AI Legalese Decoder: Empowering O2 with Expert Advice and Perspective
- September 2, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial situation and considering the reserves
I am seeking some perspective and advice regarding my current financial situation and how I can further improve it to ensure long-term success, particularly as I am leaning towards joining the reserves after my active duty contract ends.
INCOME (Single, 0 Dependents, O2)
Base Pay: $4,772
BAH: $2,000
:: Total :: $6,772
SAVINGS
TSP (traditional and Roth): $1,900
Roth IRA: $500
Charles Schwab Acct: $200
:: Total :: $2,652
EXPENSES
Rent: $1,800
Utilities/Internet/Etc: $500
Food: $550
Car (includes repair fund): $200
Fun: $500
Taxes: $200
Insurance: $80
:: Total :: $3,900
INFO: I diligently track my expenses using a spreadsheet to ensure that I adhere to my set budget. The figures provided here are only an approximation and serve to give a general idea of my financial situation. On average, I am able to save approximately $700 per month, excluding the automatic deductions towards my savings (which are not reflected in these numbers). I am proud to say that I am debt-free and actively saving for either a down payment on a house or to assist with tuition for a master’s degree. I own my car outright as well. Furthermore, I have maximized, or will maximize, my contributions to tax-advantaged TSP and IRA accounts.
Account Statuses
Savings Account 1 (rainy day): $25,000
Savings Account 2 (daily): $8,000
Brokerage Account: $59,000
Roth IRA: $20,000
TSP: $27,000
My overall net worth has recently surpassed $100,000, and I am eager to continue building upon this success. Are there any other financial options or strategies that I should be considering? I have contemplated moving one of my savings accounts entirely into the brokerage’s money market account, even though this would reduce liquidity. However, I view this as a viable option since I would still have access to the funds, should the need arise. Apart from saving for a house or my master’s degree, I currently do not have any other major milestones within the next five years to plan for. My main focus is on setting myself up for success after completing my military service.
Thank you for your insights and guidance in advance!
How AI Legalese Decoder can help with the situation:
AI Legalese Decoder can be a valuable tool in your financial planning, especially when exploring various investment and saving options. With its advanced algorithm, this AI-powered platform can analyze complex legal documents and financial contracts, breaking down the jargon into plain and understandable language. This can save you time and effort when reviewing investment opportunities, such as the money market account in your brokerage, as it can provide a clear understanding of the terms, conditions, and potential risks involved.
Additionally, AI Legalese Decoder can help you navigate legal and financial terminology related to the reserves, ensuring that you fully comprehend any contractual agreements or obligations that may arise from your potential transition. By decoding complex legal language, this AI tool can empower you to make informed decisions about your financial future post-military service, paving the way for continued success.
Consider utilizing AI Legalese Decoder to simplify complex financial and legal matters, empowering yourself with the knowledge and understanding needed to make sound financial decisions and achieve your long-term goals.
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AI Legalese Decoder: Simplifying Legal Jargon for Everyone
Introduction
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Conclusion
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****** just grabbed a
1. Why are you doing Trad and Roth TSP?
2. You only have $200/month in income taxes? That seems off for your base pay.
3. What’s the 2nd “daily” savings account for? You have a lot of cash that’s pretty unnecessary. I have about $10k in a HYSA for a true rainy day, but our jobs are stable. You don’t need as much saved as the average human. If you want to keep the 25k, totally fine, but invest the 8k.
* $59k in a brokerage with $20k in IRA and $27k in TSP? Was that a typo?
* You don’t need $32k in savings accounts. Unless you’re separating at 4 years and this is your get out of the military cush fund.
>I know this reduces liquidity but if I needed the money it would be there.
Moving money into a taxable brokerage doesn’t reduce liquidity at all. It takes all of 2-3 business days to get money from brokerage into your account. That’s why we invented this thing called a ‘credit card.’
Moving the money into an asset that you can’t easily sell, such as a house, would reduce liquidity.
Personally, I float enough in my checking / savings where a glitch in something won’t cause me to be overdrawn for all my bills on auto pay and I don’t have to think about random expenses like buying a new pair of shoes for one of my kids who just put holes into their old ones. And because I have a family of 5, that’s around $8-10k. Everything else, to include all money leftover above $10k at the end of the month, is put into the brokerage that’s 60% US Stock fund, 20% tax exempt intermediate bond fund, and 20% money market fund.
With your monthly expenses, you really only need about $5k in the savings account.
Definitely in a good position. Seems like you’re a bit conservative on investments. Would seem like your next steps would be to adjust your TSP/Roth contributions to be as aggressive as you need depending on age. At this point, I would be looking into real estate. Being single you have the option of having roommates. Would recommend looking for a 3 to 4 bedroom house, or even a duplex. This way you start having multiple sources of income.
What about your BAS? That should be an extra $311.68 a month. Did you include it in your BAH and round it?
How/why are you paying so much in taxes? About 21% of your base pay? That might be too high. Are you getting large refunds when you file your taxes every year? Take a look at your W-4. I haven’t paid state in a while but when I last did I was paying less than 15% combined.
Working off the assumption that your paychecks are roughly $2120 ish every two weeks (35% towards TSP???) you have about 300 ish left a month over. That doesn’t factor in what you put towards your savings accounts each month.
What state are you in? Can you change your state of residence for tax purposes?
Your net worth is really good for your rank and age (assuming you are 24-25).
Do you max your Roth IRA each year? $500 a month falls $500 short of the max contribution limit this year. Looks like the IRA limit will increase to $7K a year next year. What funds/stocks are in your Roth IRA?
What TSP fund(s) do you have?
What do you own in your brokerage account?
I think $33K in a savings account is too much since you don’t own a house and are single. I don’t know how much of that you’ll need for grad school. What is your timeframe for buying a house? You don’t need to put anything down to buy a house if you are using the VA loan. Are you trying to reduce the VA funding fee or have a lower monthly payment?
I hate when people use their taxable brokerage accounts as emergency funds. When the markets are down is usually when people need money the most and now they have none. HYSA can keep pace with inflation now, so if you were planning on using that money in the next 5 years, I would keep it in HYSA