Reply to How much did your income grow from your early 30s onward?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op here, thanks for the replies so far.

We currently have a HHI of $250k + about 10% bonuses.

We bought our house in 2017 for $330k at 2.75% and our PITI is $2200.

We have the opportunity to buy a lake house directly next door to my brother's family. Our kids are the same age, I adore my SIL, great location, we'd have one massive yard between the two houses and it's always been in the long term plans to get something around there, but we weren't necessarily planning so soon bc our youngest is still in daycare for 1 more year. But it's kind of a once in a lifetime thing. [/quote]

You don’t have the income for a second home. Foolishness. [/quote]

Not totally true. Depends on the cost of the home and how much they value haing it. I.e., what area they willing to give up if they own the second home and have to economize elsewhere.

But I also wonder whether they'd truly use it often enough, and how often their schedule syncs up with the brother's family. [/quote]

I can’t imagine a lake house for less than $100k, which is a years college tuition they are tossing away. On $250k income that is tough, though clearly their primary house income is quite low, so if they never need to update I guess it could work. Is this Minnesota?[/quote]

These people would have been fine if they had purchased a 600K home on their current salary - you probably wouldn't have batted an eye. I doubt it will be the end of the world financially if they spend more than 100K on a second house. Maybe they'll sell their lake house when their kids go to college and use the proceeds to fund college. The only option isn't for them to put all their savings into a 529 for them to be okay in life. [/quote]

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