65 minutes | Aug 25th 2020

How to retire early with kids (and not go broke), with Michael Quan

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#45: Early retirement must be executed differently, and very intentionally, with kids. There are no easy, silver-bullet solutions.I think about this topic often. And, ever since my kiddo popped out a few years ago, I’ve made real changes to my financial planning in response – from building larger, stronger passive income streams to doing very detailed financial analysis of kid costs that, in turn, have influenced our planning decisions.This week, I invited to the podcast Michael Quan, an early retiree (now blogger) with 2 kids who founded and ran an IT services company for a decade before selling it (and not for “FU money” btw) and retiring. I ask about Michael’s mindset, actions, and challenges he faced when early retiring with kids.We discuss:How the financial crisis motivated Michael to start his own companyHow much he had saved up on the day he retired vs. where his portfolio is at nowWhen did kids enter the picture relative to his retirement dateHow kids impacted the family budget, including lifestyle trade-offs they made to accommodateKey areas where early retirement actually brought significant savingsHow Michael spends his days nowHow having kids has influenced the way he thinks about wealth buildingWhat resonated with you from Michael’s story? What seemed less relevant to your own situation? Let me know by leaving a comment when you’re done.Also: I want to bring on more guests who have FIRE’d with kids.Michael’s is one story, and hopefully you got good nuggets of insight from it, but it’s not the only story. If you know a good potential guest (early retiree family with unique story), tell me about them. I’d love to reach out.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsSpotifyGoogle PodcastsStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Links mentioned in this episode:Financially AlertBreakthrough Millionaire PodcastThe FIRE Planner bookHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.
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