After our retirement accounts and expenses are all covered, we've still got a surplus of about $3,000 per month. I'm not sure what the best option is for this, and would love some input.
Family of five, with three young children (ages 3,5,7).
Current Assets:
Traditional 401k $91,000
Traditional IRA $100,600
Roth 401k $18,800
Roth IRA $84,700
Taxable Brokerage Account $12,000
Cash Savings $18,000
Mortgage Remaining $30,000 (house value~ $400,000)
We max out retirement accounts, with a preference for ROTH options as possible ($31,500 ROTH annually plus $24,500 per year into Traditional).
Some considerations:
1) I'm not interested/up for being a landlord, but owning land is potentially of interest
2) I very much value being debt-free (hence the low mortgage balance)... but also recognize that rates are dirt cheap. I know intellectually that investing is more likely to increase my net worth faster than paying down mortgage, but internally I still feel better sans monthly obligations.
3) Projecting FIRE expenses of ~ $45,000/year (assuming no debts)
4) While much could change between now and college, we'd like to have our FAFSA numbers be low as is possible (we anticipate being FIRE and before kids reach college). We have not saved anything in 529 accounts, as we are prioritizing saving for ourselves.
What are some options for our monthly $3,000 surplus? And fairly soon we'll be done with childcare expenses, which'll bump that up to $4,000. Any recommendations for current assets?