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|Subject: Re: I am such a Wannabee!||Date: 2/17/2004 1:42 PM|
|Author: SeattlePioneer||Number: 1943 of 5086|
<<MI don't want him living like that. It's not fair to him at all and he hardly ever complains about it.
Over the past year or so I have really started to trim back our spending so we can get him out of this rat race as soon as we can. I'd love to have him retire at 50, in 2015 but I am not sure we will be able to do that.
I have a lovely excel spreadsheet that says we won't have enough to retire on until probably 2019. He will be 54 then and I suppose that's not bad, but I love the idea of 50 because it's such a nice round number. I also like the idea of his being able to say "I retired in my 40s", but that will take some serious good luck with our investments.
I homeschool our kids, so I'm not available to work a normal job, but I have been throwing the idea of a weekend job around. I'll consider it more this spring when the baby turns 1. In the mean time I'm playing a game with myself to see how little money I can spend on any given day.
You make your choices, and then you live with them. Your priority has to be raising your children. And that means having generous amounts of term life insurance on your husband, and some significant amount on you. Next would probably be disability insurance if you have a way to get it.
Third would be savings in case your husband loses his job, is injured or whatever.
A helpful step towards retiring early would be to decide that your children will have to find ways to fund college for themselves, with little or no parental aid. Beginning to consider how they can do that (or alternatives to college) would be good.
I would say that whatever efforts you can make to bring in extra income and stretch the income you have will be good for your family. When your husband will be able to retire is hard to say. My guess is that especially good fortune would be needed to accumulate enough to retire very early.
You have my best wishes for good fortune, though. Sacrifice for children is becoming an increasingly rare virtue among Americans these days, it seems.
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