Hi, I'd like to get some ideas as to what long term goals I should be shooting for or really any ideas on long term strategies for my financial situation.
I'm 33 yrs old, married with twin 18 month old boys. BS is Business Management, MBA with finance emphasis, currently employed as a financial analyst. My ultimate goal is to retire at 55. Here is my financial situation.
- 95k salary
- 150k in 401k (contribute 10%, employer matches 10% for a total of 20%, mainly in index funds)
- 20k in Roth IRA
- 50k in brokerage acct
- 20k in 529s for boys
- Primary residence mortgage 370k, market value 550k
- Rental property mortgage 100k, market value 150k, cash flows 200/mo
- Rental property mortgage 180k, market value 250k, cash flows 400/mo
- No other debt
It helps me stay focused when I have goals to shoot for. I've seen a lot of people set goals based on net worth, considering my current situation, what net worth should I be shoot for in the next 5, 10, 15 yrs? Any other ideas for goals? Also, if this were your situation, what are some long term strategies you would employ? Would you divest any of the properties? Purchase more properties? Focus on building cash reserves? Etc. To retire by 55 I'm thinking I'll need about 2.5M in cash or combination of cash and rental income that gets me about 100k annually. There are a number of ways to get there, just looking for ideas. Thanks!