Everyone knows that military pay isnt the greatest.
Do any of yall do any investing/trading to make a little cash on the side?
Do any of yall do any investing/trading to make a little cash on the side?
Anyone invest/trade to make some side cash?
- Thread starter jliddle
- Start date
I invest in a few different things, I have a roth IRA that doesn't do too bad and I currently have about $65K in my TSP. I've made most of my money playing with real estate though, I bought 2 houses in Charleston, SC when I first got stationed there back in 2003. I sold them at the height of the housing boom and cleared $75K on one and $30K on the other. I currently own a house and 2 town homes there that I keep rented out, I break even on the house and make about $200 extra a month on each town home. I should clear another $40-50K when I sell the house in about a year or so, the market is actually still pretty strong in that area.
What does that do to your taxes? Isn't rental property considered income, that uncle same will want a peice at the end of the year? I'm buying my second home, I sold my first to break even and walk away from a previous duty station. I would like to try and rent but know nothing about it. How long have you been in to tuck 65K into TSP?
I have to claim the money as income but so far it hasn't hurt me too bad, I still manage to get around $2-3000 back at the end of the year. As far as my TSP goes, I've only been in 11 years. I started putting money in the TSP as soon as it became available, I can't remember if it was 2001 or 2002, I've maxed out every year except for the last 2 because I don't make enough money here to allot that much from my check, I also flew at my last base so all the special duty and flight pay went in there and I got a $30K reenlistment bonus tax free back in 2006 that I put in there. I was actually pretty surprised that there was that much in there when I got the statement this year.
Just a heads up though, renting houses in a real pain. It's hard dealing with them on your own, if you can swing it, I would highly suggest getting a rental agent to handle your properties. I can't do it because I would end up coming out of pocket every month to cover their fees otherwise I would.
I do the same as OU, own and rent property but I only do it where I live so I can keep a very close eye on my stuff.
I also invest with TSP and USAA has a LOT of great options for investing. I would look into that as well.
For TSP contributions, everytime I get promoted, I take 50% of that pay's jump and send that directly to TSP. I also put our yearly 1-3% raise into it. Just random tips. :beer:
I also invest with TSP and USAA has a LOT of great options for investing. I would look into that as well.
For TSP contributions, everytime I get promoted, I take 50% of that pay's jump and send that directly to TSP. I also put our yearly 1-3% raise into it. Just random tips. :beer:
USAA is awesome, I'm actually looking at taking my TSP and transferring it to an IRA with them. The one I'm looking at will earn me more interest and hopefully more money to retire on. When I'm done with the military I only plan on working if I absolutely have too!
I was actually thinking of doing the same thing. TSP is good but I'm thinking there is more to be made with USAA's IRA plans.
More bang for the buck! :thumbsup:
Is it difficult to transfer TSP contributions to USAA? I have some funds in TSP and have considered it but I know they have strict rules on TSP withdraws.
I'm getting ready to start this venture this week, I just got the transfer forms off of the TSP site. I have an appointment on Friday with finance so I'll update after I talk with them.
i buy and sell toys on craigslist. i'm big time..i know. but one week i'll have a turbo jet ski, next week i'll have a fast 4wheeler, boat, dirtbike, motorcycle, mustang, who knows. i don't really do it for big income, i mostly do it as a fun way to make money on the side. been doing it about a year and a half now and so far i've made about $10,000. not bad for doing nothing but having fun
I put about $10k into Ford when it was down in the dumps. Wish I pulled out when it got up to around $19 a share...oh well.
I have some cash in my corporate stock purchase plan and make around $600 extra every 3 months via that.
Thats about it, playing the stock market takes way to much time and effort and I get too bored looking at charts.
I have some cash in my corporate stock purchase plan and make around $600 extra every 3 months via that.
Thats about it, playing the stock market takes way to much time and effort and I get too bored looking at charts.
What kind of toys. Old ones? I did this with comic books for a bit, bought old comics and sold them for $10-$15 over what I bought them for.
i look and buy 99-01 cobra tail lights for less than 200 a pair and then sell em to the occasional foreigner or someone who wants them for 300.
Users who are viewing this thread
