Reply to s/o--so how did you afford a 2 million dollar home?

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Reply to "s/o--so how did you afford a 2 million dollar home?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]

I am the pp you quoted.  According to my husband he made nearly a million last year.  I used to be an associate at a big firm for several years and my DH is govt employee, and we saved $500k in a few years before we had kids so considering he had like 3 more years as an associate before he had kids (likely making $300 base by the end) and another 4 years as a partner at $700-950k/year I'd say the numbers add up quite nicely.  I doubt they have a $3 million mortgage.  I would bet he paid a huge chunk of cash.[/quote]

I never said they had $3 million in debt.  I said they may have mortgage debt on $3 million in real estate.  If they spend money on all the other things you mentioned, it sounds like they still have a lot of debt, unless they were astute investors or had family money.  We saved  more than this family likely was in a position to save before buying a primary residence in the $2 M price range, but other people are comfortable going out on more of a financial limb.

Not really trying to call other's choices into question at all.  Those who wonder how other people afford such homes, however, might want to understand that, in some cases, there's a fair amount of stress and uncertainty associated with this type of lifestyle.  As I mentioned, I've known some former law firm partners who had to deleverage quickly.
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