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Reply to "What HHI is needed for this lifestyle in the area?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]1.5 mil house in a desirable zip code Private school for 2 kids 2 cars, one should be luxury: think bmv or Audi 1 internal trip per year; skiing trip in the winter for the whole family [b]Fully funded 401k and IRAs Fully funded college funds for the kids [/b] 1 mil? [/quote] Depends on what you mean by these. Do you mean that you want to have 400k per kid by the time they are 18? Somewhere between $5-10 million by retirement? That's what "fully funded" means to me. If that's what you mean, you will need at least 1 mil per year. Less than that, you will not b e saving as much as you should be with the other expenses you want to incur, particularly with private school.[/quote] We are on track to have $600k in each child’s 529 by age 18, as top private colleges are expected to cost $150k/year then (!!) We will have $8m in our 401k at retirement age assuming a very conservative 4% market growth. This is on a $500k HHI. [/quote]
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