Long story short, I’m just learning of the fire movement and want to start making the right choices so we can retire earlier than the typical 65-69 YO.
A little feedback. Married with no kids. Live in a LCOL area. Dual income I’m 32 wife is 31. Zero debt besides mortgages. No car payments etc. all cars paid in full.
Income (Yearly)
My primary income $72k
Side hustle $20k
Wife’s income $80k
LTR Rental income $9k
STR Rental Income $10k
Total: $191k
Investments:
My 401k 150k
Roth IRA 6.5K
Wifes 401k 150k
Roth IRA 60k
Company stock 15k
Savings 20k
Property’s:
Primary home valued at 450k mortgage of 175k at 2.625% 14 years left of a 15 fixed mortgage
Rental home paid off worth $115k netting 9k/yr
Vacation home that we just started renting on STR rental sites this year. Valued at $265k Mortgage of 200k 30 year 29 left at 3.375% fixed. Probably will net 10k a year.
Total assets including property equity equals about $850k
We currently have maxed out our 401ks @ 19.5 each and both Roth’s at 6k. Total 51k. Going forward that will be done each year.
I have a ton of questions but the main one revolves around the rental and whether we should keep or sell it and if sell, what to do with that $. I know it’s very dumb to pay off our primary home. To not have that mortgage would release a lot of stress each month though. That said the rental covers $800/month of our mortgage amount ($1565 PITI).
Since we started renting out the vacation property in July we have put aside the income and are piling that as well as the LTR income up.
Help! What should we be doing differently? If I can have both houses paid for and a solid stream of income by 50 I can let the retirement accounts grow. Need to play with the calculators to get a real idea of how much $ I need.
A little feedback. Married with no kids. Live in a LCOL area. Dual income I’m 32 wife is 31. Zero debt besides mortgages. No car payments etc. all cars paid in full.
Income (Yearly)
My primary income $72k
Side hustle $20k
Wife’s income $80k
LTR Rental income $9k
STR Rental Income $10k
Total: $191k
Investments:
My 401k 150k
Roth IRA 6.5K
Wifes 401k 150k
Roth IRA 60k
Company stock 15k
Savings 20k
Property’s:
Primary home valued at 450k mortgage of 175k at 2.625% 14 years left of a 15 fixed mortgage
Rental home paid off worth $115k netting 9k/yr
Vacation home that we just started renting on STR rental sites this year. Valued at $265k Mortgage of 200k 30 year 29 left at 3.375% fixed. Probably will net 10k a year.
Total assets including property equity equals about $850k
We currently have maxed out our 401ks @ 19.5 each and both Roth’s at 6k. Total 51k. Going forward that will be done each year.
I have a ton of questions but the main one revolves around the rental and whether we should keep or sell it and if sell, what to do with that $. I know it’s very dumb to pay off our primary home. To not have that mortgage would release a lot of stress each month though. That said the rental covers $800/month of our mortgage amount ($1565 PITI).
Since we started renting out the vacation property in July we have put aside the income and are piling that as well as the LTR income up.
Help! What should we be doing differently? If I can have both houses paid for and a solid stream of income by 50 I can let the retirement accounts grow. Need to play with the calculators to get a real idea of how much $ I need.
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