2nd Generation FIRE

015 | Root of Good | 2nd Generation FIRE and College

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1500 days
In Today’s 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’s 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?
  • “Optimal spouse selection” 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: “If you want to be average, it’s going to cost 300 grand”
  • 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’t 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’t a stressor, it’s 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’s 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’t look at retirement savings or home equity for calculation
  • Don’t pay sticker price for college! Financial aid and scholarships are plentiful
  • Some elite schools offer full scholarships to “lower income” people of which early retirees may qualify
  • Will college still be relevant in 10 years and how will you pay for it?
  • The Hot Seat Questions
  • Justin’s favorite blog: Millennial Revolution
  • How Brad uses ToDoIst to put everything in his life on autopilot

Links from the show:

15-2nd Generation FIRE

1 thought on “015 | Root of Good | 2nd Generation FIRE and College

  1. Hi Justin. Loved this episode especially after hearing you’re from Raleigh as well. We moved down here from Pennsylvania cold weather 2 years ago and just love Raleigh-the outdoor activities and the beautiful weather. If you know of any Raleigh meet up groups for financial like-minded individuals, let us know.

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