Reply to What HHI is indisputably RICH in a HCOL area?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I have been incredibly fortunate and my income went through the roof. By $2M there is little that one cannot afford (except private jet Travel). By $3M you can generally afford to get the best of anything anytime that you want it and you literally stop noticing prices for small things because it literally will never matter. Anything less than a $100 will never move the needle ever. Less than $1k but over $100 I would notice but it’s still too small an amount to care about.  Single digit thousands I consider but it’s too petty an amount to consider running it by my spouse.

In all fairness we live in DC, so in NY or SF it might require more. But for understanding sake only. We have a $7M primary and $3M secondary residence. [/quote]

We have a 2-3m HHI. We bought our primary residence when we had a $1m HHI. Bought it for $2m and it is now worth $4m. House is almost paid off. We could pay it off now but it is a 2.8% interest rate. Wondering if we should upgrade to a $5m house or build our dream house. I have 2 teens and an elementary child so the older 2 wouldn’t get much use out of the new house. Our house is already 10,000sf+.

Also have a $2m beach house. I can’t justify buying a $5m beach house that we will use 1-2x per year.[/quote]

In reality, why own a beach house if you literally only go for 1-2 weeks per year?   Why not just decide in advance when you are going and rent a really nice mansion?   Serious question.  Because we contemplated purchasing a condo in Hawaii, then concluded until you are using it 4-5 months of the year, you might as well avoid the costs and hassles and just rent when you go.  If you want to rent out your own condo/home, well then you have to still plan in advance when you want to go.  So avoid the hurricanes, the insurance, the fires, and stress of it all and simply rent.  In the end you will end up ahead.  Also will avoid friends and family wanting to rent/use the place for free.

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