Neither one of us has debt.
This is awesome! Really. How many young couples wish they could say this?
For the past six months, I have been able to save 50% of my net pay. I already had existing savings, but being able to do this has been encouraging. Still figuring out the investing thing, but have the budget down. Not sure how much he has saved, but he doesn't live beyond his means. Still trying to convert him over to this.
Anyway, we've talked about kids, the future, etc. I honestly don't know you can still have an early retirement and have kids.
Congrats on the savings!
I think you will have to get into the nitty gritty of each other's finances to find out which options you have, but you can still probably hit ER with kids.
How have parents here done it? Perhaps I'm assuming the wrong things.
This doesn't necessarily answer your question about ER, but I'd like to say that these factors have made family life very nice for us:
1) Medium COL area. Salaries are not high, but the quality of life is very good for the price we pay. It also allows us to live on one income. (I understand that not every family prefers to live that way, but if it is a choice that you would like...)
2) A great job, maybe not the best salary. My husband doesn't make a lot of money, but he loves his job. It has nice benefits, like a lot of vacation time and a flexible schedule. He has gotten to be at almost every school function or field trip that my daughter wanted
him to attend (sometimes she doesn't want me--definitely a daddy's girl).
3) We live simply and can save. Less stress, less mess.
I don't know how much you love the area where you live or what options you have for your careers, but the more simplified life can be, often the better.
To be honest, my husband isn't interested in ER. He thought I was nuts when I suggested it to him. The Chicken Little in me loves the idea of financial independence. If his job starts to suck, he can leave in a few years. (He's a natural minimalist, so the FI goal will be reached anyway.) I plan to start working again in my 40s after the kids are gone. (We had babies young.) I know it will be more fun working when I don't have to.
We started saving aggressively about ten years ago. We should hit FI in about 7 years. You already have savings, so you will probably hit it sooner. Early retirement is an option for families with kids, it just won't be hit as soon as it would be for DINKs.
ETA: I meant that you will probably hit FI before 17 years. I might have made it look like 7.
I agree with Myrmida. Focus on your top priorities. Figure out a way to make them possible.