I'm 24, make about 42,000/yr and my expenses/savings are as follows:

savings:6000
roth:6000
401k: 6000
other investments: 2000

big monthly expenses/income :
rental income: 550
mortgage: 1200 - 65/month additional payment

I'm currently putting away 18% of my salary a month- 12% pretax 6% roth. Goal is to put an additional $5k a year into an additional roth fund. An additional 20% comes out of aftertax income for personal investing.
I'm looking at other investment options- seriously considering an investment property. I'm also looking at cutting spending and expenses wherever possible. Any ideas or suggestions? Am I on the right track towards financial independence?

You're 24, saving for retirement and other purposes - that right there is a huge step to financial independence. To me you're mortgage does look high compared to your income, especially given how much you're trying to save and invest, but it also looks like you're renting out part of the house to make up for some of that?

One thing that stands out is you list savings but nothing about an emergency fund. I know you're eager to get your money working for you but if an emergency does come up having cash on hand to deal with it is a great way to deal with the emergency, both financially and emotionally. How much you keep is up to you and your comfort level and also depends on your monthly expenses, what potential liabilities you have, etc.

One more thing - Taking control of your finances and financial future is great, but don't forget to enjoy yourself. Make sure you do have some fun money set aside, set some goals that don't involve saving or investing, and recognize that you're doing well.

Do you have a car? Will you need a new one soon? A car fund or a maintenance fund may be a good idea, but I'm with catchingup, you should probably boost your emergency fund while you can, and then start putting money towards whatever goals/wants you have.

I'm guessing the 6k in your Roth is from previous years, and this year you want to put 5k in for your 2012 contribution. The limit is 5k per year.

While you're young, save, save save but definitely have fun. Hobbies? Lifelong dreams?

At 24 you're doing great man! You're on the way to being really successful! In this market rental/investment properties might be a good idea. Especially if you can get foreclosures.

Check out this thread for ways to save money.

I. Suggestions for Savings Accounts:

I have Emergency Funds Accounts for my E-Fund.

Savings - Emergency raise to $10,000? (3-9 months of expenses?)
Savings - Purchases? $2000 (New laptop? Golf Clubs? Furniture? Big Screen TV? What's your hobby?)
Savings - New Car $5,000? $10,000? (Used?)
Savings - New Roof/Central AC Unit $20,000? (Needs to be repaired/replaced every 10-20 years or so I hear?)
Savings - Car Repairs/Mantenance $1000?
Savings - Medical? $2,000? (Our goal is to have enough to meet our deductables for each year)

II. A few questions:

1. When was the last time you got a quote for car and home insurance?

2. Any way to cut costs on your cable/satellite bill? Have you tried Netflix or Redbox? Or the local library for movies?

3. Have you considered brown bagging it (taking food from home) to work a few times a week?

4. What kind of rewards do you have on your debit/credit cards?

5. When was the last time you called your cell phone/internet provider and asked for a promotion/discount?

Hope this helps