[Scarlett]

[quote=AN]But it’s possible if one strive to achieve it. Having kids is only expensive if you want it to be. They don’t need brand new clothes, hand me down would do just fine.[/quote]
Hah! For 15 years one would dress his kids in hand-me downs, when they have 150K HH, you think? maybe only when they are little…Never mind clothes, diapers, toys, books, activities, after-hours care. Daycare, now that costs on average $1000 per month, for the first 5 years. And college funds – a few hundred month per kid.

[quote=AN]Are you disputing that it’s possible to save $4k/month for a HH that make $150k/yr?[/quote]

Impossible? No. But HIGHLY IMPROBABLE. that’s why we are saying it’s not realistic. Spending the best part of your life living like a miser and pinching pennies is not many’s idea of living.

[quote=AN]If you find it too tough to save $2k/month, how about saving $1k/month instead? @8% return each year, you’ll amass $1.5M after 30 years. If you start at 25, you’ll be 60 when you have $1.5M. Is it tough to save $1k/month when you’re making $150k/yr? [/quote]

Now that’s more doable. Assuming you don’t buy a house by age 60. But why didn’t you give this example that is much easier to accomplish in the first place, I wonder.

[quote=AN]Another point I want to make is, it’s much easier to amass a large asset if you start early. Compound interest works in your favor.
[/quote]
Of course, we all here know that.

Anyway, it is instructive to hear these discussions. My spouse and I, with PhDs and postdocs under our belt, we haven’t gotten to the 150K HH until after we were 40 with kids…So no chance of getting to 1 M before we retire. To think that with RN degrees we would have had a much better life…Makes one wonder about the value of higher education… But I digress.

[Scarlett]

[quote=AN][quote=Scarlett]
Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.[/quote]
Or get a raise, or get a bonus, or experience high inflation period, or get an inheritance, or drive the same car for 15 years, or take cheap vacation.[/quote]
Or lose a job or move to a more expensive area/housing or have a medical emergency or have high maintenance costs for the old cars, old home etc.

I thought it was calculated based on safe stable living with 8% return. Now you are saying things like inheritance and high inflation. Why not winning the lottery.

I see that the issue of having 2-3 kids is not disputed. So what is your point? that one in a million couples with that kind of income can do that?

[Scarlett]

[quote=AN][quote=Scarlett]
Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.[/quote]
Or get a raise, or get a bonus, or experience high inflation period, or get an inheritance, or drive the same car for 15 years, or take cheap vacation.[/quote]
Or lose a job or move to a more expensive area/housing or have a medical emergency or have high maintenance costs for the old cars, old home etc.

I thought it was calculated based on safe stable living with 8% return. Now you are saying things like inheritance and high inflation. Why not winning the lottery.

I see that the issue of having 2-3 kids is not disputed. So what is your point? that one in a million couples with that kind of income can do that?

[Scarlett]

[quote=AN][quote=Scarlett]
Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.[/quote]
Or get a raise, or get a bonus, or experience high inflation period, or get an inheritance, or drive the same car for 15 years, or take cheap vacation.[/quote]
Or lose a job or move to a more expensive area/housing or have a medical emergency or have high maintenance costs for the old cars, old home etc.

I thought it was calculated based on safe stable living with 8% return. Now you are saying things like inheritance and high inflation. Why not winning the lottery.

I see that the issue of having 2-3 kids is not disputed. So what is your point? that one in a million couples with that kind of income can do that?

[Scarlett]

[quote=AN][quote=Scarlett]
Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.[/quote]
Or get a raise, or get a bonus, or experience high inflation period, or get an inheritance, or drive the same car for 15 years, or take cheap vacation.[/quote]
Or lose a job or move to a more expensive area/housing or have a medical emergency or have high maintenance costs for the old cars, old home etc.

I thought it was calculated based on safe stable living with 8% return. Now you are saying things like inheritance and high inflation. Why not winning the lottery.

I see that the issue of having 2-3 kids is not disputed. So what is your point? that one in a million couples with that kind of income can do that?

[Scarlett]

[quote=AN][quote=Scarlett]
Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.[/quote]
Or get a raise, or get a bonus, or experience high inflation period, or get an inheritance, or drive the same car for 15 years, or take cheap vacation.[/quote]
Or lose a job or move to a more expensive area/housing or have a medical emergency or have high maintenance costs for the old cars, old home etc.

I thought it was calculated based on safe stable living with 8% return. Now you are saying things like inheritance and high inflation. Why not winning the lottery.

I see that the issue of having 2-3 kids is not disputed. So what is your point? that one in a million couples with that kind of income can do that?

[Scarlett]

[quote=sdcellar]The part that’s not accurate is the $1.5 million figure. If you round up, it’s $1.4 ($1,393,380.57 to be fairly precise). Precision and accuracy are two different things, but I digress (and doubt you’re aware of the distinction anyway).

But, I don’t even care about that!

What’s not typical or realistic is the notion that this $150K couple socks away $4k every month. For 15 straight years, no less! And doesn’t touch a penny of it!

And what about that annual return? 8%? That’s awesome! And pretty hard to come by, I think. Year in, year out, just fantastic.

But, hey, maybe it’s just me.[/quote]

Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.

[Scarlett]

[quote=sdcellar]The part that’s not accurate is the $1.5 million figure. If you round up, it’s $1.4 ($1,393,380.57 to be fairly precise). Precision and accuracy are two different things, but I digress (and doubt you’re aware of the distinction anyway).

But, I don’t even care about that!

What’s not typical or realistic is the notion that this $150K couple socks away $4k every month. For 15 straight years, no less! And doesn’t touch a penny of it!

And what about that annual return? 8%? That’s awesome! And pretty hard to come by, I think. Year in, year out, just fantastic.

But, hey, maybe it’s just me.[/quote]

Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.

[Scarlett]

[quote=sdcellar]The part that’s not accurate is the $1.5 million figure. If you round up, it’s $1.4 ($1,393,380.57 to be fairly precise). Precision and accuracy are two different things, but I digress (and doubt you’re aware of the distinction anyway).

But, I don’t even care about that!

What’s not typical or realistic is the notion that this $150K couple socks away $4k every month. For 15 straight years, no less! And doesn’t touch a penny of it!

And what about that annual return? 8%? That’s awesome! And pretty hard to come by, I think. Year in, year out, just fantastic.

But, hey, maybe it’s just me.[/quote]

Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.

[Scarlett]

[quote=sdcellar]The part that’s not accurate is the $1.5 million figure. If you round up, it’s $1.4 ($1,393,380.57 to be fairly precise). Precision and accuracy are two different things, but I digress (and doubt you’re aware of the distinction anyway).

But, I don’t even care about that!

What’s not typical or realistic is the notion that this $150K couple socks away $4k every month. For 15 straight years, no less! And doesn’t touch a penny of it!

And what about that annual return? 8%? That’s awesome! And pretty hard to come by, I think. Year in, year out, just fantastic.

But, hey, maybe it’s just me.[/quote]

Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.

[Scarlett]

[quote=sdcellar]The part that’s not accurate is the $1.5 million figure. If you round up, it’s $1.4 ($1,393,380.57 to be fairly precise). Precision and accuracy are two different things, but I digress (and doubt you’re aware of the distinction anyway).

But, I don’t even care about that!

What’s not typical or realistic is the notion that this $150K couple socks away $4k every month. For 15 straight years, no less! And doesn’t touch a penny of it!

And what about that annual return? 8%? That’s awesome! And pretty hard to come by, I think. Year in, year out, just fantastic.

But, hey, maybe it’s just me.[/quote]

Totally agree with you! Of course this couple doesn’t have kids for 15 years either. Or take vacations, buy cars.

[Scarlett]

Thank you very much everybody! IF we decide to buy, we’ll put down at least 10% and my in-law ~ 50K, and we’ll make sure to get the money in our checking account at least 2 months before we start shopping for loans, probably right when we start looking at houses. I am relieved to find out that the gifts are not considered taxable income for us, and also, that we don’t have to put our parents on the loan. I completely agree with SD R and sdr, it’s just not a good idea, just in case something happens.

[Scarlett]

Thank you very much everybody! IF we decide to buy, we’ll put down at least 10% and my in-law ~ 50K, and we’ll make sure to get the money in our checking account at least 2 months before we start shopping for loans, probably right when we start looking at houses. I am relieved to find out that the gifts are not considered taxable income for us, and also, that we don’t have to put our parents on the loan. I completely agree with SD R and sdr, it’s just not a good idea, just in case something happens.

[Scarlett]

Thank you very much everybody! IF we decide to buy, we’ll put down at least 10% and my in-law ~ 50K, and we’ll make sure to get the money in our checking account at least 2 months before we start shopping for loans, probably right when we start looking at houses. I am relieved to find out that the gifts are not considered taxable income for us, and also, that we don’t have to put our parents on the loan. I completely agree with SD R and sdr, it’s just not a good idea, just in case something happens.

[Scarlett]

Thank you very much everybody! IF we decide to buy, we’ll put down at least 10% and my in-law ~ 50K, and we’ll make sure to get the money in our checking account at least 2 months before we start shopping for loans, probably right when we start looking at houses. I am relieved to find out that the gifts are not considered taxable income for us, and also, that we don’t have to put our parents on the loan. I completely agree with SD R and sdr, it’s just not a good idea, just in case something happens.

[Author]

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