Annual Family Expense

This is my estimate for annual cost of living for a family of 4. I currently have 4 properties that I am in the process of turning into cash flow positive. The hope is that I will have enough rental income so that I can live for free thereby eliminating housing as part of my expense.

Childcare 42000

Food 23000

Vacation 18000

Car 9600

Gas 5000

Car Insurance 2000

Life Insurance 2500

Clothes 9500

Children's Lessons 12000

Miscellaneous 10000

Total $133,600

This still require that I make $270,000 a year. I will put $40,000 in my SEP-IRA. With $230,000 left and assuming 40% tax which will leave me with $138,000. The plus side of this equation is that if I have a family of 4 by default I will have a wife with income all of which will be icing on the cake.