What are smart uses for the USAA Career Starter Loan if you graduated debt free?

2LT Private RallyPoint Member — Sun, 10 Jan 2021 09:21:49 -0500

I read this article:
https://the-military-guide.com/how-to-smartly-use-the-usaa-career-starter-loan/

I just want to know what other uses there might be. Or if I simply should not use it at all. Note: I am getting married this October to an Army officer, my car is in its last years, and I am entering the Reserves as an MI officer. I also only have about 10 grand to spare. What did you use the loan for?

How to Smartly Use the USAA Career Starter Loan - Military Guide

The USAA Career Starter Loan provides an extremely low-interest loan to officers transitioning into the US Military. Could you use a 25,000 loan?

Response by LTC Steve Mannell made Jan 10 at 2021 9:41 AM

LTC Steve Mannell — Sun, 10 Jan 2021 09:41:57 -0500

Good article. I used mine to help pay for lots of unexpected expenses that popped up at the start of my adult life. Develop a good financial plan and follow it, but things never turn out as planned.

Response by CW2 Private RallyPoint Member made Jan 10 at 2021 9:59 AM

CW2 Private RallyPoint Member — Sun, 10 Jan 2021 09:59:55 -0500

I used it to consolidate other higher interest debt.
It's best use is to undermine what would normally be a higher interest loan/credit such as controlling cards or buying a fairly cheap car for only 2.99% interest, especially since you cannot use it for education. Buying quality furniture may also be a good move, or major kitchen appliances.
You don't want to blow through your savings as life is...life and having that $10k as part of the inevitable emergency fund will be a blessing.

Response by Col Tri Trinh made Jan 10 at 2021 1:40 PM

Col Tri Trinh — Sun, 10 Jan 2021 13:40:19 -0500

What do you need the loan for? If you don’t need anything, don’t take a loan because you’ll be in debt.
Save your money and invest 10-15%.

Response by Sgt Private RallyPoint Member made Jan 10 at 2021 2:21 PM

Sgt Private RallyPoint Member — Sun, 10 Jan 2021 14:21:59 -0500

2LT Private RallyPoint Member I agree with Col Tri Trinh. Use loans sparingly. Save money for emergencies, major expenses, and eventual retirement. Live beneath your means and save as much money as you can. Invest in retirement/savings plans and learn investing. Good luck.