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A place for Get Rich Slowly readers to ask questions
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It is currently Mon Jul 28, 2014 5:38 pm




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 Post subject: Active Duty Military Questioning where to put extra money
PostPosted: Sun Mar 31, 2013 8:19 pm 

Joined: Sun Mar 31, 2013 8:11 pm
Posts: 1
hello everyone,

Currently active duty Air Force and married. I have got my bills down pretty low to the point where I can save 1100 a month (1098 specifically). Currently I am just storing it in a savings account through ALLY bank. Im at 16K and was looking for ideas on what to do from here. Roth IRA, TSP etc.

Any advice is welcome, I want to be smarter with my money.

Stats.
27 years old
married
no kids
live overseas (buying property is difficult)
will be incresing to 1300 a month in 6 months.


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 Post subject: Re: Active Duty Military Questioning where to put extra mone
PostPosted: Mon Apr 01, 2013 6:36 am 

Joined: Mon Apr 01, 2013 6:14 am
Posts: 1
Emergency fund with 10k in cash on hand.
Open self directed Roth IRA with Fidelity max it out with remaining cash.

Or max out Roth for 2012/2013 with cash on hand and have a smaller emergency fund if you not getting out soon.

I would max out Roth every year and put any thing above Roth in TSP yearly.


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 Post subject: Re: Active Duty Military Questioning where to put extra mone
PostPosted: Mon Apr 01, 2013 5:32 pm 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1120
Do you plan to stay in the military long term? A house fund may be a smart move if you plan to get out or even rotate back to the states to stay.


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 Post subject: Re: Active Duty Military Questioning where to put extra mone
PostPosted: Mon Apr 01, 2013 9:27 pm 

Joined: Fri Mar 15, 2013 5:19 am
Posts: 10
I am active duty Air Force myself. I am 24 and my wife is 20. We make it a goal to max out our Roth IRA's every year. We also have at least 6 months worth of living expenses in our savings at all times. We have been buying real estate properties (at least 1 a year) for awhile now as well. We have property managment companies watch them for us and The typical fee is between 8-10 percent of the rent a month. We do this 1. Because real estate as well as morgage rates are at an all time low and 2. Buying a house is one of the biggest purchases you will ever make. Why not let the renter pay it off and move into one of them once retired from the military :)
All in all if you live below your means and invest you will do just fine ;)


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