Realistic Life of MM IB

No one can answer your second paragraph's question for you besides yourself via soul searching. That being said it is quite easy to pivot into Corp Dev and make $140k without an MBA (this would honestly be doing yourself a disservice if you got an MBA to do this).

Additionally, while I am more junior (second year analyst at a MM firm) I will share some insights in the case they're helpful. My first year I made $175k all-in (although think I was paid on the upper end of the scale due to top bucket and lucky staffings that turned into closed deals) and closed 2 transactions, being the sole analyst on one large deal.

Generally speaking I think my life is okay? In terms of WLB it's typical with what you'd expect (typical 80 hour weeks) with Friday nights & Saturdays mostly free but working 24/7 outside of that. Think for me the culture of my group makes the biggest difference here as seniors don't give unnecessary weekend work with absurd deadlines. Comp wise im pretty satisfied and came in with realistic expectations (not expecting 70-100% bonuses like the 2021 days) so no surprises come bonus season. I am consistently ranked upper-mid to top bucket and have closed 4 transactions with 2 more likely being signed before EOY.

The second part of your first paragraph really comes down to spending / saving habits and how disciplined you are financially. I think generally speaking, anyone in IB can do what you listed (although the private schools might eat up a ton of ur cash flow). MM IB across the titles typically pay in line with BB's (EB's will always be on the upper end of the scale) and my firm specifically pays all cash bonuses which is a huge benefit vs my BB counterparts who start to get some of their bonuses paid out in stock options starting at associate.

All in all you shouldn't pick your career solely on the earning potential but understand it plays a big factor. I think the biggest advantage of MM banking is the sheer amount of deal flow and "real" transaction experience you get, often playing a larger role on the deal team than you would at a BB (due to the deal teams being leaner). Which is what will ultimately best equip / position you for the next role you pursue post-IB. 

Lastly want to highlight that this may vary based on firm, "MM" is often overused and can range wildly. However, generally speaking, if you're joining a reputable MM firm with a strong track record (the ones mostly mentioned on here), your experience should be consistent with the above.