I Would like to get some feedback or comments.
My wife and I are both in our mid 30s and have always been a heavy saver since college and never really read any saving books/websites until I came across MMM. My believe is 'work hard, save hard, and play hard'.
The stats
- Dual income with two kids (8,10) - base income of ~200k/year
- Annual Retirement Savings - ~50k/year in 401k/Roth
- Retirement Account(s) - ~650k + State Pension ~ 1k/month
- Investment Account(s) - ~100k stocks + 2 rental properties (~100k total - all paid)
- Liabilities - ~120k mortgage (250k value)
I have no debt except a mortgate.
Our take home (paycheck + rental) after all deduction for retirement, HSA, etc... is ~9500/month
Our total monthly expense including a $1700 mortgage + 1300 additional princ payment is ~5500/month
So I figure I have $4000 a month to 'play hard'. From the $4000, I allocated $2500/month for family vacation. The entire family enjoys traveling to different location and we are very adventurous. So that leaves $1500 for us just to enjoy whatever we want a month - any leftover we put into our emergency fund which is at $20k.
I feel, with my current financial situation, if both of us working for another 10 years, and continue to follow this saving pattern and with a modest return of just 5%, we would easily have over $2M in our retirement account by 60. I do enjoy my job so I don't plan to retire until I'm 60. My wife does want to quit her teaching job. My job is work at home and does allow for flexiblity as well as a ton of time to spend with the family so I have no plans to leave the job.
I would appreciate any comments/feedback/thoughts?