What are you doing with all your new-found cash?

[CommunityEditor]

You've re-enlisted and have a bonus to spend. What are you doing with it? Spending it? Investing it? Putting it away for a rainy day? Tell us what you're doing with your money from Uncle Sam.


Note: This board is for discussion on the re-enlistment bonuses, how it's being spent and related topics.

[SSgt2651]

Unfortunately, I re-enlisted before the dramatic increase in bonuses. I still received the Commandant's $10K, and my MOS had a multiple of 2, so I still walked away with a good amount of cash. Surprisingly, I'm not too disappointed I missed out on double what I got. I have to stay humble, right?

What I did with my bonus was: Pay all credit card debts. Whew. That felt good, too. I bought a 61" tv, a mountain bike, golf equipment, and other items that I had just not been able to treat myself to in the past. I took the remainder (still a good few thousand dollars) and invested it.

All said and done, I felt good about it. I paid debts, invested some money, and spent a little on myself too.

[ibanezrg520kid]

Unfortunately, I re-enlisted before the dramatic increase in bonuses. I still received the Commandant's $10K, and my MOS had a multiple of 2, so I still walked away with a good amount of cash. Surprisingly, I'm not too disappointed I missed out on double what I got. I have to stay humble, right?

What I did with my bonus was: Pay all credit card debts. Whew. That felt good, too. I bought a 61" tv, a mountain bike, golf equipment, and other items that I had just not been able to treat myself to in the past. I took the remainder (still a good few thousand dollars) and invested it.

All said and done, I felt good about it. I paid debts, invested some money, and spent a little on myself too.

nice, a new mtn. bike. i use to be a sponsored mtn. biker. my buddy who i use to train with and beat is now 10times faster then me an 2nd in the nation at age 18. he's a hella good short track racer. i use to race 24hr events and what not. i think my girlfriend is going to get herself a mtn. bike with her enlistment bonus.

[Flydixie]

Marines, please think before you spend your bonus. It would be better to invest 80% in a good mutual fund and spend the other 20% on bills and stuff. You can spend it all, but the satisfaction won't last.

[SSgt2651]

Marines, please think before you spend your bonus. It would be better to invest 80% in a good mutual fund and spend the other 20% on bills and stuff. You can spend it all, but the satisfaction won't last.
Thanks, but I worked very hard for that bonus and will spend it any way I choose.

You are virtually suggesting to invest before paying off debt, which makes no sense to me whatsoever. I've never been one to save while I have outstanding balances and money owed. Shouldn't one pay his/her debtors before saving for himself/herself? I'm no CPA, but that makes more sense to me. Additionally, purchasing some items that a Marine may not have been able to afford otherwise is certainly understandable. Again, we worked hard for that money, and rewarding ourselves a little can be a good morale booster.

I invested what I deemed necessary, and am happy with my decision on spending my hard earned extra cash.

[SSgt2111]

I will be paying down bills, I too do not understand the rationale of investing prior to paying down debt.

[Measure Man]

I will be paying down bills, I too do not understand the rationale of investing prior to paying down debt.

In a pure mathematical sense, you are right. There is no sense to have a 6% investment while paying a 10% debt.

I think it's a matter of knowing yourself and your spending habits. Some people will use all their extra money each month to pay down debts, but wouldn't invest that same extra money if they have no debts (I think I fall into this category)...so for those people, I think it's better to invest your bonus money, and continue paying your debt every month...

That being said...I also think it is important to spend money on something nice for yourself...it's good for the soul and let's face it...quality of life now is worth something.