X-Posting over from r/personalfinance
Hello,
I've been doing some number crunching for a bit now and I'm looking at how to save/invest money for expenses in the future. Some guys from First Command Financial have been sniffing around trying to get me to sign up for some of their managed wealth funds and whole life insurance plans. I don't plan on joining up (I prefer to manage my own funds, and I already have SGLI for the small life insurance needs I have), but the conversation I had with them made me realize I am currently lacking a strategy for saving/investing my money for the mid term.
As of now, I am maxing out my Roth TSP (government style 401k) and my own individual Roth IRA. I have 3 months of emergency savings saved up as well. My car is paid off and I have no debts apart from my monthly expenses I put on a credit card, which I then pay off at the end of each month (no car loans, no student loan debt). I'm also currently unmarried, with no plans on ever changing that for the future, no kids either and no desire to have them at all in the future (if possible I want to try and get snipped at some-point in the near future). I don't plan on buying a house, while I understand it can represent a good investment, I also plan to move around a lot and would rather not deal with home-ownership. I mostly just want to save money for fun stuff like travel, getting some nicer furniture for whatever place I rent and maybe getting a small boat several years down the line (for fishing and crabbing in the Puget Sound).
Would investing with mutual funds that focus on market index be the way to go, or would looking at more growth oriented portfolios be more up my alley? If so should I stick with Vanguard funds since I already do my Roth IRA through them. Are there other strategies for investing that I might be missing? I have access to free Morningstar analytics so I can do more research, but I wanted to see which area warranted further study. The First Command guys were pushing hard for MIGFX (a growth fund) but I'm pretty sure their company has a deal with that firm so they try and push that as their main investment vehicle for money growth outside a TSP/IRA.
I already have enough liquid assets to cover my foreseeable short term expenses in the near future and to cover any short term emergency/contingency, wanted to see if I could be doing more to help with my money growth. Next year when I promote it looks like I'll be getting a nice pay bump, so I wanted to start the ball as soon as possible at squirreling some more money away so when I make my next rank I'll already have another saving/investing pattern down.
Thank you!
Submitted June 26, 2018 at 08:44PM by Prequellover1 https://ift.tt/2N30t2m
