If there's one thing to learn from the responses in this thread....its place less pressure on your kids to go to college and more pressure on them to be learning job skills while they're young (whether it be software engineering, plumbing, etc.) College does not appear to have helped some of the people in this thread. I've got 529's for my kids, but I hope they never use them. I know personally that I did not learn 1 thing in the classrooms of college that has helped my career today and I'm betting a lot of others could say something similar.
Ok aside from that...My wife and I were trying to get to the point of early retirement by age 45. As some on here have said, I would imagine it to be very difficult if you don't have 2 incomes and dealing with student debt. However, I think the important lesson [even if this FIRE thing is overly idealistic], you can set yourself up in a much much much better financial position in life if you minimize your spending, maximize your investing/saving. If you go over to bogleheads you might be inspired.
Our plan has definitely took a hit when our daughter had a medical issue that caused my wife to quit her job over a year ago. Looking to get her back in the workforce and get back to a 60-70% saving rate and maybe we can still retire fairly early or at least have some nice $ to rely on.
For those who say its impossible to save, that may definitely be true for a while. Just do everything you can to find extra income in the meantime. Otherwise, if you aren't doing this, you aren't trying that hard with saving.
Make a budget and live by it. You should always know where your money is going each month.
Shop Aldis or the lowest possible priced grocery store
If you shop at Whole Foods and complain about not being able to save....you're a super confusing individual.
Never ever spend money going out to lunch during work week (unless its a special occasion that requires it)
Always bring a lunch. If you forgot to, your punishment is hunger for lunch.
Take pride in driving the crappiest car at work [or having no car]. The idea of taking out a car loan should be unfathomable to you. Drive that thing into the ground until the engine or transmission goes out.
Buy new clothes as rarely as needed. Unless you're a lawyer or something high profile job, no dude's going to know that you bought your clothes at Target vs some expensive place.
Learn how to fix things yourself (housework/car maintenance). The internet has blessed us with information (yes you may be like me and screw some stuff up in the process).
If you pay over $75 a month for internet, get it cheaper. Keep calling your provider with threats to leave them until they give in. They will. Or do you even need internet? Can you use your phone? Or library internet?
If you don't have the ability to pay off your credit card bill for the month, then do not use your credit card.
Eat free samples at grocery stores until you can pay off that bill. [Half joking on that one]
View your saving goals as must dos. Look at where you spend your money each month and if you aren't able to do these things below, but your spending on things you value less, ask yourself why?
If you aren't maxing out your companies 401k match, do everything in your power to match it.
Then do everything in your power to max out your Roth IRA contributions.
Then do everything in your power to max out your 401k contributions for the year.
Then do everything in your power to investing your money in index funds.
Learn to be ok being known as cheap when it come to spending on yourself. If spending money on others is important to you, than don't let up there.
Now how people who retire early deal with medical care....that will be tricky.