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I'm an adult, near middle age. I bike everywhere. It's nice.
I don't have kids and never would, so I can't talk realistically about what that would be like. But I sincerely doubt I'd have any issues maintaining my current standard of living if I had like 6 times my income, but also two kids. In fact, if I was given $250k per year I'd volunteer to raise someone else's kids.
If the kids had disabilities or long term healthcare issues then yeah, that could be debilitating. I wouldn't put my hypothetical kids into a private school unless I was worried for their safety.
You gotta understand that to me $250k per year sounds like infinite money per year. So I'm never gonna be able to logically proceds that. I'm way down in the pits of selling manual labor and I'm never going to have anything higher than what I make now. $250k sounds like a fantasy, made up amount of money that I can't even fathom. If I woke up tomorrow with just $15,000 in my bank account I'd probably collapse and start crying.