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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, why is it important for you to have that $1 Mil home?
I know some families that live in an ordinary house in an ordinary neighborhood, have a holiday house, own some forest etc. Their net worth is easily $1Mil and above, but have no desire to take that and put it into a fancy house[/quote]

$1 million isn't a "fancy" house in these parts.

Usually a desire for a $1 million home is strongly correlated with school quality. It's not a vanity thing.[/quote]

true but just because you don't buy the $1mil home with the highest ranking school it doesn'tmean your kid is going to end up at the worste school possible. There are lots of great school that aren't in the richest neighborhood. If you can afford the expensive home in the best school district then fine, but going into debt, borrowing agains a 401k and so forth to get that is not the wisest decission.

My in-laws owned a gorgeous home in a top school district, put all theri money into their kids (private tennis lessons, expensive camps and so forth), know where it got them....living with and being supported by their daughter, because they lived above their means for many years and didn't save enough for emergencies like my FIL losing his job late in life. Obviously extreme and I nkow people wil say "that won't happen to me." but I am sure they never thought it would happen to them either. [/quote]

on the flip side their commitment to their kids was well appreciated and their children are gladly helping them out later in life...[/quote]

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