I recently started investing with Betterment. Find out how Tax Loss Harvesting+ can boost your returns.
Just like for getting married in the military, your basic pay does not increase by adding a dependent. If you’re already married and claim your spouse as a dependent, you won’t see your BAH increase either.
If your child is your first dependent, then your BAH may increase. Check the Official BAH Calc to see the difference between dependent BAH and single BAH. Usually a couple hundred dollars.
There may be some tax benefits as well, but you should probably consult a certified tax adviser for that information.
2 FinTech Companies I Recommend for Achieving Financial Independence
The best way I know to achieve financial independence is to keep your investments simple, diversified, automatic, and low-cost. Costs eat into your returns like you wouldn't believe! A 1% difference in expense ratios can mean $100,000s lost to fees over a lifetime of investing.
If you're not a DIY investor like I am, than you need to check out Betterment. You can read my full review here, but the bottom line is for only $1.50 per $1000 invested (0.15% expense ratio) you get access to powerful automated investing tools that can make anyone a successful long term investor. Built in diversification, automating rebalancing and contributions, and a smart asset allocation designed for long term growth and risk management.
I have investment accounts all over the place. As a DIY investor, I track my growing investments using Personal Capital. It combines all of my accounts, shows me where I may be overpaying in fees, and provides beautiful charts showing my overall asset allocation and performance.
I use Personal Capital to track my Roth and Traditional TSP, Vanguard Roth IRAs, banking accounts, SDP, and my Betterment taxable account, all in one place. It's free, secure and presents me with a one-stop dashboard so I can see all my money on one site.
Read my full review of Personal Capital and see how easy it can be to manage your investments in one place. Trust me, once you try it, you'll love it.
P.S. - If you have over $100,000 of assets and a 401k, you really need to run the Personal Capital 401k Fee Analyzer.