Reply to S/O American Dream. Would $500-750k HHI be enough for this lifestyle?

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[quote=Anonymous][quote=Anonymous]4 bedroom house in a close in suburb of a US city. Is this possible with a 1.5 mil mil budget? We are willing to relocate to a cheaper city, if necessary.

3 kids - college 100% paid for, no worries about paying for activities or day camps. No worries about paying for the things teens want: nice clothes, sneakers, gadgets, sleep away camp, basic first car. So planning 1 mil for college savings alone.

4-5 vacations per year. This is my big ask, I know. I like to go on vacation and don’t want to have to give it up when we have kids. My ideal travel schedule would be: 1 week long winter ski trip out west (we love Breck), 1 week long spring break to the Caribbean or Central/South America, 2 week summer trip to Europe, 1 week trip to an East Coast beach town. 1 week couples only trip. This is what we do now. My idea is that we’d take our 3 kids on the first 4 trips with 1 couple trip. Tbh, I’m thinking this would be like 70k a year with 3 kids?

No worries about eating out at casual dining restaurants whenever we want, no worries about grocery prices, occasional fine dining experiences for anniversaries or celebrations

Responsible saving for retirement

I feel like this is the true “American Dream” as portrayed in the mainstream media we all consume endlessly. A nice suburban house where everyone has their own bedroom, there are lots of books, art, fresh flowers everywhere. The kids do lots of activities and go to camp in the summer. Frequent travel over every school break. Nice cars. No worries about things like grocery prices. College is paid for. It used to be possible on a lot less bit now 500-750k is needed? Or is even that amount too low?[/quote]

Hahahaha!!!

I have the upper end of that income and I can tell you vacationing SUCKS with small children.  We only went to visit family or Disney.  Luckily my family has vacation homes is really nice places so it was kind of vacation(?) but more family trip.  We LOVE skiing and have 2 condos in Breck. We bought the first when our oldest was a baby. We had more kids, needed more space, and bought the second.  We have a 4400 sq ft home in the city.  We bought it 15 years ago for 1.2 at low interest rates - worth 3M now.  Forgot to mention we bought in Breck when the property tanked - first condo purchased for $220 and is now valued at $700.  So lots of luck - no way that would happen today.  And our 3 kids are in expensive private schools.  529s will pay for instate schools - I’m not in this college arms race - my kids will be going to grad school so undergrad is a check in the box.

In short - yes you can afford it - with lots of luck.  Oh, and temper your vacation expectations.[/quote]

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