Author Topic: A Doctor and a Dentist have 5 kids and cant affor a house, what can they do?  (Read 5392 times)


  • 5 O'Clock Shadow
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  • Posts: 1
I saw this story in the news today and had to create an account to share it with all of you:

Its not just the situation that they are in, its also the "professional" advice that they are given that is out to lunch.

here is a breakdown of their budget:

Client Situation:

The people: Eric, 41, Ilsa, 39, and their five children.

The problem: Can they afford the lifestyle they’ve chosen and the $1-million price tag to build a new home?

The plan: Either they run up a big deficit over the years or Eric earns more money by working a second day a week in the clinic. Eric gets some insurance right away.

The payoff: A road map to a stable and secure financial plan.

Monthly net income: $25,000

Assets: Cash in bank $6,000; his RRSP $180,000; residential building lot $1.1-million. Total: $1,286,000

Monthly disbursements: Mortgage $3,800; property tax (both properties) $1,000; utilities $490; insurance $90; maintenance, garden $190; transportation $800; groceries $2,000; clothing $520; children’s activities $1,000; tuition $5,400; summer camp $600; child care $2,800; gifts, charitable $320; vacation, travel $2,000; dining, entertainment $200; sports, hobbies $200; miscellaneous (furniture, toys) $400; health insurance $50; cellphones $220; telecom, Internet $80; RRSP $3,000; professional associations $500. Total: $25,660.

Liabilities: Mortgage $800,000 at 2.6 per cent


  • Stubble
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  • Posts: 186
That certainly made me roll my eyes and shudder. How on earth is that a modest home. Mathematically this is a mess.  Sometimes you just can't have everything you want.
« Last Edit: January 19, 2015, 07:18:33 PM by sunshine »


  • Magnum Stache
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He is already working 80 hours some weeks so I don't think the solution is to work more for him. Why does someone with a p.t. job need a nanny?  Of course we all know the main problem is the house they want to build.  Sounds like one bad choice after another that will continue.


  • Bristles
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  • Age: 134
  • Location: North Carolina
  • I think we can make it
Monthly net income: $25,000

Monthly disbursements: blah blah blah.....

 Total: $25,660.   

So they are operating at a monthly deficit?   I see a problem there!   

Accidentally retired in 2007.


  • Guest
I saw this on here a day or two ago.  What gets me is the lot (with no house) is $1.1M.  Right now they have an unproductive piece of property that is accruing interest and taxes.

Given such an expensive piece of land, I would not be surprised if their are covenants requiring any structure built to conform to those in the $1M range.  They have a deficit before they even start building the house.

Plus, I would be willing to bet a paycheck that the budget in the article is incomplete.  They are high earners, so where is the tax expense?  Who wants to guess what kind of car they are paying on?


  • 5 O'Clock Shadow
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  • Posts: 51
  • Age: 31
'“I have no pension whatsoever, but like my parents, colleagues and mentors, I love my work and plan to keep going well into my 80s, so retiring is not a big concern, just living,” Eric writes.'

(Emphasis mine.)
Don't worry about them, they've got it all figured out.



  • Handlebar Stache
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  • Posts: 2094
Wow, this one is particularly horrifying; thank you for posting!

“Two professionals should be able to afford a modest house"

They think at $2.1MM home is "modest"?  I am just entirely baffled.  Even in metro Vancouver that is about 3.5x the median home price.

The only piece of advice I agreed with was that they need life and disability insurance (I would argue for both parents, not just the man.)  The idea that he needs to work more is completely idiotic, as another poster pointed out.  This whole situation is utter craziness.

These people are exact opposites of an emergency room doctor in my area who worked for less than a decade and put most of his earnings into his rental real estate empire, which he now pays other people to run while he practices his swimming strokes and sips mojitos on the beach.


  • Pencil Stache
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There are so many life style decisions that probably need to be question before anyone could offer these people reasonable help...

Since when is building a house on a 1 million dollar empty lot a reasonable housing solution 0.o. So they are probably talking about a 2 million dollar home. I am sorry but a 300k-480k income with 5 children is not enough to buy a home that is 4-6 times your net income, unless you already have the money in cash...

I mean I get 5 kids... kind of hard if you want them to all have their own rooms... Why have such a large family if you are working so much you will never see them???

I mean they are working like crazy but they have plenty of money to work with just as long as they realize they may not get an 8 bedroom home, while still doing everything they have been anyway...

It must be tough doing math and realizing you can't afford something... It must mean the American dream is dead.


  • Pencil Stache
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  • Posts: 718
Husband--clueless, wife--clueless.  I'm sorry, I don't know of any 80-year-old doctors who are practicing or teaching.  It was also very irresponsible of the planner in the article to suggest using the parents' home as security for their new home.  Five kids and a nanny??  I imagine the cost on that will be fairly high.  They need to sell the $$$$$$$$ dollar lot. 


  • Bristles
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  • Location: Saskatchewan, Canada
This came up on my Facebook feed today, as a 'Look how bad it is in Vancouver' type post.  Fortunately, most people responding to the post were rather amazed at the total lack of awareness this couple shows about their situation. I responded with the article from last year with Zikoris and her BF as a counterpoint to the 'Vancouver is too expensive' whine.


  • Magnum Stache
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The article is fake. It's schadenfreude click bait.


  • Handlebar Stache
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^I can only hope you are right.


  • Walrus Stache
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this is a double post this article was already posted with the couple making 450k and cant make ends meet title
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  • Bristles
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  • Location: 495 corridor, Massachusetts, USA
Eric and Ilsa are fortunate because their parents are willing to put a home equity line of credit on their own home to extend them the $1-million they need to build, and to finance their annual deficit, the planner notes.

That's the part that boggles my mind.  It sounds like his parents are both doctors and still working and want what's best for their (only?) child, but that kind of parental support to adult children is just... wow.


  • Magnum Stache
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2000$ a month for travel? 

Between school fees, child care, summer camp, and kids activities, they are spending 8,800$.  A month.  Holy baloney.  I know 5 kids is a lot. But you are supposed to have economy of scale at some point, right? 
Journal:'s-journal/350/  featuring children, chickens (new!) and other ch words.


  • Bristles
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  • Posts: 413
I can't be bothered with these type of people.