How much money does it takes to live well for a couple with 3 children in LA nowadays?

Question

Hypothetically speaking, they are getting married and the children are newborns. I want to know the estimate amount of dollars (US) they need during their lifetime. In this case, living REALLY well and having the advantage of doing whatever they want to do, buying whatever they like (mansions, cars), traveling whenever they want, doing charities, etc. Please don't exaggerate and make your point with facts.

Answer 1

How can I answer you, when your question is already exaggerated with unrealistic expectations?

But to answer you with simply numbers :

If you're talking about Los Angeles.

A house costs at least $400,000 to buy (at least those who expect to raise 3 children)

Rent would be at least $1500 to be acceptable

I seriously don't know what you mean by "whatever they want to do", because drinking a bottle of champagne weekly and monthly is a $100 difference. But let's say you want all the money you never have to worry about.

Maybe, that'll cost you $500 a day.

It's simply silly to ask "whatever, whenever" because people differ GREATLY. (in my case, I live in less than $1500 a month, yet all my friends are in debt, living on at least $2000 a month)

To be realistic, if a family pays $1500 in rent, $4500 a month should take care of all bills, some insurance and moderate recreation (what recreation can you have with 3 kids?)

Traveling is a whole 'nother beast, it's at least $500 a person for any 3 day trip. So a family of 5, doing one trip a year, costs at least $3000 for a 3-5 day trip, that's how much many families spend on monthly expenses.

Answer 2

A house costs at least $400,000 to buy? Rent would be at least $1500? What state is that?

You don't need $30M to live will.

At $2MM with 5% interest that is $100,000 year income.

At $4MM with 5% interest that is $200,000 year income.

A house in LA (who wants to live in LA?) would run $2-5MM+ if you want a luxury home. A "regular" old home may run $650-775K+

I would go w/ private Education which could run $12-15K year per kid when they hit elementary school if they live in a good area.

I can go into great further detail but this is what i do for a living. This would be a starting place.

Answer 3

The biggest issue in LA for 3 kids is the rotten school system.   The city and school system is run by idiots. (guess which political party?).

A decent education needs to be in private school.   Plan on $36,000 per year for 3 kids.