Tiderunner
Registered User
I was wondering if anyone had any advice or opinion on going with first command for financial planning? Sorry for the financial topic, just trying to get mine sorted.
Dylan Porter
Dylan Porter
-
Please take a moment and update your account profile. If you have an updated account profile with basic information on why you are on Air Warriors it will help other people respond to your posts. How do you update your profile you ask?
Go here:
Edit Account Details and Profile
First Command
- Thread starter Tiderunner
- Start date
- Status
I have been with them for almost two years now. Here is the deal. If you go with them you are going to get life insurance, a money mrket savings account and a mutual fund or two. Most of the money goes into the mutual fund. The mutual funds they want you to get are front loaded. So in the first year half your money goes towards the front load fee. At first it looks like you are getting robbed blind. It is supposed to keep people from jumping ship as in a no load fund when the market is bad. It does work, you just to be ready to be in for the long haul, which you should anyways when investing. If you bump up how much you invest each month, then they will take some more out to match what would have been take out at that level in the first year.
This program is for people who either do not know about investing or don't have the time. I do know about some aobut investing but I went allong becasue I think it is a good deal.
Regardless of if you go with them or not you need to do the following:
1. TSP if you are active military
2. Max out your Roth IRA
3. If you still have money left over put it in another fund or stocks.
Also dollar cost averaging is the way to go. That is where you invest the same amount each month. In the long run you are wanting to accumulate as many shares as possible. So the lower the share price the more shares you get each month. you just want the share price to be high when you sell.
Good luck.
This program is for people who either do not know about investing or don't have the time. I do know about some aobut investing but I went allong becasue I think it is a good deal.
Regardless of if you go with them or not you need to do the following:
1. TSP if you are active military
2. Max out your Roth IRA
3. If you still have money left over put it in another fund or stocks.
Also dollar cost averaging is the way to go. That is where you invest the same amount each month. In the long run you are wanting to accumulate as many shares as possible. So the lower the share price the more shares you get each month. you just want the share price to be high when you sell.
Good luck.
I've been with First Command since October or so and been really happy with them. Much more so than the other company I was with. (I won't bash names) They seem to have a good understanding of how little money you make as a Ensign (or whatever the case may be). One downside- they're always looking for you to give them the names of your friends to sign them up. Just depends on whether you're comfortable with that kind of thing- some people aren't.
-Megan
-Megan
FLYNAVYORION
Registered User
Go VP, and then go to your command on deployment ... and then come home rich... any questions? email me at IMRICH@perdiem.com
This is what I think, don't let anyone push you into somthing you don't understand. I assume most of you are officers, be smart about your money, research before you invest, yes even on bad market times there is a light, there are many no-load funds that you can invest, all you have to do is request the prospectus and they will gladly will send them to you. Talk to yous Command Financial Specialist they have exellent information on what to look for when you whant to invest, also sign-up at the FFSC for basic savings and investment semminar. Good Luck
Tiderunner
Registered User
Thanks for all the input. I 've decided tot hold off and researcha littl more before I make a decision.
A push for TSP and a Roth or Traditional IRA:
If you put you put your money into TSP, you do lower your taxes.
Also if you put money towards both the TSP and an IRA, some of that money is used as a credit towards the tax you owe or are owed. You have to fill out form 8880 as well and it shows you what to do. The only catch is that your taxable income for single people can not exceed $25K. For married filling jointly, it is $50K, and Head of house hold, $37.5K. A nice tax break if you did get much taxable income in year, such as six months tax free on deployment.
If you put you put your money into TSP, you do lower your taxes.
Also if you put money towards both the TSP and an IRA, some of that money is used as a credit towards the tax you owe or are owed. You have to fill out form 8880 as well and it shows you what to do. The only catch is that your taxable income for single people can not exceed $25K. For married filling jointly, it is $50K, and Head of house hold, $37.5K. A nice tax break if you did get much taxable income in year, such as six months tax free on deployment.
I've been with First Command formerly USPA&IRA since 1992. No complaints with the service and the products. First Command started me off and created my interest in different investment vehicles. It started me saving and investing vice drinking it all away. Consider it a stepping stone. You have to start somewhere and they are everywhere the military is located. Frumby
Attack Pilot
Major USMCR
Attack Pilot
Major USMCR
- Status