GI Jane Finances

January 17, 2016

I’m Back!

Filed under: Uncategorized — gijanefinances @ 10:59 pm

After a five year hiatus, I decided to return to chronicling my financial journey.  A lot has happened since 2011.  I had a 6-month break between leaving the military and working in the civilian sector for 3 1/2 years, now I’m back on active duty hoping to see it through to 20 years.  Right now I have 15 years and 8 months of active duty.  My promotion board is next year, so I need to finish Air War College.  I finished one elective last week and have the goal of finishing it by this summer..inshallah.

Finances

Due to my move in  November, I have to sell my condo in Ohio.  I had to lower the price several times since it is a 1 bedroom.  I bought the home through a gentrification program where the City’s development fund provided a $14,900 second mortgage at 0% interest and no payments to help buffer the seller from loss or difficulty in selling the home.  I am now at the point where I will not get any profit from it, I only want to get it off of my books because my new apartment is taking up 100% of the housing allowance. After this experience of selling, I have no desire in buying another property for a very long time.  Maybe only when I retire and finally find a place to settle in.

My mysterious Roth TSP payment is confusing and hasn’t appeared in my online statement.  I want to contribute $18,000 of after tax money but I can’t see how much the contribution is until the 1st of February in my end of month statement.  I was told it was $444, but that is much less than the $750 I need to max it.  I requested 17% of my after-tax (whatever that is!) salary to be placed in it and not sure why it is not showing up online.  Anyway, I am going to call TSP on Tuesday to find out what is going on.

Debts:

$136,000 condo

$81,755 rental

$8,700 car loan

Total: $226,455

Discussion:  I love my rental; it provides me $500 a month net.  It also has about $80,000 in equity.  I would like to get rid of my car loan this year.  I have had it since late 2011.  It all depends on when I will sell my condo to determine how soon I can pay it off.  I also have been saving $700 a month for emergency and/or taxes.  So far, I have $1400 and will have $2100 in February.  Also, when I sell the condo USAA will pay me about $900 for using their recommended realtor.  I also have a paper check of $4642 and about $7,000 in my checking.

Retirement:

Military TSP: $136, 984

Civilian TSP: $93,153

Roth: $89,412

Non-retirement Savings: $43,141

Checking: $7,000

Check: $4642

Military buy-back: $10,000 (tried to buy back my time but it is now moot unless I do not earn my pension)

Total: $384,332

 

 

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