My assets
HYSA:$ 3, 221.76 (currently contribution $ 500/ month)
Individual brokerage account: $135,319.03, no monthly contribution , generating $5,038.03 in dividends
Roth IRA: $ 9202.48 started in April 2024 and planning on maxing out every year.
Roth TSP: $75, 000, BRS, 5% contribution
Child brokerage account: $ 8241.82 contributing $100/ month
529: $ 5258.33 contributing $ 150/month
Equity on house: $ 8, 000, bought in February 2024
Both cars are paid off.
Mortgage is only debt.
Working on baby n# 2 , planning on transferring 529 to baby #2 and letting first kid use my post 9/11 G.I bill
Will open a 529 for baby #2 ($ 100/month)
Currently using my TA for my bachelor's.
Spouse is currently unemployed.
40 year old, E-6 in the military married and I have a 5 year old. I've been in the military for 13 years. What do you think about my situation? Thank you for your guidance!
byu/Hairy-Funny684 inMilitaryFinance
Posted by Hairy-Funny684
5 Comments
What branch if you don’t mind my asking?
I’d cut off the second brokerage and 529s. Split the gi bill between both kids and use the leftover money to really bump that HYSA up. $3k for a family of 3 (maybe 4) when you’re the only source of income is way too risky for me. I’m pretty risky averse though.
Once you have a healthy emergency fund id work on bumping the tsp percentage. I don’t have kids so im sure my perspective is skewed. My thought process is that you have to take care of yourself/your SO first. Obviously you aren’t neglecting your kids, but having to help out when they’re grown because you didn’t plan properly for retirement sounds like way more stress than them not taking on student loans.
Just wanna say congrats. That’s fair amount saved. Even if you stop investing now, your rothand Ira should be around 800k-1.6m by the time you’re 60 depending on your level of risk. Having no debt is a plus. Hope you can continue to stay debt free, it makes a big difference. You’re planning well ahead for your kids education, they should be good. If you get 100%, you’ll also get chapter 35 for the kids. Some state will pay for their college tuition if you’re a vet. Looks like a 30% save rate from your base pay. On a single income family, thats a good save rate. Only thing you can really do is get promoted and get that degree. Not sure what your mos is but work on certifications as well to make yourself more marketable when you retire.
Ride it out.
45yr old E-6 with wife and kids. At 18yrs.
Take that retirement and whateber else you can get from VA and then move on.
Good if you were single with no kids. But you have kids so your wife needs a job. If she does you guys will be great 👍💪