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

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[quote=Anonymous][quote=Anonymous]4 bedroom house in a close in suburb of a US city. Is this possible with a 1.5 mil mil budget? We are willing to relocate to a cheaper city, if necessary.

3 kids - college 100% paid for, no worries about paying for activities or day camps. No worries about paying for the things teens want: nice clothes, sneakers, gadgets, sleep away camp, basic first car. [b]So planning 1 mil for college savings alone.[/b]

4-5 vacations per year. This is my big ask, I know. I like to go on vacation and don’t want to have to give it up when we have kids. My ideal travel schedule would be: 1 week long winter ski trip out west (we love Breck), 1 week long spring break to the Caribbean or Central/South America, 2 week summer trip to Europe, 1 week trip to an East Coast beach town. 1 week couples only trip. This is what we do now. My idea is that we’d take our 3 kids on the first 4 trips with 1 couple trip. Tbh, I’m thinking this would be like 70k a year with 3 kids?

No worries about eating out at casual dining restaurants whenever we want, no worries about grocery prices, occasional fine dining experiences for anniversaries or celebrations

Responsible saving for retirement

I feel like this is the true “American Dream” as portrayed in the mainstream media we all consume endlessly. A nice suburban house where everyone has their own bedroom, there are lots of books, art, fresh flowers everywhere. The kids do lots of activities and go to camp in the summer. Frequent travel over every school break. Nice cars. No worries about things like grocery prices. College is paid for. It used to be possible on a lot less bit now 500-750k is needed? Or is even that amount too low?[/quote]

If you mean $1m total savings for college, you're way, way too low.  Your hypothetical kids will be in college in 18-20+ years.  Unless something radically changes, on the current trajectory college will be at least $500k each, and that's nowhere near the most expensive school.  We are planning $300k for our current HS senior.

Your $70k vacation budget is also a pipe dream.  You will be confined to weeks where school is out, at least when the kids get older, which is the most expensive time to go.  Five flights, five Epic passes, a 2-3 BR condo, rental car other transportation, and food - that is a minimum of $3k per person, and likely more.  Same for your 2-week European trip - you really think that's going to be $2500 per person?  You don't strike me as someone willing ot stay in cheap accommodations and eat frugally, OP.

All of your other assumptions are similarly underestimating how expensive things are.

I agree, this is a 7 figure lifestyle, and even then you're probably not saving enough.

- 1 Kid, HHI of ~$600k.  [/quote]

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