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Sufficient income?

Discussion in 'Other Discussions' started by Salty, Dec 18, 2009.

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  1. FriendofSpurgeon

    FriendofSpurgeon Well-Known Member
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    I had a good friend play pro ball for about 5 years or so. He's had numerous knee surgeries and now (at 50) can easily "feel" when it's going to rain. While he made decent $$ while he was playing, it was never the multi-million $$ that we hear about. He now teaches high school. My guess is that this is more of the norm. I'm sure he wouldn't trade his experience - plus it provided a free college education, but he's far from the super rich athletes that we hear about.
     
    #21 FriendofSpurgeon, Dec 22, 2009
  2. FriendofSpurgeon

    FriendofSpurgeon Well-Known Member
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    No, but then again, I'm not a single 19 years old with little/no job skills with only a high school education. I'm an "old" guy, with a college education, with way too many years of experience, with kids in school, a home, etc., and like John, live in an expensive area of the US.

    My guess is that $30k per year is pretty good for someone right out of high school with limited experience & skills. I don't think that McDonalds, KMart, Macy's or any other private employer would pay this amount, would they? Also, I think that $30k is about what starting teachers make AFTER four years of college.

    [BTW, please do not see this as an affront to our men & women in uniform. I am very grateful for the job that they do, and the fact that they willingly put their lives on the line to protect our freedom.]
     
    #22 FriendofSpurgeon, Dec 23, 2009
  3. Salty

    Salty 20,000 Posts Club
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    Okay, lets assume you are a Major with 20 years, and stationed in Orlando, Fl (I knew that Zip code) with a wife and two kids and living off base.

    So FOS, do you think you could live on $ 104,000 per year ( and that does not include the Six grand Tax advantage!
    and dont forget all the other military benefits ie - no tax in the PX, ect


    Regular Military Compensation Calculator

    Your Results..............Monthly....................annual
    Basic Pay................$6,723.30...................$80,679.60
    BAS.......................$...223.04...................$ 2,676.48
    BAH.......................$ 1,798.00...................$21,576.00
    Cash Total..............$ 8,744.34..................$104,932.08
    Tax Advantage..............526.79 ......................6,321.44
    Regular Mil Comp........9,271.13.....................111,253.52

    Total Annual Family Income: $104,932.08
    Total Annual Allowances: $24,252.48
    Total Annual Taxable Income: $54,679.60
    Total Tax Rate: 0.15

    but then

    here is the link to figure out the exact RMC
     
    #23 Salty, Dec 23, 2009
    Last edited by a moderator: Dec 23, 2009
  4. FriendofSpurgeon

    FriendofSpurgeon Well-Known Member
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    I think most people in Orlando, FL could live on $104k per year, seeing how the median household income is less than $40k. To me, the question is not could I (or anyone else) live on $104k per year in Orlando, but instead --- would I still be in the after military 20 years and if so, would I have risen to the rank of a Major?
     
    #24 FriendofSpurgeon, Dec 23, 2009
  5. Salty

    Salty 20,000 Posts Club
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    In fact, after 20 years, it possible you would be a Lt Colonel, or full bird Colonel. Those of the higher ranks will be in anywhere from 20-30 years. A few selected individuals are permitted to remain on active duty after 30 years.

    The point I am trying to make is that military pay is sufficient for all personnel from Private (single) to General. The problem comes in when a man with 3 kids and wife joins. Then it may be a challenge for him the first year or so - but it is doable. He might have to sell that sports car, not eat out at a steakhouse 3 nights a week and only get by with local TV.

    I get sick and tired of hearing all these stories about how bad a GI has it financially. I realize that there might be a few exceptions, (like the one I gave in the previous paragraph,) but overall, military life is sustainable on the current pay.

    Salty
     
    #25 Salty, Dec 23, 2009
  6. SolaSaint

    SolaSaint Well-Known Member

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    I retired from the USAF 8 years ago. I found the pay was little at first at $397 a month, lived in a dorm with a room mate. When I retired it was much better and enough to support a family easily.

    What most people don't see is that when we spend 20+ years in the military and then retire and come back home, we usually have no home that is paid for, we have to borrow for 20-30 years while a guy the same age who didn't serve and stayed at home and paid off his mortgage. I found that a disadvantage to the soldier financially. But again it was totally voluntary. I would do it again.
     
    #26 SolaSaint, Dec 23, 2009
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