Greetings,
I've always been fairly frugal but have only recently become focused on the goal of FIRE. I'd like to post my current information and see if I am on the right track or if there are things I could be doing to speed things up a bit.
I am 32 y/o with four children, current income is around 55k from my regular job and 10-15k from a side hustle/home business. Also $1350/month from a rental home. Also another $1-4k in misc musician income.
I have around 145k in 401k/ira savings invested in VTSAX. Another 22k in VTSAX taxable brokerage account. I keep 2-3k in cash for home/car/appliance repairs etc.
Rental home has a mortgage with 25k remaining. 3 years to paid off. Monthly payments are around $680 mortgage/taxes/insurance. Maybe 1k in annual maintenance. Excellent tenants. The Home would sell for 140-150k. I am open to selling this house and reinvesting elsewhere, either stocks or other rentals.
The home I live in is worth maybe 225-250k, we owe around 130k. House payments are split between myself and my significant other, costing me $750/month. This home has an attached apartment that has the potential to generate $800/month in income. I'm unsure of whether we are willing to tap this potential income source, unless a relative uses it. If we do, this income would be split 50/50.
I am maxing out my 403b contributions and traditional IRA as well as adding $1200- 1500/month to taxable brokerage account. I am considering investing in additional rentals over the next few years. A two family home renting for $1200 can be purchased in my area for $25-30k.
Not currently paying much extra on the primary home mortgage. Planning to spend the proceeds from side hustle on farm and home repairs for the next 2-3 years and then begin using that to pay down the mortgage.
How am I doing so far? I'd like retire from my main job, which is currently part time, in seven years or less. Is this possible in my current position. Where can I improve? Thank you for taking the time to read this.