Can someone explain the wealthy military officer phenomenon?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

+1. Even one of Reagan's hires (Stockdale, I think his name may be) wrote a book a few years ago describing the US military as socialistic. But if you dare question it, you're labeled a "communist" or worse. DH has several retired military in his family, and when they start bragging about their free health care and whatnot at Thanksgiving, I say "you're welcome."

Sorry, no one is bragging about Tricare.

They might as well. It's pretty good.

It used to be pretty good. In the last six years it's crap. They refuse to pay claims, and are leaving people high and dry. It's a complete horror show.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

VA loans aren't that great as often the interest rate is higher. When we looked at it for our mortgage, because we could put 20% down, it wasn't worth it as the interest rate was much higher than what I got on a regular mortgage. And, most base housing isn't very nice, especially for enlisted, who aren't paid well at all.

Seriously. Base housing?!

"...asbestos, lead-based paint and mold in military housing..."

https://www.militarytimes.com/news/your-military/2023/12/06/senators-say-dod-has-a-long-way-to-go-to-fix-military-housing-issues/

That's enlisted housing. The officer housing I grew up in tended to very well build large houses that backed onto golf courses.

[Anonymous]

Anonymous wrote:Straw man. Base officer housing might not be that nice (though why you brought up enlisted housing I have no idea), but BHA definitely is.

Married to an officer. We don’t have access to base housing. Many in the Bethesda area don’t.

[Anonymous]

Anonymous wrote:My spouse and I probably fit into this category.

He retired after 27 years active duty and is now about to retire from federal job of 5 years.

Our net worth is close to $8 million. Own our family home in suburban NOVA, beach condo, and he has a 36 foot sailboat. Everything is paid off. We have no debt at all. $6 million in taxable and retirement accounts.

I have managed all of our finances since we married, because he has been involved in some capacity in most major conflicts of past 25 years.

We were fortunate to start w a nice inheritance from his mother (appx $700k). Through wise investing and living well below our means, we are very comfortable now. I have spreadsheets tracking every single penny earned, spent, invested, etc for the past 15 years. Since I could no longer work professionally due to frequent moves (and my personal choice to be SAHM), I made it my role to learn as much as I could about personal finances.

I know that we have peers who are curious about our circumstances. Neither of us talk about money to others. We realize we were fortunate, but we’ve also worked hard to be good stewards and managers of assets. My spouse has been able to focus solely on his career while I took care of everything else (especially when he was deployed multiple times).

I do not consider us “old money” by any stretch of the imagination.

This is not normal but who OP is talking about. You clearly got financial help from family, which most of us don't get.

[Anonymous]

Anonymous wrote:My spouse and I probably fit into this category.

He retired after 27 years active duty and is now about to retire from federal job of 5 years.

Our net worth is close to $8 million. Own our family home in suburban NOVA, beach condo, and he has a 36 foot sailboat. Everything is paid off. We have no debt at all. $6 million in taxable and retirement accounts.

I have managed all of our finances since we married, because he has been involved in some capacity in most major conflicts of past 25 years.

We were fortunate to start w a nice inheritance from his mother (appx $700k). Through wise investing and living well below our means, we are very comfortable now. I have spreadsheets tracking every single penny earned, spent, invested, etc for the past 15 years. Since I could no longer work professionally due to frequent moves (and my personal choice to be SAHM), I made it my role to learn as much as I could about personal finances.

I know that we have peers who are curious about our circumstances. Neither of us talk about money to others. We realize we were fortunate, but we’ve also worked hard to be good stewards and managers of assets. My spouse has been able to focus solely on his career while I took care of everything else (especially when he was deployed multiple times).

I do not consider us “old money” by any stretch of the imagination.

A small inheritance of 700k. FFS

[Anonymous]

Anonymous wrote:My spouse and I probably fit into this category.

He retired after 27 years active duty and is now about to retire from federal job of 5 years.

Our net worth is close to $8 million. Own our family home in suburban NOVA, beach condo, and he has a 36 foot sailboat. Everything is paid off. We have no debt at all. $6 million in taxable and retirement accounts.

I have managed all of our finances since we married, because he has been involved in some capacity in most major conflicts of past 25 years.

We were fortunate to start w a nice inheritance from his mother (appx $700k). Through wise investing and living well below our means, we are very comfortable now. I have spreadsheets tracking every single penny earned, spent, invested, etc for the past 15 years. Since I could no longer work professionally due to frequent moves (and my personal choice to be SAHM), I made it my role to learn as much as I could about personal finances.

I know that we have peers who are curious about our circumstances. Neither of us talk about money to others. We realize we were fortunate, but we’ve also worked hard to be good stewards and managers of assets. My spouse has been able to focus solely on his career while I took care of everything else (especially when he was deployed multiple times).

I do not consider us “old money” by any stretch of the imagination.

You sound thoroughly obnoxious. Inherited $700k? Tracked every penny? Your poor spouse. I hope he has a private account socked away in case he wants a Diet Coke at the Mini Mart.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Straw man. Base officer housing might not be that nice (though why you brought up enlisted housing I have no idea), but BHA definitely is.

Married to an officer. We don’t have access to base housing. Many in the Bethesda area don’t.

This isn't true at all. You have access to base housing on other bases, but you choose to live in Bethesda. You can go to Ft. Mead, Andrews, Bolling, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

VA loans aren't that great as often the interest rate is higher. When we looked at it for our mortgage, because we could put 20% down, it wasn't worth it as the interest rate was much higher than what I got on a regular mortgage. And, most base housing isn't very nice, especially for enlisted, who aren't paid well at all.

Seriously. Base housing?!

"...asbestos, lead-based paint and mold in military housing..."

https://www.militarytimes.com/news/your-military/2023/12/06/senators-say-dod-has-a-long-way-to-go-to-fix-military-housing-issues/

That's enlisted housing. The officer housing I grew up in tended to very well build large houses that backed onto golf courses.

Name the base.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

+1. Even one of Reagan's hires (Stockdale, I think his name may be) wrote a book a few years ago describing the US military as socialistic. But if you dare question it, you're labeled a "communist" or worse. DH has several retired military in his family, and when they start bragging about their free health care and whatnot at Thanksgiving, I say "you're welcome."

Sorry, no one is bragging about Tricare.

Tricare is the absolute worst right now. I have to wait 3+ months for doctor appointments. Doctors say follow up in a month and the best I can do is 3-4 months. Forget seeing your primary care for an emergency. And, it takes months to get CT's/MRI's and other tests done. And, they refuse a lot of testing or specialists because they claim it's unnecessary. Or, worst, no one off base who is good takes tricare so if you get referred out as multiple clinics refuse patients good luck finding a competent doctor to help. And, if the outside doctor refers you for anything, you cannot get it done on base and the co-pays and stuff have gone sky high. I have chronic health issues and we end up paying a fortune out of pocket for doctors and medications tricare refuses. It really sucks.

If you are healthy, tricare is fine. If you are not, good luck.

Same with private insurance

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

+1. Even one of Reagan's hires (Stockdale, I think his name may be) wrote a book a few years ago describing the US military as socialistic. But if you dare question it, you're labeled a "communist" or worse. DH has several retired military in his family, and when they start bragging about their free health care and whatnot at Thanksgiving, I say "you're welcome."

Maybe when the conversation turns to the safe and free society we live in, your retired military family members can turn to you and say, “You’re welcome.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:My spouse and I probably fit into this category.

He retired after 27 years active duty and is now about to retire from federal job of 5 years.

Our net worth is close to $8 million. Own our family home in suburban NOVA, beach condo, and he has a 36 foot sailboat. Everything is paid off. We have no debt at all. $6 million in taxable and retirement accounts.

I have managed all of our finances since we married, because he has been involved in some capacity in most major conflicts of past 25 years.

We were fortunate to start w a nice inheritance from his mother (appx $700k). Through wise investing and living well below our means, we are very comfortable now. I have spreadsheets tracking every single penny earned, spent, invested, etc for the past 15 years. Since I could no longer work professionally due to frequent moves (and my personal choice to be SAHM), I made it my role to learn as much as I could about personal finances.

I know that we have peers who are curious about our circumstances. Neither of us talk about money to others. We realize we were fortunate, but we’ve also worked hard to be good stewards and managers of assets. My spouse has been able to focus solely on his career while I took care of everything else (especially when he was deployed multiple times).

I do not consider us “old money” by any stretch of the imagination.

A small inheritance of 700k. FFS

Seriously. Step One: inherit almost $1 million

I think we can all agree that poster is the most obnoxious. I bet that relative also helped with bill when he/she was alive.

🙄🙄🙄

[Anonymous]

When did you inherit the 700k? If you inherited it 25 years ago, just using rules of thumb that 700k with average results is 5.5 million now. So all but 2.5 million of your net worth came from inheritance. Which is great, but reinforces the family money observation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

VA loans aren't that great as often the interest rate is higher. When we looked at it for our mortgage, because we could put 20% down, it wasn't worth it as the interest rate was much higher than what I got on a regular mortgage. And, most base housing isn't very nice, especially for enlisted, who aren't paid well at all.

Seriously. Base housing?!

"...asbestos, lead-based paint and mold in military housing..."

https://www.militarytimes.com/news/your-military/2023/12/06/senators-say-dod-has-a-long-way-to-go-to-fix-military-housing-issues/

That's enlisted housing. The officer housing I grew up in tended to very well build large houses that backed onto golf courses.

Welcome to 2024.
I just love all these people telling us that are actually military how great our benefits are.

Nice. Glad you enjoyed it years ago. That’s super relevant.

OP is a pot stirrer.

[Anonymous]

Anonymous wrote:When did you inherit the 700k? If you inherited it 25 years ago, just using rules of thumb that 700k with average results is 5.5 million now. So all but 2.5 million of your net worth came from inheritance. Which is great, but reinforces the family money observation.

Exactly this. You could sum it up and say family money. You’re rich because you inherited it and weren’t stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s because the taxpayer funds a huge portion of their expenses (housing while on base, no down payment for Va loans, the list goes on). Welfare queens to the max

+1. Even one of Reagan's hires (Stockdale, I think his name may be) wrote a book a few years ago describing the US military as socialistic. But if you dare question it, you're labeled a "communist" or worse. DH has several retired military in his family, and when they start bragging about their free health care and whatnot at Thanksgiving, I say "you're welcome."

Sorry, no one is bragging about Tricare.

They might as well. It's pretty good.

It used to be pretty good. In the last six years it's crap. They refuse to pay claims, and are leaving people high and dry. It's a complete horror show.

I'd say a little longer, but yea, we have multiple refused claims. Waiting for high doctor bills to come in. We are often referred off base so lots of co-pays and extra's the doctors do without checking with insurance first. I really wish we took private insurance when we had the chance. I looked at the costs and it would have been more private last year but with all the claims refusals this year, it's a nightmare.

And, someone who says it's good. I waited two months for a mammogram. They canceled the day before saying the machines are down and now I have to wait a few more months... when there is a documented lump they want looked at via a CT test I did. Now is this good health care?