Hello Mustachians!
Married, no kids. I'm 29 and the wife is 25.
Income:
Me: W-2, Gross $85k, Net Monthly $6,030.16
Her: Self-Employed, Gross $55k, Net Monthly $3,682.30
Total Income: Gross $140k, Net Monthly $9,712.46
Expenses: (Averages over the last 10 months)
Mortgage $803.54
Auto Loan $174.51
Gas/Electricity $134.98
Water/Sewer $78.13
Internet $55.24
Cell Phone $101.31
Dental Insurance $19.53
Life Insurance $12.94
Auto Insurance $73.51
Gym Membership $26.60
Gasoline $218.12
Groceries $593.95
Haircut $22.50
Auto Repair/Mx $101.98
Home Repair/Mx $75.49
Medical $124.84
Gifts $85.46
Restaurants $115.79
Entertainment $66.45
Travel $112.19
Other $998.60 (yes.. we're working on this one)
Total Monthly Expenses: $3,995.66
Assets:
Cash: $12k
TSP: $57k
Taxable Brokerage: $26k
IRAs: $10k
Total Assets: $105k
Liabilities:
Auto Loan: $5k
Mortgage: $120k
Total Liabilities: $125k
We just got rid of the student loan debt. I think we're going to pay off the car next because it's only $5k and then we'll be debtless, minus the mortgage. I wish we would have starting maxing out retirement accounts way sooner but I discovered this great community not even a year ago. We are currently maxing out my TSP and will probably max out a self-401k for her after car pay off. So I want to get yalls opinions because I truly value all of your advice, what would you do if you were in our position? I've been thinking about taking extra money and putting it aside for real estate investing but I'm really not sure. Hoping to hit FI NLT 10-15 years and I think that's fairly realistic if we were to just invest all extra money in VTSAX index funds. I believe I can reduce that number to 5-10 if I pursue something with potentially better returns i.e. real estate. Like I said, I think you all are absolutely brilliant, and would love to hear your opinions. Thank you!