Two Mistakes Tech Employees with Kids Make Rushing to FIRE

For a long time, I was focused on saving money and growing my career.

Then I had kids. 

Realizing they would only be young once, I decided to take my foot off the gas and slow down my path to FIRE. What's the point of being retired if I missed their childhood?

When they become teenagers and don't want me around, I'll have more time to work.

It's OK to slow down your path to FIRE in order to build relationships and enjoy life today.

Imagine tomorrow you woke up and could Fat FIRE. Without wealth building consuming your attention, how would you spend your time?

If we neglect the relationships around us today, if we neglect our health, if we don't enjoy things in this season of life, we can have a severe case of regret when we do Fat FIRE. But if you slow down the journey in order to spend time with loved ones, take care of your health, and build memories, you can be enjoying today and have something to cherish in retirement.

Allow yourself to slow down your journey to FIRE so you can avoid these two big mistakes.

Mistake #1: Spending too much time on work.

You can always make more money but you can't make more time.

You need to spend time with loved ones, especially your kids when they are young.

There is no substitute for being present with your kids. Don't sacrifice these precious years rushing to retirement. Find a way to make time to be there with them before those teenage years. 

Once they are teens you can go back to work and get to Fat FIRE.

You also need to spend time working on your health.

There’s no point rushing to some magical end state with all the money you need, if you die a year later. You shouldn’t sacrifice vacations today to retire earlier if you’re physically unable to endure the length of the flight when you do retire.

Taking care of your health now can have a compounding result on your future health and ability to earn more.

Mistake #2: Saving too much money.

Money is only a tool. It enables us to do things.

FIRE is appealing because money gives us the ultimate gift of complete freedom. But don't live on a shoestring budget and completely miss out on the joys and experiences money can provide today.

Spending money is a skill. Just like saving and investing money is. I think I heard this first from Ramit Sethi. It may be uncomfortable in the beginning, but you’ll get better at spending with practice. 

If you are a tech employee on the journey to FIRE, you’ve already won. You're will be fine spending some money. Let me give you permission to relax a bit and not stress over spending money on experiences or on ways to give yourself back time.

You only get this one window of opportunity with your kids. Spend as much time as you can with them. Even if that means spending money on experiences or ways to make more time for yourself at the cost of a longer path to FIRE.

Find the balance that works for you and your family.