From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!)
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- Опубликовано: 5 июл 2024
- FIRE in your mid-thirties with 150k in debt AND five kids seems impossible. But Joel and Emily prioritized cutting down their top three expenses and in doing that they paid off their debt in under 3 years and achieved FIRE by age 36. Joel and Emily have both been retired for two years and while they don't have to work another day they do have a few lucrative side hustles. Which pays for 200% of their yearly expenses...and the best part? They only have to work two weeks out of the year.
If you're tired of working and want to reach retirement faster, copy Joel and Emily's plan!
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00:00 Paying Off Debt and Reaching FI
03:15 Cutting Down Expenses
06:32 Generating Income through Side Hustles
10:14 Using Money as a Tool for a Fulfilling Life
13:55 Finding your Why for Fire
They were willing to say no to lifestyle creep and stick to their values, which I find very difficult to do. Thanks for the inspiration!
any debt-free , two income household that lives on one income and invests the other has already won the game and will have options to do whatever they want in the future ... that kind of discipline is rare ... congrats and enjoy your well-earned success in the future doing whatever you want !
We are one income teacher household trying to save 1/2 my income. To achieve the same.
As much as people criticize Dave Ramsey and Robert Kiyosaki, you CANNOT deny how many people started with them and turned out awesome!
For me, it was rich dad poor dad and bigger pockets 🙂
Rightly said. Blessed to have come across right teachers. Rich Dad Poor Dad changed my perspective about money. Dave Ramsey got me out of debt. Little Book of Common Sense Investing & The Simple Path to Wealth taught the right path for investing!
agreed ...for me it was Dave Ramsey (total money make-over) and The Millionaire Next Door that changed my perspective on money back in 2007 ... DR gets a bad rap (often rightfully so) because hes so obnoxious about his "rules" ... people dont like rules that are absolute when they are disciplined with money and doing everything correctly to get where theyre going already ... that said , probably 90% of people are not like us and need someone like uncle Dave to get in their ass with hard rules about debt , investing , and not wasting money 😂
What do they do for healthcare for five kids on $3000 a month and no job?
Yup, great question. 5 kids andctwo adults, how is medical covered? What is monthly cost?
In the DC area.
Property tax, 5k, utilities, 8k, 13k for housing, 4 bathroom house on a quarter acre
Then groceries, 2k x 7 people, is 14k for groceries
Plus a used car for groceries and emergencies
35k is more than enough
I'm now avoiding new purchases to avoid slipping into a bear trap. However, I'd like to know where the best investment opportunities are during a downturn. My goal is to retire comfortably on around $1.2 million.
Wishing you luck! The key to a happy retirement is to live the life you choose, if you have a certain amount in mind for your retirement, it is only appropriate to work with a knowledgeable advisor to make plans.
I concur that guidance should not be disregarded but rather followed. I remember a few summers ago, not long after my horrible divorce, I was in dire need of advise on investments to keep my head above water. Fortunately, I met someone with grit who greatly assisted me in growing my reserve, which despite inflation has increased from $360k to about seven figures now.
nice gains there! Please share your advisor's info with me. Due to my increased income from work, I'm thinking about investing in stocks and other assets that will enable me to gradually build wealth.
Leah Foster Alderman is the licensed expert I use.
Just look up the name. You would discover the necessary information to deal with a correspondence to schedule an appointment.
I live in Norway, and here we don't have the concept of "starter" home.
Woop, a fellow occupational therapist ! I’m working towards this lifestyle and I’m always thinking I’d may not want to completely lose my registration as it brings me so much joy; well done to you both !😊
I need to move to Iowa!
These people are impressive.
Great story guys! Congrats!
Congrats to them!
That's truly inspiring. I'm going to their website to see more exactly how they did it!
This was short and sweet. I love them! 😍😊❤
Smart folks!
Get a college degreed high paying job, then spend/save it wisely - is what you really mean.
I am waiting to hear how she started making hundreds of thousands in salary… because what kind of school loans would be that expensive?
Not true
Very inspirational! Can someone share the wrestling camp website? My kids are into wrestling and we would love to visit that camp
$35000/year for family of 7...no way. Must have lived with Mom and Dad & no daycare. Daycare alone is $30k for two kids. This is not real.
They didn’t throw out any numbers other than that not even what her income was after graduate school. There’s a whole lot of fish in the story without any raw data.
In the DC area.
Property tax, 5k, utilities, 8k, 13k for housing, 4 bathroom house on a quarter acre
Then groceries, 2k x 7 people, is 14k for groceries
Plus a used car for groceries and emergencies
35k is more than enough
What is their website, the transcript AI does not translate accurately
Kudos to these folks, awesome job. I'm curious how they would have done if they started out the last two years during higher inflation... $35k to live off of for three years during higher inflation would have hurt tons. If you can get through the worst years (usually the beginning), then once you get some momentum and savings, you are probably headed toward escape velocity...
What did they invest in??
🎉wow, i love this couple....i will require my husband to watch this😅😅😊
:)
Dave is not liking THIS 😢😮😅😊
First! 😊