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Resigning Gouge
- Thread starter DanMa1156
- Start date
Technically yes.
Being in your 30s and able to go outside the “liberty radius” without asking another grown man permission?
Blasphemy!
it's ok, he was on terminal leave, not terminal liberty.
@DanMa1156 you got the basic answers, but yes, you do technically get more money by taking the payout. I mentioned it in another thread, but just be forewarned that there's a big tax hit on it, as it's considered a "bonus."
There can be reasons to not go terminal, even if you have everything set up to do so. I actually came off terminal because I was having a last minute medical issue with the very real prospect of not being able to be employed for a couple of months thanks to the always timely Navy Medical appointment system. I wanted to have the extra money after the fact to help live off of.
Also, as an aside, if you do get a last minute medical issue pop up, at least for retirees, it is possible extend your retirement date (at least if you're not HYT). I was surprised to learn that it was as simple as an email to submit the request and the turnaround time was a day or two from PERS. Thankfully I didn't end up needing it, but I was very close to staying Navy for a little bit longer than I had planned.
There can be reasons to not go terminal, even if you have everything set up to do so. I actually came off terminal because I was having a last minute medical issue with the very real prospect of not being able to be employed for a couple of months thanks to the always timely Navy Medical appointment system. I wanted to have the extra money after the fact to help live off of.
Also, as an aside, if you do get a last minute medical issue pop up, at least for retirees, it is possible extend your retirement date (at least if you're not HYT). I was surprised to learn that it was as simple as an email to submit the request and the turnaround time was a day or two from PERS. Thankfully I didn't end up needing it, but I was very close to staying Navy for a little bit longer than I had planned.
Thanks everyone. Yeah, we'll see.
My current options for leaving AD are a CJO from an airline that I need to build the ME time for anyway and an application that seems to be progressing through the Air Nat'l Guard well. I am currently overseas so no option to build ME time for me.
Known hurdles I have: 1 wife, 2 kids; need to find a place to live, not really sure where we even want to live. If I do the Air National Guard, I suspect it will be near that base. If in scenario 3, will be gapped a pay check for ~ a month before taking a 50% pay cut with the airline.
Assets: I've saved a ton and am prepared financially to leave; have considered paying for a house outright sans mortgage. Wife open to moving pretty much anywhere, she's willing to work, but limited by the fact that one kid will only be 2 by the time we get back to the US. I expect her current income potential to be limited to under $30k per year. Family in NY and MD.
My current options for leaving AD are a CJO from an airline that I need to build the ME time for anyway and an application that seems to be progressing through the Air Nat'l Guard well. I am currently overseas so no option to build ME time for me.
- Ideal and most unrealistic world: I get approved Skillbridge and build hours and continue pay, start ground school day one I am out.
- Slightly more likely than unrealistic: I use terminal to do what I would have used Skillbridge for.
- Most likely from what I've seen/been told to expect by my chain of command: No Skillbrige or Terminal approved, have to sell back leave (or use a ton this upcoming year, which I'll be sure to just to mentally compress and put some deposits in the "family" bank). and spend a month doing the ME stuff before starting ground school at the airline, approximately a month after getting back to the states.
Known hurdles I have: 1 wife, 2 kids; need to find a place to live, not really sure where we even want to live. If I do the Air National Guard, I suspect it will be near that base. If in scenario 3, will be gapped a pay check for ~ a month before taking a 50% pay cut with the airline.
Assets: I've saved a ton and am prepared financially to leave; have considered paying for a house outright sans mortgage. Wife open to moving pretty much anywhere, she's willing to work, but limited by the fact that one kid will only be 2 by the time we get back to the US. I expect her current income potential to be limited to under $30k per year. Family in NY and MD.
Time building; nothing it stopping me explicitly, but don't expect to get terminal approved.
I’ll let the financial experts correct me but don’t pay for a house outright. Use your VA loan and low interest rates and put the minimum down.
Just curious why your command won't approve any terminal leave(seems kind of a dick-move blanket policy). Are they worried manpower won't provide a replacement until your actual EAS date? There should be some flexibility this far out from your command (I say this without knowing what kind of billet you're filling, and maybe it being harder to backfill bc OCONUS possibly).
With you on this from a pure Economics point of view (that was my major after all!) but from a "I'm at a regional and am concerned about my job security" aspect, I am considering it. With that said, I probably won't do it; but I recognize that's an asset of mine I could if I wanted to.
Great question. For as shitty as it is for me, I respect the guy who has set the policy and understand why he has implemented it and the fact that in my impression he has set the expectation straigt and held his standard makes it an easier pill to swallow than counting on it for 2 years then getting denied it. In short. his reasoning is "we are always telling Millington we are short on bodies and are understaffed. If I let people take terminal, then I am sending an inconsistent messages to them."
In my particular scenario, what makes it worse is I am also the only one in the command with a certain qual- I am trying to change that, but getting admin to get a new body sent to the schools I went to has proven less than easy. I'm also under the impression that they won't send a body until my PRD, terminal leave or Skillbridge, so it's not an easy sell to make.
You might consider holding off a few years before buying a house and just rent. That gives you a few more options when you move up to The Show from the regionals. It gives you a chance to see if you actually like where you live enough to commute later on. I’ve known many who bought right away and then felt stuck.
What HAL said. Don’t buy until you know where you’ll be.
Meh, maybe prioritize taking care of people, regardless if they are getting out or not. Not taking care of people is one of the reasons we are understaffed. Also, terminal leave helps justify the reasoning for being understaffed. It should be accounted for by Millington in filling billets..
Spekkio
He bowls overhand.
Your CO is a bit misinformed. Millington isn't going to slash billets because your CO lets people go on terminal. In fact, it's likely to have the opposite effect where they formally see a demand signal for a new person and send the replacement sooner. Also a conversation to have at wardroom planning conferences to get the detailer on the same page.
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Spekkio
He bowls overhand.
If someone has a large income relative to the mortgage payment or is guaranteed to live to 90, you're right - put the 20% down and invest the rest of the money to maximize the dollar amount earned in a lifetime (20% is required to avoid a VA financing charge that can get rolled into the loan).
However, I find that reducing cost of living overhead by between $15k-25k per year (depending on amount in the mortgage) has a substantial immediate impact on quality of life. You can now use that chunk of change on things that you want and not something that you need. It also prepares for the inevitable of downsizing income in retirement. Additionally, as DanMa pointed out, if you end up in financial trouble because you're between jobs, having a lower monthly overhead allows you to live off of savings for that much longer.
The factor that's often missing from these calculations is the probability one lives long enough to see the benefits of leveraging a 3-5% APR mortgage into long term investments squeezing out an extra 3-4% ROI over the money that would be saved by paying off the loan sans interest, and also the probability that they are in a condition to enjoy it.