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Old 12-02-2014, 06:04 PM
 
1,257 posts, read 1,677,909 times
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Quote:
Originally Posted by Submariner View Post
Most of the crewmen I served with got SRB levels anywhere between $40k and $65k every 4 years. Obviously it was tax-free. The earliest you could start Re-Enlisting to get SRB was at your 4 year point. During my career the SRB cap was $65k. When I was retiring they bumped it to $90k [still every 4 years].

SRB will not make anyone 'rich'.
SRBs are not tax free unless you're in a combat zone.
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Old 12-02-2014, 07:13 PM
 
Location: Forests of Maine
26,809 posts, read 41,445,403 times
Reputation: 13482
Quote:
Originally Posted by Pyramidsurf View Post
SRBs are not tax free unless you're in a combat zone.
Yes, that is correct.
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Old 12-03-2014, 02:36 PM
 
Location: In the Endless Mountains
18,530 posts, read 988,008 times
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While I was on active-duty, I was able to save a great deal. My pay was not great, but then not being married, having no need for a car, living in the barracks, eating in the mess-hall, and making no big purchases, I was able to sock away quite a bit. So much so, my very first car I paid cash, kept up the savings habit and paid cash for my second car. Then when the right gal came along, I was able to put a sizable downpayment on a townhouse. I was happy with that kind of savings habit formed.
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Old 03-01-2017, 02:05 PM
 
1 posts, read 311 times
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I earned $60k to $75k / year during the later 2/3s of my Active Duty career. I retired as an E6.

I did not have any income tax obligation from my third year, until I retired at 20 years. No income taxes came out from my pay, and no income taxes were due to be paid afterward.

>>how did you get away with no taxes post year 3?
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Old 03-01-2017, 03:32 PM
 
Location: Forests of Maine
26,809 posts, read 41,445,403 times
Reputation: 13482
Quote:
Originally Posted by Millennialmitch View Post
I earned $60k to $75k / year during the later 2/3s of my Active Duty career. I retired as an E6.

I did not have any income tax obligation from my third year, until I retired at 20 years. No income taxes came out from my pay, and no income taxes were due to be paid afterward.

>>how did you get away with no taxes post year 3?
I had a lot of tax write-offs, our investment portfolio provided solid tax sheltering, and a good portion of my take-home paychecks were tax-free.

All the growth in my investment portfolio was tax-free.

My wife and I both took budgeting courses and became certified budget counselors. Then we both did the income tax preparation courses and we both did taxes for crewman and their families.

It became a habit.
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Old 03-01-2017, 05:18 PM
 
Location: Out West
17,149 posts, read 11,906,632 times
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I guess it would depend on where you get stationed. If you're stationed in some boring place...you can save faster. I was stationed in Germany, and since the military gave me this "free" vacation, I decided to make the best of it. I traveled all over any time I was scheduled to be off. I went to several different countries while there, since it's no different than like traveling to a different state. I went to all kinds of fests and other fun things while there. I would not take that money back and give up all of that experience.

Despite the traveling, I was still able to save up quite a bit. I put in each month for my GI Bill, I put in each month in to a savings account that my parents had opened up for me when I was a very young kid. It was frozen until I was 21. I could put in, but I could not take any money out. So I just kept putting in. I had my travels and experiences, the restaurants, the clubs, etc. And I still managed to have a good chunk of money left over when I got out.

If you don't have a family tying you down, you can save a good nest egg. Mine was large enough to get me started in life with pretty much absolutely nothing. I continued to live like I had nothing even after getting back in to the civilian world for quite some time. I didn't know jack about investing back then. Wish I would have.

You don't have to buy stuff. Where are you going to put it anyway? Your barracks room? Don't even bother. At least, however, allow yourself to spend some on the experience if you go some place interesting. You'll still have a lot when you get out.
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Old 03-05-2017, 07:31 PM
 
145 posts, read 83,277 times
Reputation: 129
2009 Active-Duty Fort Bragg (Transition 2016 to Army Reserves)

Deployed 3 times

Korea (Saved $12k)

Iraq (Bought a Small House *2 Bedroom/1 Bathroom* & saved $5k)

Afghanistan (Bought a Bigger House to accommodate 2 kids)


I only named the things I saved but I am married to former Math Teacher that makes more than average teachers)

2016 Army Reserves (+30% Va benefits)

Army Reserves pay + Correctional Sergeant Pay + Plus Part time College Campus Cop = $57K

* My wife is a school Assistant Principle * & * She is going to OCS for the Reserves in the Summer *

The trick to all this is not marry the Ratchet hood girls, and trailer trash wannabe baby popping military dependents that usually surround military installations. To be honest there is a lot military beautiful women in the Navy and Air Force just pick one that got all kinds of flavors in those branches (white, black, Asians). Most of my savings was BAH and you always she with a small family like we did while I was in Korea.
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Old 03-06-2017, 06:50 AM
 
Location: N of citrus, S of decent corn
27,641 posts, read 34,596,387 times
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Quote:
Originally Posted by headingtoDenver View Post
I've got to raise the BS flag. What MOS (or whatever) did you have that offered a 90K signing bonus to re-up for only 2 years?
Not sure about the time commitment, but I think a Delta operator could get that much.
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Old 03-06-2017, 08:03 AM
 
4,207 posts, read 4,634,991 times
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I can see that prudent use of time in the military service (watching spending, investing, saving) can raise a person's economic class level.

I can see that prudent choice of a spouse during that military service time can double down on that also.

I can see that prudent life choices can as well.

In most cases a person would not get rich by military service but by how they live their lives and what they do with what they receive.

Many people have come into the military young, with no economic prospects, and no job and have lived their lives to be successful middle class type folks. Many have blown what they make and come out with job skills and experience alone (which still isn't bad).
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Old 03-06-2017, 08:27 AM
 
Location: Forests of Maine
26,809 posts, read 41,445,403 times
Reputation: 13482
Quote:
Originally Posted by theoldnorthstate View Post
I can see that prudent use of time in the military service (watching spending, investing, saving) can raise a person's economic class level.

I can see that prudent choice of a spouse during that military service time can double down on that also.

I can see that prudent life choices can as well.

In most cases a person would not get rich by military service but by how they live their lives and what they do with what they receive.

Many people have come into the military young, with no economic prospects, and no job and have lived their lives to be successful middle class type folks. Many have blown what they make and come out with job skills and experience alone (which still isn't bad).
True.

Most sailors that I worked with blew all the money they were paid. At their EAOS they were just as broke as the day they enlisted. When I retired I sat through a TAPP class, everyone else in that classroom had zero portfolios.

On the other hand, I have also worked with a few [a small few] who invested. Steady investing makes for a tidy portfolio. Very few servicemembers decide to amass an assortment of apartment complexes like I did. But it is possible.
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