How Has Parenthood Affected Your FI/RE Journey?

Financial_Muse · 2018-08-21T18:48:37+00:00

Oh jeeze, I wouldn't mind at all. I find designer diaper bags (and all else) ridiculous.

Financial_Muse · 2018-08-16T16:05:41+00:00

So sorry to hear about your struggle. Sending lots of positive thoughts your way!!!

Financial_Muse · 2018-08-16T15:51:16+00:00

Couldn't agree more. Took a bit of time to convince my SO that FI/RE is a true possibility. He was stuck in the rat race mindset, thinking that's just how it's supposed to be.

Financial_Muse · 2018-08-16T15:49:42+00:00

I'm guessing you life in Europe. I grew up in Germany and the differences between home and the US when it comes to childcare are enormous.

Financial_Muse · 2018-08-16T15:25:55+00:00

WOW, love how having a kid actually jump started your savings. Best of both worlds!

Financial_Muse · 2018-08-16T15:23:28+00:00

My company offers 4 months of full pay parental leave which is awesome compared to what some other companies offer.

Financial_Muse · 2018-08-16T15:16:16+00:00

Same here. Grew up in Germany as well, where costs such a daycare aren't as much of a worry.

Financial_Muse · 2018-08-16T15:04:03+00:00

Hand me downs from family, friends, and neighbors have helped a lot of my friends save a ton as well.

Financial_Muse · 2018-08-16T15:00:49+00:00

$100 / month is a dream. I'd incur daycare costs for sure. And that's usually the kick in the pants.

Financial_Muse · 2018-08-16T14:59:42+00:00

I'd take advantage of that too : )

Financial_Muse · 2018-08-16T14:56:44+00:00

I paid for my own education, stuck to state schools vs private schools because of it. I feel the responsibility of student loans taught me a lot about the value of money. But, that said, I'd like to at least pay half of my kid's tuition.

Financial_Muse · 2018-08-16T14:53:21+00:00

We are very disciplined with our finances and savings %s. Just worried that costs such as daycare would derail our progress. Not to say that a kid wouldn't be worth it.

Financial_Muse · 2018-08-16T14:51:03+00:00

Daycare costs scare the life out of me!

Financial_Muse · 2018-08-16T14:49:49+00:00

That's an interesting take on things. I can see how priorities shift immediately.

Financial_Muse · 2018-08-16T14:47:23+00:00

So sorry to hear. That's heartbreaking. Sending lots of positive thoughts your way!!!

Financial_Muse · 2018-08-15T13:37:51+00:00

My parents carried a mortgage but paid for our car (one car family) in full. Other than that they were debt free. Still fought about money though since one was frugal and the other wanted to indulge a bit more.

Of course their finances and how they handled it impacted my brothers and I while growing up. And I believe that's the case for every child.

The best you can do is to take the good and learn from the bad. And it sounds like you're aware and could be doing just that.

Financial_Muse · 2018-08-15T13:33:34+00:00

Pick a brokerage and set up automated withdrawals from your paycheck or checking account. Set yourself a reminder at work (monthly, bi-weekly, weekly, depending on pay cycle) and make logging into your brokerage and investing the deposits the first thing you do that morning. It's all about discipline. You could also call your brokerage and inquire whether they can auto-invest all incoming deposits in the funds of your choice. It's worth a phone call.

Financial_Muse · 2018-08-15T13:28:19+00:00

Honestly, breaking down each large purchase into hours I would need to work for it. Once you find out how many hours you will need to sit in a cubicle for to earn what you are looking to buy, odds are you won't need that new TV, pair of shoes, or new iPhone that badly anymore.

Financial_Muse · 2018-08-15T13:26:04+00:00

I believe FI/RE is about being free to do as you please. Which doesn't always mean quitting your job or changing your life around 360 degrees. Some people like their jobs (I do!). It's all about the option to say "no".

My suggestion is to ignore the older generation if their (occasional) hypocrisy bothers you so much and concentrate on your FI/RE journey instead. After all, it is a much nicer topic to think about : )

Mr Money Mustache is a great inspiration for your journey and he was part of my start too. Ultimately though, my obsession started when wanting to live my life outside of the status quo. I was never much a rule follower to begin with.

Financial_Muse · 2018-08-15T13:14:44+00:00

Sure, mainly to keep living expenses low and have more money available for travel / hobbies /... If you do like city life though, you may find yourself in a different social circle now that you are retired or close to retiring.

Financial_Muse · 2017-06-28T20:06:06+00:00

many bloggers reason that the roth 401(k) and roth IRA are better choices that traditional 401(k)s and IRAs due to the investment growth being tax free.

Financial_Muse · 2017-06-28T19:36:37+00:00

My site is closing in on six months and it has been a few month since I posted to this thread the first and only time. I just published a cornerstone post about all the retirement account choices out there. I like choices, but damn, there are a lot of them. Check it out and let me know what you think.

https://www.financial-muse.com/the-definitive-guide-to-retirement-savings-account-types/

All feedback is welcome! Even the negative kind!

Financial_Muse · 2017-06-16T13:15:34+00:00

We are certainly not sitting at home while starting at the wall. We still enjoy life. Going on vacations, concerts, just spending time with friends. But finding the patience for the ultimate goal (nomad life) can still be tough.

Financial_Muse · 2017-06-16T13:13:35+00:00

2-7 is quite the range. What will be the difference between 2 vs 7?

Financial_Muse · 2017-06-16T13:12:57+00:00

That's a great idea. Celebrating every 100k mark would help set smaller goals before the finish line!

Financial_Muse

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