Reply to I make 250K and I am broke

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[quote=Anonymous][quote=Anonymous]Just did a retirement calculator and it says I need like 7 million.  My net worth is 1.2 million.

Primary Residence 166,000 equity
Two rental Properties 210,000 equity
Retirement Accounts 460,000
Kids UTMA Accounts 100,000
Gold Coins 40,000
Private Equity Investment 57,500
Life Insurance Cash Value 200,000
Cash on Hand 60,000 (after doing some house stuff and probably have another 10,000 on House)

Credit Card Debt 30,000 (Paid Down from 55,000 when sold rental property)

Eat out a lot, two expensive foreign SUVs

Mortgage 3300/mo Cars 2000/mo

3 Kids

My parent helps out and pays mortgage and with kids expenses

Mother pays vacations once a year which are extravagant  and once not extravagant.  I probably pay one vacation of 5K a year.

Projection says I get to like 3 mill and am short 4 Mill at 62.  I am mid 40's.

Help.  Is it just eating out and Cars?  I am embarrassed that my parent pays mortgage and I am still negative every month.  Take home 11K in two checks after putting 1 K plus in retirement.  Probably negative 2-3K every month (hence credit cards).  Spend probably $500 a week min eating out.  
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Only $5k/year for vacation?  :lol: [/quote]

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