Wed, 7 July 2021
Can parents pursue financial independence with kids at home? Today we’ll go over the five biggest myths and show how to enjoy parenthood and FI!
Are Financial Independence and Parenthood Compatible?
Even before we were familiar with the term financial independence, we were intrigued about this idea of gaining flexibility and freedom.
When we were first married, we had two immediate financial goals – getting rid of the car loan and building our emergency fund.
Our car payment wasn’t a huge burden, but seeing that money going out month after month..ugh..
Not having that weighing our budget down was one benefit, but then there was also this what if.
What if we used that money for things we actually enjoyed and really wanted – travel, a house, or starting a business?
So I started digging into personal finance blogs and found books like Total Money Makeover, Automatic Millionaire, and The Money Book for the Young, Fabulous & Broke.
Taking what I learned, we came up with a plan to pay off our debts and grow our financial cushion.
Don’t get me wrong, seeing our net worth go from negative $30,000 to the positive side felt great. The real pull for us, though, was not how much money we can stash away or how fast we can hit.
We loved being in a position of having options. Like leaving a bad job. Becoming an entrepreneur.
During this time, we discovered financial independence, with that classic book – Your Money or Your Life.
There are some wonderful benefits with discovering the FI community. Many in the space love swapping ideas about what’s worked for them.
Hopefully like you’re doing now, we listened to stories and picked a few ideas to try out. Some worked really well, some needed to be adjusted for our circumstances, and some didn’t work. Either our situation was too different or honestly, we didn’t enjoy it.
The ones that didn’t resonate with us usually came from this segment in the community who had very specific ideas about financial independence.
Both with what it was and what it wasn’t. One complaint I kept seeing was how hard or in some cases impossible for parents to hit FI.
I believe that belief is not just discouraging to parents, but really misses the actual resource financial independence is about – time.
Finances are the tool to help you get there, not the goal. We were more focused on quality of life and having options.
So today I want to wrap up this series of episodes before our summer break and discuss how you as a parent can work towards your FI goals while enjoying the journey with your kids.
In this episode, we’ll get into the five biggest myths around financial independence and parenthood.
Are you ready?
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Resources for Parents to Pursue Financial Independence
If you're looking to get ahead with your finances as a family, here are some resources to check out!
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
We’ve been Coastal members for a few years have been happy with their services.
They have wonderful services and accounts to make saving easier including their competitive money market accounts!
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Direct download: SEP_S3E20_Enjoying_Financial_Independence_and_Parenthood.mp3
Category:personal finance -- posted at: 9:36pm EDT