Hello Reddit! This is actually my first post. I was wondering if anyone had some friendly advice on my current situation.
Currently 26. I would like to go back to school in four years to get an MBA. I expect costs to be $60,000, but with military benefits I think the total cost will be $25,000. I would also like to start saving for a house. I imagine I would need $30,000 for a down payment. I would like to buy within 5-7 years.
• Income - ~$59,000 • Civilian – $53,000 • Military - ~$6,000 (Varies from year to year based on active duty time) • Expenses - $2700/month (I’ve included my major expenses. I can give a complete budget breakdown upon request). • $600 rent • $150 utilities • $300 groceries • $458 IRA contribution • $250 student loan • $315 car payment • $18,653.13 in Debt • $3377.26 @ 3.15% for my student loans. Currently paying $250 per month for 15 months. Payoff date of May 2018 with $77.69 • $%15,276.87 @ 3.99% for my car. Currently paying the minimum $315 per month for 52 months. Payoff date of June 2021 with $1384 in interest • $5468.37 in cash • $9569.86 in investments • Contribute 10% to a TSP (I am in the reserves). Current value $2170.73 • I’ve set up monthly payments to max out a TD Ameritrade Roth IRA. Current value $1195.34 • Contribute 11% to a company 401k. They match 3%. Current value $6203.79 • I am deploying and expect after taxes I will be able to save $7550 from my time over there in addition to the cash I already have.
My question is where should I put my money? Should I pay off student loans right now and then start to pay my car off with the extra $250 dollars in income I’ll have from not making payments anymore? Should I keep making the minimum payments and max out my 401k or start saving for a house/grad school? I do expect my salary to increase ~5-8% a year and receive about a $1000 bonus per year.
Submitted February 10, 2017 at 01:01PM by td137010 http://ift.tt/2l1TT0i
