So here is the deal. I am going to be getting out of the military after 7 years as an enlisted person in communications, but I am finishing a master's in Hospital Administration specializing in Informatics.
I agree with all the other posters about applying for a commission while you're on active duty, but does it have to be limited to the comms field? I don't know where your best opportunities are-- the detailers will know what designators need more bodies-- but if you have an advanced degree then you certainly qualify for a warfare community.
I am wondering how much money is needed for the transition, that way I can invest the excess.
That's an open-ended question with a lot of variables. You've mentioned your assets but the numbers that need your focus are your expenses. You'd have to decide how much you'd spend per month: perhaps a "regular" amount and a "starving college student" amount. Make sure you understand your military healthcare transition benefits and get a thorough VA screening. Then you'd have to decide whether you're going to take the first "good starter job" offer you get or whether you're going to hold out for a specific parameter.
Rich makes very good points about working for the VA or other civil-service healthcare jobs-- that can also reduce your job-search time.
The answer to your question then becomes "enough money to fund your living expenses for 4-12 months".
However, I do not know where I am going to go because I have not found a job yet. I will be on terminal leave starting this april and I will be paid fully till October.
I'm impressed! But I'm not aware of what program allows that much time off with pay. You're talking about at least 150 days, when I'm more familiar with about 100 days. If you can carry over that leave balance then good for you, but you'll want to make darn sure that you have the references in hand so that BUPERS and DFAS don't cut you back down to 60 days at the start of the fiscal year (in a few weeks).
What advice would you have since I don't have a destination in mind? I am hoping to get a job in Rochester NY due to their low cost of living.
I'd recommend that you make "location" a negotiable variable. You could work in Rochester for lower pay, but if you like another job in a different area then see what you can arrange in compensation to make up for the differences. This way you're not limiting yourself to one area but instead being paid to live just about anywhere.
You don't mention what you've done to prepare for leaving the service. Presumably you've been to the military's transition seminar and updated your Linkedin profile for a civilian career. When the time is right, apply to Linkedin for the free one-year military job-seeker's upgrade to Premium. You'd want to join every Linkedin group you can find in your desired career field as well as several military veteran's groups. Network with others to share their advice & stories about their transitions. The more of this you do before April, the less you'll need of that transition fund.
As for the Reserves, consider the National Guard as well. You may find a drill site that's closer to you and with better billets. And again, if you don't get a commission on active duty then apply for it as soon as you join the Reserve/Guard unit.
If you think that you're going to be selling your vehicle as part of leaving active duty, then it's worth paying it off. Selling a vehicle that has a lien on it is a paperwork hassle, as well as a significant level of trust for the buyer. You'd end up having to sell for less because you'd be competing with people who are selling their own paid-off vehicles.