Reply to What HHI is needed for this lifestyle in the area?

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[quote=Anonymous][quote=Anonymous]We couldn't do it on $600k, but we have to make mandatory capital commitments to DH's fund, we financially support our in-laws, we have to pay  a full time nanny and a regular housekeeper since we both work at least 50 hours per week, and we fund 529 plans at $16k per kid per year (2 kids) and we each max out our 401ks.  We need $1m+ per year under the circumstances. Looking forward to the day when 529 plans are fully funded as I'm going to "retire" to SAHM as this lifestyle often feels like it's too much. [/quote]

Same. I think what you describe works with closer to 800k-1M. We are at 600k and barely breaking even between 60k mortgage on 1.6M home, 70k+ to retirement a year, (one of us has extra retirement opportunities), 30k per kid to 529 for the next 5-6 years, 60-70k for nanny, and more for housekeeper, landscapers, babysitters, etc. We can't be sure on this budget to be able to afford 12 years of private school for our three kids, so we are starting them in public for a few years until we feel more financially secure. Maybe once the 529s are "fully funded" we can divert those to tuition, and obviously the nanny will get dropped, but right now 600k isn't cutting it.

That being said, we aren't the most financially prudent - we are very social, love weekend trips, eat out twice a week, do a lot of charitable giving, etc. I bet a family 100% committed to paying for private education could make this work.[/quote]

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