Valued Contributor
IOBA
Posts: 2,697
Registered: ‎08-13-2009
Re: Hop in! On my way to a 100k!
[ Edited ]

ihatemyscore - I don't have a "number" in mind for "profit".   The overall goal is to save money and to put it in the best interest rate.

 

I do love seeing the amount of interest I earn increase each month!

 

Congratulations on going into the military!  (We are Army too!)

 

My suggestions for you would be

 

* Pay into the GI Bill - it will pay off in spades!  (It's like a hundred a month.)

* Put money into your TSP.  At least 5% of your gross income!!  Uncle Sam matches it.

* Put $100 a month into a CD.  I use Navy - you can do their easy start CD that earns 2.96%, 3% APY.   Just set up direct deposit, start with as little as $50, max 3k.

 

I know, that is almost all of your paycheck in the beginning, but it will give you a great return!  :smileyhappy:

 

PM me with any specific questions.   I'd love to help you figure out a plan to work with your new income.  :smileyhappy: