I'm 22 years old and I've been an E3 in the Navy since January 2007 (promotion coming up in 2 months!  ). I can retire when I'm 40 and get a retirement, which seems like a really good deal. Around $30k a year for the rest of your life just for doing 20 years in the military. That will be in addition to the money that I'll have saved. I've got $22k saved after being in the military for a year and a half so far. $8k of that is from the enlistment bonus.
All of my peers blow their entire paychecks every month. I tell them that they should save if they don't want to work for the rest of their lives, but I guess they just think that it's too far away to bother with saving for retirement just yet. They buy things like Xboxes, video games, movies, etc. All those things are going to be worthless in a few years and they will have nothing to show for their money. I guarantee that they will regret wasting their money in a few years when they realize they need to start saving for retirement, but it's hard to tell people that and have them believe you. I guess some people just have the ability to exercise self control over their finances and others don't.
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