What HHI is needed for this lifestyle in the area?

[Anonymous]

Anonymous wrote:

Anonymous wrote:1.5 mil house in a desirable zip code
Private school for 2 kids
2 cars, one should be luxury: think bmv or Audi
1 internal trip per year; skiing trip in the winter for the whole family
Fully funded 401k and IRAs
Fully funded college funds for the kids

1 mil?

Depends on what you mean by these. Do you mean that you want to have 400k per kid by the time they are 18? Somewhere between $5-10 million by retirement? That's what "fully funded" means to me. If that's what you mean, you will need at least 1 mil per year. Less than that, you will not b e saving as much as you should be with the other expenses you want to incur, particularly with private school.

We are on track to have $600k in each child’s 529 by age 18, as top private colleges are expected to cost $150k/year then (!!) We will have $8m in our 401k at retirement age assuming a very conservative 4% market growth. This is on a $500k HHI.

[Anonymous]

So much factors into this.

Is the income from one person with a very secure job (ie a doctor) and a spouse who stays at home?
Is it 2 people with not very secure jobs who each make $300K
Is a lot of the total income in a bonus that is not guaranteed?
Do you have high child care and general outsourcing costs because of demanding jobs?
Did the HHI recently increase so there is a need for catch up savings and maybe also paying off student loans?
When did they buy their first house/condo?

We make $650K and in no way live like this, but we also have not made anywhere near this much until recently and are trying to save $100K/year in mutual funds separate from saving a lot for retirement (due to paranoia about high incomes going away).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ski trips out west are really expensive. like 10-15k for family of four, assuming you want ski in/ski out (why do it otherwise).

I wouldn’t consider that expensive. My week in Rehoboth costs that much. [/

15k to go to REHOBOTH!? Are you high?

Yes..... no.

[Anonymous]

Anonymous wrote:Well our HHI is about $160k now after a jump about a year ago. We live in $1.2m house. Have a new but not luxury car fully paid, and no interest in private schools, but we do manage at least 3 US vacations per year, and usually one European plus maxing retirement accounts and fully funding college. I can’t imagine why folks would need another $850k per grade to improve their cars or send their kids to private schools! In the other hand I guess our neighbors think we are wealthier than we are!

Lol this is a fib. After taxes ain’t no way you’re doing all that on $160K.

[Anonymous]

we have that lifestyle on about $425K except we are only paying for one private school tuition. We could definitely pay for 2 or 3 kids in private if we made $600K.
-mortgage (2 homes combined) about 5K/month. (Total house value right now on Zillow: 2.1 million)
-private school $50K for one kid. Other one is in public (magnet) by choice.
-vacation (yearly) $10-20K
-2 paid off cars bought for cash in 2019 ($45K) and 2021 ($25K-used).
-retirement--on track for $5 million. Late 40s with half of that saved.
-college savings--on track. Plus we will have the $50K yearly that we currently pay for private school and the $10K yearly that we currently pay for travel sports/activities. We will by in early 50s when our kids are in college. We fully expect to be working during those years.

[Anonymous]

HHI 400, that lifestyle without any private school (top public school tho). Also only saving college for 25% of expected tuition because company will cover the other 75%.

No way you can do this lifestyle without 600k hhi.