This is doable, even with kids. Especially in the software industry. I like that this article mentions setting a wealth target based on expenses, not current income. It's all about having a life that isn't financially expensive. If you can reduce expenses by $10K a year (less than $1K a month), that's an additional $285,714 that doesn't need to be saved up (10000/0.035, assuming 3.5% withdrawal rate).

We have two kids. They go to public school. We live in a modest 4 br house that is less than 2,000 sqft, in the DC metro. Housing is $1,700 a month (including county/city taxes and insurance). Food for 4 is $1,000 to $1,500, but this can vary a lot depending on preferences. School costs $0 since it is public school. Phone bill is $35/month for two lines since we prepay for a year and use an MVNO. This is for 8gb on one line and 2gb on the other. The phones themselves are modest and paid off (pixel 2). Electricity is about $150/month, natural gas about $100 a month, water $77. Transportation (one car for the whole family, no commute) averages about $200/month long-term, including car, maintenance, gas, insurance. Going with one car and having no commute makes a big difference. We live in an area that is walkable/bikeable. Internet is $90/month for 250/12.

Based on the Maryland health connection gov website, if we can keep our expenses, and therefore income, at or below $60,000 a year, then there is a $380/month/adult credit for health insurance purchased from the government exchange. At this income level, children can qualify for MCHP:

"MCHP Premium is low-cost health insurance coverage for higher-income children up to age 19 between 200% FPL and 300% FPL. MCHP Premium provides access to health insurance coverage for eligible uninsured children through the Maryland Managed Care Program, HealthChoice, for a modest monthly premium."

The MCHP premium premium for families between 250-300% FPL: $70 per month (per family, not per-child).

For the adults, the
KP MD Bronze 6200/20%/HSA/Dental plan is $179/month/adult in this scenario, after the $380 credit. The plan is HSA-compatible, so we can build tax-free medical money in an HSA and keep that long-term, invested in stocks. The out-of-pocket max is $13,100, so we don't go broke.

Capital gains taxes are very low to non-existant. Married, filing joint, can realize $78,750 a year at 0% federal rate. The sum of all the expenses above (housing, food, utilities, health insurance, transportation, education) is $48,336. Bump that up to, say $55K or $60K to allow for additional discretionary spending, and that is:

$1,571,428 to $1,714,285 at a 3.5% withdraw rate. That's with no additional income generation at all. This is in the DC metro area, in Maryland, which is definitely a higher cost of living area. It's definitely not absurd like SF or some other places. There are lots of great tech jobs in area. Even Amazon HQ2 is not far.

There's one notable omission: college. Personally, I got my GED when I was 16 and did not pursue a degree. No college debt. Due to working my way up through companies, first small, then larger, I was able to not only build wealth, but pay off my wife's college debt (and she doesn't work; she takes care of the kids).

So, this can definitely be done. It takes some sacrifice to build up the wealth, but no a total sacrifice. Spending money and enjoying life are two distinct things. Spending money is not a prerequisite for enjoying life. Plus, the difference between spending just a little over one's means, and a little under one's means is monumental --one leads to wealth, the other to poverty. I personally do not at all feel like I missed out in my 20's or envy any of my peers.