[quote author="bkshopr" date=1255577001]Chasing after materialistic dream is an addiction and it will never stop. You will want more and more. After the basement home theater and wine cellar you would want the basement garages of the Joneses. I am not telling you to go live in a shack but be content with what will deliver you a good life but not an extravagant life. You are missing my point here. I am not telling you to deprive your kids and make them share a room. Having their own room is fine and they will turn out just fine. Having their own room in a 4,000-6,000 sf house with materialistic appetite at young age is too excessive.</blockquote>
I agree, even if I had the Crystal Cove dream home, I'd want the Laguna Beach beach-front home. I might want a boat, then a yacht, then a plane, and a submarine why not. I might even buy an island in the Caribbean and travel to Fiji and Tahiti every couple months. I could do that if I had the money. I mean, if you have it, let's spend it.
I work, I make a decent living, money comes in and I can afford a 4,000 sf home, I may not need everything in it, but I sure can enjoy it.
IMO, the problem is the people overextending themselves to get things they don't need. I may be able to buy a decent place in Irvine, but I might not be able to afford the CC or Shady Canyon estates I'd prefer. Maybe one would stretch themselves to have that extra luxury and would end up not enjoying their life as much. That's what it comes out to, live within your mean.
Disclaimer: I can't really afford that 4,000 sf home in Irvine...yet!