I am a single mom, family of 4
I live in Phoenix
make 115K per year
bring home 6K after taxes ( I think my top tax braket is 30%)
100K in 401K (about 70% in S&P)
250k st loans total , I pay 660$ monthly on it ( I am in a student loan forgiveness program, and have 15 years left on it before the balance will be forgiven. the good thing is if I lose/quit my job, I will be paying according to my income according to my financial situation then)
Paid off car
My house where I live : 1.8K mortgage (10 years left on it, 2.9% interest rate). House worth about 320-350k, I owe on it about 145K
Utilities about 1K (utilities plus internet plus tv, etc. Electrical 250$ per month, water 155$ per month, Sling 40$, Internet 90$, gas 50$,+phone verizon 3 lines 270$ per month )
2K everything else (food 800$ or so per month, closer to 1-1.2K, +gas 200$ per month+medical depending on the month+ lunches for my son he buys at school, so about 200$ per month, I also pay 200$ to neighbor to drive him to school and back because I work during that time and cant pick him up, he problems riding the bus, gym for family 100$ per month, etc)
I do not eat out at all. Always take food from home to work.
Assets:
3 rentals, not making cash flow on it:
1) One is almost paid off and worth 80K (rent 400$/month, owe 3K on it, once its paid of it will make 100-200$ cash flow after capex+maintenace fees) Interest rate is about 6%
2) second rental I owe on it 165K, no cash flow, will be paid off in 14 years, Its worth anywhere from 230-250K. interest is 3.7%
3) third rental is in Florida, 20 years left to pay it off and it breaks even, Interset I think around 4%
Ideally, my goal is to have about 6K-7k in cashflow from real estate per month
I hate my job and cant wait to retire from it (plus my health is not that great so I dont think I can last at my job more than 5 years) I cant save at all, so I would not be able to save more than 1 mln in my 401K within next 20-30 years. So my only hope for retirement is the cashflow from real estate.
And with my house being paid of in 10 years, and rental being paid of in 14 years, I think I will be may be ok...But I was hoping to have at least 6K in cashflow so I could enjoy some life (like travel, afford good medical insurance, etc)
For insurance I have Allstate. I pay 1K per 6 month for my car insurance (Toyota 2016), I think about 2K for my house where I live (its all included into escrow so my mortgage monthly payment includes taxes and insurance)
On my rentals its all included into payments as well...
1) Can you guys give me your input on my strategy?
2) Do you think I overspend in this category: 2K everything else (food+gas+medical etc)
Thank you so much!