Well we have 2 kids and single income here in Japan and I have to say that the kids haven't been such a drag financially yet, but hey they're only young 5 & 2, there's another due at Xmas. It could be that Japan's economy has been down since I arrived so prices have continued falling, whereas although I hear about low inflation in Oz I feel prices have been rising there.
I had my PPOR in Melb at 30% LVR when I came here ... that was a helpful start but apart from that I put our ability to move strongly forward down to frugal living combined with education, planning and action.
Key points :
1. Cheap rent from in-laws in their unused farming house.
2. Only shopping at the cheapest stores and then only buying at end of season sales, etc but not buying poor quality.
3. Buy bare min doodads ... no mobiles, old TV, note pc (essential when os) is 6 years old, going well and I hope lasts another 3 or 4 years.
4. Bought in-laws' old car cheaply 6 yrs ago... just bought a new one this month ... my first new one ever ... tickled pink.
5. Adhere to a tight budget ... yet allow for holi and family trips ... again budget flights & on off peak dates ... never direct (save 40% or more).
6. We planned for my wife NOT to work, so we didn't have the pinch when she had kids.
7. Medical care in Jp is free for kids till 3 yrs, everyone pays only 30% after that.
8. Eat cheaply but healthy ... you don't get sick ... few med bills.
My situation is different to yours Bantam Roosta but if you really want to get your wealth investment machine cranking even with the wife not working while having kids ... you can do it. The question is how much do you want it ?
Can you cut back on some of the none essentials for some years ?
Could you plan out potential savings from getting parents or in-laws to assist in some way ? ( old tv, baby sitting, etc )
Just talking to them about your dreams, plans will get their minds working more strongly in your favour.
Could you increase your income by pay rise or 2nd job ?
You could very well have already done some or all of these but thought I'd just put a few down.
Good luck in your quest.
