I posted this in the personal finance sub but I figured it wouldn’t hurt to get some insight from this one as well.

I’m less than a month shy of 21 and I’ve been in the military since the end of June. I’m going to be in until 2027 and my goal is to have all my ducks in a row once I get out so that I can do what it is that I desire and that is move to Miami. 2027 seems far away but it will be here before I know it. However, I have plenty of time to save up but I don’t know exactly what to do to get me to my dream. I want to live in a luxury apartment (a penthouse if I’m being honest but a good stainless steel high rise will suffice) and attend medical school so that I can become a doctor. With me being in the military (living rent free), what are the steps I need to take to get me to Miami? Do I need to start a business to save faster? Do I need to start investing more into my Robinhood account? What should my plan be?

Thank you so much.

  • chaz8900@alien.topBEnglish
    1·
    1 year ago

    Being able to move vs being able to afford a luxury penthouse are 2 very different goals.

    As for moving, just don’t aquire a bunch of useless shit over the next few years. Just the essentials. Cheap furniture to serve the purpose and can part with when its time to move. So much easier to move without having to haul tables, beds, couches, and junk across the country. Get a buddy to drive your car (buy food, hotel, and a flight home for them, and a massive IOU) and you drive a uhaul. You can get this done easy with a few grand.

    As for a luxury penthouse, youre talking about a 10,000 a month expense… Even if you let yourself spend 30% of income on rent (which is the highest anyone recommends), you need 35k coming in every month, $420,000 a year. No way you can pull that off while in med school unless you are just insanely lucky and a vampire who doesnt need sleep lol. Lets bring expectations down to reality. Sure you could save every dime you make over the next few years and maybe have a nice little nest egg, but do you really want to blow that on trying to impress people who dont really care for a year or so? Id use that nest egg to pay for med school, launch a business, or be set up for retirement far sooner than trying to get a lease on a penthouse

  • SheddingCorporate@alien.topBEnglish
    1·
    1 year ago

    In med school, you won’t be making much money, and you’ll have astronomically high expenses. Save up as much as you can before you start, so that you can avoid massive student loans. Assume you won’t be living in that luxury penthouse while in school (you won’t have the income necessary to support that).

    Once you’ve graduated and are making a 200k salary, you can live wherever you want.

    Keep your eyes on the prize. Focus on getting through the years of service and then on getting your degree. If you can have that degree of patience, you will literally never know want again. Again, read I Will Teach You To Be Rich to understand how a powerful vision will propel you to your goals.