FIRE for people with kids is about them being done with education
Tbh until kid is done college and started earning would you truly FIRE? Even if you have a paid off home and a car etc. Would you still be able to leave the crores of rupees and hundreds of k of dollars ? I found a blind post where someone in 40 had kids already aged 15. Couple more years and they are done with rat race. How much would one really need once all the responsibilities are done with? And I have to slog for 15 more years and hopefully able to retire by 55(unless I get thrown out of job earlier)
Why would you want to leave lots of money to your kids. Give them a great childhood, education and upbringing and let them forge their own future. You could budget for all those, so yes you could FIRE with kids.
Thats not how Indian and Asian parents think. This is a western thought process.
^ Immigrant parents in general. I've only ever heard American people say that parents have no obligation to at least help their kids pay for college or to leave them an inheritance. Which has never made sense to me. What is the point of having kids if you're gonna make them struggle. ā ļø
I'm saving for my kids' retirement in brokerage accounts for them, and I plan to pay for their education out of pocket when that comes. It helps to reduce my estate size
Nah, it's about having a plan. When I "retire early" (if I manage), it'll mean I've: - paid off my mortgage ($400k) - built or upgraded to a house that'll comfortably support my family + guests ($800k) - saved / invested enough to cover my children's education and ensure they have a leg up going forward ($800k) - saved / invested enough to ensure a comfortable retirement ($2m) That's $3.2m, we're putting about $12k in equity per year, $30k in retirement savings, and about $100k otherwise, so that's about 20 years. I want to get that to $250k otherwise, so it's closer to 12 years.
After that I'll still work, but it'll be doing w/e I want to do and I won't need a ton of money :)
How old are you?
Generational Wealth
This is why you fatFIRE.
I have HS aged kids and I'm Coast FI. Feels like a good transition, working part time until kids are earning and wife is done with career.
How much do you have saved for retirement and what is your timeframe?
I am coast fire since I started working. As long as you work its work
I think FIRE is generally how people should spend their money and save. You don't have to retire early and if you find a chill job it's almost like retiring anyways if you enjoy coding.
Getting a degree is like a checklist and doesn't guarantee a job. You can spend frugally and still do fine. Not saying don't save anything for them, but save enough for a decent state university and that's enough. Beyond 21, you shouldn't need to give more
There is more to life than just money
Estimate your regular yearly expenses. Use the 4% rule to get the capital to sustain that expense. Add all the big one time expenses like college, medical, weddings. And you have your FIRE amount.