Life Situation: Married, DW and I are both 32 with no dependents and do not plan on having children.
Gross Salary/Wages: $130,000 combined salary which includes expected bonuses. Historically our income was about half of what it currently is up until 2016.
Accounts:
Checking/Savings - $6,500
Brokerage - $9,000
401k (mine) - $80,000 - contributing $1,500 + $200 company match monthly
401k (hers) - $10,000 - contributing $400 monthly
traditional IRA (hers) - $7,000
Roth IRA (hers) - $15,000 - contributing $150 monthly
HSA - $1,000 - contributing $100 monthly
Liabilities:
Mortgage - Owe $149,000 on $177,000 original loan amount. 3.65% interest rate. Current home value is approximately $250,000
Cars - We both have vehicles that are newish and paid off. Currently 45k and 30k miles, combined value of both vehicles is around $30,000.
Monthly Expenses:
Mortgage - $1,050 - P&I: $810 T&I: $240
Utilities/Cable/Trash - $270
Cars - $250
Car Insurance - $180
Groceries - $550
Dining Out - $100
Pets - $300 (this shouldn't be as high going forward, we got a puppy so the past year included quite a few vet appointments and vaccines)
Vacation - $100
Household - $230
Entertainment - $100
Gym Membership - $100
Gifts/Clothes/Misc Spending - $75
Total Expenses: $3,305
Take Home Pay: $5,900
Rounding down, we have about $2,500 extra we are bringing home each month to put towards additional savings. I am trying to figure out what is the best way to allocate how to invest the extra $2,500 every month. For tax purposes, on our current path we are hovering right at the bottom of the 22% tax bracket.
Ideally I would like us to be FIRE in 10 years, DW seems to think this is a pipe dream even after explaining a potential strategy for getting there. She tends to be doom and gloom about everything, is very risk averse and likes to have direct access to our money. She is reluctant to increase her 401k contribution as she doesn't like to not have access to it.
My thought for FIRE would be to have around $1mil in savings accounts with our house paid off.
1. What would you suggest for allocating our current savings?
2. Any recommendations, suggestions, overall thoughts are welcome. Feel free to throw the face punches.