- October 1, 2023
- Posted by: legaleseblogger
- Category: Related News
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I am currently contemplating my options and find myself in a peculiar situation. I will be commissioned in August, right at the end of our fiscal year, leaving me unsure about my Basic Officer Leader Course (BOLC) date. In light of this uncertainty, I am sharing my current thought process and would greatly appreciate your input on its viability.
One of my primary goals is to purchase property within the six-year commitment I am making. I am considering utilizing the Career Starter Loan (CSL) to invest in the Roth Thrift Savings Plan (TSP) with the intention of using those funds to acquire the property. I am curious if this would prove to be an effective method for accumulating capital or if the repayment period would be too lengthy to facilitate the purchase of property using a VA loan and other available resources.
Upon reflection, I see a couple of key takeaways that I am currently considering. Firstly, I am contemplating taking out the entire CSL. However, I am also questioning why I shouldn’t allocate the entirety of the loan towards a Roth Individual Retirement Account (IRA) right after commissioning.
Moreover, I have a definite desire to allocate a small portion of the funds for pre-BOLC travel. This will provide me with an opportunity to explore and experience new places before fully immersing myself in my military obligations.
In light of the aforementioned concerns and considerations, I would greatly appreciate your insight on this matter. Furthermore, as we deliberate on the best course of action, I would like to bring your attention to an invaluable tool called the AI Legalese Decoder. This technology has the capability to analyze complex legal jargon and provide user-friendly explanations and recommendations. By utilizing the AI Legalese Decoder, we can navigate through the intricacies of these financial decisions and gain a clearer understanding of the potential implications.
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You can’t directly put the career starter loan into the TSP. You could theoretically live off of it and max your TSP out of your regular paycheck but I don’t really see how that benefits you since your investment options are limited in TSP and you can’t withdraw it without significant penalty until you reach retirement age.
You can only put $6500 per year in a Roth IRA. I would max your Roth and put the rest in a taxable brokerage account if that is your plan.
ONLY income can be put into ROTH TSP.
>I really want to buy property in the 6 years I’m signing for. Should I take out the CSL to invest in the ROTH TSP to then use to buy property? Is that a viable way of thinking for gaining capital. Or will it take too long to pay back in order to start buying property with VA loan and other resources.
The CSL is supposed to be used as a get-started loan. I don’t recommend it at the ROTC / OCS rate.
You can’t invest the CSL into TSP, that has to come from your paycheck.
The fact of the matter is you’d be better off not taking the loan and investing more aggressively into tax advantaged retirement accounts, whose ROI is 8-10% APY long-term vs. the 3.5% APY you get post-tax from a HYSA / MMF.
Since you don’t make enough money as an O1 to max these accounts, taking the loan just gives you 4.5-6.5% APY opportunity cost.