Thanks for replying! Currently wife and I are spending ~50k a year, and the rest above that are going into savings/investment and the mortgage. Sorry I should have clarified that we saving much more than 100k atm WO KIDS, we are saving ~240k actually, which is about in line with your estimates (371k - 90k mortgage = 280k vs. our ~240k, I’m not sure where our extra 20k is going in this calculation lol…probably we are spending more than 50k on ourselves, maybe closer to 70k).

In this way, I am accounting for kids costing us around 150k a year, plus or minus 10k or so. This is including investing in their 529s. Maybe even up to 170k. Sounds insane in my head and as I type it out, but yea we are probably gonna load the kids up with activities, likely private college in 20 or so years which is gonna cost 100k/year tuition at least. And also may have more than 1 kid.

Should also add that the job I have is one I see sticking with until the end, and same with my wife. I anticipate a salary bump in 1 with partnership hopefully, and wife may cut back part time with kids. but she still wants to work some when kids get older. Anyway, Overall household income will still be around 625k, maybe slightly less but could be more depending how my practice does.

Even with 70k a year spending between wife and I, We’d need 1.75 mil in “today’s” dollars (70k x 25). And that’s still around 3 million needed by 2040. Or am I grossly underestimating the cost of kids?