Hi readers I have been reading this website for some time now and decided to post our family’s financial situation to get your recommendations. We are a family of 4 (Ages 34,33,3 & 1). Im a stay at home dad (past 2 yrs) and my wife has a federal job. I plan on working part time once the kids get in Kindergarten for extra $10-$20K per year. I know our budget is not very mustachian right now especially the housing(we live in the CO mtns which is awesome), hot tub, saint bernard etc. We saved the bulk of our assets the five years we were married before kids (lived mustache lifestyle). We would like to retire at 50(open to part time work) but with the bulk of our assets in Pretax retirement accounts Im not sure how to hit that goal right now. At the age of 57 my wife gets a pension worth $30-45K per year (todays dollars) depending how long she works past 50. We will both get some social security maybe another $30K combined at 62. We would like to still have a large travel budget at 50 and to stay in our house but Im not sure that is possible. We dont mind working part time. We are currently looking for investment property to generate more rental income now and hopefully get it paid off at 50. Any suggestions to get us FIRE at 50 or sooner?
Assets:
Checking/Savings: $25,000
Primary House Value: $430,000
Rental House Value: $215,000
401K/TSP(Pretax): $370,000
Total: $1,040,000
*Own two cars (2007 Jeep Grand Cherokee and 2004 Ford Taurus)
Liabilities:
Primary Res. Mort: $340,000 @ 3.375 27yrs rem.
Total: $340,000
Total: $700,000
Income:
Wife’s Salary: $73,000 (After TSP $18,500, Taxes, HSA)
Travel Reimb: $4,000 (Travel exp. show up in higher food/other Expenses below)
Rental Income: $8,000 (After Expenses)
Total: $85,000 per year
Annual Expenses:
Mortgage: $24,000
Utilities: $3,500 (Propane,Elect.,Pellets)
Trash: $300
Restaurants: $3,000 (Rest/Grocery includes $2K of wifes travel exp)
Grocery: $8,000
Travel: $7,000
Insurance: $2,500 (PUP, Cars, Term Life, Jewelry)
CellPhone: $500 (2 republic phones plans)
Internet: $700
Gasoline: $3,600(travel road trips are in this)
Dog(StBernard): $1,200 (boarding is in travel)
Car Care/Repairs & Reg.: $2,000
Primary House Maint./Updates: $2,500
Preschool: $1,000
Other: $10,300 (See Note),
Total: $70,100
Total: $14,900
Other: (Merchandise $6,450, Clothes $750, Hot Tub Chemicals & Maint $300, Annual Passes $300, Amazon Prime $100, Postage $100, Cash $900, Haircuts $400, Entertainment $300, Tax Prep $400, Lessons, Activities $300)