Background: i am 18, graduating highschool, and going straight into active duty right after that (yes, ive signed my contract for 6 years). I am going to be a helicopter mechanic in the Army.When I get out, i'm planning to go to college for a bachlor degree (possibly a master) in "airframe and power plant" or "cyber-security". My college will be paid for by the GI Bill. Did a little research and let just say that i would be making around 40-50k annually for these fields.
My goal: save around 700k to 1mil by the time I retire
My questions: -My entry monthly salary is $1,800, considering all my food, housing, healthcare, already paid for by the army themselves, can use this 18hundred however i want? How much of this monthly income should i take out to start investing? And how much of this income should I save up for life after military? (my contract is 6 years, but i'll probably will stay in longer maybe for 10 years)
-I took a "money matters" class in school and they've talked a bit about investing in index funds, mutual funds, roth ira, stocks, etc. They also talked about how time is very important when it comes to saving and investing. Since i am young, not afraid to make riskier investments, and has a lot of time on my side, what should my investment portfolio look like? How much should be spent on index or mutual funds? How much should be spent on retirement? Etc.
-Since serving in the military doesn't give me a lot of free time, how can i maximize these investments without having to worry about it every hour of the day? should i hire someone that could take care of it for me like a finacial agent/broker?
- Thrift Saving Plan, is it a better investment instead of a rothIRA since i'm in uniform?
Sorry for the long post and asking many questions, i am comepletely a noob in money, please feel free to fill me in with anything I didn't understand. Thank you
Submitted May 17, 2019 at 07:35PM by Btrn4335 http://bit.ly/2VM6Leq
