Parents shooting for FIRE on how to raise children — and your savings ratio.
Children can become an obstacle on the path to financial independence and early retirement because they’re expensive to raise — unless you raise them to enjoy the journey alongside you.
They also talk to their daughter about the cost of groceries, how credit cards and checks work and saving for college. They have openly discussed their cost of living, and why they were looking to move to a state with lower taxes. “She would say, ‘do they take your money in Tennessee and Nevada?’” the blogger said.The FIRE movement requires a balance of frugality and a hefty savings ratio.
Some parents take the FIRE approach so they can retire early and spend more time with their children. They embark on a mission to find projects or activities for the whole family to enjoy for little money. Jillian Johnsrud, who is financially independent, retired and blogs at Montana Money Adventures, said she, her husband and their five children take road trips with a camper across the country, and spend time hiking, camping and going to museums.
And his daughter, Sage, said those lessons really impacted the way she viewed money. Although she had the choice of numerous private colleges with high price tags, she decided on a state university where she received a full academic scholarship to study chemical engineering, an industry that boasted a high starting salary.
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