Hello! I reenlisted this year and received an SRB of $24,000. My husband and I have no idea what the financially smart way would be to deal with this chunk of money.
For a better idea of our finances atm:
Joint HYSA $15,500
Joint investment (VOO, QQQM) $19,200
My Roth IRA (VTSAX) $10,700
My TSP $55,500
His Roth IRA (VTSAX) $3,500
His TSP $85,000
House $530,000~ (bought last year thru VA assumption, won't be PCSing for the next 3yrs)
2014 Honda Civic (paid off) $8-9,000
Motorcycle $5,000
The only debt we have is our mortgage, $465,000 at 2.4%
Here are some options we thought of:
- Don't even think about the money and max out Roth IRA for both accounts and invest the rest in VOO/QQQM
- Since we need a bigger car, replace Civic with used 2022 VW Tiguan ($23,000~)
- Get some work done around the house (garage door not 100% sealed, landscaping needed, DIY projects) and put the rest in investments
Any advice would be greatly appreciated!!
Reenlistment bonus hit, now what?
byu/jinwenzhou inMilitaryFinance
Posted by jinwenzhou
2 Comments
Government: “I’ll take $5000 of that bonus”
You can still buy a reliable used SUV for under $15,000, just have to do the leg work. Put the rest into home improvement or investments. How long have you been in, if you don’t mind me asking?