By: Larry MacDonald

For me, Findependence Day had a few lessons “in between the lines.” One pertained to marriage/children and how they can affect the pursuit of financial independence (as discussed before in this blog).

The personal-finance book begins with the central character, Jamie Morelli, already married, indebted, and about to have twins. What if Jamie had decided to make financial independence a priority while still single? He might have been able to reach his goal much easier and sooner.

If one delays marriage and/or kids for a few years, they can live modestly and save 50% to 80% of their income by living in inexpensive accommodations, taking the bus/riding the bike, and enjoying simple pleasures like reading and hiking. Of course, this extreme frugality will not be everyone’s cup of tea. It’s more for individuals who really don’t want to be chained to a job all their life.

If one does get married early in life, it helps to find out beforehand if their spouse is on the same page. I’ve touched on this before too: if one spouse is parsimonious and the other is not, the sailing could be rough — like it was for Jamie and his wife.

If already married with children, the options are fewer. It will be a longer and less certain haul to financial freedom. But perhaps one can discuss things with their spouse and obtain agreement for some lifestyle changes that result in a much higher rate of saving.