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015 | In Today\u2019s Podcast we cover: Our guest: Justin from Root of Good Justin had access to 401k and the 457 retirement plans 457 plan is an extremely valuable took for early retirement as there is no 10% early withdrawal penalty

Justin\u2019s early retirement journey: Retirement at 33 Saved over 60% of his income to help retire early Justin has a wife and 3 kids and was still able to retire early What does a day in the life look like for Justin and the Root of Good family? \u201cOptimal spouse selection\u201d is important on the path to early retirement.

You both need to align and be compatible with the savings mindset Being early retired gives you the flexibility to spend your time as you choose and live like a billionaire from a prior era Justin followed the Early Retirement Forums to model the behavior as he was learning about the path to financial independence Does it really cost $300,000 to raise a child?

They spend $29,000 to $34,000 per year including luxurious vacations Quote of the day: \u201cIf you want to be average, it\u2019s going to cost 300 grand\u201d How they save money on cruises for the family: Go in the off season, look for deals online and book through a shopping portal like Ebates, don\u2019t book excursions through the cruise line How does early retirement impact your children?

Great lesson to teach your kids: I worked really hard for 10 years, saved money, and now can enjoy life for the next 50 For people who save money, it isn\u2019t a stressor, it\u2019s a tool to live a better life You have so much extra time to spend with your children when you are early retired Significant tax savings from having children 2nd Generation FIRE: How to pass this concept on to our children and to teach them to get started even before we did

Planning for children\u2019s college while early retired How to get college credit while still in high school (AP classes, classes from local university, etc.) Once you get to college, how do you pay for it? How to hack the FAFSA: they don\u2019t look at retirement savings or home equity for calculation Don\u2019t pay sticker price for college! Financial aid and scholarships are plentiful Some elite schools offer full scholarships to \u201clower income\u201d people of which early retirees may qualify Will college still be relevant in 10 years and how will you pay for it?\xa0