While the stereotypical tech startup entrepreneur is 23 years old, single and has no children, the reality is that many tech startup entrepreneurs are married and/or have children.
Don’t avoid “big boy” expenses just because you are bootstrapping. That is, make sure you have (or at least look into obtaining) insurance against life’s big risks — serious illness, permanent disability and early death.
Most tech entrepreneurs with young families are either not insured or grossly underinsured for these life-altering events. The good part is that if you are young (and healthy), a term life insurance policy isn’t that much. Even if you don’t have a wife or husband or partner or child, it can be a good idea to obtain a term life insurance policy since you can essentially “lock in” your good early health on term life insurance policies and later change the beneficiary of the policy.
Whatever your scenario, you owe it to yourself to at least investigate these things and determine what’s right for you. But cutting out these big boy expenses if you have a family isn’t “lean” or “bootstrapping” — it’s family malpractice.