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Old 11-16-2010, 01:49 PM   #21
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Hi,

Congratulations - you are so much more aware than we were

One small point - don't have more than one kid... just because you think an only child is not a good idea. We have 3 and of course I don't regret No2 and No3, but I think I was under the mistaken impression that an only child was not ideal. I have seen plenty of only kids who are just as well adjusted (or better) than those with siblings.

As others have said, you can ER with kids. It is surprising how much income goes up with age (job experience and different opportunities). We went through stages where our only saving was house payments, then house payments and investment properties, then added maxing 401k, then added home improvements, then added college expenses, and just now adding taxable savings.

So with your much increased awareness and planning, I'm sure it will all come to pass
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Old 11-16-2010, 06:25 PM   #22
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My advice would be if you want to have kids have them, do not put money before that desire. You have received a lot of good advice re paying for them, no need to over indulge because from what I have seen kids want your time not the things you may be able to buy them.

You sound sensible enough that you should be able to accommodate both the desire to RE and have children if that is what you want.
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Old 11-16-2010, 07:55 PM   #23
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This is great advice although it probably wasn't entirely serious.
I was being totally serious. It worked very well for us.

More savings: Make sure your house is not "the house" where all the teenagers hang out. That way, your teenagers don't eat much at home, but eat most of their meals at the neighbors.
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Old 11-16-2010, 09:45 PM   #24
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More savings: Make sure your house is not "the house" where all the teenagers hang out. That way, your teenagers don't eat much at home, but eat most of their meals at the neighbors.
It saves a lot of your beer, too...
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Old 11-16-2010, 10:19 PM   #25
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Put the kids on a year-round community swim team and let them take their showers there--you'll save lots of money on water that way.
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Old 11-17-2010, 02:27 AM   #26
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I think MasterBlaster is onto something, too. You're wise to know how and to begin saving & investing now, but really, you have many years in front of you for enjoying life before retirement. I hope you are not defining your life's message or purpose in terms of how early you can retire. Have you define your higher purpose in life? Aim for that; it will be much more satisfying if not fruitful.

"Well, you still have a lot of livin' and stuff in front of you. At this stage I would try to find a career that you like, or at least don't hate, that pays a decent wage.

Per the retirement thing, the real lesson is that to have more later you have to give up some present stuff now. get in the habit of saving. You won't regret it."
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Old 11-17-2010, 08:15 AM   #27
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Have you define your higher purpose in life?
At that age most of my higher purposes were driven by my baser instincts...
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Old 11-17-2010, 09:19 AM   #28
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We are still negotiating if kids means 1 or 2.
There's no negotiation required, YOU get to decide, because YOU will be the one going through the pregnancy, not him............
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Old 11-17-2010, 09:22 AM   #29
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Basically, kids should cost you virtually nothing.
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Old 11-18-2010, 08:47 AM   #30
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I hope you are not defining your life's message or purpose in terms of how early you can retire. Have you define your higher purpose in life? Aim for that; it will be much more satisfying if not fruitful.
What if someone's "higher purpose" in life is to spend their time doing whatever they want instead of working? Wouldn't early retirement be conducive towards that goal? The earlier you retire, the more years you'll have to pursue your personal interests, and the more satisfying your life will be.
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Old 11-18-2010, 11:44 AM   #31
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Can't speak for anyone else, but my life was much enhanced by having my kids. They have enriched my life beyond measure. I would have never believed that until I became a father myself, but I wouldn't trade the experience for anything.
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Old 11-18-2010, 02:33 PM   #32
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DH is sure he wants kids, and I'm sure I want him. He is willing to be the primary caregiver taking on the "double duty" load that many working mothers currently carry. I swing between wanting kids and not really caring less either way. We are still negotiating if kids means 1 or 2.
It pretty much describes how I felt at 28 (I was just finished with my graduate degree), except that our negotiations were 2 or 3 kids. I won. We have 2 kids and I love them dearly though of course there're moments when I think to myself "maybe I should have had them a few years earlier".....their energy level is incredible.
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Old 11-18-2010, 03:01 PM   #33
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How do I get to have kids and a house while also retiring early? What age should I aim for when I strive to retire early?
DW and I have walked that path.......

Married at 21. Bought our first house when we were 23. Had our son when we were 27. DW RE'd at 55 and I joined her at 58. No special skills required. We lived rather frugally in a smallish house, took inexpensive vacations and saved methodically. We were quite happy with that lifestyle. And if it suites you, you can do so as well.

Today we find our extended family with son, DIL and three grandkids to be our #1 joy in life.

There are tradeoffs in adopting any life style. If the traditional marriage, house and family sound good to you, it can be done and still allow for a secure and reasonably early retirement. It's just a matter of how you want to spend your life.
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Old 11-18-2010, 03:41 PM   #34
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What if someone's "higher purpose" in life is to spend their time doing whatever they want instead of working? Wouldn't early retirement be conducive towards that goal? The earlier you retire, the more years you'll have to pursue your personal interests, and the more satisfying your life will be.

Hello there. I am not disagreeing with you, but why wait 25-30 years to pursue your life's goal? Better yet, a worthy approach is to find the job now that matches your passion. Work is not always so disagreeable to everyone. There are many people who prefer to work rather than 'retire'. (Of course, you won't as many of them subscribing to this blog!) Have a good day.
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Old 11-19-2010, 03:23 AM   #35
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Hello there. I am not disagreeing with you, but why wait 25-30 years to pursue your life's goal? Better yet, a worthy approach is to find the job now that matches your passion. Work is not always so disagreeable to everyone. There are many people who prefer to work rather than 'retire'. (Of course, you won't as many of them subscribing to this blog!) Have a good day.
My passion is to spend as much time as I can NOT working. Therefore, a job that matches that passion would involve as much off days as possible. Preferably a job that pays me to not work. High income is important so I can rid myself of work as quickly as possible. So the PERFECT job would be a high income, no work job. One where I get paid to stay at home and do nothing productive for society at all. Currently, I can only pursue my passion on my off days, which are irregular since there are periods where work load surges high. But once I retire, I can pursue my passion EVERY day. You only live once. What's more important: pointless work, or doing what you truly want?
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Old 11-19-2010, 08:10 AM   #36
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Welcome snshi! I think it is great that you are considering all aspects of your future, including kids, money, and retirement. Many of us wish we'd put more "pedal to the metal" at your age rather than waiting until our late 20s or 30s to get serious.

Your life's goals should include more than money, more than selfish pursuits of your own making--this is why many people do have children, not only for the pleasure they bring, but the responsibility of doing a good job of raising them.
While that is not my path, I hope that you will find fulfillment in your work, because more than likely that is where you'll be spending an awful lot of time. I strive for early retirement so that I can do more of the things that are meaningful for me, but I recognize the value of the journey and it sounds like you will, too.

Best of luck to you and your husband during these exciting early years. And if you decide to have children, please put your heart into doing a good job.

Thanks for your thoughtful posts!
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Old 11-19-2010, 11:52 AM   #37
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I'm 24 too and in my opinion a house is part of the FI and/or ER requirement, but kids are an obstacle to FI/ER.

I would make sure that there was a lot more of a cash bankroll and a house deal had already happened before anything to do with even 1 kid happened.
The time and effort you lose raising the kid will affect the time and availability you have at this time in your life to increase earnings and cash savings.

If you aren't working now, why not consider spending your time in developing your own business or at least working for yourself -- and creating an income source that is large enough where being FI (financially independent) can happen in your 30's.

I'm already FI now and could quit doing what I'm doing and live off my residual income and capital interest for the rest of my life, but I've been working for myself since I was 16.
So if you say 10 years to get yourself setup, you can be FI by 35 too -- which is a good plan.

The best way for young people to FI/ER is to make as much money as possible, and since you are young there are many possibilities for how that can happen.
You can always have a kid in your mid to late thirties - no big deal and you save your body for a lot longer too, lol.
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Old 11-19-2010, 06:54 PM   #38
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Ahem. Women in their mid- to late-30s, who are battling infertility, would likely consider this statement unscientific as well as insensitive. Infertility treatments are no picnic for the woman, and can be very expensive, too. You may wish to check the facts before you say things like this.

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You can always have a kid in your mid to late thirties - no big deal and you save your body for a lot longer too, lol.
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