Advice for young person starting out?

Hi all,

Am due to start Sandhurst in May (if the impending apocalypse blows over in time). I'd like to hit the ground running and this is a bit of a 'fresh start' for me so I'd like to use it to set myself up a bit for the future. My question for all you old timers is - what would you do differently (or the same) if you were about to start your career again? Save up for a house? Blow everything on coke and hookers? Get qualified for a different career for after the forces?

Any advice appreciated
 
You should probably look into getting a good pension that will take care of you in later life.When I was 20 like lots of others I thought pensions were just for old people and I had no need to worry about as the Govt would look after me in later life...
Thankfully I took some good advice and my future is sorted.
Good luck with your training.
 
Definitely buy a house, rent it out while you’re in the mob and get some other mug to pay your mortgage. Even if you sell it when you leave the mob and buy a new one, you’ll have a chunk of the mortgage paid down and therefore a lot of equity.

Put a small amount of money away each month into a pension. Say 5%-10% of salary.

Use LOA, claims etc for hookers & coke. Not sure you’ll get much LOA or claims in the modern Army, but that’s just the way of things.

I see a lot of people talking about qualifications for a new job. Those are table stakes, the main thing employers are looking for is experience. If you can try an engineer it so that your last posting is somewhat relevant to your new career, that will be good. Of course if you’re joining the Foot Guards and want a second career in IT, that might be difficult. Perhaps consider what your chosen regiment or corps will lead to in civvy st and maximize your Army career profile to suit the second career.

But I’d worry about RMAS first, and do all the above later. You’re going to be challenged in pretty much every way possible at RMAS, so best of luck.
 
Coke and hookers for me, go for it.
Roger, chinning RMAS to snort lines and bang nines.

You should probably look into getting a good pension that will take care of you in later life.When I was 20 like lots of others I thought pensions were just for old people and I had no need to worry about as the Govt would look after me in later life...
Thankfully I took some good advice and my future is sorted.
Good luck with your training.

Any advice how you get started setting up a pension? Sounds stupid but I have no idea where to begin. Cheers for the advice though

Definitely buy a house, rent it out while you’re in the mob and get some other mug to pay your mortgage. Even if you sell it when you leave the mob and buy a new one, you’ll have a chunk of the mortgage paid down and therefore a lot of equity.

Put a small amount of money away each month into a pension. Say 5%-10% of salary.

Use LOA, claims etc for hookers & coke. Not sure you’ll get much LOA or claims in the modern Army, but that’s just the way of things.
Good shout on the house. Time to take a look at Rightmove and shed a small tear.

With regards to LOA and claims etc, are there any ones I should look out for? Would like to rinse the system for all it's worth while I'm in. Have also heard of people getting tax rebates for uniform costs etc, any idea if that's gen or?
 
Any advice how you get started setting up a pension? Sounds stupid but I have no idea where to begin. Cheers for the advice though
Some basic stuff here - Pension need-to-knows
Plenty of other websites devoted to the subject.Just be careful of who you ask for advice.
Pension advisors are regulated, -https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/top-tips-for-your-pension/choosing-a-regulated-financial-adviser and taking advice from some bloke in the pub may not be very helpful.
I have no idea if the Army will provide you with any help on the subject?
 
Hi all,

Am due to start Sandhurst in May (if the impending apocalypse blows over in time). I'd like to hit the ground running and this is a bit of a 'fresh start' for me so I'd like to use it to set myself up a bit for the future. My question for all you old timers is - what would you do differently (or the same) if you were about to start your career again? Save up for a house? Blow everything on coke and hookers? Get qualified for a different career for after the forces?

Any advice appreciated
Keep away from snakes with tits . The end

Refer to post No. 2
 

FrosteeMARIA

LE
Gallery Guru
Not sure if your tax code will be adjusted automatically (it usually isn't by most employers, but I don't know if the British Army would be an exception to that), but you can usually claim tax relief of laundering your own uniform;

Maybe some useful info here on pensions and other stuff
 

Mrsheeny

War Hero
Being serious, don’t just do a job because of the pension, eg don’t live your life for a good pension because I’m not being nasty, some people don’t make it that far. Two people I’ve worked with at the same place have carked it in the last 3 years aged 62 and 64 and didn't get to pension age.

Made me realise that you shouldn’t count your chickens in that respect. So have a job that pays well and you enjoy, enjoy your life rather than living it for when you’re 68.

Pay into a pension but don’t live for it is what I’m trying to say.
 
Being serious, don’t just do a job because of the pension, eg don’t live your life for a good pension because I’m not being nasty, some people don’t make it that far. Two people I’ve worked with at the same place have carked it in the last 3 years aged 62 and 64 and didn't get to pension age.

Made me realise that you shouldn’t count your chickens in that respect. So have a job that pays well and you enjoy, enjoy your life rather than living it for when you’re 68.

Pay into a pension but don’t live for it is what I’m trying to say.
What he said. Plus retire healthy. Don't hang on trying to build your pension at the expense of being healthy and young enough to spend what you already have.
Seen too many blokes carry on working to add an extra couple of grand a year, only to kark it, or be in such poor health they can't enjoy it.
 

sunny james

War Hero
A would be a little wary of taking advice from Mr Moneyvator. The guy is/was so anti-Brexit to be almost unhinged.
He also delayed buying a property for so long as he thought prices would fall when they actually doubled.
The final irony was he got a repayment mortgage expecting to cover the final cost with his share portfolio.
We know what happened to shares.

As for advice to the op, I second buying a property and renting it out if possible.
 
The 3 numbers link is a load of wannk. Great in about 1985. For the last 10 years? WTF.

So Kate at 18 is saving XYz and still living the modern life. Get real.

Base rate at .01 % nothing if she saves the cash in a bank and right now if she was to put it in an ISA or the stock market she will be losing what ? 5% a day as the market is an a major bear run.
 
Definitely buy a house, rent it out while you’re in the mob and get some other mug to pay your mortgage. Even if you sell it when you leave the mob and buy a new one, you’ll have a chunk of the mortgage paid down and therefore a lot of equity.
Yes, a good investment especially if you have someones rent paying your mortgage. It worked for me.


Put a small amount of money away each month into a pension. Say 5%-10% of salary.
This too. Between us the wife and I have pension plans worth 7 figures. If you start putting away some money every month it soon builds up over your working life.

Use LOA, claims etc for hookers & coke. Not sure you’ll get much LOA or claims in the modern Army, but that’s just the way of things.
A lot of the blokes get their Tour Money for when they are away in shooty places. The sensible ones invest it in property, some I know spenttt it on getting through university.

I see a lot of people talking about qualifications for a new job. Those are table stakes, the main thing employers are looking for is experience. If you can try an engineer it so that your last posting is somewhat relevant to your new career, that will be good. Of course if you’re joining the Foot Guards and want a second career in IT, that might be difficult. Perhaps consider what your chosen regiment or corps will lead to in civvy st and maximize your Army career profile to suit the second career.
Those ones seemed to end up in investment banking.......because Mater and Pater knew someone in the City.

But I’d worry about RMAS first, and do all the above later. You’re going to be challenged in pretty much every way possible at RMAS, so best of luck.
Quite right too.
 
Track down BL and kick him ***********.
Split fun and serious bits and use both in required measure. Listen to experience and use some individuality to organise things good. Remember the 6 'Ps' and good luck :cool:
 
At RMAS you will have limited opportunity to spend cash. Work out what you actually need/spend (including hols and beer etc to recharge your batteries, not including the things most people spunk cash on, like a flash car, fancy clothes). At RMAS this should not be much more than £500 a month, ditto for life as a living in subbie.

Set up a savings account and two current accounts, have your pay go into bank account 1, set up a standing order for the monthly money you need to go into account 2, have all remaining money go into the savings account.

As your salary rapidly increases, you will never see the increase in your current account (2) and so never get the taste for a champagne lifestyle. Meanwhile your savings will grow, rapidly. As a single captain it is easy to save 10-15k a year if you are sensible.

Find an independent financial adviser, set up a pension fund. I CBA finding/doing the maths but you need a lot less money to have a £1m pension pot if you start at 25 and not 35.

Consider buying a property with FHTB - the best time would likely be a junior capt, you could have 40-50k in savings and potentially take a FHTB loan out for 20k. A very nice deposit. Balance this against the need to actually live in it (for FHTB or for a family base with your partner) and whether you want to get someone else to pay your mortgage (the rent will need to cover insurance, mortgage, damages, etc).
 
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At RMAS you will have limited opportunity to spend cash. Work out what you actually need/spend (including hols and beer etc to recharge your batteries, not including the things most people spunk cash on, like a flash car, fancy clothes). At RMAS this should not be much more than £500 a month, ditto for life as a living in subbie.

Set up a savings account and two current accounts, have your pay go into bank account 1, set up a standing order for the monthly money you need to go into account 2, have all remaining money go into the savings account.

As your salary rapidly increases, you will never see the increase in your current account (2) and so never get the taste for a champagne lifestyle. Meanwhile your savings will grow, rapidly. As a single captain it is easy to save 10-15k a year if you are sensible.

Find an independent financial adviser, set up a pension fund. I CBA finding/doing the maths but you need a lot less money to have a £1m pension pot if you start at 25 and not 35.

Consider buying a property with FHTB - the best time would likely be a junior capt, you could have 40-50k in savings and potentially take a FHTB loan out for 20k. A very nice deposit. Balance this against the need to actually live in it (for FHTB) and whether you want to get someone else to pay your mortgage (the rent will need to cover insurance, mortgage, damages, etc).
You have been reading the DS Pink - well done. All I would add is enjoy your time in and don't scrimp on the fantastic opportunities open to you. As to the house, buy somewhere where you might want to live, can easily be rented out and for that target University areas - never short of renters!
 
I alway adhered to the thirds .

Save one third for long term. Forget about it but this did include the mortgage.
Save one third short term for holidays and such.
Piss one third up a wall and have a great time.

LOA and LSSA to me after being away for 22 years of my service was always a gift. Never really needed it as most countries, Germany, Bosnia, Italy, Falklands never needed to In all honesty, never needed it . What with tax free and local shops.

Saved most of it .
 

ExREME..TECH

On ROPS
On ROPs
Spend 22 plus years in Germany.

Opps
 

ExREME..TECH

On ROPS
On ROPs
Volunteer for everything, most will be shit but the good ones make up for it
 

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