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23 and trying to learn early....
Old 09-22-2009, 02:17 AM   #1
Confused about dryer sheets
 
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23 and trying to learn early....

Hi I am 23 years old, Im a Federal Agent, and im trying to learn a little more about what I should be doing to get on the right track with retirement. I would like to learn more about TSP and stocks, as well as wheather or not to get a CD, IRA. Should I invest...save.....any information is greatly appreciated.

My annual salary is 65k-70k, I have a TSP account with 6k to date in it, putting 10% with 5% match from agency. Plan to max at 15% within the next 7 months. I have a wife, and a baby on the way. No mortgage, just renting, bills are high for now but within the next year, will be reducing by almost 50%. My savings now is only 2k, but after next year will be able to maximize. Please give any information on a better start or if I am starting somewhat well already. Thank you.
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Old 09-22-2009, 08:46 AM   #2
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Time is on your side and you have some common sense. Save and learn 1st, invest after some learning! The team will be here in a few minutes with the recommended reading list. For the next few months getting the Emergency fund up should be the priority with a baby on the way. You are off to a good start and have some learning to do. Will your wife be working as well?

Welcome aboard and stay safe! Are you in the Border Patrol there in El Paso?
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Old 09-22-2009, 09:49 AM   #3
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The sooner you start saving the more those savings can appreciate. That is a nice salary for someone your age--sounds like you are already getting your finances in order.

Many people recommend an emergency fund of six months to a year or whatever of expenses, so building that while paying down your debt is a good goal. Congrats on getting your TSP maximized, too.

Welcome!
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Old 09-22-2009, 01:03 PM   #4
Confused about dryer sheets
 
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Wow, guess I can't really hide that lol. Yes im BP here in El Paso. And as for now the wife is working, however when the baby comes it'll take some time. She is not making much now, but when she is done with her tests for Sonography she will be making pretty close to what I make or more. My ultimate goal is to learn about investments and stocks a little. I would like to maximize my emergency fund as well as start saving for a 20-25% down payment on a house. We plan to move back to Dallas as soon as we can. Thank you to all who have replied, it is greatly appreciated.
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Old 09-22-2009, 03:51 PM   #5
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If you click on the "links" area at the top of the screen, you can see some resources that might be very educational, including publications. Many people here recommend Bernstein's Four Pillars of Investing. What was most helpful for me personally in all seriousness was reading these boards. Many people have many different ideas about investments and reading their discussions was priceless!
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Old 09-22-2009, 05:49 PM   #6
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Welcome to the forum

You referred to a "maximum of 15%" TSP contribution. Those percentage limits have been changed since 2006.
See TSP: Civilian Features chapter 16, Other TSP Info; 2008 Nov 18

Please stay safe!
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