Lots of good advice here. I should warn you however, that a common name for "high yield bond" is also JUNK BOND. Yes, these bonds offer a higher percentage...that's because they are higher risk...high yield bond funds buy bonds from companies that are often companies in trouble. The NAV (net asset Value) of high yield bond funds can drop suddenly. Don't ask me how I know...
If retiring at 40 is your goal, better do some heavy research on IRAs...although they offer an excellent tax shelter, they have financial disincentives for withdrawing money before age 59, plus six months. 15%? In this market??? If you pull that one off, consistently, over a decade or more, become a fund manager!
356a? You're bragging, not asking for advice...and you have every right to do so. Other than suggesting you build up your cash reserves in something liquid, by perhaps cutting back on unneeded spending, (it's good to have a six months reserve of cash in case something unforeseen happens that chops off your income flow) I'd say you're WELL on track...I'd suggest you explore the options within your 401K, decide your own choices for asset allocation, keep taking that 5% free money your employer offers, and enjoy the ride.
