Extend the Navy service or not?

skidz

skidz

Well-Known Member
I need to make a decision this week whether to extend my military service or not. Here is the deal:
- Right now, my end of service date is Nov 2008
- I am about to start flight training and go all the way to CFI (right now I'm only a ppl)
- I will use VA benefits (60%off), but I think I will still end up with some debt, my estimate around 10k or so.
- The min extension I was offered is Oct 2009 and I don't really want to stay that long.
- I'm looking possibly into CFI jobs which I can sort of do part time while I'm still in, but definitely after I get out (assuming I won't have any problems getting my CFI).
- basically I'd like to do all this and come out debt free which I'm not sure if I can do in a year, but I feel staying another year would just drag me down.

What do you think? Should I stay or should I go?
 
Luckily when the Navy game me the boot on a medical, I was at the same fork in the road as you. I had my PPL and had just started on my instrument. I knew where I wanted to go, but was I finacially ready. Well The navy chose for me and gave me a $28,000 good by present...well loan(differet story and rant). Remember the 60% is reimbursment, you need to pay for the flight time out of your pocket. But once you start getting the reimbursment, roll that into your flying account. You know what to do...do it! ;)
 
Stay. The only reason I say that is because I wish I had stayed a few more years. Like you I wanted to get the hell out of Dodge. Once out, there have been plenty of times I found myself wanting back in. One more thought: Are you done with any college yet? That could be something to work on over the next few years while you ride the navy out. I also remember that it was not that easy to save all your money. Will you save or won't you. You know you best so take that into consideration. Whatever way you go, best of luck to you.
 
Stay.... I didnt stay, but kind of wish I had. I got out with the sole intention of learning to fly and then doing it professionally. 0-CFI 8 in 8 months and 0 to regional in a little over a year. Thing is, I could have done it all on my off time, stayed it, used ta, and collected a paycheck at the same time. 10 grand of debt isnt that bad. There's kids running around here with over 100 grand debt. Im not sure how they do it, but it is done.
 
tprops4me said:
One more thought: Are you done with any college yet? That could be something to work on over the next few years while you ride the navy out.
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I will graduate with a Bachellor's degree in couple months. I was thinking if I stay longer I might just as well go for Masters.
 
GatorFC said:
Any SRB?
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Any SRB requires at least three more years of commitment. It's not much for me, some 9 grands or so that they pay you over three years and tax the hell out of it so you end up getting something like maybe $3500 the first year and then couple thousands over next too years, really not worth it at all unless you're making it a career till you retire.
 
skidz said:
... I don't really want to stay that long ...
... but I feel staying another year would just drag me down.
... What do you think?
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What do YOU think???

MY personal opinion, GTFO! or you'll be :panic: the day after you sign those extention papers.

That's why I'm waiting till the day AFTER my DOS to roll that J., that way, I'll be prevented from being stupid enough to re-enlist.

That's just ME. Sounds like you gave yourself your own answer.
 
skidz said:
I will graduate with a Bachellor's degree in couple months. I was thinking if I stay longer I might just as well go for Masters.
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It's ashamed that you will have your BS degree in a couple of months and you can't even spell it. :p

Bro, we had this conversation a couple of days ago. You got a whole year to plot this thing out. Since you already got over 100 hours, get your IR and then finish up timebuilding for the additional 100 or so hours. Set a goal to get this done by March/April. Roll right into the CFI/CFII and get those done and start earning those hours and some of that money back on the *small* amount of debt that you will have. Then, when you do get out, you should only need a couple hundred more hours in order to hit the regionals or a 135 job. You couldn't ask for a better layed out path than what you have right in front of you. That is, if you REALLY want to do it...and from what you say....you really do. At 34, you are knocking on that door of having the time left to have a long and successful career. As for me...the biggest fear that I have in life is.....that I will be sitting in the retirement home one day and saying: "I wish I would have done this or that." You only live once, so get busy with it man. Either ####, or get off the pot. :D

As for the VA reimbursement. Now they are using an online system kinda like getting reimbursed for college classes. I have already been payed for June and July for the 60% that they pay. At the end of this month, I will get the payment for August, and at the end of October, I will get the payment for September. I think they finally have the kinks worked out in the system. Just make sure that your school uses the online submission instead of the paper thingie. Otherwise, it could take months.
 
:yeahthat:Gotta agree with Chewie. Also, the Masters Degree will not contribute in any meaningful way to a professional piloting career. Forget the Masters and focus on ratings and flying.
 
skidz said:
You're just jealous because I'm still in the Navy and you're not :D
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Don't be scared. Come on in. The water is warm. Worst case scenario...you get out and everything goes to hell in a handbasket. You still will have up to a good year to go back in without losing anything. Heck, they will probably even give you pic of orders if you were to go back in after getting out.

But, I would be willing to bet you that ragidy ass BMW that you drive that you will get out and never look back....and thank your lucky stars that you did! :)
 
Don't forget you can always lean on the Reserves.. Get out, affiliate, and get paid to drill.. And if the job market really sucks, try to find a mobilization and basically go abck on Active Duty for a short while...

PM me if you have more questions.. I know a lot about the above even though after Selres(ing) for a bit I went IRR due to personal & financial issues (the good kind)...
 
skidz said:
Any SRB requires at least three more years of commitment. It's not much for me, some 9 grands or so that they pay you over three years and tax the hell out of it so you end up getting something like maybe $3500 the first year and then couple thousands over next too years, really not worth it at all unless you're making it a career till you retire.
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I've been hearing this misconception about SRB's my whole career.

They DO NOT tax the hell out of your bonus!!!

They withhold about 25-28% but that is almost all totally recouped on your tax refund depending on what tax bracket you find yourself in.

I am sure an extra $3,000 per year is not going to jump you into the next tax bracket and even if it did only the income above that threshold is taxed at the higher percentage.
 
http://www.navyreserve.com/

All your questions should be answered there....

Not sure about how everything works: but I know there is some type of TA and other benefits.. Not much need for me to take advantage of any of that. I got my B.S. many moons ago, did my time, got the dream job so going back to school would be for entertainment purposes only, ain't gonna happen.. I need those brain cells to whoop those little brats on Halo3...
 
subpilot said:
I've been hearing this misconception about SRB's my whole career.

They DO NOT tax the hell out of your bonus!!!

They withhold about 25-28% but that is almost all totally recouped on your tax refund depending on what tax bracket you find yourself in.

I am sure an extra $3,000 per year is not going to jump you into the next tax bracket and even if it did only the income above that threshold is taxed at the higher percentage.
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Damn man, sounds like you know all about that SRB. Let me guess, you were a NUC MM? That 60k SRB over 6 years? Basically, a clip board holder and fluid checker in the salt water bay for a 12 hour shift?
 
skidz said:
well, in my book that's called taxing the hell out of me :D
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Money withheld is still your money. You get it back on your tax refund.

BTW, I was not a nuke MM for Chewie!!! My bonus was not even close to $60K. I did give up a $45K (second) bonus to get out though.
 
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