I took a while being clueless about finance and letting my cash sitting around doing nothing before finally researching about it this month, and I know I am still far from knowledgeable, so if you wise people have any tips or advice for me I’d love to know.
For starter, I am 25yo E4 in Army Reserve. I recently found out what TSP is and I realized I’ve been contributing 5% of my base pay to trad TSP for the past 4 years. I just switched to Roth but it hasn’t taken effect yet. Here is what I have:
HYSA: 18k
CD: 19k (I thought the APY was decent, I wasn’t aware I could get this APY through investment, so this money is locked up for a year unfortunately)
Roth IRA: maxed for this year, which is also the first year I started it; 7k into FXAIX
TSP: I have no idea, I am waiting for them to mail me instruction to set up my account.
Brokerage: 2k so far, I planned on moving from Robinhood to fidelity soon and start investing in 80% VTI and 20% VXUS
Checking: 10k (I’m still thinking of where to put this)
I know being in the reserve I don’t get much pay, so I’ve seen advice that I should contribute all of my pay to TSP. I have a civilian job of annual 30k but no 401k. I live with my parents so I don’t pay for housing or utilities. I am currently pursuing a degree in medicine so I anticipate being unemployed in the next year when I enroll in the program.
My expenses: $500-$600 including everything from insurances to groceries to others.
I wanted to retire at 65 and do plan on serving for 20 years. Once I get into the program I will try to commission. Let me know if you have any questions. I’m not sure if I provided everything there is to know.
Posted by HarrayS_34