Reply to How did you afford your $1M plus home?

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[quote=Anonymous]OP, our HHI is a little higher than yours ($480K total plus bonuses - last year probably had another $30K in bonsues) and we just bought a $1M house last year without selling our previous home (we currently rent it out at about cost each month).

We also have an expensive nanny (pay her $50k/year), and even own a boat (monthly payments on it, plus expenses, is about $1K/month).  I feel like we want for very little as well.  Admittedly, having an extra $100K on top of your income helps pay for things like the boat, but I'm having a hard time understanding why you can't afford a $!M mortgage or can't save the money for a downpayment (we paid 15% in cash plus closing costs out of our savings - since we didn't sell our other house, we didn't use our equity in that home to pay for our new house).

I guess we don't spend lavishly on things like clothes, jewelry, vacations, cars, etc., but I don't feel like we want for much either.  We still save pretty well - maybe not as much as I'd like, but well over 10% of our salary each year (in addition to 401K).

How much exactly are you spending each month supporting family?  How expensive is your nanny?  Can you look into an au pair or live in instead (especially if you move to a larger house)? I feel like $400K HHI should be enough to afford a $6K/month mortgage (this is at least what ours is on our $1M house).  Even assuming you only net 65% of your salary, you'd still bring in over $21K a MONTH off a $400K salary.  So, where is the $$$ going?[/quote]

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