Life Situation:
32 year old, single male working in Finance in a low COL area of Florida
Gross Salary/Wages:
$100,000
Individual amounts of each Pre-tax deductions:
401k: $18500 (maxed out for first time this year!) I also receive $8,000 ER contribution(5% match+2% bonus) to 401(k). Total 401(k) contrib/yr: $26,500
HSA: $2800
FSA: $0
Other Ordinary Income:
I live in a house that has a guesthouse. I am house hacking the guesthouse on Airbnb and make ~$750-$1000/month
Adjusted Gross Income: $78,700
Taxes: Federal: 24% FED, no state tax, FICA withheld from paychecks
Current expenses:
Mortgage: P&I - $1018, escrow- $318
Food: $600
Internet: $80
Cellphone: $90
Car Insurance: $115
Utilities: $350
Misc (HH expenses, food out,gas,entertainment): $600
Net Monthly Income from paychecks(not including rental cash flow): $4800
Assets:
Home Value: $240,000
Honda Civic: $10,000
401(k): $130,000
Emergency cash fund: $1,000
Total Assets: $381,000
Liabilities:
House: $204,000( 4.25% fixed 30 year loan)
Car note: $0
Student loans: $0
CC debt:$0
Total Liabilities: $204,000
Specific Points:
I feel like I'm doing a good job saving. I have $27,000 total into my 401(k) per year. I'd like to boost things and bring my savings rate up to near 50%. I don't have much in taxable accounts and feel that I need to boost saving in that area as I won't be able to touch the 401(k) until age 59.5. I just started house hacking my guest house and hope to scale it to at least cover my monthly PIIT on the house(I consider this house hack my "financial runway").
My goal is to hit FIRE at 45 (13 years), but am open to any suggestions as to speed things up.
What do you guys think? Am I missing opportunities that I should be taking advantage of? How do I get there faster?