Operational Bonus - What to do?!

lefty1985

Hi,

I have a troop of 34 men currently out in Afghan and as can be expected many of them are making plans for the cash they will have accrued whilst on ops. Some have asked for advice and others I am concerned they need guiding in the right direction to prevent them !!!!ing it up the wall.

What is the best thing to do with their money? I.E paying off debts, mortgages etc or investing in property or in shares, or savings accounts such as ISA's.

At the end of the day its up to them how they intend to use the money as it is hard earnt, however I want them to be able to make an informed decision on how best to use it.

Any advice would be much appreciated!

custardy

im afraid you arent going to get much advice with your vague post
everyones situation is individual so its depends on the size of debt,interest rates,type of debts etc before you even look beyond that

ruthem215

I agree, I think people in general will do whatever they want to do with their money at the end of the day, so whatever you suggest or advise will depend on the individual circumstances.

I know that when my husband comes back from afghanistan after christmas the money will be going straight onto paying off debts, its taken us a few years to realise it, but we now KNOW there is noway we shall get on the property ladder if we don't clear our debts first!! Good luck!

peteuk

Usually the interest on loans is higher than that on a savings account, so paying off debts is better than saving the money.

However after a 6 month tour most people would blow it on a nice holiday or something special. I know I have in the past. I dont think you can really give carte blanch advice as everyone is different.

Equally advice to buy property could lead to further debt, so be careful

latics0207

Hi

I spent mine on a relaxing holiday with my gorgeous wife and 2 daughters!!

It was priceless and partially made up for the stressful time on Operations

John

snowball1972

For the youngsters I would say get an ISA, after any debts are paid off, but we all know that it will go on beer and women!

samm1551

I would suggest advising them to see a financial advisor when they get back off of ops regardless of whether they have debts to pay off or money to invest. Like other posts, some people will want to use it to go on holiday too.

JokerDurden

Unfortunately gone are the days when OICs could offer advice on troops finances. Being honest it is something I try and avoid,don't get drawn into it as if things go wrong for them it's you they will be looking at.

Their money is to do with as they please, if that means going on a massive bender then it's their call. As mentioned in a previous post I blew mine on a holiday for me and the missus, certainly helped build bridges again nudge nudge

Ivrytwr3

Don't advise - if it goes wrong then you will be held accountable. Tell them it's their money and their decision on what to do with it.

Esoog

JokerDurden wrote: »

Unfortunately gone are the days when OICs could offer advice on troops finances. Being honest it is something I try and avoid,don't get drawn into it as if things go wrong for them it's you they will be looking at.

Their money is to do with as they please, if that means going on a massive bender then it's their call. As mentioned in a previous post I blew mine on a holiday for me and the missus, certainly helped build bridges again nudge nudge

100% correct, lefty - stay well away yourself. If you want to give any form of financial advice organise an independant financial advisor to come in (you'll also be satisfying one of questions in your SPS dets AORI at the same time!)

It's a good idea and actually shows you care about your troop, but giving any kind of financial advice could seriously backfire. Even us Combat HR Specialists are told to keep well clear of that kind of thing and we're teflon coated usually!

Alias_Omega

I can't really advise on this. But i know a man who can.

Regards,

Alias