Category Archives: Financial Independence

The Benefits of a DINK Couple

My husband and I are a DINK (dual income no kids) couple. A lot of my coworkers are married and already have kids or about to have kids. I feel like we are so young, no idea how people do it with kids, especially without flexibility. I can’t imagine fitting kids into our schedules now. I’m out of the house for 12 hours at a time. Then, I spend 6-7 hours just sleeping. That only leaves about 6 hours of free time which gets eaten by showering, getting ready for work, cooking, eating, and getting the mind ready to go to sleep. I see everybody’s hectic schedule and have no desire to replicate it.

Here are some of the benefits as to how I see it:

  1. Only need 25 minutes to get ready in the morning. I’m pretty bad, or maybe I’m pretty awesome, but I’ve figured out how to maximise my sleep time and get ready super quickly. I’m not big on having super fancy hair or makeup to go to work, so this helps a lot. My hair air dries since it’s curly, so I never have to spend time blow drying or straightening my hair. I only wear eyeliner and use my glasses to accessorize!
  2. I only have to take care of myself in the morning. I get up before my husband and only have to worry about myself.
  3. Only have to worry about my laundry. My husband and I usually take care of our own laundry. Sometimes a couple of his items will get mixed up in mine or visa versa, but usually it’s not a lot. I do my work clothes separetly because the clothes are delicate. I have seen how much landry moms’s do every week. It’s insane. Can’t imagine.
  4. More discretionary income. One of my coworkers is about to have twins and he’s made comments of how their discretionary income is about to take a dip.
  5. No paying for daycare. The cost of daycare is insanely expensive. A female coworker has mentioned she pays $400 a week for her 1 year old’s daycare. That is $1600 a month! This amount covers our monthly expenses aside from mortgage andcar/home insurance.
  6. More free time. I really treasure my free time. I remember in college I would get so antsy when  I had free time. Every single hour of my day was allocated for a purpose. I’ve since switched life phiolosphies. Monday-Friday is a crazy race to get everything done, then Saturday and Sunday are a leisurely stroll. Last Sunday I woke up and finished reading a book, aftwerwards, I spent all day watching a marathon of Scandal on Netflix.
  7. We can take vacations during off-season when it’s much more affordable!

There you go. The benefits of not having kids. I really enjoy spending time with my husband alone. I think it’s extremely important. Life is already hectic enough. Some nights we barely talk to each because we get home and go to bed at different times.

On another note, did you know geese mate for life? Geese only have one partner their lifes. Talk about taking till death do us part quite seriously.

Are you part of a DINK couple? What are your thoughts?

Is Financial Independence Possible?

I, go back and forth on the vision of the future. The pendulum keeps swinging back and forth on whether financial independence is even possible. At work it seems impossible. There is an aging workforce who may not even have the option to retire. If they can’t retire, could we even consider financial independence? I ask a lot of questions. Prodding constantly; trying to figure why they didn’t save up enough money to retire.

People at work constantly say they can’t afford retirement. Not sure why because people at work drive super fancy cars, wear nice clothes, go on nice vacations, and have nice McMansions. I’ve heard some visitors say “wow your parking lot is full of super sleek cars!” So it makes me doubt if we’ll ever get out of the rat race.

My parents don’t have a retirement fund. No, they didn’t overspend their money. They immigrated as blue collar workers and really had no financial education in terms of investments, etc. My parents can save. They are penny crunchers, but they have no clue as to how to invest. Their earning power over the years has not been high. This is a huge problem in the low income immigrant population. A problem I plan to start tackling soon. So their retirement is dependent on their children. This puts a lot of pressure on both my brother and I.

Well, my brother is not necessarily aware of this pressure since he’s only 16. But he will in a couple of years. One of the reasons I’m pushing him so heavily to do well in high school. While I don’t believe in the education system (I think it’s completely broken…topic for another day), I believe it’s one of the best ways for children of low income immigrant families to get out of the cycle of poverty. I’m not the only one. My first boss in high school (I worked for a non-profit) is a prime example. He would remind me of this quite consistently. He came from a blue collar neighborhood in Illinois where you were expected to stay forever working for the factory and have babies. He says his mom never forgave him for leaving, joining the military, going to med school, and rising up to colonel and chief of staff. But it was what allowed him to take care of her in her old age. So, I constantly think about my parents’ retirement. Is anybody facing a similar situation?

After coming across Root of Good’s blog, I got a little more motivated. His main points are living a modest lifestyle and saving. We only need around $40,000 a year to live a modest lifestyle. He wrote a step method to do look at your savings. If a $1,000,000 is your goal, then start with $10,000, and then do $50,000, then, $100,000, etc. Treat every goal like a milestone.

I, also, ended up reading FI’s plan on how he plans to retire by 30. He’s built up passive income through rental properties and dividend income. He’s done great! He’s going to exit the corporate world next year. Pretty great!

So, maybe it’s not impossible. If we never try, we’ll never know. So I’m using a combination of Justin’s (Root of Good) method to set goals. I’ll be talking more about my own personal goals and our goals as a couple in a follow up post.

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Do you think financial independence is possible? Are you working towards it?