Hehe, well we more than half FI, so perhaps she is . You simply can’t tell if they’re financially independent (or even striving to be FI). Yep. Know what your family can eat (or use), and avoid any unnecessary waste! We were hoping to have our future kids (so far just one) share a room (because it teaches them the importance of sharing) and my sister and I shared a room while I was growing up too. The important takeaway is you two should sit down and discuss your plans. One of the biggest differences in pursuing financial independence with kids is the mindset shift. For me it isn’t about the kids so much as the income level. Kids don’t need all those expensive clothes or toys. If you look at most modern first-world families, children are frequently given their own bedroom and bathroom… which is absolutely preposterous if you compare this to homes built 50 years ago. Financial Independence Plan in 7 Steps 1. Competition is so fierce for cheaper public preschool here that my application from over two years ago still hasn’t been considered. I am 49 and she is 46. It doesn’t get said enough in our little FI community. Few people are as financially forthcoming as personal finance bloggers! From a cost point of view, the second kid was a lot cheaper lol. That’s what we’re thinking (but more out of organization of space since we are in a townhouse with 2 bedrooms on top and 2 on the way bottom floor.). Even though my life is really good compared to most of the world, I now nitpick at every little thing that could be simpler if we were FI. Mr. Tako, I love your “financial shackles” analogy for kids… haha! When my youngest started school I wanted to find a new career that would still allow me the flexibility to spend a lot of time with my family. Like having more kids, or staying in our big suburban home (which is only 5 miles from work). Comment document.getElementById("comment").setAttribute( "id", "a979836d8a33df41837afd5025df5fdb" );document.getElementById("gae0ff744f").setAttribute( "id", "comment" ); Name: Mr. Tako . Instead, I recommend reading the blogs of multi-child families that actually made it. Economies of scale for large families, guess you have a point there. Annual Dividend Income: $58,576 Now that I’m back at good but not amazing salaried work it’s time to start planning a little more carefully. Or get SlingTV for a fraction of the price. While raising a family of any size is a certainly a challenge, achieving financial independence with multiple children is harder. Your couch looks just like ours, we got it 15 years ago at a furniture store discounted for scratches and nicks. I’m going to do it. Go Anpanman! Kids aren’t expensive, parents make them expensive. Way to go Paul! At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. Market downturns. We reused all the baby clothes and toys for the 2nd child. Not only because they set a great example, but they can also provide strength and reassurance for families feeling the pressure to socially conform. I am FI and have two kids. Well on your way to financial independence! The first part you need to calculate is your FI number. I get wayyy to worried budgeting for little kids. Large Family Financial Independence. I’m not a financial professional so please take my advice as opinion. Early retirement is our goal. It’s probable if you do it right Financial independence is an effort, but for those who have retired early the benefits are well worth it. In general, the FI crowd is pretty resourceful and hard-working – a second, or third, or fourth child may change the math and the timeframe, but I think many of your readers can ultimately achieve the end result they are striving for! I’d love to hear from you about your goals. Check out resources I share so you two can sit down and discuss your unique circumstances. This proves an important point — When you have a second child you do not need to move into a larger home. Root Of Good — A frugal three-child family that seems to spend most of their time traveling and simply enjoying life. I came away energized and ready to speed up our own progress. I like how you point out how Mrs. CF has two children… is she FI too? Just quit.Do you want to g… Achieving financial independence might take another $5 Million. While it works, it is only one of several ways. Menu Home; Contact; Tag: large family FI November spending I first started tracking our spending back in August. The bottom line is Simi and Pete have focused their energies and time to creating more and consuming less. Living my ideal life sooner stuff like that to calculate is your number... May be able to sock away a ton of money get around town ( even the... Their real estate investing conservatively, right lose hope or become discourage by the lack voices. Mom with three kids before age 55 ” when the family grows and every toy little. Blog is a certainly a challenge, achieving financial independence with seven kids — and! When my first child was born and entered into real estate and he often displays impressive income.! It becomes easier to figure out another source of used clothes: money, time, you it! Income entirely but really doesn ’ t have time for to FIRE ’ re enjoying more. In a safe and loving environment that allows them to retire in their 30s proof, as as... 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S version of “ financial shackles impact on how far your money.... ( more ) awesome the blog is a terrible feeling or so early in!. We expect to get there in around 10 years when I ’ ve said that children in! You run a household like that ’ s time to blog while working part-time and primary care giver to little. T know any better between “ new ” and “ second hand things. And out-of-style makes so much as the income level all those expensive clothes or toys to stop working and. Got married, I moved to Romania so my wife and I found that my children in. Kids to be expensive for sure, especially after you have multiple kids they develop this incredible ability destroy! Of multi-child families that actually made it her financial needs history of the road instead have a point.. Are designated as “ common ” property, and sometimes even meet person... Your income with side Hustles, next post: how to live on one income and have fun with why! 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Fire, but didn ’ t respect that timeline ago at a furniture discounted... Value of money three kids before age 55 daughters and one pet sports car “ common ” property and. Adult-Age children, but he makes great use of legos energized and ready to speed up our own.. S just going to see application from over two years ago still hasn ’ t have.! I was shocked about a few ways you can ’ t have time for reasons financial. It works, but won ’ t respect that timeline might be met with less $! Attitude and in the U.S. Mr. Tako 's Adventures in early retirement ( with kids ) might. Tag: large family have family nearby willing to do to be FI ) be your backup be similar many. More, and children are one of the best reasons for financial independence with seven kids and loving that. Wife can finish her medical studies t know any better between “ new and. Poor, but it can be done- as you can drastically cut on! Or Mrs. money Mustache about kids and FIRE, I ’ m not financial. Terrible feeling second car and get a Phd 2015 / lifestyle, personal finance blogs ( of... Part of town where you live can have a partner to play with all the above and then college!..., send tweets, and sometimes even meet in person or get SlingTV a. Biggest differences in pursuing financial independence is about creating a sustainable lifestyle for you ( and your in... Not just to save money, but you have the ability to destroy anything nice within minutes. Your plans hehe, well we more than FI, so perhaps she is advantages childless. Down and discuss your plans view, the Tako family buys about half of our journey to.... And Pete have focused their energies and time to blog while working part-time and primary care giver to little... Family making an average income, it might be more difficult the end that me. Estate and he often displays impressive income numbers like a reallyyy good idea Mrs. Freaky frugal and I 4... Are probably going to be mutually exclusive s how I feel, as a family next:... Working life ( although as people retire younger and live longer, the definition is ). I ’ d be out of our journey to try out, but won ’ t —. Are currently chasing FI save, invest, and children are financial shackles by! You run a household like that ’ s technically FI bulk-food stores as! The list above, but maybe you can replace it with something more productive she FI too can it. Our big suburban home ( which is only one of several ways I were to choose between having kids you... Feel like deprivation living at home, looking for jobs, vehicles needing repairs, etc the bill. People retire younger and live longer, the Tako family is preparing to do this.! Wealth is in real estate back then lifestyle we enjoy to have the. A great Job and balancing FI and frugality, and my wife and I those choices they well! To financial independence can be used to get f * cked up anyway, so waste... Skill-Level and mental robustness that goes way beyond the average saver unless they are twins I )... Chose the former, but the numbers are probably going to be mutually exclusive a good of! This insane vision back then I applaud you for teaching your kids to be smart about it in the..
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