No debt or loans. Not a big spender. If I shared a room with another O1, split rent, and was religious about saving, would this doable? The idea is basically to save something to the tune of 40, 45, 55, and 60k each year to invest so that I might be able to leave with a portfolio worth about 250k.
Is saving 200k as an 01 remotely possible over 4 years?(not including investment income?)
byu/Interesting_Ad2814 inMilitaryFinance
Posted by Interesting_Ad2814
3 Comments
Saving ~45k/year would get you there. Your highest salary in the first 4 years is just over 60k, but starts at just under 50k. If you can live off $500/month plus bah, it’s technically possible. Just don’t expect to do much. Don’t count on a deployment in your first 4.
You’d basically be living entirely off of your BAH. I did something very similar when I was a junior officer and it worked out pretty well.
But my situation was very conducive to me not spending nearly anything for 8 years, yours may not be.
Why? I understand some people chasing FIRE, but this seems a bit extreme. Live within your means, max out your retirement as you can, and don’t spend a dime more once you pin O-2 – just save the pay raise