Thrift Savings Plan Basics for Service Members

MILMO Show

There will always be a new trend everyone is talking about. Money included. Go anywhere on social media, Instagram, or TikTok, and there is a money trend. All that noise can make it easy to get caught up in trying to keep up instead of being focused on what is core to your financial success. Instead of jumping on a bandwagon that can crash and burn, we should focus on the basics. Or, more importantly, getting brilliant at the basics so when a trend comes along, we’ll have a firm foundation and know if that trend is going to help us build wealth and reach our goals.

That’s why I’m doing a back-to-basics series on the MILMO Show. I’m going to do different shows on topics we should all have a basic understanding of, like budgeting, the SGLI, insurance, and more. I have no idea how many shows yet, but I’m going to kick it off with the Thrift Savings Plan and take it from there.

Right now, you’re saving money for two people: yourself and your 80-year-old self. That means your money needs to be working double duty. Lucky for service members, there’s a tool you can use to help your money work overtime. It’s called the Thrift Savings Plan, better known as the TSP.

In this episode, I’m breaking down the basics you should know about the Thrift Savings Plan, like making smart investment choices, managing it while you’re in, and what to do with your TSP when you get out. Whether you're new to the military, just starting to give your TSP a little love, or just looking for a refresher, this episode’s for you.

The show notes can be found here: https://milmo.co/podcast/thrift-savings-plan-basics/