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Parenthood keeping you busy? Learn how you two can work together and achieve financial independence faster!
How to Reach Financial Independence (Even with Little Ones!)
Becoming financially free.
It sounds good, doesn't it? But how does that work exactly? How do financial freedom and independence fit in the real world?
The big question we're personally tackling is how we can work towards becoming financially independent while raising our kids?
As parents, much of our time is spent taking care of our girls. Some weeks we don't have much free time.
Thankfully paying off debt and automating our finances has kept us on track with current goals.
Could we do better though? Is there a way we can open up more options for our family or should we be more with stashing away money in our portfolios?
If you two are dealing with the same thoughts, planner, author, and Mom and Dad Money creator Matt Becker here to help.
In this episode we discuss:
- why working towards financial independence can be a more fulfilling goal than simply saving for retirement
- how financial independence can be done in intervals so you can explore your professional and personal options in life
- and why your savings rate is far more important than your actual investments
Even though this episode is coming from a parent’s perspective, it really applies to anyone looking to use their finances to live a more meaningful life.
Hope you enjoy!
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Resources for Parents to Build Wealth
If you're looking to get ahead with your finances as a family, here are some resources to check out!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Automatic Saving: Qapital
- Free 401(k) Analysis:
- Jumpstart Your Marriage and Your Money
- Retire Early By Rethinking Your Priorities
- Setting Up Your Retirement with the Right Tools
- The Shockingly Simple Math Behind Early Retirement
- The New Family Financial Road Map
Debt Free to Financial Independence
One of the wonderful effects of paying off debt is freeing up options and opportunities for your family.
When we became parents, one of the big discussions we had was finding a way for us to be there for them at home for those crucial first few years.
Growing up, both my husband and I remember our grandparents being caregivers and it was a fantastic experience.
We went over different scenarios. Being self employed definately was a blessing, but it's still not an easy transition.
I had weekly and monthly deadlines with clients, plus I had my own projects to manage.
Over the years, we've shifted our schedule and routines, but it's worked. I can honestly say its a joy.
My husband works from home twice a week which has also been a wonderful win.
Now with the debt gone, we've redirected most of the debt snowball into savings, investing, and family expenses.
Support the Podcast!
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
This episode was originally released June 2015. Show notes have been updated December 2018.
This post may contain affiliate links. Please read my full disclosure for more info.