Hi, this is a great website. I have been looking at it for a couple of days now, and I am learning a lot. Let me introduce myself and the fam.
I am 28, and an O-3 in the Army. I am married and have a 14 month old little boy. I am an Engineer officer, with a BS in chemical engineering and MS in environmental engineering. May 2021 is when I reach 20 years in the military. My wife is a stay at home mom(former 03), however she is starting to look for psychology jobs and her goal is to go back to school and get a masters or doctorate degree in Psychology.
Financially here is where I stand:No debt except $108,000 mortgage
Non-tax deferred investments: $55,000 (putting away $760/mo) I plan on using this for money when I get out of the military. 50% mutual funds, 50% savings at 5%.
ROTH IRAs: $33,000(putting away $666.66/mo) 50% S&P index, 50 % other mutual funds
Son’s College Fund need for 2024: $1550(putting away $100/mo) 100% bonds
TSP: $4,000( I am not putting money in that right now)
Home equitity: $18,000(I have a small house that I am renting out near an Army Post. Mortgage, tax, insurance = $775, Rent = $900, what I pay each month =$1100) I should have it paid off in Jan 2020.
My objective is when I retire after 20 years(if I make it) to be like Nords. No, really I just don’t want to be forced to work. I want out of the rat race, and I want to do what I want when I want to. I might work but I want the option to do nothing if that is what I choose.
Let me know if you have any advise, or you think I am on the right track. I am interested in knowing if I should put money in the TSP. Right now I am not because I am trying to build up more in my non-tax deferred investments, so I can use it when I am between 42-59.5. But I am interested in what people think.
I am 28, and an O-3 in the Army. I am married and have a 14 month old little boy. I am an Engineer officer, with a BS in chemical engineering and MS in environmental engineering. May 2021 is when I reach 20 years in the military. My wife is a stay at home mom(former 03), however she is starting to look for psychology jobs and her goal is to go back to school and get a masters or doctorate degree in Psychology.
Financially here is where I stand:No debt except $108,000 mortgage
Non-tax deferred investments: $55,000 (putting away $760/mo) I plan on using this for money when I get out of the military. 50% mutual funds, 50% savings at 5%.
ROTH IRAs: $33,000(putting away $666.66/mo) 50% S&P index, 50 % other mutual funds
Son’s College Fund need for 2024: $1550(putting away $100/mo) 100% bonds
TSP: $4,000( I am not putting money in that right now)
Home equitity: $18,000(I have a small house that I am renting out near an Army Post. Mortgage, tax, insurance = $775, Rent = $900, what I pay each month =$1100) I should have it paid off in Jan 2020.
My objective is when I retire after 20 years(if I make it) to be like Nords. No, really I just don’t want to be forced to work. I want out of the rat race, and I want to do what I want when I want to. I might work but I want the option to do nothing if that is what I choose.
Let me know if you have any advise, or you think I am on the right track. I am interested in knowing if I should put money in the TSP. Right now I am not because I am trying to build up more in my non-tax deferred investments, so I can use it when I am between 42-59.5. But I am interested in what people think.