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

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[quote=Anonymous][quote=Anonymous]OP, what rates are your student loans at and how much is left?  I'd knock those out ASAP if possible (unless you managed to consolidate them when rates were silly low).  We timed the payoff of DH's law school loans with the start of our nanny, so we didn't much notice the hit on our budget!

Right now we have an HHI of $320k.  DH is working and I'm home with 3 kids.  We saved as much as we could while I was working and feel like we're on this uphill battle to get to where were used to be with our two incomes!  Monthly mortgage is $2500, we max out DH's 401k, are contributing to 529 plans for each of the kids and have one preschool tuition this year.  DS is in DCPS and the baby is my human shadow -- oh, I do have a $55/wk babysitting bill for sanity.

We directly deposit into savings about $2800/mo to get a bigger house.  I make it hard to access it! Also have small house savings account for things that come up around this plan.  DH packs lunch 3x per wk, we order out once/mo and we splurge on one babysitter/date night per month.  I shop for the kids at Value Village (except shoes) and haven't bought much new for myself in years.  Thank goodness for hand me down maternity clothes!

With the equity we have in this house (30% down, valued around $810k) plus our savings, we could do a $1.1 house with a 400k mortgage.  Problem is, theyre too small for us!  We're probably another year or two away from $1.2.[/quote]

I'll never understand posters like you.  Your income is in the top 2% of the nation and estimating a 25% tax rate (reasonable given your deductions) you make $240K/year.  Minus current mortgage of $30k/year you have $210k/year to live on.  Minus the additional $33,600/year you are saving for a new house you have $176,000/year.  That is $15K/month.  Now you say that after you deduct retirement and college savings from that $15K you have nothing but a bare bones, thrift shop, one-meal-out-per-month lifestyle  similar to that of a graduate student.  And yet your take home pay is 3-4 three times the national average.  WHERE DOES YOUR MONEY GO?  I just don't get it.  Are you sure your husband isn't supporting another family on the side?  That's the only explanation I can think of.  Really, it just doesn't make any, ANY sense.  [/quote]

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