I am turning 23 in a couple of weeks and have been a part of the MMM community for 4 years now. Unbelievable how fast the time has gone by! That being said, I'm always in need of improvements.
Income:
W2 Income $1760.00
Commission $200.00 (this is viable, but averages around $200/month)
Side hustle $700.00
Rental income $3,615.00
Amazon income $300.00
Total Income $6575.00
Take home $5589.00 (estimated)
Necessary Expenses
Mortgage P+I $1,665 ($343k loan 30 year fixed @ 4.125%, house worth $360k)
Home Insurance $195
Property Tax $550
PMI $237
Food & Groceries $175 (includes all alcohol, too)
Electric $200 (covers electricity for 3 apartments that I rent out)
Heat/hot water $60
Cable & Internet $80 (covers 2 apartments)
Cell Phone $30
Auto Insurance $79
Auto Maintenance $30
Auto Purchase $0
Auto Gas $130
Home Repairs $310 (this is large because it covers a repair fund for the entire apartment building)
Pets $0
Total: $3,781
Discretionary Expenses
Lawn + Snow removal $50
Fast Food $0
Restaurant $20
Entertainment $20 (PS4 and Netflix subscriptions)
Electronics $0
Clothing $30
Total $120
Monthly Additional Expenses
Gifts $25
Travel $30
Charity $80
Total: $135
Total income: ~$5589
Total expenses: $4036
Excess cash to invest: $1553
Monthly savings rate: 28%
Assets:
Roth IRA $34,378 (100% VTSAX, already maxed for 2017)
SEP IRA $1,081 (100% VTSAX)
Cash:
$4,500 (emergency fund)
$800 in credit card rewards
I'm looking to FIRE as soon as possible. For excess cash I am planning on maxing my Roth IRA and save for another house downpayment. SEP IRA or early mortgage payments are also possibilities.
Any suggestions are welcome, thanks in advance for your help.