If I didn’t have kids I could have FIRE in a couple years. However the thing that probably locks me in the longest is a desire to help them with higher education costs. If I wasn’t going to help with that not only would I have extra money each month, but I would go part-time (or no-time) as soon as the last one hits college.
I also enjoy my work as a physician and frankly want to practice another 10-15 years at a min anyway. It would be great to have the walk-away option, but I would have to adjust our expectations for our living standards and to help our kids to do so. We don’t live extravagantly (and we save somewhere around 28% gross income overall), but my mortgage has awhile to go.
Instead I’m focusing on ensuring I have quality experiences with my wife and my kids – my oldest is only 8, but is already busy with some of his own activities. In 5 years it’ll be even harder for him to have his attention, and I can’t retire today, so I better make the best of both worlds.