Alright so I've been reading this blog and others like it for quite a while. First time on the forums. I'm a little stuck with where I'm at and looking for help improving. Situation is as follows; Wife and I are mid-20's. No plans on kids for a few years.
Income - 140k/yr for me (extremely variable, 46k is base rest are bonuses) pre-tax (I can usually count on at least 3500 every month after taxes/ins/401k)
- Wife - 2250/mo after tax
Expenses - Live in the DC area - 1650/mo rent
- Groceries - 400/mo (been aggressively looking at ways to bring this down)
- Alcohol - 100/mo
- Cars - 200/mo ins/gas/maintenance allowance
- Utilities - 220/mo (elec/cell phones/internet, no cable)
- Miscellaneous - 150/mo
- Gifts - 100/mo avg
- Vacations/travel - 500/mo
- Wife's expenses - 900/mo (still working on converting her to become more frugal)
Assets - 155k FMV of rental property - Owe 144k - P/I/T/PMI 1045/mo - Rent 1325/mo
- 401k's - 80k - Saving 7% of my income + 7% match + 10% profit sharing
- Cash - 15k
- Investments - 15k
- HSA - 5k
No debt besides rental property mortgage
I've started to bike to work, goal I think would be to sell one of the cars. I wear a suit though and I'm having a hard time figuring out what to do on all the rainy days. End up biking 2-4 days/week when its not raining. I just starting making this much a year ago and we have paid off both cars since then. By my count we're spending over $4200/mo. We do plan to move within a couple years to a lower cost of living area. We're saving 40-60k/yr outside of retirement accounts, but want to do better. With our incomes I know if we can get our expenses down FI is not too far away. Thoughts?