And where will he be in several years? Take the longer view....
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Commissioning soon... Should I buy a house?
- Thread starter Phrost_Bite
- Start date
And where will he be in several years? Take the longer view....
That would generally depend on the market at the time you get orders.
pharaelga
Constantly lost in the sauce....
Is BAH cut off automatically when you switch duty stations? That seems like it could be a tough financial strain if you cant get it sold but have to continue paying the mortgage plus the rent at your new duty station, thats one thing that worries me when I think of buying. Are there any protections in place? I mean it seems like a good idea because the government is essentially paying your mortgage but can this be potentially hazardous?
If it is who I think it is (Navy type in your class, who went Supers West), then he owns the house my wife and I live in. He was a middie cruise buddy of mine from back in the day, so it has worked out well. Nothing has broken yet and we haven't missed any rent so I guess it is probably going well thus far
That said, buying a house in a lot of the areas we train in (speaking to VT's here) may or may not be the best decision. BRAC's occur, and that little town that was once a vibrant military oasis suddenly become ghost towns when the base shuts down....just ask someone who owned in Beevile, Cecil, etc.
No. It is updated everytime you check into a duty station. It may change and end up decreasing, but it does not stop simply because you pcs'd. You can not get BAH for two areas, if that's what you're asking.
This thread would have been completely different if you had asked about this 5 years ago.
Good advice on here, though. You're right, renting sucks. But, homeownership has risks that are too high for a guy in your situation. I was sure glad that we were renting a shitty apartment in Norfolk when the housing bust came. When it came time to move, I handed them the keys and walked away. I know guys that still are paying a mortgage on a house in Virginia but are living in California.
Good advice on here, though. You're right, renting sucks. But, homeownership has risks that are too high for a guy in your situation. I was sure glad that we were renting a shitty apartment in Norfolk when the housing bust came. When it came time to move, I handed them the keys and walked away. I know guys that still are paying a mortgage on a house in Virginia but are living in California.
I am a finance major, and coudln't agree more with all of you. Question though, what do you all do with your money? If most starting off officers do not have houses, and probably not cars since they are moving around a lot, what do you do with your cash? Invest, save, spend on discretionary items? I mean I know the salary isn't great, but if you are paying 6-800 in rent... How about the rest?
I know you're going to think dumb question, but i'm getting the impression that if you are moving A LOT like I am under the impression, not many people are going to dump a lot of money on houses and cars which is usually the primary source to spend money on. Do most of you invest in intangible items? stocks, options, mutual funds, bonds, etc?
I know you're going to think dumb question, but i'm getting the impression that if you are moving A LOT like I am under the impression, not many people are going to dump a lot of money on houses and cars which is usually the primary source to spend money on. Do most of you invest in intangible items? stocks, options, mutual funds, bonds, etc?
Hookers, blow, booze, guns, cars, motorcycles. Or if you have student loans or a family then I guess you spend differently.
Hookers and blow my friend.
Most guys I know invest a bit, spend a bit and waste a bit with a few completely blowing a bit, either drinking, chicks or gambling (Seriously, you lost $8k in 3 hours?! Good luck telling the wife). Often when guys are just starting out and single some of the early purchases are cars, later on motorcycles, boats and houses are often purchased with the ill gotten gains of deployment. After you get married and the little rugrats start appearing then you will never have enough. That giant sucking sound? That's all your money going to a house, transport, toys, education, sports gear, medical, safety, etc, all for the kids. Then the wife takes the rest. What have you got left? A big screen TV and mini fridge for beer. A man has gotta have his priorities, even if they are a fraction of what they used to be.
School loans. Out the ass. I bought a house, my truck's nearly paid off, and I travel a lot and save a bit.
Stocks and bonds are above me, and if the past bust has taught me anything its not to trust someone else with your money without knowing what they're doing with it. Until then, I'll remain an old fashioned saver. A smidge goes to investments, the lion portion goes to savings, and the rest goes to me and the wife having a blast in the short time we've got here.
And the salary is pretty effing good for being a 24 year old with a bachelors. The only friends I have who are making better money than I do are whiz kids working at investment firms for 80 hours a week. And they fucking hate it. I fly planes. I win.
Who is this "they" you speak of? Do you really think the DoD just pays off student loans for everyone that comes into the military?
Brett
I thought they would at least help? All I know is I have a fortune in student loans. My school costs 55K a year, and I only got about 1/3 paid for in scholarship. So thats why I ask...
Sounds like you will have to budget your hookers and blow expenses