Comments on: Reader Question: “What Should I Do With My Reenlistment Bonus?” http://themilitarywallet.com/reader-question-what-should-i-do-with-my-reenlistment-bonus/ Personal finance for military, veterans, and their families Tue, 07 Feb 2012 23:05:14 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Guest http://themilitarywallet.com/reader-question-what-should-i-do-with-my-reenlistment-bonus/comment-page-1/#comment-113 Guest Wed, 02 Apr 2008 18:05:05 +0000 http://themilitarywallet.com/2008/03/11/reader-question-what-should-i-do-with-my-reenlistment-bonus/#comment-113 Let's look at this. With that amount of debt, can Phil really afford to place so much into the TSP at this time? There are a few variables to consider for someone in a similar circumstance. With similar credit card and vehicle debt, and with a larger SRB of around 60K, in an area with a generous BAH rate around $1600 monthly, pre-approval of 150-200K mortgage, someone could set themselves up for their first mortgage in a starter home. Taking the BAH and SRB into consideration over the coming years, the principal could be paid down enough to allow worthwhie refinancing within a 3 or 4 year tour. The option that creates is maintaining ownership of the residence even in the worst case scenario of being stationed elsewhere in the country after the tour is over. That is the only option for home ownership as an enlisted service member. With zero credit card debt, Phil could have set himself up similarly even with only a 28K SRB. Let’s look at this. With that amount of debt, can Phil really afford to place so much into the TSP at this time?

There are a few variables to consider for someone in a similar circumstance. With similar credit card and vehicle debt, and with a larger SRB of around 60K, in an area with a generous BAH rate around $1600 monthly, pre-approval of 150-200K mortgage, someone could set themselves up for their first mortgage in a starter home. Taking the BAH and SRB into consideration over the coming years, the principal could be paid down enough to allow worthwhie refinancing within a 3 or 4 year tour. The option that creates is maintaining ownership of the residence even in the worst case scenario of being stationed elsewhere in the country after the tour is over. That is the only option for home ownership as an enlisted service member.

With zero credit card debt, Phil could have set himself up similarly even with only a 28K SRB.

]]> By: Veteran Military Wife at Life Lessons of a Military Wife http://themilitarywallet.com/reader-question-what-should-i-do-with-my-reenlistment-bonus/comment-page-1/#comment-87 Veteran Military Wife at Life Lessons of a Military Wife Wed, 19 Mar 2008 12:20:55 +0000 http://themilitarywallet.com/2008/03/11/reader-question-what-should-i-do-with-my-reenlistment-bonus/#comment-87 This blog post has been included in the "Carnival of Money Stories #51" at Life Lessons of a Military Wife. Hope you will drop by and read some of the many other wonderful entries received this week! This blog post has been included in the “Carnival of Money Stories #51″ at Life Lessons of a Military Wife. Hope you will drop by and read some of the many other wonderful entries received this week!

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