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I'm wondering if it's possible. Right now, we have around $13k in debt, plus a mortgage and some acreage we are paying on. My husband works full time plus, and I have a part time job, that will eventually turn into full time (5-10 years). We have 2 children ages 8 and 3. I am 28 and my dh is 30. Our goal is to be able to quit our "real" jobs when our children have grown, and possibly start a renaissance business, selling clothing and leather goods.

Here's what we need (want) to do between now and then. First, we need to pay off our debt. Last year we grossed about 75k, we hope to keep our income at the same level this year, but that isn't certain. My husband works between 60-70 hours a week right now, but there have been talks to decrease hours to 40 a week, starting by the end of this month. That will cut a big chunk of our income, but it's possible that I can get extra hours at my job to make up about half of the lost wages. We have enough cushion in our budget now to absorb the lost income, but it will eat up our snowball payment to our credit card companies, which will make it take longer to pay off our debt.

Next, we want to build a larger house on the acreage we are buying in the country. There are 4 of us (plus the dog and fish) in an 1100 sf house in town right now. It's managable as the kids are small, but dh is 6' 4", so, if the kids get anywhere near that big, it's going to get really cramped. Plus, since we're wanting to start a business, we really need an area separate from everything else to do this. Currently, we have 2 computers, and a large garb closet, and our sewing stuff all crammed in with us in our 10x14 bedroom. The house we want to build will cost us between 150-200k, depending on how much of the work we do ourselves. It will double our living space, and give us a nice area for crafting. Not to mention the area for gardening and hunting :). Our current home will sell for enough to finance about half of the new home, after paying off our current mortgage.

We also have our 2 kids to think about. We have braces, and school stuff (band, cheerleading<heaven forbid!>, school trips and the like), and cars (maybe), and most importantly college to look forward to. Our eldest will probably not go to college. It may be that he lives with us forever, but we'd still like to think positively, and plan for the possibility that he may be able to go out on his own. Our daughter, while only 3, we're rooting for scholarships for ;). But in all seriousness, we do need to put something back for them both, whether college is in their future or not.

We will also need to replace our vehicle sometime in the future. My car, which is our family car, and also my work car, hit 100k miles on Christmas Day. I figure it's got another good 5-6 years left, but then it will have to be replaced. I'm looking at the new Ford Escape HEVs as a good replacement. It's big enough for work, gets excellent gas mileage, and will be able to handle the country roads when we move out of town.

So, to recap, we have $13k in debt, a mortgage and land payment, about $10k in a 401k, and $100 in an efund (yeah, you read that right, $100). What we want, is in 15 years, to quit working for "the man", and live comfortably on a self employed income until we "really" retire. Is this doable, or do I need to rethink some of my dreams?

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