I'm newish to the whole MMM community, but I've read through a ton of the articles on the blog and tons of posts on the forum. Even with all that reading I just need to be pointed in the right direction. There are so many possibilities and I can sit here and agonize over each one, but I'd rather you guys tell me wwyd...
If I am able to save 35-45% of take home pay, what should i be doing with it?
Here are the numbers:
Monthly take home is approximately $3800-$5000 depending on how much OT I pick up. I just paid off a chunk of SO's debt so the numbers are low...
ASSETS
Checking Account: $2,000
Savings Account: $5,000 (0.95% APY)
401(k): $16,500 (currently at 7%)
Betterment: $11,600 (currently $200 a month deposited). Not ready for Vanguard yet. $5k of this is 90% stocks/10% bonds and the other $5k is 50/50.
Home: $195,000
Total Assets: $230,100
Mortgage: $158,000 (3.5% interest rate)
Student Loans: $12,200 (<3.75% interest rates)
SO's debt that I took on to help kill: $12,500 (0% interest, will be paid off before interest rate begins as long as something terrible doesn't happen)
Total Liabilities: $182,700
Not counted: $7000 in home account. SO and I split home shit (33% and 66% respectively... a whole other story there...) plus I rent out the in law apt over the garage. This account has been growing by about $1000/month (basically the rent payment being banked every month) but I plan on doing some things to the house this spring such as a front deck and tarring the driveway which will take close to $4000 out of there and maybe $3000 out of my personal savings.
One thing to keep in mind:
I need some fun money. My kids are only kids for a little while longer (14 & 11) so I still need money set aside for funsies. I'm willing to put off FIRE by a few years in exchange for great memories.
So with all that in mind, focusing on money left over after mortgage and bills are paid:
Do I adjust 401k contribution so that I only have enough left over at the end of the month for some funsies (no extra to Betterment/savings/etc)? Or should I do something like 40% into Betterment, 20% fun money, adjust 401k to equal the remaining 40%?
Or do I start throwing extra money toward mortgage? Or student loan? My thought is I'll be able to have a better ROI putting money elsewhere.
When thinking about "saving" and knowing I'm only getting 0.95% in savings account, do I just leave that $5k there and keep putting money into investments? Or is that too risky and I should pad that savings more? Or do I invest in some 24 month 1.35% CDs?
We are hoping to buy an investment property in 2018/19 once SO's finances are fixed.
I'm the first in my family to be in this kind of spot financially, so I have no one to guide me.
What do you suggest?
Thanks in advance!