Mortgage on a $4M home @ 4.9% in Long Beach, CA (this is also an investment). That means it's a 20 year mortgage. Doesn't sound off for this profession and this area of the country.
Think of it this way, if someone bringing in 5K/mo. lives in a large or even mid-tier city, it's not unreasonable to assume their rent is ~2.3 - 2.7K/mo. We're just scaling by 10.
Nah. Looks like a solid couple. The wife was earning a high-income when they purchased the house. They had kids and priorities changed, as they should have.
Can't think of too many better ways to spend $4M over a 20 year period. Looks like their priorities are straight. Spending money on housing in an affluent area (an investment), investments, and their children (private school, kid activities, kid fun).
Beefing up savings would be nice, but again, not a bad way to spend.