S/O American Dream. Would $500-750k HHI be enough for this lifestyle?

[Anonymous]

No b/c of taxes

[Anonymous]

I grew up UMC in the Midwest in a family of 5. My parents made much more than $500k, and we could not have lived like this back then.

You are delusional.

[Anonymous]

OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

[Anonymous]

I think it depends on whether you are starting out at that income level vs ten years ago given how much home prices and interest rates have increased.

But in most cases if you are making a lot of money, it is hard to take 4-5 vacations a year. Ezra Klein was just talking about this on his podcast. This era is the first one where the rich work longer hours than everyone else.

[Anonymous]

Anonymous wrote:OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

Don’t have kids. You’re already talking like you’re giving up too much for them and you don’t want to adjust your life around them. Saying that as someone who’s also planning to start a family soon who makes more than you also working 100% remote. You need to be 100% in it if you’re having kids today. Otherwise don’t bother, or wait until you’re ready to think about their needs vs accommodating your travel needs.

[Anonymous]

Anonymous wrote:OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

You don’t know what you don’t know, so believe us when we say everything will change and revolve around them for at least 18 years.

[Anonymous]

Anonymous wrote:OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

Sure, if your trips are to the Poconos.

Just remember, you’ll be on a tight budget with that salary and lifestyle, so your 4 vacations will have to be very cheap.

[Anonymous]

I dont know, soubds similar to my life but we have less fancy version than you probably envision.

We make 400k and live in Arlington. We have a 4 bedroom house (but bought 14 years ago in a meh neighborhood, so spent 500k not 1.5 mil)..

We are spending a week at an all inclusive for spring break, going to europe in may, doing a beach week in summer. Then probably carribbean for Thanksgiving plus shorter trips to NYC and phoenix (so that is 4-5).

My kids go to sleep away camp (but I only have 2) and pretty much get the things they want. One kid does a competitive sport that is 6k a year. They do tutors and private coaching.

College can be paid 100% if in state.

We put 20% into retirement and have savings. No debt except one car payment and mortgage.

I guess the big different is house payment. Ours is 2600. So we are able to do a lot after that.

[Anonymous]

Anonymous wrote:I dont know, soubds similar to my life but we have less fancy version than you probably envision.

We make 400k and live in Arlington. We have a 4 bedroom house (but bought 14 years ago in a meh neighborhood, so spent 500k not 1.5 mil)..

We are spending a week at an all inclusive for spring break, going to europe in may, doing a beach week in summer. Then probably carribbean for Thanksgiving plus shorter trips to NYC and phoenix (so that is 4-5).

My kids go to sleep away camp (but I only have 2) and pretty much get the things they want. One kid does a competitive sport that is 6k a year. They do tutors and private coaching.

College can be paid 100% if in state.

We put 20% into retirement and have savings. No debt except one car payment and mortgage.

I guess the big different is house payment. Ours is 2600. So we are able to do a lot after that.

Oh I will add we probably do 6 weeks a year. My husband gets the week of Christmas and new years off then he does 2 -3 more weeks off. I take a month off in dec plus 3+ weeks during the year and lots of long weekends.

[Anonymous]

Anonymous wrote:I dont know, soubds similar to my life but we have less fancy version than you probably envision.

We make 400k and live in Arlington. We have a 4 bedroom house (but bought 14 years ago in a meh neighborhood, so spent 500k not 1.5 mil)..

We are spending a week at an all inclusive for spring break, going to europe in may, doing a beach week in summer. Then probably carribbean for Thanksgiving plus shorter trips to NYC and phoenix (so that is 4-5).

My kids go to sleep away camp (but I only have 2) and pretty much get the things they want. One kid does a competitive sport that is 6k a year. They do tutors and private coaching.

College can be paid 100% if in state.

We put 20% into retirement and have savings. No debt except one car payment and mortgage.

I guess the big different is house payment. Ours is 2600. So we are able to do a lot after that.

Your 4 bedroom house bought at $1M today with 20% down has a $6K PITI at current rates. And good luck finding a 4 bedroom house in Arlington for $1M.

[Anonymous]

Anonymous wrote:OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

Sure, you can say no too but I'm sure you won't.
Your mom isn't young, give her a break, babysitting once in awhile is more than enough.

[Anonymous]

Anonymous wrote:I dont know, soubds similar to my life but we have less fancy version than you probably envision.

We make 400k and live in Arlington. We have a 4 bedroom house (but bought 14 years ago in a meh neighborhood, so spent 500k not 1.5 mil)..

We are spending a week at an all inclusive for spring break, going to europe in may, doing a beach week in summer. Then probably carribbean for Thanksgiving plus shorter trips to NYC and phoenix (so that is 4-5).

My kids go to sleep away camp (but I only have 2) and pretty much get the things they want. One kid does a competitive sport that is 6k a year. They do tutors and private coaching.

College can be paid 100% if in state.

We put 20% into retirement and have savings. No debt except one car payment and mortgage.

I guess the big different is house payment. Ours is 2600. So we are able to do a lot after that.

You probably are very frugal to afford that. Living in VA is the best financial move: it’s a low tax state with low insurance costs and low utility costs. Transportation costs are also reasonable. Finally, there is not a culture of materialism. Which helps in ways you probably don’t realize.

For this ”fictional” life that OP has outlined it undoubtedly takes place in an expensive suburb where teens need cars and insurance costs are through the roof, where sports and other activities are expected, where college counselors are hired and summer programs are a must. They will see that 4 vacations are unlikely anyway due to the busy schedules of all the children!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I dont know, soubds similar to my life but we have less fancy version than you probably envision.

We make 400k and live in Arlington. We have a 4 bedroom house (but bought 14 years ago in a meh neighborhood, so spent 500k not 1.5 mil)..

We are spending a week at an all inclusive for spring break, going to europe in may, doing a beach week in summer. Then probably carribbean for Thanksgiving plus shorter trips to NYC and phoenix (so that is 4-5).

My kids go to sleep away camp (but I only have 2) and pretty much get the things they want. One kid does a competitive sport that is 6k a year. They do tutors and private coaching.

College can be paid 100% if in state.

We put 20% into retirement and have savings. No debt except one car payment and mortgage.

I guess the big different is house payment. Ours is 2600. So we are able to do a lot after that.

Your 4 bedroom house bought at $1M today with 20% down has a $6K PITI at current rates. And good luck finding a 4 bedroom house in Arlington for $1M.

Yes I did concluded with the issue being house payment. But there are plenty of places you can get a 4 bedroom.house near a city. I am from Phoenix and you can still get nice houses there for under 1m.

Of all the things OP asked about the house is where I would sacrifice. Having a small house payment enables us to live a grander life.

[Anonymous]

Anonymous wrote:OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

FYI…many areas now have restrictions on short term rentals, but they don’t care about 30+ day rentals.

You can save 50%+ vs Air BnB if you look at 30 day rentals which it seems you are able to do.

[Anonymous]

Anonymous wrote:OP here. I’ve been reading all the replies and people seem to be really stuck on the 6 weeks of vacation thing.

My H and I both work remotely right now and are digital nomads moving from AirBnB to AirBnB. We really like to see different parts of the country and world and I don’t want that to change too much when we have kids, though I know we’ll have to pick a place to live to give them stability. To answer some questions, my in laws are gifting us a large down payment and my mom is planning to move near us when we have a baby to be our nanny. She’s very excited about this, it’s not something I asked for.

On the subject of vacations, do you think 4 trips would be doable on 500-750k?

Not with your other expenses. We have two kids and do, on average, a long ski weekend, a week or two weeks in Europe/similar, and two in Maine every year. Our europe trips, which are not budget but are not at all high-spend, are at least $17k each. Skiing is another several thousand, and Maine is also several thousand. Add in another kid and even more travel, I think this is at least $100k in travel alone.