Home Alone: Unpacking the Wealth of the McCallister Family
The classic Christmas movie “Home Alone” has captivated audiences for decades, but since its release, viewers have wondered about the wealth of the fictional McCallister family. While the family appears to be affluent, a financial planner suggests that their lavish lifestyle may not be an accurate representation of their true financial situation.
According to Cody Garrett, a certified financial planner, the McCallister family’s apparent wealth may be a result of their willingness to show off their luxurious lifestyle, rather than a reflection of their actual financial circumstances. In the movies, the family orders 10 pizzas, lives in a house that sleeps 15 people, and travels to Paris, but Garrett argues that this lifestyle may be financed by debt rather than cash.
A recent analysis of the family’s finances reveals that their expenses may be much higher than their income. The family’s house, which is now valued at $5.25 million, would require a monthly mortgage payment of $34,000 to maintain. Additionally, their cars, which were relatively new in the 1980s and 1990s, would be worth $40,000 today.
The McCallister family’s apparent frugality is also an illusion. While Kate pays in cash for a $122.50 pizza bill and offers a generous tip, she also mentions worrying about wasting milk before they leave on vacation, suggesting a scarcity mindset. Moreover, their luxurious lifestyle is financed by Peter’s brother, Rob, who foots the bill for their Paris trip, estimated to be around $55,650 today.
Despite the lack of clear information about Kate and Peter’s income, financial planners have identified some financial planning opportunities that the McCallister family could address. These include:
* Proper insurance coverage, including life and disability insurance, to ensure the family’s dependents are provided for in case of unexpected events.
* Umbrella insurance to cover liabilities in case the family is found responsible for injuries or damages.
* Estate planning, including wills, powers of attorney, and beneficiary designations, to ensure the family’s assets are managed and distributed according to their wishes.
* Naming physical and financial guardians who can care for the children in case the parents are unable to do so.
While the McCallister family may not be as wealthy as they seem, the movie “Home Alone” provides valuable financial lessons for viewers, emphasizing the importance of proper planning and financial security for families.
