- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Importance of Saving and Investing Base Pay
Out of curiosity, since housing is taken care of (BAH or barracks), have you considered how much of your base pay you save or invest each month? It is an essential aspect of financial planning and securing your future.
When I was a young officer, I didn’t prioritize saving. I spent most of my base pay without thinking about the future. However, as I gained more experience and understanding of the importance of financial security, I started saving 10% of my base pay, which gradually increased to 20% and more. Looking back, I regret not saving more earlier on and investing in opportunities that could have yielded significant returns.
Having a good rule of thumb can help guide you in managing your finances effectively. Is saving 30% of your base pay a reasonable target?
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As an O-3 I was at around 50% and felt like I lived pretty lavishly
I save 25% gross minimum, sometimes more. Depends on the month/plans. This does not include vacation type savings.
As a rule of thumb investing 30% of your base salary will set you in good stead. That said, it really depends on your goals in life. If you like your field and plan to retire after 20+ and work until full retirement age, then I’d recommend saving less (20ish%) and enjoying life more, as compound interest will take care of any of your retirement needs that your pension(s) won’t. If you don’t relish the idea of working for so long, then perhaps saving 30% of your total compensation might be better and allow you to fully retire after 20.
25% of all income should be invested. That’s my general rule
As an enlisted I have been sticking to about 50 to 75% of base pay for a few years now. It’s about to become much harder now that I’m married and likely will have less entitlements at next duty station.
O-3 here saving/investing just over 61K/year (includes government match). I don’t follow a rule of thumb as far as %. Have a nice place to live, I like cheap entertainment (video games, movies, hikes) and the rest just accumulates. Hoping to hit 1.5M in the next decade and just chill.