How Having Children will Affect My FIRE Goals
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I of the things that I needed to consider when deciding whether or non I really wanted to have children is how having them would affect my path to financial independence. Kids are crazy expensive, and accept a lot of time. How could I reconcile that with what I wanted to do in life? Plain, having children will impact my fire goals, but to what extent?
FIRE Timeline
My original plan was to quit my task in 2021. I was going to retire at 38! And past retire, I mean quit my high stress loftier paying job and get barista burn. In 3 more than years, I will be fully vested in my pension and I volition have earned enough to collect $1000 a month at full retirement historic period via pension payments. Three more working years will also ensure that I have a good for you very well-funded 401k. In fact, I'm already at coast burn for a lean fire in my 401K! Meaning that if I stop contributing now, by the fourth dimension I'one thousand 65 I'll have enough money to withdraw most 40K per year throughout retirement. Not too shabby!
3 more years would also give me time to shore upwardly my non-retirement savings. This would aid me make full any gaps betwixt my living expenses and my new, variable income for the next 30 years. I knew my barista fire lifestyle would come with financial concerns, and that I'd have to piece of work to fill the gaps. But I was ok with that. I'd honey to exercise work camping, or work part time at a nature eye, stuff like that. Sounds similar fun!
New Timeline
I know I will have to work at my electric current job longer if I choose to accept kids. There's absolutely no mode around it. I have amazing health insurance, which they will need, and a solid income which will definitely cover some of the outrageous costs. However, I volition non end working towards independence. My new plan is to piece of work until they are about school aged. This will ensure that they accept amazing health insurance during the most terrifying stages when they are basically helpless, and it volition also ensure that we can afford all the expensive babe stuff. I'll also start college savings plans when they are built-in, and continue to fully invest in those until I retire.
My new early retirement age is about 45. I can live with that if it ways I become to experience the joy of parenthood. It volition also benefit me financially in numerous ways. Eight more than years of pension contributions and eight more years of 401K contributions are going to add upwardly in a big way. I won't have to be lean FI in my old age!
Things I wanted to Do
There are some things that I wanted to do with my life after achieving fiscal independence that probably aren't going to be feasible with children. The biggest ane that comes to heed is my goal of traveling from Chicago to Santa Monica on historic route 66 via bicycle. That was a rather ambitious goal, and let's be honest information technology probably wasn't going to happen anyway. It'south definitely not going to happen when I'm in my 60s and the kids are finally in college!
There are tons of other things I want to do. I have a lots of reasons for pursing fiscal independence, and I always thought that having children would hinder these goals. I want to slow travel through Southeast Asia, spend a summertime reading tarot cards at a Renaissance Faire, spend months piece of work camping at national parks, live in a cabin while writing the Next Great American Novel. My boyfriend and I have and so many hobbies, side interests, and life goals. Working a twenty-four hour period job really interferes with a lot of them. I idea that having children would interfere with those things as well, merely now I'g not so sure.
Who says we can't bring our children with u.s.a. to Asia? Is there a dominion that kids can't live in an RV for a few months? Can't I dwelling-school the kids for a few years while nosotros, as a family unit, engage in these adventures? And what an amazing childhood that could be! We would exist providing our kids with a lifetime of experiences at a young age, teaching them almost the globe, and education them that life is for living. I'm sure they volition teach us valuable life lessons also.
Partner's Goals
Existence married and having children also ways that I accept to have my partners goals into consideration. He's totally on board with most of mine (though the bicycle matter and the Renaissance Faire thing both kind of freak him out) and is more than happy to do them with me. But he has goals as well, and we will need to work together to remainder our life goals with the primary goal of raising happy, healthy, well-adjusted children.
Fortunately for us, neither of shy away from having adult conversations most our plans for the time to come and where things are heading. We talk at least one time a week about our futurity goals, and we are both super supportive of the other. That's ane of the reasons why I feel comfortable having kids with him in the first place!
Having Children will affect my Fire Goals
There's no doubt virtually it. Having kids will change the plan. Even considering having kids changes the plan. Just I'm ok with that. Being financially independent is almost living my life on my terms. My terms take changed, and that's ok.
Source: https://partnersinfire.com/blog/how-having-children-will-affect-my-fire-goals/
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