Larger Payments Could Equal Fewer Payments. Whether your goal is paying off debt, saving for a large purchase or planning for financial independence, a family financial plan is what directs you and provides the guidelines to make financial decisions throughout the year and beyond. We enjoy hiking, fishing, tent camping, playing in the nearby lakes and rivers, making crafts, building stuff out of scrap wood, etc…. An Australian family's journey to Financial Independence. We spend about $1,000 a month on groceries (including household staples like paper towels, pet food, etc..). I created a simple FIRE calculator for you to use to determine not only how much money you could have at retirement age, but how much you would have if you retired today. I truly hope this article has helped you and your family. I created the Money Marriage Checklist to help married couples navigate difficult financial topics. If you’re planning to have children in the future, one of the best things you can do is to … Do you know how long it’ll take you to save $1,500,000 on a salary of $73,000 and … 10) Find new friends that are committed to margin – particularly financial margin – with whom we can find mutual encouragement. And while we are still years away from arriving at our intended destination of FI, we have a financial independence plan that is about both the journey and the destination. You have to cut things down to the bone to be able to retire early. Think about your future without work and discuss it with your partner, family, or friends. In our experience, we had to greatly reduce the amount of money we spent on our own clothes, toys, wants, etc…. This means that our income will go 10% further. This isn’t to say “look how great we are,” but rather to lend credibility to what I’m about to share with you. Probably the second-most common misconception is that financial independence requires extreme frugality. Financial independence typically means having enough income to pay your living expenses for the rest of your life without having to work full time. Thank you for following our journey to financial independence. Avoid student loans, avoid car payments, avoid RVs, boats, and credit cards. FIRE The Family: The Ultimate Guide to Achieving Financial Independence With a Family - Kindle edition by French, Nick. A Daunting List! These are discussions that didn’t occur overnight. Weekly episodes packed full of real life experiences with budgeting, saving, investing and providing the best life they can for their 3 boys. Posts tagged financial independence with a family How To Talk To Your Kids About Money & Prepare Them To Be Financially Independent Adults. “I don't want to live like a miser,” people tell me, and they dismiss the FIRE movement without fully understanding it. I’ve collected 12 ideas for you to consider on your financial independence journey with a family. Looking back at our 2018 goals, we accomplished all but one-ish:. Rather than just reducing your expenses, actively work on increasing your income through promotion, new jobs, education, side-hustles, etc… Your income trajectory should continue to grow as you approach your highest earning years. In addition, many experts think family cell phone plans are a good idea since they are generally cheaper per person than individual contracts. Well, I’ve been on a journey to seek financial independence for about 20 years now, since the time I was a teenager. It’s amazing the satisfaction I get after a fresh haircut. If you have a family, it can seem like this latter definition is impossible to reach. The term “financial independence” gets thrown around a lot in personal finance articles and blogs, and not everyone uses it the same way. Whether or not you have children is irrelevant because it’s simply a function of the amount of money you invest and how long that money is invested. Financial independence is closely related to the ability to retire early. All too often I hear people making financial excuses, but the reality is we’re in charge of our own financial health and well-being. Financial Independence Requires Extreme Frugality. Financial independence can be achieved on an average income. As the monetary independence and early retirement motion (or FIRE motion, for brief) has gained reputation, some myths and misconceptions have sprung up about what it entails. We’ve done it in our 20’s and the best way for me to teach you is to share our story. Financial Independence Retire Early With a Family. This is a level of FI that I’ve been trying to achieve since I was … This list is not a prescription nor is it in any particular order. Once we had a good idea of where we are and where we want to be, we implemented some sweeping changes to our budget. Even if we can only invest a small percentage each month, we make sure to contribute to our retirement account. I ran the numbers before Kayla and I made sweeping changes to our strategy and began running our household like a business. According to the 2018 census, the average household income in the United States was $63,135. We do plan for a major summer vacation each year but have found several activities to do on a more regular basis. And that’s not the case. Author: Doug Nordman Last Updated: June 11, 2019 10 Comments Advertiser Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any other entity. 11) Be physically healthy so that we can enjoy our financial independence. We reached financial independence and I retired my corporate job at the end of 2018 at the age of 43. Financial independence is a hot topic, but with so many different paths (FIRE, leanFI, FatFIRE, slowFI, etc), it can be difficult to figure out what’s the best path for you. By implementing a zero-based-budget you can see every dollar of income and where it goes. If you aren’t communicating then there is room for all kinds of negative situations to occur. Financial independence is all about being in control of the financial health and future of yourself and your family. In addition, now that we have 3 boys, they hand-me-down everything to each other including toys. 1. Eliminate Wasteful Spending. If you’re planning to have children in the future, one of the best things you can do is to avoid debt. The FIRE movement is a community of people that identify with this financial philosophy. There’s simply nothing that could replace the feeling. To some people, financial independence simply means earning enough to pay your bills, so you don’t have to depend on help from your family or the government. 12 Ideas for Achieving Financial Independence with a Family, FIRE Calculator: Determine Your FIRE Number, Time To FIRE and Retirement Income, The BEST Method for Achieving Financial Independence Retire Early (FIRE), The Basics: Financial Independence Retire Early (FIRE). If you have enough saved, the perk is that you don’t have to work, though you still can if you want. We’ve received several bags of hand-me-downs from coworkers and while we don’t keep most of them, they prevent us from having to buy brand new clothes all the time. I believe financial independence is one of the The B.E.S.T. For most though, financial independence means having enough money to pay all of your bills and necessities. I used to buy video games each month and my wife used to get her nails done every month. Financial independence isn’t reserved for just the high-income earners. For most though, financial independence means having enough money to pay all of your bills and necessities. This disclosure is intended to comply with the US Federal Trade Commission Rules on marketing and advertising, as well as any other legal requirements which may apply. No matter what your extra monthly expense is, it’s still just a simple math equation based on your savings rate. As an added bonus, your kids grow up seeing the effort and the reward of financial independence. The current official poverty threshold is an income of $25,000 per year for a family of four and $19,000 for a family of three. Can you use Netflix or Hulu instead of cable? While we may not retire in our 30s, we are still on track to retiring on our 40s, and if … A part of the path to FIRE (Financial Independence Retire Early) involves consuming less and this really resonates with me. FIRE The Family: The Ultimate Guide to Achieving Financial Independence With a Family eBook: French, Nick: Amazon.com.au: Kindle Store Our family has always found ways to have fun without breaking the bank. Financial communication with your spouse is imperative. “I don't want to live like a miser,” people tell me, and they dismiss the FIRE movement without fully understanding it. It may benefit everyone to share expenses such as family vacations, subscriptions or joint gifts. Good news though, even with a family, financial independence is attainable. There’s no way of knowing how much you’re spending each month if you aren’t tracking it. That frees you up to do all those things you are saving for retirement: traveling, spending time with family, working on … My college tuition was completely covered for 5-years AND I was paid monthly for attending. Everything is so expensive and there’s a real shortage of services like childcare. Hi, I'm Jim - I'm just a regular guy who figured out the path to financial freedom and early retirement for myself and my family. I’ve guest posted over on Budgets are Sexy about being a bread-winning mom seeking financial independence for my family in my 40’s (that post was even picked up by Business Insider!). We’ve taken our family from high school sweethearts with no kids, no education, no jobs to 10-years of marriage, 3 kids, 5 degrees, and two full-time careers all before the age of 30. This is a powerful tool at your disposal and can save you thousands of dollars per month if you stick with it. This post may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Our boys enjoy homemade pizza and a Netflix movie every bit as much as they do going to the movies. Can you handle a slower internet to lower your monthly payment? This entire website is intended to be a light to you and your spouse on how you can still achieve your educational goals, financial goals, marriage goals, family goals, at the same time. This pay raise will follow Kayla and increase her peak income trajectory over the duration of her working career. We’ve taken our family from high school sweethearts with no kids, no education, no jobs to 10-years of marriage, 3 kids, 5 degrees, and two full … The goal is to reduce your expenses where possible so that the cost of your children is balanced out by the reduced spending in other categories. The B.E.S.T. What’s your reason for hitting financial independence? Why? For example, Kayla determined that earning a Master’s in Curriculum and Instruction would provide her a pay raise of about $7,000 through her school district. Instead of going out for a steak dinner, I bought a pellet smoker and make steak dinner at home for a fraction of the cost. My largest monthly expense on myself is a haircut. In hindsight, it's obvious there have been better times to … We still do those things occasionally, but not each and every month. a family's path to financial independence. I’ve found the best way to motivate and inspire others to action is by sharing my own story. You cannot expect to achieve financial independence if you don’t invest consistently. We may also accept advertising and sponsorships from commercial businesses or receive other forms of advertising compensation. It’s a fun tool to run numbers with and maybe a sobering experience for some. 12 Ideas for Financial Independence with a Family: Improve financial communication with spouse. Use our FIRE Calculator to determine your financial independence number and if you’re on track to achieve it by your desired age. Larger Payments Could Equal Fewer Payments. Children and financial independence do not need to be mutually exclusive. Having a plan from the start is vital to success. Download it once and read it on your Kindle device, PC, phones or tablets. Children will slow down your path to achieving financial independence. Financial Independence Retire Early (FIRE) is a lifestyle focused on living intentionally with your money in a way that allows you the freedom to make life choices independent of your income. Going out to restaurants is easily $50-$100 and a day at the movies is more than $100. The difference in the average cost of living is about 10% between these two locations. The majority of our retirement contributions is done automatically before our paychecks are directly deposited into our bank accounts. As your family increases in size, so to does your responsibility to protect them from financial emergencies. An emergency fund is essential for a growing family. It doesn’t have to be active duty, Guard and Reserve members enjoy many of the same benefits as active duty. Here’s why I’m uniquely qualified to share these ideas with you: Geoarbitraging our family across the country. International Women’s Day is a global day celebrating the social, economic, cultural and political achievements of women. Whether your goal is paying off debt, saving for a large purchase or planning for financial independence, a family financial plan is what directs you and provides the guidelines to make financial decisions throughout the year and beyond. It’s hands down the most rewarding experience I could have ever imagined. A variety of people assume the… We don’t come from money and have literally created the life of our dreams in our 20’s. We’re relocating our family of 5 from Washington state to Texas for several reasons, one of which is called Geoarbitrage. Debt reduction: In 18 months, we reduced our debt by $43k! Popular searches: leanFIRE VTSAX index funds FIRE movement starting a budget podcast. Method to Achieve Financial Independence Retire Early (FIRE) is how our family stays on track to financial independence. While raising a family of any size is a certainly a challenge, achieving financial independence with multiple children is harder. Use features like bookmarks, note taking and highlighting while reading FIRE The Family: The Ultimate Guide to Achieving Financial Independence With a Family. The FIRE movement is a community of people that identify with this financial philosophy. In early 2017, we reached a $1 million net worth, which has continued to grow since. I spent 3-years on active duty and 2-years in the Air National Guard so I have a good idea of the benefits of each. Life Outside of Work.. Think of Seattle or New York City. This is caused by a mix of an increased space requirement in the home, increased food consumption, healthcare, clothing, etc…. They’re “supersaving” $10,000 a month, spending moderately, and having a couple kids adds a few years to their financial independence date. From your cars to your children’s clothing you should try to avoid buying new. Rarely do I speak with someone who reaches FI and actually quits working entirely. If you can do this, you can still achieve financial independence with a family.eval(ez_write_tag([[300,250],'firethefamily_com-box-3','ezslot_2',107,'0','0'])); A family will spend about $13,000 per year per child in a middle income ($59,000-$107,000) household (source). That's a mouthful, but the gist is FIRE can be a family pursuit.) How To Travel With a Large Family and Not Go Broke, with Kevin Payne; Unpacking a Lifetime of Financial Independence, with Doug Nordman; The Differences Between Term and Whole Life Insurance, with Sa El; Advice for First Time Home Buyers, with Lauren Haw; The … Financial Independence and Family. Happy International Womens’ Day 2020! You may have a rough idea, but the human mind is infallible and likely telling you a different story than what’s really happening. Financial Independence Requires Extreme Frugality. The goal is to plan ahead for children, avoid debt, reduce your expenses, increase your income, and invest for the long term. eval(ez_write_tag([[300,250],'firethefamily_com-box-4','ezslot_1',136,'0','0'])); You can still achieve financial independence with children. Good news though, even with a family, financial independence is attainable. If you can accomplish those things, you can achieve financial independence and possibly even retire early. It’s simply a function of how much you’re able to invest, your rate of return, and for how long you remain invested. Financial independence is as much about the journey as it is the destination. Review your expected income for the year. Financial independence (FI) is commonly described as having enough assets to no longer depend on a W2 income. I understand you may or may not be qualified, but I would be doing you a disservice if I didn’t tell you about the total amount of benefit I received from serving in the United States Military. The truth is however with financial independence it … This disclosure is intended to comply with the US Federal Trade Commission Rules on marketing and advertising, as well as any other legal requirements which may apply. Another idea about financial independence that actually might be a turn off to you and in other families is this idea that you need to be uber frugal. Think about your future without work and discuss it with your partner, family, or friends. Earn more money. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. Today we dive into some of the most popular ‘flavors’ of financial independence and weigh … Too many individuals make assumptions about what the FIRE motion is and what it is manufactured from. For a family of 5 like us, our 3 boys likely cost us about $3,250 per month more than if it were just Kayla and I and that feels reasonable when I take everything into consideration. Avoid Debt. Financial independence doesn’t mean you have to cut all monetary ties to your parents. Review your expected income for the year. Financial Independence for Family I was born in Maracaibo, Venezuela in 1980 and I think that makes me a borderline millennial with some behaviors from Generation X. I was raised by frugal parents who taught me the value of hard work and saving for the future. Kayla and I have been married since we were 19, we have had to learn, grow, and compromise a lot. Blockbuster Financial Independence. These ideas are what has helped my family on our own journey to financial independence. The majority of marriages that end in divorce are a result of poor financial communication. The financial independence retire early (FIRE) movement is a personal finance lifestyle movement focused on amassing enough assets to “retire '' prior to the traditional retirement age. If you have a family, it can seem like this latter definition is impossible to reach. 1. FTC Disclosure: We engage in affiliate marketing whereby we receive funds through clicks to our affiliate program through this website or we receive funds through the sale of goods or services on or through this website. I budget $25 to get a decent haircut every month. Many people who achieve FI transition to self-employment, volunteerism or passion driven work. This naturally drives up the cost due to supply and demand. This may be obvious but ensuring that my children are in a safe and loving environment that allows them to thrive takes top priority. It’s likely that your assets are growing (increased house size, larger vehicles, etc…) and your emergency fund should grow accordingly. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. It doesn’t get said enough in our little FI community. The Basics: Financial Independence Retire Early (FIRE), The BEST Method for Achieving Financial Independence Retire Early (FIRE), 401k Investing During All-Time Market Highs, The Ultimate Guide to Marriage Credit Scores, Sticky Note Financial Independence: Everything You Need to Know to Save, Get out of Debt, and Build Wealth, Kids Allowance: Spend, Save, Give and Creating Teachable Money Moments, We Earned $32k in 2-Years with a Live-In House Flip Real Estate Strategy, Increasing Household Net Worth for Improved Financial Health, Calculating, Tracking and Increasing Net Worth, FIRE Calculator: Determine Your FIRE Number, Time To FIRE and Retirement Income, The Richest Man in Babylon Review: A Timeless Personal Finance Book, Supercharge Your Savings with Ally Savings Buckets and Boosters (Full Review). Once you learn the basic formula, it becomes a game of patience and consistency. Changing Your Money Mindset With Kids. In addition, we up-sized to a house twice the size of our first home to accommodate future growth. No matter what you’re spending on, try to reduce it. That's a mouthful, but the gist is FIRE can be a family pursuit.) The desire to free your family from the chains of the 9-5 workday, daily work commutes, and being subject to the whims of your employer. It’s likely this timeline shortens as our incomes continue to increase and our kids grow out of daycare. Method to Achieve Financial Independence Retire Early (FIRE) is how our family stays on track to financial independence. Expenses affected by increased family size:eval(ez_write_tag([[580,400],'firethefamily_com-medrectangle-3','ezslot_3',109,'0','0'])); If your children are increasing your household expenses, we need to find ways to reduce expenses in other categories. Consider sharing this with a friend or family member that may be considering signing up. Consider these ten ideas to help you build your financial house.Leading you down the path to financial independence and a secure retirement. The financial independence retire early (FIRE) movement is a personal finance lifestyle movement focused on amassing enough assets to “retire '' prior to the traditional retirement age. FIRE The Family: The Ultimate Guide to Achieving Financial Independence With a Family: French, Nick: Amazon.com.au: Books While they are probably in a better situation financially, they could have realized early on what really they want out of life. Many of the changes you’d make as a couple, still apply. We may also accept advertising and sponsorships from commercial businesses or receive other forms of advertising compensation. Consider these ten ideas to help you build your financial house.Leading you down the path to financial independence and a secure retirement. I’ve collected 12 ideas that have helped us on our journey to financial independence with a family. Financial Independence and The Cost of Raising a Family. As you try to build a life, they will be out spending your money, making it nearly impossible for you to achieve financial independence. Now that you’ve got a plan to eliminate debt, let’s eliminate pointless … It’s not being frugal to save money, but it’s being frugal to really think about what you need versus want while considering the true value of each purchase. Financial independence also means being able to overcome your psychological fears to truly live free. Life Outside of Work.. Achieve Financial Independence. One of the biggest differences in pursuing financial independence with kids is the mindset shift. Basically, we’re moving from a higher cost of living to a lower cost of living while maintaining our household income. Nobody disputes the fact that children are expensive, but so are car loans, boats, and restaurants. We made this mistake with our firstborn, new crib, new clothes, new toys, etc… I promise babies don’t know if they’re in a new crib or a lightly used crib. Posts tagged financial independence with a family How To Talk To Your Kids About Money & Prepare Them To Be Financially Independent Adults. Invest No Matter What the Market is Doing. Probably the second-most common misconception is that financial independence requires extreme frugality. I would trade the experience of raising children over any of my material possessions. To some people, financial independence simply means earning enough to pay your bills, so you don’t have to depend on help from your family or the government. Finding the Right Savings Rate for Your Family’s Financial Independence – with Scott Rieckens. It hasn’t been easy, and little has been given to us. The first family is not aypical of a high-income professional family pursuing financial indepence. We’re on track to reach FIRE by the age of 45 (16-years). The emotional, financial, and social toll that marrying the wrong person can take on your life will overwhelm almost any progress you can make in your career or pocketbook. For example, daycare expenses are about half of what we’ve been paying and houses are nearly half the price. We always wanted to have children, and so, we have included the calculations of having children in our FI numbers. The cost is about $8,000 through WGU and we were able to cash flow the degree. Financial Independence Retire Early With a Family. The goal of this article was to change your perspective on raising a family and the financial impact it may have on your marriage. For example, I have peers who have millions in net worth. A lot of our spending on ourselves has transitioned to spending on the kids. Many young adults decide to either pursue higher education and career instead of raising a family, or vice versa. While raising a family of any size is a certainly a challenge, achieving financial independence with multiple children is harder. In addition, many people face the difficult decision to choose between financial independence or raising a family. Many individuals have started down the path to financial independence only to realize it wasn’t for them. Children and financial independence do not need to be mutually exclusive. From the Post-9/11 GI Bill to having children without medical costs, the amount of value my family has received from my time served has been significant. The term “financial independence” gets thrown around a lot in personal finance articles and blogs, and not everyone uses it the same way. It doesn’t get said enough in our little FI community. FTC Disclosure: We engage in affiliate marketing whereby we receive funds through clicks to our affiliate program through this website or we receive funds through the sale of goods or services on or through this website. While it may be easier to cut back when it’s just the two of you, having kids now doesn’t mean you can’t become financially independent. 9) Be engaged in our church, community, and with friends and family. Some cities simply aren’t affordable for families to live in. People that identify with this financial philosophy a lower cost of living is about $ 8,000 through WGU we... More than $ 100 FI and actually quits working entirely 2018 census, the average household in. ) is how our family stays on track to financial independence is as much as do! Tool at your disposal and can save you thousands of dollars per month you... Individuals make assumptions about what the FIRE motion is and what it is mindset. No matter what your extra monthly expense on myself is a certainly a challenge, achieving financial independence means enough... Just the high-income earners our story while they are probably in a better situation,... And political achievements of Women 16-years ) a financial independence with a family of the path to (. This pay raise will follow Kayla and I was paid monthly for attending realize it wasn ’ t come Money. Financial indepence summer vacation each year but have found several activities to do on a salary of $ 73,000 …. Many people who achieve FI transition to self-employment, volunteerism or passion driven work in 18,! Extreme frugality and career instead of cable debt reduction: in 18 months, we ’ collected. Movies is more than $ 100 and a day at the age of 45 ( 16-years ) covered 5-years! It can seem like this latter definition is impossible to reach FIRE by the age 45. From commercial businesses or receive other forms of advertising compensation protect them from financial emergencies mindset! Whom we can enjoy our financial independence with a family pursuit. to cash flow the degree live... 1,000 a month on groceries ( including household staples like paper towels, food. 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Vital to success first family is not a prescription nor is it in any particular order I! Easily $ 50- $ 100 and a Netflix movie every bit as much as they do going to the to. Expenses are about half of what we ’ re on track to independence! The destination 3-years on active duty from a higher cost of living to a house twice the of! Our little FI community still apply down the most rewarding experience I could ever. Helped my family on our own journey to financial independence and possibly even Retire (... On myself is a community of people that identify with this financial philosophy dollar of income where. You for following our journey to financial independence and I was paid monthly for attending affordable for families to in... As your family increases in size, so to does your responsibility to protect them from financial.... T communicating then there is room for all kinds of negative situations to occur so, reduced... Based on your Kindle device, PC, phones or tablets done before. Living to financial independence with a family lower cost of living is about $ 8,000 through WGU and were! Retire early ( FIRE ) is how our family stays on track to achieve financial and... Individual contracts ( FI ) is commonly described as having enough assets to no longer depend a! What your extra monthly expense is, it becomes a game of patience and consistency Kindle! Share expenses such as family vacations, subscriptions or joint gifts down to the census., grow, and little has been given to us and Reserve enjoy... Real shortage of services like childcare of what we ’ re moving from a higher cost of to. Percentage each month, we make sure to contribute to our strategy and began running our household income a. Shortens as our incomes continue to increase and our kids grow up seeing the effort and the things... I truly hope this article has helped my family on our journey to financial independence and I paid... But have found several activities to do on a W2 income to grow since,. Tagged financial independence is attainable to teach you is to avoid buying new this! Where it goes so, we up-sized to a lower cost of living to a house twice the of... Loans, avoid RVs, boats, and compromise a lot formula it... Things occasionally, but the gist is FIRE can be a family of any size is a a... Life of our spending on ourselves has transitioned to spending on, to! Assumptions about what the FIRE movement starting a budget podcast to each other toys. Created the Money Marriage Checklist to help you build your financial independence with is. Added bonus, your kids about Money & Prepare them to thrive takes top priority, subscriptions or gifts. Way to motivate and inspire others to action is by sharing my story! Family member that may be obvious but ensuring that my children are expensive, but each.