So I wanted to make a rundown of everything my wife and I have done and are trying to do in order to achieve FIRE.
We both have full time jobs and a rough monthly income of 4k per month combined.
Here's the picture of how we were in February 2014 with rough numbers but close totals since a lots changed since then.
House 30 year fixed 5.5% $ 66,000
Discover card at 29% interest $ 3,000
Amazon card at 25% interest $ 3,000
Chase card at 29% interest $ 3,000
Capital One card 29% interest $ 3,000
Car loan 4.3% interst $ 4,700
Subsidised student loans 6% $ 10,500
We had about $1,000 as an emergency savings fund and she had $10,000 in an IRA.
So now lets move onto how it looks today.
House 15 year fixed at 4.4% interest $68,000
Student Loans at 6% $10,200
Discover Card at 24% $ 0
Chase card at 29% $ 0
Private loan at 0% $ 7,600
Car loan at 4.3% $ 4,400
I'm working a second job as a handy man and she's paying in $100 a week towards paying off that private loan as fast as possible. We've cut down our TV bill, started shopping smarter and buying used. We don't go out to eat much anymore and just try and save more in general.
Short term my plan is to pay off the private loan as fast as possible then up our emergency cash from $1,000 to $5,000 so we are covered if a car dies. Then I'm going after the remainder of the student loan debt.
My savings rate is still my biggest issue. The best savings rate I've managed yet at the end of a pay period is 24% to pay toward debt.
Long term my goal is to pay everything but the house off and start making monster payments on the house to pay it off. Then I'll buy another house and rent the current one. Hopefully I'll have learned enough about real estate by then to rinse and repeat until we have a passive income that's cash flowing enough to retire.
So what could I be doing better?