Case Study: Recommendations / How am I doing?

[brksguy]

Hi All

This is my first post. My wife and I are new to this (we became mustachians for lent) and already see the immense value in simplifying our lives and giving ourselves more options. We are ready to become full time mustachians and would like your feed back on our current situation.

We are both 28 years old and live in Tampa, FL we don't yet have Kids. My wife and I have long commutes (15 mi each way). We understand this is not optimal and are looking to make changes in the next year to reduce the commuting.

140K a year HH Income
300K "Stache"
200K Paid off Condo

Monthly Overheads - $2,015

Health Insurance - 450
Groceries - 400
Electric - 100
HOA (includes internet, water, trash) - 365
Condo Taxes and Insurance - 265
Car Insurance - 185
Gas,Tolls,Parking - 100
Personal Care - 50
Miscellaneous expenses - 100


Any feed back on things we are missing would be helpful.

[Bracken_Joy]

It will help if you go and complete a full case study, as outlined here: http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-'case-study'-topic/

This will help us focus on specific questions you have, recommendations, etc. For example, we don't know what type of accounts your stache is or how it is invested. We don't know if you plan to have children, when, if one of you intends to stay home. So on. Goals matter.

Looking over your budget, I wonder about things missing. Home maintenance costs? Restaurants, entertainment cost, clothing, cell phones, etc? Miscellaneous isn't a real category ;) Do you track your expenses real time, with a service like Mint, Personal Capital, or YNAB? This is a vital first step.

And then one that I like to point out to everyone who comes through with a case study: be sure you have advance directives in place, and insurance (life, disability, etc) as appropriate for your situation.

[neo von retorch]

It looks like selling the condo and moving closer to work (assuming you work fairly close together) will have monstrous benefits for you. $365 condo fees + tolls and reduced gas; maybe parking if you move close enough. Are you planning to rent? Imagine being able to invest the proceeds from the condo sale! Looks like you're on the right path.

When was the last time you shopped for car insurance? $185/month is insane, though I do realize it's somewhat regional. I drive a $30k truck and still only pay $60/month. Are your cars, by any chance, excessive? Could you downgrade them, or even go to one, depending on the work locations?

[Easye418]

28 with 140k income, 300k investments and 200k paid off condo

Obviously this is a troll post.

Jokes aside, you are doing outstanding.  You have no debts, paid off condo, and $300k sitting aside, I don't know the FIRE calculations but I would assume if you continue where you are going that you will be able to retire soon.

I am curious though, how did you get the $300k and paid off condo worth $200k?  I am guessing you had a large inheritance/windfall?