Life Situation - Me and the wife are 43 years old, two sons - 7 & 4 years old. Live in the UK, both work for the Government
Take home salary - Me £2500/month, wife £2100
Rental income - £1000/month for 2 properties
Child benefit - £137.60
Total take home (net) pay = £4801
Retirement Contributions - Our employer takes out 10% of our gross pay, as we work for the Government it's pretty much guaranteed, they can change the terms and conditions in the future, but cannot change what we've already accrued.
Current Expenses:
Rental Mortgage Payment - £850
Car Insurance/maintenance - £100
Property tax - £210
Life insurance - £24
TV/Internet/Netflix/Home phone/Mobiles - £90
Gas/Electric - £120
Water - £40
Kids savings - £160
Gym - £25
Chiropractor - £36
Work Lottery £10
Profession registration/union - £50
Spotify - £15
Charity - £20
Petrol - £200
Food - £460
Dog stuff - £40
Eating out £40
House maintenence - £50
Fun/going out - £120
Kids activities - £130
School lunch - £90
Total monthly expenditures = £2880
Assets
Home Value - £320,000
Rental houses - £265,000
2 cars - £10,000
Tax free ISA savings (accessible at any time) - £100,000 in Vanguard Lifestrategy 80 fund
Total Assets = £695,000
Liabilities
Rental Houses mortgage - £180,000 (2% mortgage)
Total Liabilities = $180,000
Future Government pension
We currently have accrued £22,000/year (between us) that we will have once we hit 60 (this will keep up with inflation until then), and for every extra year from now that we work, we will receive an extra £1000/year.
Points to consider
1. We will be downsizing once the kids have moved out, into one of our rental houses, and selling our primary residence.
2. Petrol is VERY expensive in the UK, £1.22 a litre.
3. We will receive the UK state pension of £6500 each at age 68.
4. We've only just started tracking our spending, so I may have omitted some things, but I have tried to think of everything.
5. Any excess money at the end of the month goes into our Vanguard account. In the UK we can use ISA's, which shelter the fund from income and capital gains tax.
6. Both rental houses are very low maintenance and the rent currently pays off about £6000 a year from the mortgage.
Questions
How are we doing? Are there any obvious changes we can make to hasten FIRE? Any obvious things we're doing wrong?
Many thanks in advance.