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Old 01-01-2013, 02:36 PM   #31 (permalink)
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Either way gonna revamp my plan for the stang, more foxing whay needs fix and dealing with the rest.
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Old 01-01-2013, 09:55 PM   #32 (permalink)
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Again thanks again for all the advice guys, makes me not as scared if i do have to get out. Oh ended up seeing what i am making this yr and it is better than i thought... This yr im making 42k before taxes and such, which does worry me because if we struggle a little now what happens when i make less and pay for a house...
Don't forget that right now only your base pay is taxed and not your housing allowance or any other allowances you receive. If you get out of the Army, 100% of your pay will be hit with federal income tax, state income tax (if your state has income tax) and all payroll taxes to boot.

Since you're a family guy, you won't be raked over the coals too hard. But your taxes will definitely go up. (And this isn't even considering all the "Fiscal Cliff" tax increases.)
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Old 01-01-2013, 11:10 PM   #33 (permalink)
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Graywolf 14: I once worked for a large international company where we (the indentured for a variety of reasons) felt overly secure. Once the company started falling apart, many people started leaving for other companies and many left with the entrepreneurial spirit. This also occurred at a previous downturn in our economy. As I left, someone told me that even during the 1930's depression with 30 percent unemployment, if you considered yourself part of that 30 percent then you could be in trouble. On the up side you are probably more like the 70 percent and may be under employed but successful by virtue of surviving. I understand your fear - go for it though. This is America and failure is easy to survive.

Also - thanks for serving our country, that says a lot about you right there!
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Old 01-02-2013, 01:45 AM   #34 (permalink)
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If you get out of the Army, 100% of your pay will be hit with federal income tax, state income tax (if your state has income tax) and all payroll taxes to boot.

Since you're a family guy, you won't be raked over the coals too hard. But your taxes will definitely go up. (And this isn't even considering all the "Fiscal Cliff" tax increases.)
I wouldn't worry too much about taxes. I'm in the $60k range and didn't pay much of any taxes at all last year with 2 kids, stay-at-home wife and a $1400 mortgage. Cost of living is high here in California too.

I noticed my health insurance premiums jump from $300 month to $450 month in 4-years (...and the Obama administration says they won't tax the middle class!) Washington's unpredictable these days, but I wouldn't expect to get hit hard, if at all, with a salary of $40k to 50k with dependents.
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Old 01-02-2013, 02:35 AM   #35 (permalink)
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Graywolf 14: I once worked for a large international company where we (the indentured for a variety of reasons) felt overly secure. Once the company started falling apart, many people started leaving for other companies and many left with the entrepreneurial spirit. This also occurred at a previous downturn in our economy. As I left, someone told me that even during the 1930's depression with 30 percent unemployment, if you considered yourself part of that 30 percent then you could be in trouble. On the up side you are probably more like the 70 percent and may be under employed but successful by virtue of surviving. I understand your fear - go for it though. This is America and failure is easy to survive.

Also - thanks for serving our country, that says a lot about you right there!
This.
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Old 01-02-2013, 04:52 AM   #36 (permalink)
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Yea my taxes is maybe $150 a month right now but yea it will go up. Insurance since i would go national guard i can pay like $250 a month and keep tricare. I think why we struggle so much now is because we havent paid rent or utilities for 5yrs so we got lax about budgeting.
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Old 01-02-2013, 10:06 AM   #37 (permalink)
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...we got lax about budgeting.
This alone is a path to failure! Whether you get out or stay in, you need to change this. Talk with your spouce and start working toward a budget now! If you have a tough time with this, go to ACS and talk with their financial planner. They have good classes on budgeting and financial planning.
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Old 01-02-2013, 12:06 PM   #38 (permalink)
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Yea and ive tried keeping reciepts to get an idea of what we spend on byte either the wife doesnt or i forget. My wife is really the one freaking out about me possibly getting out. But she thinks well both have to work to barely even survive, and she hasnt worked in over five yrs...
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Old 01-02-2013, 12:43 PM   #39 (permalink)
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Try reading Dave Ramsey's book (both of you) and start logging all your purchases in Quicken. You'll soon find out where your cash is going.
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Old 01-02-2013, 12:57 PM   #40 (permalink)
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Try reading Dave Ramsey's book (both of you) and start logging all your purchases in Quicken. You'll soon find out where your cash is going.
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Old 01-02-2013, 05:39 PM   #41 (permalink)
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Try reading Dave Ramsey's book (both of you) and start logging all your purchases in Quicken. You'll soon find out where your cash is going.
+2

You don't even have to keep receipts so much anymore; you can download credit card and bank account transactions straight from their website to quicken. The only receipts you need to keep are for cash purchases. With a few good strategies, you can minimize your cash usage, and not even have to track it, just give yourself a weekly or monthly cash budget.
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Old 01-03-2013, 09:04 AM   #42 (permalink)
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Yea and ive tried keeping reciepts to get an idea of what we spend on byte either the wife doesnt or i forget. My wife is really the one freaking out about me possibly getting out. But she thinks well both have to work to barely even survive, and she hasnt worked in over five yrs...
This is why it might be best to go to ACS and talk with their advisors. It'll include your spouse and help to giver both of you motivation not to forget and how to plan the budget and stick to it! Use the resources available to you. Dave Ramsey's book is good, make no doubt, but that in conjunction with the folks at ACS will prepare you both even better! Besides, I think ACS will give or loan you his book. They did at Fort Meade!
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