I found MMM about 3 years ago and he was saying some of the things I've been thinking/feeling for a while. Anyways, I was looking for some advice on my progress to FI and when I could realistically quit working my day job. I am 35, my wife is 34 and we have two boys who are 6 and 2.
Some details:
My income: 80k/year from day job + 100k/year from online-home business
Wife: 65k/year day job
-91k in investments (Mostly indexed ETFs)
-100k in pension which I would recieve back as a lump sum should I quit
-50k in wife's pension
-I have 2 years of payments left on an SUV (560/month) but it was purchased with a 0% financing deal
-other car is owned outright
-$287,000 left owning on my house with monthly payments of $1630/month
-all other debts have been paid off and we do not carry a balance on our credit card
-I estimate our yearly expensed as 70k/year (all in), we gross 240k as a couple.
-recently dropped out tv/internet/phone packages for cheaper options and saved $150/month. Working on dropping other expenses, including groceries which is huge for us. (~$1000 to ~$1500 per month). We have to kids, 6 and 2.
Should I pay down my mortgage asap or should I keep building my savings which is only 91k?
I would obviously continue with my 100k/year home business if i quite my day job so i would still have that. Struggling to wrap my head around a lot of my options and how close I am realistically am to FI.
Appreciate any insight people can give. Thanks!