How do you figure out the right time to have kids?

After leaving his job at the age of 34 (with a very sweet severance package), Sam from Financial Samurai didn't feel ready for kids. Quite a few years later, he wishes he had had them sooner. Where do kids fit in your FI plan?

Sam has a very interesting story and you will love hearing his advice and family planning tips.

We also chat about...

The quick path to FI
The middle-class families with $300,000 incomes
His biggest mistakes when family planning
Why you want a severance package
How to engineer your layoff

Enjoy this chat with Sam, and please subscribe to us in iTunes if you enjoyed it!

Show notes and links from today's episode

The Financial Samurai Podcast
Sam's blog: The Financial Samurai
Sam's book: How to Make Money Quitting Your Job ($35 off using the code 'Firedrill')
The $300,000 per year Middle Class Income
Sam on Twitter

Key takeaways from our chat with Sam
1 - Family timing is hard
Sam's biggest mistake was thinking he needed too much money and time before having kids. Now he wishes he started sooner.

The truth is that having kids screw up your FI plans. You could end up trying for ages and delaying your FI plans, or you may have to try other methods such as IVF or surrogacy, costing you more. Kids take energy and time, so the sooner you start the better.
2 - You have more power as an employee than you think
Sam explains how he engineered his layoff through a pretty sweet severance package. The trick: understanding that you have more power than you think.

Your company wants to be on good terms with you: losing you on bad terms could cost them a lot of money and stress. Not only do they need to find and re-train someone, but leaving an angry message on social media can cost them their reputation.

Sam explains that once you realise this, you can negotiate a good severance package with your company and stay on good terms.
3 - How to accelerate your path to FI
Sam lives in the Bay area and explains that middle-class families living there have an income of $300,000 (wow!). Why? Because they work in tech companies and have huge starting salaries.

If you want to make good money and reach FI quickly, the key is having a job in an industry that pays well (yes, Bay area). Study a degree that will pay you the most, and then work, save and invest till your FI number. It's not for everyone, but you'll end up retiring at 34 just like Sam!
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