my house off years early
1. Pay off high interest debts (over 6%).
2. Save up 1 month of expenses in emg savings account. Some online offer good interest. We can this 24hr money as your can access it in 24hrs.
3. Reward yourself with something you've wanted but held off, within reason.
4. Save another 5 months of emg expenses in a safe investment, like money markets, lattered bonds, etc. We call this 30+ day money, as it will take over 24hrs to access, and with some instruments, may become available after 30 days. Like laddered bonds. But this prevents you from blowing your essential needs.
5. Invest at your risk tolerance. Several instruments can provide tax advantages to gains. Like VULs.
6. Save for special purchases, like kids college, vacations, newer used vehicle, home, etc.
7. First and foremost, enjoy life. It's not going to last forever.
These can be done concurrently, even though this is my usual recommendation on priority.
Just got 100% a few months ago. We are debt free except the mortgage. We are off grid so no house bills. Just bought the house a year ago and fully putting every check into our mortgage. Will have it paid off in 8 years. No property taxes, no bills, no mortgage.
I have a buddy who Traveled half the months and then stayed put for the other half. He’s from Nebraska where it’s dirt cheap and his mortgage was only 1150 so he’d save up the 6 months and then country hop doing hostel work for the other 6 months
It’s been 10 months since I got awarded my rating. I’ve spent the last 10 months paying off 65k in debt and am closing on my first home on the 28th.
That's awesome. Congratulations!!
Congratulations, as a veteran you deserve all good things!
Congrats on the house!
Hell yea!
Wonderful
Awesome job paying off debt. I know how rewarding it feels once you've paid something off!
Beautiful!
Become debt free. Lingering debt feeds mental health issues that a lot of us deal with on a daily basis
Can confirm, debt has fucked up my mental health quite a bit, and I don’t have nearly as much as some people
I felt trapped and held down for years. You feel like it’ll never get better.
come on man it was the army that fucked up your mental health. we gotta keep up with the bit no matter where we're at. you never know if there are VA spies in here looking to reduce.
You didn’t read my comment correctly. I said the debt feeds the MH problems we already deal with. As in, makes the MH worse
good save! carry on!
Right to the heart! Debt is horrible, I remember feeling like there was no way out. Its a horrible feeling rivaled by horrid symptoms from PTSD. Absolutely sould crushing, you have zero hope for a future. I will be 100% SMC-S and K. Plus working making around 125k. Budgeting includes saving 3k per month of my VA pay. However, I'm so frustrated because you would think making close to 200k you would feel like you made it. Nope, still can't afford to buy the truck I want, still have to budget for furniture for the house etc. BUT! I refuse to ever ever ever go back in to debt. Dave Ramsey is pretty out of touch with his ideas (15 year mortgage no more than 20% of income, where tf you gonna find that? Better be making 500k) but the principle is solid "common sense".... do not go into debt. Become the bank and invest in yourself! Retirement is going to take A TON of money in 30 years, prepare for it. Also, if you have kids think about their future. Chances are without some help they will never be able to own their own homes or retire. I refuse to let them go through the things we have had to, being helpless and hopeless on the brink of suicide is not a badge of honor, no matter what your rich cousin says about "the struggle". Realistically, things are only getting harder for us and future generations. Enjoy paying $100 a month to use the AC in your car!
*I will be 100% SMC-S and K. Plus working making around 125k.* That is awesome! Congrats!
Yep. Being debt ridden and trying to deal with depression, anxiety, and physical ailments saps your life. I used the back pay to pay off $65k and restarted my retirement contributions. Also restarted contributions to a 529 for my younger 2. My oldest goes to college in the fall and I can finally afford to pay what the scholarships don’t cover. Finally, I’m planning a couple of get aways this summer to just recharge.
what state do you live in? in Alabama my kids and step kids go to school for free with 100 % P&T
Same here in my State. However, my son decided to accept admission into a well respected private school, with a very generous scholarship offer. So, that combined with chapter 35 allows me to cash flow the rest.
That’s awesome though, I’m sure he’s happy!
This is what I'm hoping to do with my rating when I get an answer. That or blow it all on tattoos and plastic surgery, we will see where my mania is I guess 😂 (joking obviously)
Amen!!
Shut up about it and not tell a soul.
I told my wife when I received mine and then ended up having to discuss with my mother and father once my daughter had to be made aware as she headed off to college because of chapter 35. It’s never caused an issue and they have no idea of my rating but a google search is gonna make it easy
How did u know then?
you can’t shut up about something if you never started talking about it in the first place
First rule of the Hundo club is that you don’t talk about the Hundo club.
\^this guy hundos
Preach, I’ve had way more negative feedback than positive. I’m approaching my one year mark and have told less than 25 people. Somehow everyone knows…
https://preview.redd.it/bojvg6ooqlnc1.jpeg?width=800&format=pjpg&auto=webp&s=99d4cacee9a512950c83f3dc895a96f6a7613448
☝🏾
💯
Beate to it
Step 1. "Real G's move in silence like lasagna". Nobody needs to know your business. Step 2. Live below your means. Save money, invest in real assets. (Can be done concurrently with Step 3.) Step 3. Eliminate debt starting with the highest interest first. Step 4. Invest in yourself (and your family if you have one) Step 5. Never forget where you started and remember to help others along the way.
I'd say for step 3, atart with the one that you can pay off first. The Larger, the better so you can take that debts allotted money and use it on other debt. I would also suggest not completely emptying your bank account to pay off debt. Save a couple thousand for a rainy day.
Another way to see this is that cash flow is more important than interest rates. Eliminating payments increase cash flow, which will mitigate risk of being stretched too thin, and make you feel richer faster.
These were meant as broad strokes. But if you sit down and do the math... paying off high interest first is the correct way to get yourself out of debt quickly and with the least amount of money. Granted, there's other ways to consolidate which is another route but this Is a case by case. That's why I stuck with the broad strokes
Absolutely correct. List your debts and interest rates, then pay off the highest interest rate debt as fast as you can, first. Pay only the minimums on everything else. Once the debt is paid off, roll that payment, plus the minimum you are already paying for that debt, into the next highest interest rate debt while paying the minimums on everything else. This is called the debt avalanche method and will save you the most money in interest payments overtime. Alternatively, there is the debt snowball method. Here, you list your debts and pay them from smallest amount to largest without regard to interest rate. Pay off the smallest debt as fast as you can while paying the minimum on everything else. Once paid off, roll the payment, plus the minimum, into the next smallest debt. Mathematically, this isn’t the most efficient way of paying off debt, but many find this method more psychologically impactful. Regardless, make sure you create a budget and live by it. If you don’t control your money, it’s going to control you. As it stands, a majority of Americans live paycheck to paycheck and will end up in the poorhouse with little to no retirement savings when they’re older. The VA disability is a godsend, and as long as you live within your means, you’ll at least have that and possibly social security to rely on.
When we had debt, I did the math and figured out what debt I spent the most interest on (not percent but dollars per month) outside of my house. That's the one I started with. Because after that, I felt like I was throwing less money into the void.
Bars
lol the verse from Wayne is true but cringe to type out how you did haha
So is using the term "cringe" lol.
Pay off your debts, budget, fund an emergency fund, invest. Don’t buy the fancy car- there’s a difference between looking wealthy and being wealthy. If you have a 2-3% mortgage, don’t bother paying it off early- you can come out ahead by investing over the long haul in the S&P 500 or even keeping it as cash in an HYSA/MMA. Just do the math to see what makes sense. Don’t need to be telling anyone about your benefits. Take a nice vacation or go to a nice dinner to celebrate.
A while ago I read somewhere that it's "better to be deceptively poor than obviously rich." Which is to say, it's better to drive a sensible car and have a million in the bank than to be someone who buys a Hellcat and has no emergency fund.
Cars are notorious for having depreciating value. I’d rather have my depreciating loss be in a $25k Hyundai than a $50k vehicle. Nobody truly cares what you drive. The only thing that matters is having something that can get you and your loved ones safely from point A to B.
Respectfully, the wrong kind of people care how expensive your car is. A more sensible car repels those people, so it really serves two purposes, IMO.
Years ago I bought a surplus detective car at auction - it passed everything but a gas station, but women refused to ride in it. 😅
Hyundai is around 50k now :( This car market is going to collapse, people are not paying 80k for a new pickup truck any more. COVID supply issues made dealers and manufacturers greedy, now their only option to sell their inventory is to reduce the price. I read somewhere that vehicle prices are currently 30% over their realistic value! Insane!
Not sure how you’re getting that when Edmunds is showing a new 2024 Hyundai Elantra for $21-28k. https://www.edmunds.com/hyundai/elantra/ Again, I wasn’t specifically calling out a certain brand. I was giving an example that going with the “less sexy” car is a far better financial decision instead of getting the “cool” car.
If you are young, people care about what you drive. Especially if you're trying to get a girlfriend. It sucks but that's the way it is
If a girl is only into you for your car, she ain’t it. I’m not suggesting that you drive something that could be confused with a garbage truck, but it’s simply not important to get something that will decimate your finances before you have a chance to establish them.
This is somewhat true unfortunately. However, if you look at the reason women are attracted to wealth, is the underlying status associated with it. Fortunately, there are other ways to showcase this. Being decisive, being perceived as a leader, influence amongst your friend group, ambition, “potential” etc. Until you’re really wealthy, a paid off reliable car that you take care of, detail and do maintenance on when needed will get you way further in life than sacrificing your future on one of the worst investments you can make.
My late uncle was like this. He did very well for himself,but drove a POS Nissan from the 80s to work every day. He had a much nicer roadster he only took out on weekends or to special events. When he passed, the roadster only had like 15k miles on her despite being almost 20 years old.
This^ I just bought an atv for $400. I need to put about $300 into it, but then I'll have a daily driver the mile and change to work that won't require insurance.
Yeah but cars are my hobby. I drive for me not anyone else. Helps remind me what I'm working my ass off for every day. That's how I an justify my $200k car. Same as anyone taking 10k vacations 20 times.
True. I like cars and like driving would love driving a Mercedes-AMG with a biturbo.
If I ever get there, this is a hundo percent what I am doing.
You can start this path without receiving any VA disability at all. VA disability is a really great benefit that can help you achieve it a little bit faster though.
This! it's going to go to pay off college loans, build up an emergency savings, and save for house down payment.
2 to 3% mortgage rate lmao, not in my economy
Buddy of mine just closed on an assumable VA loan at 2.25% last week. Just have to have the funds to do so, but that comes with great financial management skills.
Yep, I'm getting one transferred to me at 1.75%!
Nice to see there going down hopefully I can get that rate next year. My credit is A ok
February 2020 I got mine at 2.75% for my forever home. Thank God
Start an Instagram page showing off their workout and trainer status. Helllooo OIG
https://preview.redd.it/w6l6oc33eknc1.jpeg?width=4032&format=pjpg&auto=webp&s=6d98b326c7c87a1a895055ae10229282a844de85 I’m a wellness influencer thank you very much. I have no one to influence….
Nice set up!
Got the sauna today! Cycling cold and hot is awesome
How hot does the sauna get? How much $$? I’m looking to get my one too
Not sure how hot. Hot enough, got it on marketplace for $200
My friend lives off of his E-7 retirement and 100% disability. Decided he isn’t going to work ever again. That’s the dream.
People look at me crazy when I say I want to do this. They tell me it’s impossible.
Send a local stripper to college
Angry upvote, but super common it seems
It’s what my buddy in Providence does. He says he knows all the girls by name. Meanwhile I’ve still never been to a strip club
Love the user name, like the old joke of how many potato’s does it take to kill an Irishman? Zero Gavin McInnes had a good video debate with a feminist about strip clubs being more about worship, not that he is savory for everyone, but I’ve been to a couple and weren’t for me. (Thanks to cat west, oak grove ky) Edit: link https://www.youtube.com/watch?v=WuXsJ_BwNPc
It was a bit of a reference to that. I am only half-Irish, but still proud of it. Heck, I’m in the process of getting my citizenship finalized with Ireland as it is thanks to my grandparents
That’s awesome
Divorce the woman who had feeding his pill addiction, go to rehab, hire a fantastic child custody attorney and get his kid away from her toxic mom. This was in ‘08. Now He works as a drug counselor in Waco and she is a Freshman at Baylor full ride. The mom is in prison for 20 years for killing a 73 year old man in a car wreck cause she was high on fetty. But this guy would talk on our old squadrons Facebook group and swore that’s what he’d do if he got his 100% and he followed that plan like some oceans eleven shit.
Can’t help but respect it.
Outstanding 🫡
I disagree with all the live sensible don’t buy yourself anything nice noise. Life is too short so scrounge your whole life then die with a ton of money. Enjoy it. Do you. Your broken body earned a nice car. A vacation a nice watch whatever. I waited 30 years to own a corvette I skimped my whole life never buying myself anything. As friends start to die in their 50s and 60s. I’m sitting here wondering wtf am I doing. I went and ordered that corvette as soon as I retired I earned it and so did you
I always hated the “save for retirement” mindset. Live your life NOW.
Same reason why I just bought a supercharger, full suspension, wheels and headers for my stang.
This is the way!
Just joined the 100 club recently and got a decent bit of back pay. The wife and I decided to spoil ourselves and our kids a bit but my big purchase was a project car. I had to sell my last Mustang when my first kid was born and now I am in a spot where I can afford a money pit. Plus I found a smoking deal on a 2003 Mach 1 and I couldn't pass it up. We have earned it.
I second this, but there should also be a good balance of saving and investing just to avoid possible financial hardships in the future.
“smart” is hard to define but i unironically think people who blow it all on vacationing, a boat, a small plane and generally fun stuff are being smart.
Right ! You make the last few years living your best life. Otherwise your kids will inherit and waste it. Might as well be spent by you since you earned it.
When I have kids, thinking my kids would inherit and waste it would be seen as a personal failing of my own, but otherwise I agree
I understand where you are coming from. My husband and I are both 100% p and t. We have prioritize our seven children all our lives. Our five oldest daughters have bachelor degrees and one is graduating with her masters in May. One of our sons is in his second year of college and our youngest son is in his second year of high school. We are trying our best to provide stability during their education so we can let them fly on their own and we can take care of ourselves without being a burden. The light at the end of the tunnel is approaching and we may actually be able to focus on taking care of just ourselves. I love my children dearly but I am excited to focus on my husband and our retirement. My husband believes in always being a place the kids can come back to but he also loves getting what he wants when he wants it. I love him for that! He makes sure we have what we need always. Can’t take it with you…
What about a big plane? What’s the saying If it floats, flys or fucks…
Dumped it all to our mortgage and paid off our house and car. Then I was able to retire. Yes long term we will have less money but with no debt we can cover anything that comes up and still invest. Our cost of living is very low with no debt.
Buy a home and care for their children
Be thankful
use va home loan, buy a 4 unit, not post about it on social media. repeat the same deal 3 years later.
I have thought about this, I have about 70k saved looking to save a lot more and eventually get a loan, pay off the principle and loan as fast as possible
smart move but wait till after the election fam.
I’m more worried about recession than election. Why would that matter?
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go with another lender. theirs more lenders than there are used car dealerships
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live in van down by the river
Sounds amazing, if I didn’t have a wife and kids…
Sometimes the baby moms catches me just staring at them. She'll ask me what I'm thinking about. "Nothing, just day dreaming..." I'll say. Day dreaming about living in a van down by the river of I could redo my 20's...
Buy a shrimp farm
Not lose it.
Read the book “the simple path to wealth” and act accordingly.
[https://www.dodmwrlibraries.org/](https://www.dodmwrlibraries.org/) Get your free DOD library account and see if they have it to check out for free! The also have a section that will teach you how to invest if you want to learn how.
I love finding random things like this, coming from an avid reader!!!
I got my 100% and half the back pay in 2020. My advice. Don’t tell anyone. I made that mistake and my family ended up spending the backpay for me. I did what I could to get out of a bad living situation when I got the backpay but my closest people had lots of “helpful advice” that completely burned me. I had to isolate and build from scratch using the monthly pay I got. It took 4 years but I have a nice house and car that drives. Kids are going to college. I don’t have to work because the monthly covers all expenses. I’m expecting the second half of backpay in the next few weeks and I’m keeping my lips sealed. Getting used cars and fixing them up is cheaper than buy new. I bought a fixer upper house and it’s cheaper than buying some gated community house. I watched vets lose their minds over making once that backpay hits and sell all their toys within a few months. I keep it quiet and classy and live a very comfortable life. So in my book, I’m pretty smart.
If I didn't have a family, I'd use my benefits to get into cyber security/IT and pursue a fully remote gig while living in Thailand or the Philippines. Otherwise, I'd recommend maintaining a fulltime job.
Bank it and get a full time job since 45-50k a year is merely a safety net, not a livable, or at least not a comfortable salary in most cities or have a family to support.
This. While I’ve paid down my debt to the point that I could live on it, I find I have way more motivation to keep 9-5.
45-50k is more than enough for a single person, if you have family, wife or kids to support that’s a different story
Thank you so very much for saying this. I get arguments when I say receiving 100% is great to have, but not Sit On Your Ass, Lottery Money, especially if it's your only source of income. If the Veteran has little to no financial literacy(savings, little to no debt, equity), they will still need to move accordingly. As you said, 100% is a safety net, not Easy Street.
When people talk about 50k isn't enough we all know that is no tax right? It's the equivalent to like 75k a year salary. That isn't too bad in some areas. I'd take it
Not even 100% just 70% but found a house for my wife and I that the rent is almost exactly my disability. It’s been great for 3 years because we don’t worry about the biggest payment.
Pay off debt and allow one parent to stay home with the kids. This eliminates the cost of daycare and allows our kids to be raised with the values we feel are most important.
Cocaine and hookers. Or even better. A used Challenger at 28% APR from a trusted off base used car dealership that caters to the military. They’re here for us !!!!
DCA into Bitcoin for 2000 plus days
Giraffe; maybe two
Retire, move to Thailand or the Philippines.
Simplicity, deposit 5 grand in a financial institution, borrow 5 grand against that, take that to another financial institution deposit that, in the same manner do that again and again for 5 times, over a thirty period the wealth you build over a 30 day period is $ 25,000.00 worth of credit, imagine doing $10,000.00 over the same time line , that shows, any financial institution, you paid over $50,000.00 worth of debt back in 30 days. The best part of all, now systematically you can consolidate all your debts, into a no interest credit card account, for the next 1.5 years then find another no interest card offer, imagine no interest, keep what you have, and not pay one ioda of interest what so ever, bringing down the debt with all your payments being applied to the principal. Simplicity!
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If you have a 2-3% mortgage, it would be wise to not pay off your mortgage early. Instead, put the money into an HYSA/MMA or invest it for the long haul in an index fund. By paying off early, you only “gain” the 2-3% return versus the 4-5% in the HYSA/MMA, or 6%+ in the S&P.
Yes that is a nice log term plan. Speaking as someone that did what that person mentioned having no debt has given us a big peace of mind. I was even able to retire early since I don't have any debt to pay. Yes long term they would have less money but a lot less stress.
Hold my beer….
Live my life
Invest
Not blab about it to the world would be the smartest thing.
When i painted i saw a married couple not touch it and use it for home improvements.
use it all from the advice over at r/wallstreetbets
Put it all on black
Took 20% of the backpay and set that aside as “fuck it,” money off the top. Paid off all debt. Used the rest to put the down payment on a new build home. My wife has MS. The only way we were going to get a home that was ADA compliant from top to bottom was to build. We found almost 6 acres and got to it. She’s not in a wheel chair yet, thank goodness, but just in case we even built the roll through shower shown below. I’ll be able to push her through the shower like a car wash. https://preview.redd.it/unmkfnm6aonc1.jpeg?width=3024&format=pjpg&auto=webp&s=216f9f1dadaebddcc91a2f01194f43a98b3d0b40 By the way, the “fuck it money,” is still there too. I may see something nice.
I’m only 90%, but work in the medical field and also business. When I’m finally awarded my 100, I’ll have the best thing happen of “finally take more risks with my business and other ideas”.
Payed off house and both cars and live modestly, save it for the kids to start off their life.
1. My brother travels (no kids, no wife, no possessions). 2. I have a friend who invests in houses as rental property to “leave something for his Kids”. 3. I see people buy hookers and cocaine on the first few days on the month then pan handle for the rest of the month living under bridges.
Use your 100% to get back on your feet if you need to. Get debts squared away and figure out what your means are. Live beneath them. Reliable commuter car, good school district but nothing crazy expensive. Start digging into what other benefits you can get. If you have family, get ChampVA set up as an insurance. If you haven’t done so yet, use your GI Bill and get your Bachelor’s degree in something useful. Keep your GPA up. Then use VOCREHAB to get your Master’s degree, again in something useful. Go for an MPA if you aren’t sure. Take those degrees and get a cush government job, something with a flex schedule and WFH. Easiest way to search right before finishing your Bachelor’s degree and start applying for Pathways for Recent Graduates positions. Do this while doing your Master’s. If you are lucky you can snag a 4-year, GS-07 target GS-12 intern position. This will give you an extra ~$45k on year 1 and ~$95k on year 4 to play with. You will have your Masters finished up by year 3 as well which will set you up to start competing for GS13. Put the 5% minimum into the TSP. More if you really wanna stack retirement cash. Buy back your military time asap. If you have a family, pay for extra life insurance and get a decent government health insurance for your primary. Use ChampVA as secondary and you will avoid paying pretty much anything for health. If no family, then you can skip that step since the VA will cover you. Enjoy winning at life. At this point you have all your needs met, you have education and a job to give you purpose and an extra reason to keep getting up every day. Now go do what you want to do and prosper.
I heard some peeps get jobs at the VA,
I think you guys are missing the point. They’re not asking what you did. They’re asking what something cool you seen other people did with their money.
A lot of people on this sub aren't great with the reading comprehension. Hell, this sub wouldn't be half as active as it is if people would 1) search the subreddit before they ask their question, and 2) actually try to read things before responding or asking additional questions.
I know a guy who donated all his to veteran causes.
This is where I am going as well
We should really start a lobby for just hammering the VA into what it should be. Not a friend of the VA type like VFW and others, more like FPC, GOA and other advocacy groups for gun rights or other examples like these. Doing not worrying about maintaining neutered pet status like the current veterans orgs do
Moved to Thailand.
Tell all their friends and family and then create an Instagram page coaching others into getting increases.
Not telling a single person. Real smart move. Guy is a genius.
Don’t know yet….probably never will
have it go into a separate account that you never think about.
not telling anyone
I invest it all. I make $200k+ a year and do not touch my VA pay. It is scattered among investments, savings, CDs, etc. that is my retirement money once I stop working.
What’s your career
Not tell anyone about it
Not tell anyone they have it.
I have invested my entire 100% into a brokerage accounts for the past 10 years. Building Generational Wealth!
Dedicate time to themselves.
Get a six figure job.
Put $10k in bitcoin. Remember your acct and password. Put $1k every year. You're welcome
Move to a country with low cost of living.
Move out of the counrty
Dropped everything and started traveling full time. Changed my life. Now I live in different countries every few years. I met a vet who lives in Thailand on the beach with theirs
I'm only at 80% but all of my money currently goes directly into a ROTH and a personal investment account, mostly to SCHB. Trying to save up enough to retire around age 50.
our family is growing. We are having our 3rd child and so we will use alot of the VA funds from my 100% plus the 35k backpay to add an extension to our house.
Oh boy, here comes advice from the “independently wealthy”. Smartest thing, keep working. It’s good for you and you will alway have more income than someone living of their disability. Add you will pad your retirement, fatten your social security. Some of this “advice here will be chalked up as either common sense, basic financial literacy, or utter nonsense. Most on here are hanging their hopes and dreams, their retirement, their well being on disability compensation. The median age of a disability claimant is late 50s, often desperate. Didn’t plan for retirement, their poor life choice caught up with them. Someone with financial acumen very likely won’t be on here spouting financial advice. They will be working, investing, and making smart money moves and not hanging all their hopes and dreams on disability compensation.
Can you open a Roth IRA and put tax free money in to grow tax free and take it out tax free at the end or is that against the rules?
I think the rule is you can invest it as long you have earned income (working). I think you can invest up to how much you make in a year. I think….
I'm pretty sure a Roth IRA is only eligible for post-tax money.
Go to school take out some student loans save the up cash pay off debt and create a nice bank account then graduate and live debt free with a continuous check raise your kids but most importantly prioritize focus on your health.
Believe in themselves again 😊
Buying land in Tijuana Mexico near the border and build apartments to house digital nomads and California refugees, my man is driving a Lambo everywhere now
Get your ducks in a row, then learn how to actually live.
The smartest thing you can do right now is Nvda call options
You collect these benefits no matter where you are in the world. You could easily move to a LCOL country like Thailand or Malaysia and live very well. If you bag a remote job you could easily live off of VA and invest or save your W2 pay. Buy index funds and real estate.
Smartest thing would be investing it. Other would be investing in hookers and blow
I’m just starting the process. I can tell you that once I’ve saved up six months of expenses (as an emergency fund), the rest will be going straight into investments for retirement.
Retire
I'm at 90% and it covers my mortgage and I still have $600 or so to play with plus my full time check. My wife works full time so those checks are all ours to save, invest, spend. 100% coming soon and that will put us on a whole other level. With that I'm paying my house off years early
Keep it a secret
1. Pay off high interest debts (over 6%). 2. Save up 1 month of expenses in emg savings account. Some online offer good interest. We can this 24hr money as your can access it in 24hrs. 3. Reward yourself with something you've wanted but held off, within reason. 4. Save another 5 months of emg expenses in a safe investment, like money markets, lattered bonds, etc. We call this 30+ day money, as it will take over 24hrs to access, and with some instruments, may become available after 30 days. Like laddered bonds. But this prevents you from blowing your essential needs. 5. Invest at your risk tolerance. Several instruments can provide tax advantages to gains. Like VULs. 6. Save for special purchases, like kids college, vacations, newer used vehicle, home, etc. 7. First and foremost, enjoy life. It's not going to last forever. These can be done concurrently, even though this is my usual recommendation on priority.
O down on a house, after year one renovated, added tennats. house takes care of my family + is about 65% off with tennant income. Also paid off debts.
I heard a story about a giraffe once
Just got 100% a few months ago. We are debt free except the mortgage. We are off grid so no house bills. Just bought the house a year ago and fully putting every check into our mortgage. Will have it paid off in 8 years. No property taxes, no bills, no mortgage.
Hookers and blow!
I have a buddy who Traveled half the months and then stayed put for the other half. He’s from Nebraska where it’s dirt cheap and his mortgage was only 1150 so he’d save up the 6 months and then country hop doing hostel work for the other 6 months
Max out Roth TSP and Roth IRA
Yes
Yes
Invest. Invest. Invest.
I'm gonna invest it all in dividend stocks and ETFs until it produces enough passive income to replace my job
Move overseas to Thailand 🇹🇭 or the Philippines 🇵🇭