A lot of Army officers go off the deep end once they commission and start earning real money. Everyone knows the stereotype of the 2LT with the brand-new Tacoma, living in the most expensive apartment downtown. Many soldiers assume that officers are loaded, but having lived it—I can tell you that’s not the case.
In this post, I’ll walk you through the financial journey that took me from a -$60,000 net worth to over $800,000 in just ten years—all on a military salary. I’ll share the mistakes I made, what I learned, and the steps you can take to get your finances in order.
Starting Behind: My Early Financial Mistakes
I didn’t receive a full ROTC scholarship—just a two-year one—so I had to take out student loans to cover the first two years. When I commissioned, I was already $40K in the hole.
After graduating, I worked a $10/hour job for three months while waiting for BOLC to start. I had a fun summer… funded by credit cards. Thankfully, I was able to pay them off with my first Army paycheck.
Then came Kuwait. I didn’t pay income tax while deployed, but I also didn’t get BAH. I was just making it month-to-month. A wise CPT told me to max out my Roth TSP. At first, it felt like I was losing money I desperately needed. My paychecks dropped to $800 every two weeks—but I did it anyway. In hindsight, I’m so glad I did. Roth TSP contributions in a tax-free zone = tax-free forever.
Then I made a huge mistake.
I bought a brand-new Jeep Wrangler for $30,000 while still in Kuwait. After one year in the Army, my net worth had fallen to -$60,000.
Turning the Corner: From Broke to Stable
Back in the U.S., I dialed my TSP down to 10% and started living it up—eating out all the time and spending most of my paycheck. My monthly take-home was about $3,000. Rent was $1,000. Car loan was $500. Student loans were $500. That left me with $1,000 in fun money every month, and I spent every penny. I didn’t take on more debt, but my savings didn’t grow either.
Things changed a year later.
My Jeep started having issues—bad ones. It spent two months in the shop. After going back and forth with corporate, I got Jeep to buy it back under the Lemon Law. That alone raised my net worth to around -$30,000.
I bought a $2,000 ‘98 Ford Ranger and broke my lease before deploying again, cutting my bills to just $130/month. I also discovered Dave Ramsey and became determined to get out of debt.
While deployed, I had no expenses and lots of extra pay. I funneled every dollar toward my student loans and paid them off in four months. For the first time in my adult life, my net worth was $0.
Growth Mode: Saving and Investing
After getting out of debt, I kept $10,000 in savings and started investing the rest. By the end of that deployment, I had $30,000 in investments.
Once I redeployed, I kept my expenses low and stuck with my beater truck. Without debt weighing me down, my net worth started to climb.
After SCCC, I PCS’d and bought a house in 2020. I got lucky with the timing—$300,000 purchase price at a 2.8% interest rate. That house is now worth over $500,000.
Including my investments and real estate, my net worth is over $800,000. Even without the house, I’ve passed $500,000. And I haven’t made any money yet from this website.
3 Money Mistakes Army Officers Should Avoid
- Don’t buy a car you can’t pay cash for.
I drove beaters for five years with no issues. My Ford Ranger had a cult following and a YouTube video for every repair. If you want a nicer car, save for it like you are making payments—steady and automatic. I eventually saved enough for a new car but didn’t buy one because I liked watching my investments grow. - Don’t rack up credit card debt.
Always pay off your balance every month. It’s easy to let credit cards spiral out of control. Many people think they need to carry a balance to build credit. Not true. - Don’t co-sign loans—not even for your kids.
If you want to help your kids build credit, add them as authorized users on your oldest credit card. Just don’t give them the actual card.
3 Money Moves That Made Me Wealthy
- Pay off debt aggressively.
Minimum payments will keep you broke forever. The faster you pay it off, the faster you can build wealth. - Invest in your retirement.
At a minimum, contribute enough to get the TSP match. I prefer the Roth TSP so I know that money is all mine, tax-free. If you’re in a combat zone, max out your Roth TSP—that money will never be taxed. Pro tip: log into TSP and make sure you’re not sitting in the G Fund. Personally, I invest in the C Fund while I’m young. - Invest for the long term.
Don’t try to time the market or day trade. The S&P 500 has averaged 9% annually over decades. When it drops, that’s your chance to buy cheap. Stay the course and let compounding do the work.
Want to Learn More About Personal Finance?
Here’s a list of books that helped me:
- The Simple Path to Wealth – JL Collins
- The Total Money Makeover – Dave Ramsey
- The Millionaire Next Door – William D. Danko
- The Little Book of Common Sense Investing – John C. Bogle
- Money: Master the Game – Tony Robbins
- Millionaire Teacher – Andrew Hallam
- Everyday Millionaires – Chris Hogan
There’s a lot more to learn, and I’m just getting started sharing what I’ve picked up. If you’re an Army officer who wants to build wealth, you don’t have to struggle. You just have to be intentional.
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