Hey everybody, nice site you have here! I've spent the last hour voraciously reading the blog and feeling that tingly feeling in my gut I get before something great happens in my life - and that great thing is going to be getting myself on an accelerated track towards early retirement.
About me: I just turned 24 last month and have just made my final payment on the student loans I took out for college (this milestone is what got me searching for financial advice).
Current income - a hair over $3000 a month. No real windfalls to speak of.
Current assets - one fully paid off Camry (should last me a while), $5000 in simple savings account, 1.5 years worth of teacher pension (doesn't mature for 20 years, but I don't know if I wanna work for that long if I don't have to... love my job, but I'd love freedom as soon as possible more)
Current expenses - Rent - $880 dollars living alone in an apartment. I live in Frisco, TX - it's close to my family and the apt. is literally 5 minutes from work so it seems worth the expense. Also it's nice... but I feel that I should be going cheaper here. $75 for internet/cable. I barely watch tv but when I neglected installing cable, friends visiting would complain and a girl I was dating at the time did as well, so I caved. $75 for electric. $50 water/waste management/misc fees my apartment likes giving me. $40 a month or so for gas, although that's been cheaper lately. $200-$250 on food. Mostly unhealthy stuff that lasts a long time so I don't have to throw it out, haha. Add usually $200 a month for restaurants, computer games, movies, etc. Add an extra couple hundred bucks if I'm dating someone.
Rounding a bit, I've been spending $1500 a month, or half my paycheck. Up to this point, I've been putting $1000 towards student loans and socking $500 a month in the savings account. Now my current plan was to sock away $1000 a month until I had ten grand and then to take it to the stock guys at my Chase bank and get into some mutual funds or whatever the heck people do. The extra $500 was to go to my parents (even though all student loans in MY name are paid off, they had to take out plenty as well and since they're currently putting my sister through college, I want to help out by paying that loan too. They told me I didn't have to, but I insisted.)
What can I be doing better, and what steps should I take to get 500,000 paying me back interest to live on as soon as possible? My end goal is to stop working while still making $1500 a month in interest, moving somewhere cheaper, and living a more leisurely lifestyle. BIG CONCERN - I'm torn between this desire and the desire for a wife and kids. Can I have my cake and not have to pay for it too?