ERE with small children in a large city

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Mammoth
Posts: 2
Joined: Wed May 12, 2021 2:20 pm

ERE with small children in a large city

Post by Mammoth »

Dear ERE colleagues in spe,
I have been going through journals, looking for a person with the same life circumstances as mine to get inspiration from, but I need help from "old" forum readers to give me advice on which journals they recommend me to read.

I live in the northern parts of Europe, have a husband and three small kids. We are going to stay in the big city until we retire. We need to move now, but housing is so damn expensive here, which is not in alignment wih ERE. I need input, I feel, from others who have done/are on their way to ERE under similar circumstances, and if anyone can give feedback on the housing issue.

BACKGROUND, PRESENT SITUATION AND THOUGHTS ABOUT THE FUTURE
My husband and I have worked for ten years, we have three small children, and a year ago we discovered "Your Money or Your Life", FIRE, and ERE (I just recently finished the book). It has been revolutionary. We have changed a lot in the way we view work, time, material things, etc. Apart from our house mortgage, we are halfway through to FIRE. We do not have particularly high salaries, and we are naturally small spenders, so the past ten years we were trying to pay off our mortgage, until we a year ago realized that it would be smarter to invest the money, reap the returns, and pay off our mortgage later. We want to move to a bigger place (I know, not ERE-like, but it feels necessary with three small children, sleep deprivation and working from home). My husband really wants to stay in the big city (because he loves the challenges he gets at his current job), so we have decided on an area in the outskirts, where prices are a bit lower, I can stay at home with the kids for a few years and we can bike everywhere (school, swimming pool, ice skating rink, grocery store, etc.), which makes the kids more independent faster, and also teaches them a way of living that does not involve mom and dad driving them around like chauffeurs. I want them to contribute, to feel valued, to start building their own lives early, and to get the confidence that they can do so (in which case I have to step back, which requires a small, secure little town).

I have dreams of once again working abroad, in exotic places. My husband does not share these dreams, so I have figured out that a possibility for me to get my kicks in life would be to twice a year or so work as an election observer for like two weeks in different countries; this is something that I think that I would like to continue doing even after i retire, because I think it would be interesting and bring me great joy. The rest of the time, I can then be there for my family. My plan is also to for a couple of years study something completely different from what I have studied: programming. It seems very convenient to study something that the job market is in great need of, my thought is that then I can probably more easily set the terms that I want. I do not want 40 hours a week. It would probably also make it simpler to just quit a job if I feel like I have to focus more on my family (or just do my own thing for a few months), and then I can easily get a new one I figure. No drama involved. I might be wrong, though.

TRICKY HOUSING SITUATION
Getting someting more expensive means a bigger loan. Housing has, however, been a great investment here in the past thirty years. Getting something smaller, means that we will be able to retire earlier, but then we cannot move, because we will not be receiving salaries, which you need to get a new mortgage (which you unfortunatly need here to buy a home). Getting something bigger means that we will be able to rent out a small house in the garden/room in the house, which will give us a higher monthly income - plus the house in itself can turn into a good investment in the long run. I am afraid that the small house is too short-sighted, although more in alignment with ERE.

chenda
Posts: 3289
Joined: Wed Jun 29, 2011 1:17 pm
Location: Nether Wallop

Re: ERE with small children in a large city

Post by chenda »

Welcome Mammoth. I don't know what journals would be best to read but sounds like the big house makes sense for you.

Mammoth
Posts: 2
Joined: Wed May 12, 2021 2:20 pm

Re: ERE with small children in a large city

Post by Mammoth »

Thank you for your input. It should make sense with a big house, but at the same time it's speculation that the prices will continue up. If we stay there for a long time, it will probably be a good deal, but it does postpone retirement by a few years. Being able to grow your own vegetables, perhaps renting out some garden space for someone to park their boat during the winter, etc. should in the long run make it a good deal. But not in the short run. Maybe there are two right answers, depending on the perspective.

chenda
Posts: 3289
Joined: Wed Jun 29, 2011 1:17 pm
Location: Nether Wallop

Re: ERE with small children in a large city

Post by chenda »

Mammoth wrote:
Fri May 14, 2021 6:18 am
Thank you for your input. It should make sense with a big house, but at the same time it's speculation that the prices will continue up. If we stay there for a long time, it will probably be a good deal, but it does postpone retirement by a few years. Being able to grow your own vegetables, perhaps renting out some garden space for someone to park their boat during the winter, etc. should in the long run make it a good deal. But not in the short run. Maybe there are two right answers, depending on the perspective.
Yes and especially with 3 children I'd want to space to let then go free range ;) Are you in Scandinavia ?

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