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Can you retire early if you are a parent and don’t have a six-figure salary? It’s a question the FIRE community gets often.
Well, today we’re going to meet a reader who worked as a librarian, has a toddler, and decided to retire early anyway. How did he do it? Let’s find out.
Why are you called the Millionaire Librarian?
I’ll probably get destroyed online, but I actually created the blog, MillionaireLibrarian.com, a few years ago when the label “millionaire” was aspirational—and, to be honest, it is still a little aspirational. We aren’t quite there yet, but we are financially independent. Our portfolio supports our lifestyle. As for the other term, both my wife and I are librarians. I was an Air Force librarian for the federal government, and my wife worked in a mix of public, academic, and military libraries.
Why did you move to Cuenca, Ecuador, from the US?
Both my wife and I had previously lived overseas. She lived in Saipan and I lived in South Korea. We were researching areas where we could retire and initially looked at Boquete, Panama. The investment visa was a little too expensive, so we began looking at other countries, including Ecuador. What we found was that Ecuador’s Professional Visa is one of the most accessible for middle-class workers with a degree.
We began looking at Cuenca and realized that it would be a wonderful place to live.
Despite being near the equator, Cuenca is famous for its “eternal spring” climate, meaning temperatures remain remarkably consistent at 50–70 degrees Fahrenheit throughout the year due to its high altitude in the Andes. “El Centro,” which is the city center, is a UNESCO World Heritage site and has a Spanish-style cathedral with three beautiful blue domes that you can see through much of the city.
El Cajas National Park is also located just outside of the city. This is 70,500 acres of protected high-altitude Andean wilderness that is renowned for its páramo ecosystem, over 700 glacial lakes, and varied hiking trails.
Statistically, Cuenca is consistently rated as the safest city of its size in South and Central America. When compared to the United States, it is often safer than 95% of comparable cities.
● Cuenca’s Homicide Rate: ~6 per 100,000 people.
● Chicago: ~29 per 100,000 people.
● Memphis: ~44 per 100,000 people.
There’s also a wide range of English-speaking professionals, including lawyers and doctors, because there are an estimated 10,000 North American expats living here. The expat community is thriving and holds weekly events at bars and restaurants. There are
also regular free symphonies we attend.
We were also interested in expanding our knowledge of Spanish and wanted our daughter to become at least bilingual. The current plan is for her to attend a private German school that is overseen by the German Ministry of Education and become trilingual.
What are your day-to-day expenses in Ecuador?
A detailed budget can be found on my blog, but not including major one-time purchases, we spend around $2,200–$3,000 per month. That includes full-day daycare for $265 a month. We don’t own a car because taxis cost from around $1.50 for a short ride to $4 for a ride across the city. There are also buses and a tranvía for $0.30. A lunch “meal of the day” includes a soup, salad, rice, small dessert, and an entree, and generally costs $3.50 a meal. Lastly, we rent a beautiful two-bedroom, office, and three-bathroom two-story house in a quiet neighborhood for $450. We live a life full of luxuries, including a weekly housecleaning service and a gardener.
What were your day-to-day expenses in the US?
In the US, we lived in rural areas but spent around $5,000–$6,000 a month for a less luxurious lifestyle. Daycare alone in the US was around $1,200. We also needed to own two cars because we lived in rural areas; while the cars were paid for, the cost of gas,
maintenance, repairs, and insurance just seemed to keep increasing. We spent a considerable amount of money on healthcare expenses. Even though we were covered by my wife’s employer-based insurance, our deductible was quite high, so we probably
spent close to $6,000 out of pocket the year before we retired.
What do you do about medical insurance and medical costs for your family?
We have catastrophic insurance, which costs around $110 a month for our family of three and doesn’t kick in until $5,000 in expenses. We use the private system for doctors. A general practitioner will visit your house, usually the next day, for around $20. A specialist usually costs more, at around $50. The doctors we use speak fluent English, and our specialist worked in the United States for years. In two days, I saw a general practitioner and a dermatologist twice, had annual blood labs, and had a skin issue burned off for a total of $200 without using insurance.
Medication can be more expensive depending on the type. Use your favorite AI to find out the name of your medicine in Ecuador and you can check costs at www.farmaciassinai.com. Many medicines that require prescriptions in the US do not require one in Ecuador. I had a stomach bug and my doctor over WhatsApp (Yes, I have my doctor’s WhatsApp) just told me what to buy at the pharmacy for free. There is an attitude of service in the medical community here that I rarely found in the US.
What do your friends and family think about your lifestyle?
My family was surprised and questioned how I was able to retire so early at 38. A lot of family members who were older and had much more lucrative careers weren’t retired but had other priorities. I prioritized financial independence.
Some close friends questioned our ability to provide our daughter with college, but we had invested enough money in a 529 to pay for her projected tuition and living expenses.
What was your number one fear before pulling the trigger and retiring?
I used financial projection software to make sure our plan would work, and the Monte Carlo simulation had a 97% success rate, but I was still worried. Things did end up being a little more expensive than I thought, but we had flexibility in our plan. We also
realized that we weren’t afraid of going back to work part-time if we experienced a bad sequence of returns risk or if we wanted to expand our lifestyle.
What would you say to others considering geo-arbitrage as a “cheat code” to FIRE?
Geo-arbitrage is a great way to really stretch your investments. You discussed how in your first book how you would travel to cheaper areas to stay under your budget. What if you just found a cheaper area you loved and lived there?
Are there any non-financial benefits of your new lifestyle?
The health benefits of living in Cuenca, Ecuador, cannot be understated. On most days, we walk around three miles and throughout the week we eat pounds and pounds of beautiful, fresh fruits and vegetables that cost us $20. We have time to go to the gym regularly. These changes in lifestyle led to 60 pounds of combined weight loss, less pain, and dropping a heart medication.
There you have it! Living in US and/or Canada is expensive. Having used travel as our way to hedge against sequence-of-returns risk for the first 5 years of our retirement, I can say that it worked out beautifully. And having lived nomadically for 3 months with our toddler in Spain, I can also attest to the fact that daycare and medical costs outside of the US is way cheaper, even if you’re not in crazy cheap places like South American or South East Asia.
What do you think of Millionaire Librarian’s story? Would you ever move to Cuenca, Ecuador? Have you used geo-arbitrage to help you with finances? Let us know in the comments below!
Book news:
We’ve been featured in the following media outlets and podcasts! If you’re interested in how to FIRE if you have a family, have a listen/read below!
Business Insider (front page!): https://www.businessinsider.com/how-one-couple-retired-early-financial-independence-savings-investing-strategies-2026-4
MarketWatch: These parents did the impossible: Retired in their 30s while raising young kids
Journey to Launch with Jamila Souffrant: How to Parent Like a Millionaire Without Being One with Kristy Shen & Bryce Leung
The Money Nerds with Whitney Hansen: Does Being a Parent Change Financial Independence?
SoMoney with Farnoosh Torabi: 1954: How FIRE Parents Hack Childcare, Housing and Education
Under the Influence with Jo Piazza: Can You Actually Retire Early When You Have Kids?
Earn & Invest: 712. Will Kids Break the Bank? w/ Bryce Leung and Kristy Shen
Marriage, Kids, and Money with Andy Hill: 2.9 Million Net Worth at 43
ChooseFI: Parent Like a Millionaire Without Being One
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This sounds fantastic, congratulations and well done.
What funds were the investments in.
Thanks
Total US market index funds almost entirely. I added an ex-us index fund around the start of last year for a small percentage. I added a total bond index fund when I started living off of the portfolio that is worth about two years of expenses.
Congratulations! I visited Cuenca to audit for geo arbitrage but my visit was cut short by COVID. Do you find that there are too many gringos in Cuenca bidding up prices leading to local resentment?
That can be a problem. We see it especially in some sectors where an apartment is cheap by American standards but out of reach for many Ecuadorians. We live in a part of town that is almost all Ecuadorians and though it sounds contradicting that is one reason its important to get the best deal you can so not to drive up prices.
As a gringo, I jokingly complain to taxi drivers about the gringos not knowing enough Spanish. They always laugh with me.
Are you dual Ecuadorian and U.S. citizens?
Do you pay both U.S. and Ecuadorian taxes on your incomes, including investment incomes?
Being former military, I thought you would have excellent health insurance in the U.S.
#Felon47
#WarCriminal47
We are just US citizens and at this point plan to remain that way. We would have to be fluent in Spanish for citizenship.
With taxes we have received contradicting information. I don’t want to add to any confusion, but if we do pay any Ecuadorian taxes then we should be able to write it off on our US taxes. Again not a tax professional at all. With US taxes you always have to file.
I was a civilian in the Air Force and am not entitled to the VA.
I actually used to live in Quito, Ecuador for 3.5 years and now have lived in Rionegro, Colombia (just outside of Medellin) for about 6 years. I can definitely attest to Cuenca being a wonderful place as well! Pricing wise, it’s very similar over here too and it’s been a wonderful place to raise our two young boys.
Great story and congratulations on your adventurousness!
Thanks! We are planning on settling here for a while which will be weird. As I mentioned I worked for the military and I always had a curiosity about moving and living in a new area and that is what we did.
On my blog in the article titled, “Retiring Early with a Federal Career,” I mention several of places we lived and how our ability to FIRE was largely due to having a federal career and living in very cheap places which doesn’t get talked about. Most blogs and financial resources are all about increasing your income. Instead because we had a upper limit that was pretty low and we moved to lower our expenses instead.
Amazing! Great to see what is possible when you’re not looking to make the most money possible and have a young family. Congrats on all the positive health changes as well.
I should probably go check out your blog next but I would love to know how you calculated your FIRE number. I feel like we could be there soon if we did move to South America. But how did you get an accurate idea of what your theoretical expenses would be?
To be honest, I had already retired when we looked at Ecuador seriously and I spent a lot of time on Facebook groups mostly trying to get an idea of expenses. Everyone was super helpful. Facebook marketplace will give you an idea for housing and some other goods, but part of the reason I wrote out my budget on my blog was that there wasn’t a great place to find everything. Even then there are limits. My weekly expenses will be different than yours. I also checked Numbeo.com. In my experience it underestimated our expenses. Not necessarily the costs of the items but how much you would use in a month.
Once I had an estimate. You could use the 4% guideline to see if you meet it. Firecalc might be another useful tool. I purchased a financial projection software where you can run Monte Carlo’s simulations and add and subtract income as needed. That is where I put my faith to move my family here. Once we got here we used budgeting software to track our expenses and get better data.
Was in Cuenca recently. Good vibe and friendly locals. Brother moving there.
FYI, portfoliovisualizer dot com has monte carlo and many other model for free.
Congratulations on accomplishing your FIRE goal and living the life you imagined! We recently travelled all over Ecuador & Columbia and Cuenca was our clear favorite. Friendly people, beautiful town & surroundings, great weather, incredibly safe, and very reasonably priced. We cannot wait to back.
BTW – very impressed that you chose to live in a local neighborhood instead of Gringolandia 🙂 I’m sure your daughter will make some great Ecuadorian friends and her Spanish will be far better because of your adventurous choice.
Thank you for the kind words.
A major part of the reason she attends an entirely Spanish, Ecuadorian preschool is for Ecuadorian “friends” and to learn the language.
I’m glad Cuenca treated you well. Enjoy your travels.
Congratulations. I am happy (and if I’m truthful, envious) that you are making it work.
I also looked at relocating post-FIRE, not to lower my cost of living, but because I wanted to live in a different, more socialist/less capitalistic society. I’m glad that I tried it out first. As a single person with no children, I found the experience somewhat isolating. With no job to go to each weekday, no partner, children or family members to provide built in socializing, there were times (especially long weekends, holidays, school vacation breaks etc) where it was difficult to find company because everyone was busy with their family network. Occasionally a friend would invite me to join in their family celebrations (e.g. Christmas). Sometimes it was lovely to spend time with them. Sometimes I felt like a 5th wheel (or plain uncomfortable if the family drama got too ramped up). That’s not to discourage any singles from trying it. It’s just an extra consideration that you should take into account if you are practising arbitrage as a single.
I would agree with you. Prior to Ecuador almost a decade ago I was in Korea. I was single and it was very isolating.
Cuenca does have a thriving expat community like I mentioned, but it probably would still be lonely. However, I do think its a warmer society socially than Korea but it is very familial and that might feel isolating.
My wife and I also have a very strong relationship so we spend a lot of time together.
“This is such an inspiring story! It’s refreshing to see a librarian’s perspective on FIRE—it really proves that consistency matters more than a massive salary. Geo-arbitrage is definitely a ‘cheat code,’ but for those of us still navigating the UK market and looking to keep our overheads low while building that initial nest egg, finding the right fixed-rate deals is just as crucial to the math. I’ve been looking into how Halifax’s 2-year fixed rates compare for those trying to lock in stability before making a big move like this. Thanks for sharing your journey, Millionaire Librarian!”
https://millionairelibrarian.com/2025/03/26/the-big-decision-i-made-five-years-ago-that-allowed-me-to-retire-at-37/
Millionaire Librarian mentions that they never earned more than an $85K salary. Converted to CAD, that’s $119,000. This seems like a high income to me, no? Or, maybe I’m working in the wrong industry?
https://ca.indeed.com/viewjob?jk=b71084a0f99b4536&from=shareddesktop_copy
A librarian job in the Metro Vancouver area earns CAD 22.96/hour, less than CAD 50,000 per year. Millionaire Librarian earned nearly 2.5 times that.
How realistic is it to land such a high paying job? Do you have to constantly go job hunting? Do you constantly have to find ways to please your boss to get higher pay? Do you have to consider working a much more demanding and stressful job?
I did chose a librarian path that would pay me more. I was a non-supervisory librarian and then a director over a small library. My wife’s librarian position paid her less with similar responsibility.
Part of my blog talks about choosing good paying jobs in cheap areas.
You can either make more money or live cheaper. If you want to retire as early as we did, then you need to do both.
Also the position you posted was a library assistant position which is paraprofessional or support. Professional librarian positions require a masters of librarian and information science (MLIS).
The article highlights how the Millionaire Librarian achieved financial independence without a huge salary, which is inspiring. It’s interesting that he started the blog when the millionaire status was still just a goal. This shows how important it is to start planning and tracking progress early, even before reaching the ultimate target.
Thanks for your comment.
I see how the article contrasts aiming for “millionaire” status versus achieving actual financial independence. It’s a helpful distinction, because obsessing over a specific net worth number can distract from the real goal: building a life where your assets support your choices, whatever your income.
Thanks for your comment. It has been my experience that people are set on specific numbers and the more conservative the number then the smarter you sound despite the reality.
Also, many FIRE police believe that once you retire then that is it and any paid work is a failure.
My experience is that life is more complex then that.
Thank you for sharing this story; it has inspired me deeply, giving me the courage to make choices and firmly pursue what I truly want to do.
Thanks for your comment. It is cliche but you only get one life. We always felt a need to live in new places…really until now.
So, he wants to be called Millionaire Librarian even if he isn’t *really* a millionaire yet? Is that, like, allowed if you’re writing a blog?
You can make a blog named almost anything. They don’t check. Should have called myself the Trillionaire Librarian in hindsight.
It’s great to see how the Millionaire Librarian is approaching financial independence even without a huge salary. I appreciate the focus on lifestyle choices and manageable goals. It’s encouraging for those of us who aren’t in high-income brackets but still want to pursue FIRE!
It’s inspiring to see how the Millionaire Librarian achieved financial independence despite not having a huge salary. I appreciate the focus on practical steps and a realistic approach to early retirement, showing it’s possible with careful planning and dedication. It’s encouraging!
The article mentions checking the site connection security. I wonder if there are open-source tools that can automate these security checks, making it easier for smaller websites to maintain a high level of security without needing a dedicated expert.
The article highlights a librarian who achieved financial independence despite not having a six-figure salary, which is encouraging. It’s interesting how focusing on a modest lifestyle and consistent saving can lead to early retirement, even in traditionally lower-paying professions. This shows that dedication to financial goals matters more than income level.
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This is such a refreshing perspective. I’ve been trying to balance my own modest salary with aggressive saving, and it’s encouraging to see someone actually pull it off. How did you handle the temptation to spend more as your savings grew?
I viewed my savings as how much spending annually it allowed me. So it wasn’t 500k, it was 20 thousand. Also as JL Collins writes, I viewed my nest egg as buying freedom so it was never just money sitting there and it never felt like a sacrifice.
Also we spend on plenty of things but they are generally lower cost things like services and eating out, and not cars or expensive housing.
Interesting perspective. I work in a similar field and have been tracking my own savings rate—it’s surprising how much you can accumulate even on a modest salary by cutting housing and transportation costs. Did you find that the library’s pension plan played a big role in your early retirement timeline?
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Thanks for sharing this article about “Millionaire Librarian: Retire Early Without the Six-Figure Salary – Millennial Revolution”. The practical explanation made the main idea much easier to understand, especially the way the key steps were connected. Magggic
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