Commissioning next month and heard about the USAA Career Starter Loan. What are some smart ways to make use of this loan? Planning on paying off my Student Debt (6K), Saving about a month's worth of expenses for EAD, and investing the rest. Considering opening HYSA and CD with AMEX.
USAA Career Starter Loan
byu/AlbatrossStrong7419 inMilitaryFinance
Posted by AlbatrossStrong7419
2 Comments
You should have at least 3 months of expenses saved at all times, some would argue 6.
You certainly need 6 just starting out as moving is a big expense + expect a couple month delay in pay.
Pay off the debt. Have an emergency fund of 3-6 months in a HYSA, 1 month is too low. The rest? Dump it into this and next year’s Roth IRA (see yearly contribution limits) into VOO or FXAIX.
No need to open up a CD. Get it into the market and let it go to work.