Reply to How did you afford your $1M plus home?

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[quote=Anonymous]OP, will your parents go on Medicare soon?  Are they low income, you mentioned they are unemployed, but can they be eligible for some sort of social support at this age?  You need to investigate this and concentrate your energy on controlling your costs to support your parents, I mean medical costs, because high medical expenses can wipe out even millionaires.  Are you paying for their insurance or you are paying out of pocket?  You seem to be comfortable with the level of support you are providing now but mentioned the costs will grow, so unless you parents can qualify for some medical social benefits you will go bankrupt regardless of your HHI while paying their bills and supporting kids.

We are supporting our families too, similar costs to yours, but this isn’t for medical expenses, they are covered by Medicare and DH’s mother is still working a low paying job to keep her insurance till she turns 65.

We didn’t feel comfortable purchasing 1m home, we went with the ho hum rambler under 800K but in a very good area with great schools.  Nanny expenses are similar to yours and HHI around 350K with both of us working.   Our networth is about 2 mil due to income producing rentals we started buying in our early 20s and now own free and clear.   We are happier this way, because we like to not be stressed about money since we grew up very poor.  We like to go on nice vacations and weekend trips and don’t like to have to worry about where to shop for groceries and how many times to order takeout or go out.    We are frugal, but we are not cutting coupons or counting every penny.  
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