I just met an anomaly! A private is putting 40% into his ROTH TSP! I had to check the numbers on that.
At a 7.1% return over 45 years, just his contributions for one year ($10,853.28) will grow to be $237,731.75 by the time he’s ready to retire!!! And that’s if he never contributes anything else.
He’s got the power of compounding on his side, and even if he can’t keep that rate up once he starts building a family and other obligations, he’s going to be so much better off for it!
Truly amazing! I love it when I hear these stories!
#military #investing #personalfinance #private #army #compoundinterest #stockmarket #gains #TSP
Wanna know how to use your enlisted salary to get started on making $1 Million?
It might not seem like we make that much money, but if you get started, you can really put that money to work for you.
Let me introduce you to the “Save More Later” plan. I didn’t come up with this, it came from the book Nudge.
In short, starting with the default TSP contribution of 5%, every time you get a pay raise bump up your TSP contributions in MyPay by 1%. You’ll never see that money hit your account and you’ll never miss it. Yet, you’ll still increase your quality of life with a portion of your raises.
By the time you hit four years in service, you’ll be putting 12% into your TSP (maybe more). For an E-4 with two years in service, that’s $332 today.
As long as you don’t put any less than $332 in your account from then on, you’ll have $1 million in 43 years when you’re getting ready to retire.
Even better, check out my article talking about how much to save for retirement and my article on the hidden benefits of the Roth TSP to further optimize your retirement savings.
#military #enlistedmoney #enlisted #millionaire #money #nudge #personalfinance #investing #saving #army #navy #marines #airforce #spaceforce #coastguard
We often think we need to take major action to get big results. But that’s not really true.
Just like simple actions like maintaining your appearance set you apart in the military, simple and easy actions can make a huge difference.
Simple things you CAN control are:
1. Checking your LES each month.
2. Learning about your benefits (and then using them!).
3. Making a simple budget.
4. Automating your savings.
5. Signing up for the Enlisted Money newsletter (link in bio).
6. Asking for military discounts at checkout.
7. Avoiding predators and scams.
8. Having conversations with your significant other about money.
What else did I miss? Tell me in the comments.
#military #enlistedmoney #enlisted #investing #personalfinance #saving #tsp #simple #easy #automation
It’s okay to do things that are “sub-optimal” in regards to money.
I enjoy being creative. It’s a complete waste of my time. But I like it. And that’s okay.
#efficiency #waste #money #time #timeismoney #moneyistime
I’m so over this craziness! Please stop!
And quit saying you’ll give us $20 extra in our clothing allowance to make up for it! Just issue us the uniform you want us to wear this week…
#armyuniform #pt #uniform #army
If you were affected by the storms, reach out and get assistance.
You can reach out to one of the military aid societies:
– Army Emergency Relief
– Navy Marine Corps Relief Society
– Air Force Aid Society
– Coast Guard Mutual Aid.
Or, you can reach out to the Red Cross and then they will direct you as needed. Let them know that you are a military service member and then that may open up additional resources for you.
Also, don’t forget to check and see what your homeowners or renters insurance will cover in regard to storms and natural disasters.
Regardless, I hope you and your families are safe!
#military #AER #NMCRS #AFAS #CGMA #RedCross #Helene #hurricane #tropicalstorm
New benefits coming soon!
https://media.defense.gov/2024/Sep/13/2003543124/-1/-1/0/OUR-ENDURING-DUTY-TO-AMERICAS-SERVICE-MEMBERS-AND-THEIR-FAMILIES.PDF
#military #enlistedmoney #enlisted #personalfinance #DCFSA #HCFSA #benefits
Start building a community OUTSIDE of the military now!
#enlistedmoney #military #personalfinance #transition #retiring
“I fully realized my habits were making me broke. I was on a hamster wheel trying to build wealth while paying down high-interest debt.“
#military #enlistedmoney #enlisted #investing #personalfinance #navy #tsp #success
What’s Your “Return on Satisfaction”?
What if we didn’t judge every purchase by price per unit, investments by total return, or cars by miles per gallon? Many people can get trapped in over-optimizing. It’s even worse when you’re optimizing for the wrong thing.
Read More -> https://enlistedmoney.com/return-on-satisfaction/
#enlisted #enlistedmoney #military #investing #savings #financialfreedom #personalfinance #satisfaction #optimization
What’s your “Return on Satisfaction”?
i’ve been thinking about this quite a bit, and I’m not sure what is most helpful in this regard.
I keep thinking about all the things that we continually want, all the things we think we need, and how inflated all of our lives have become. overall, I live in extremely abundant life, yet I still feel like I need more. I feel like I need to be more.
Am I the only one
#Satisfaction #Happy #Money #EnlistedMoney #HedonicTreadmill #mimeticdesire #Wants #Needs #Military
Why haven’t you signed up for c the Envestor newsletter yet?
I only send two emails a month and I promise to make it worth your while. I put a lot of effort into these.
Trust me, I won’t waste your time, if you don’t waste mine. Plus, I really want to be able to connect with you more than just a random reel or post here and there.
#newsletter #subscribe #convertkit #enlisted #enlistedmoney #value #whatareyouwaitingfor
Boost Your Credit Score with These Tips! 💳✨
Did you know your FICO Score is calculated using multiple pieces of credit data from your credit report? 📊 Here’s how it breaks down:
Payment History (35%): Consistently paying your bills on time is key! 🕒✅
Amounts Owed (30%): Keep your debt-to-credit ratio below 30%. Less debt means a higher score! 💰⬇️
Length of Credit History (15%): The longer your credit history, the better. Keep those old accounts open! ⏳📈
New Credit (10%): Avoid opening too many new accounts in a short period. It can temporarily lower your score. 🚫📄
Credit Mix (10%): A diverse mix of credit types can give your score a boost. Balance credit cards, loans, and retail accounts. 🛒🏦
Here are five ways to improve your credit score:
Pay Your Bills on Time: Your payment history is the biggest factor, so make sure to pay all your bills promptly.
- Reduce Your Debt-to-Credit Ratio: To improve your score, aim to use less than 30% of your available credit.
- Avoid Opening New Credit Accounts Frequently: Each new account can temporarily lower your score, so be cautious.
- Check Your Credit Report for Errors: Regularly review your credit reports and dispute any inaccuracies.
- Maintain a Mix of Credit Types: A diverse credit portfolio can positively impact your score.
Take control of your financial future by following these tips! 💪📈
#CreditScore #FinancialHealth #CreditTips #FICO #FinancialGoals #credit #enlisted #enlistedmoney #military
Books are a great way to shortcut your learning and your path to wealth!
I have learned so much from books over the years, and applying the lessons I learned in those books has made a huge difference.
However, I’m writing my own book now called Enlist to Wealth. I never found a book that was written specifically for me as a person, as an enlisted service member, and someone who wants to enjoy life while building wealth.
I’m writing Enlist to Wealth to be the book that I wish I had read and applied when I joined the army at age 18. I’m making it for the PFC Lovingier of today.
#EnlistToWealth #Military #Fun #Tomahawk #Sword #Microphone #Book #Experience #Wealth #Enlisted #EnlistedMoney
Amortization is a really interesting concept. You’ll actually pay more in interest over the course of the loan, but you get an even monthly payment. So it’s a trade off.
Fo cars, we just pay cash now, so this doesn’t really apply.
#amortization #amortized #interest #banks #carloan #finance #personalfinance #military #enlistedmoney
