To think this is classed as being wealthy?

Depends massively on the size of her mortgage.

as others have said - really depends on outgoings. when i considered separating from DH last year - my take home pay is 3,8k per month but my mortgage for a one bed flat i.e. the only thing that I could realistically afford would be 1,4k. with all the bills on top of that - no I do not think that's wealthy for bringing up a child in London. unless you have a massive deposit, you wouldn't even be able to buy more than one/two bed flat on that salary in London

Dh and i decided recently we felt "wealthy". We are close to paying off the mortgage on a biggish house in naice area.

We have high salaries so can afford 3 or 4 holidays a year including skiing/long haul winter sun.

We have investment pots worth about £150k each as well as decent pensions, and a college fund for each kid.

To me wealth is about having surplus that isn't consumed by a home improvement project or car purchase. Having multiple separate assets - a decent sized home mortgage free, a reasonable pension for age, separate stock/shares/cash ISA pots.

Absolutely not.

Wouldn't say this is wealthy at all but I live in central London - probably depends on the context

Not wealthy. What do the parents houses have to do with it? Are the houses her assets? The salary is too low for “wealthy.” Not enough savings. Just about average.

Parents’ property is irrelevant. How much is the mortgage on the house?

No. Take parents’ houses out of it as they don’t belong to the person in question. That’s a big mortgage for that salary IMO. And not much savings. Wealth to me is having loads of cash available to buy frivolous things freely.

Well, that meets my definition of wealth but of course round these parts you need a yacht and an island.

Wealthy to me is owning a huge house outright with a holiday home, regular trips away to the Caribbean, private school for the kids, expensive cars in the driveway.

I'd say comfortable but not wealthy.

This is not far from my situation (except parents have one home not 4…). Single parent, home worth probably 500k but bought just before interest rates went up, my mortgage payments are now around 40% of income. I would say I’m comfortable, but definitely not wealthy. Can afford what I need but don’t have much to spare and some months I don’t make ends meet.

parents with four homes

That doesn’t make their child wealthy. It means that one day, they might potentially inherit something (if the parents don’t leave it to the cats home or it gets eaten up in care fees).

£75k is a good salary (though still a one-income household) but how much of the £500k house is equity?

*comfortable

No i wouldn't say wealthy as being a single parent they still have the same household costs but from one salary, but extra childcare costs you'd assume.

50k savings is a nice cushion though I think.

I'd say comfortablez

Depends on where you live - savings, (single) income and mortgaged house value of those ranges is pretty modest down south? Parents apparent wealth is irrelevant as that can end up paying 20 years of NHS medical bills and never reach the person you mention (and the properties themselves may be relatively modest, too, depending upon where they are).

So, no, I’m not sure that person is necessarily wealthy. Just being very careful by spending their income on an asset (home) and saving on the side. Giod luck to them.

And to answer OP, I would say they are comfortably well off, but not "wealthy".

Wealthy to me means not really having to work because you have so much money in the bank, land, property etc that you don't need to live a "normal" life of work, mortgage and bills.

@ButterflyKu oh Lord yes this!! it does my nut in as well! Why do people quote the OP??? We have all read it!

Fair enough to quote a later poster if you're responding to one of their points or quote an OP update, but absolutely no need to quote the original Opening Post.

Aargh!

I definitely wouldn't describe that as wealthy. The parents sound more so.

@ButterflyKu You’re only the second person to comment on the thread, why quote the original post? Everyone knows what you’re responding too!

Because I hoped it would annoy you!

She might be when her parents croak it, but I think she sounds like she’s doing ok for a single parent. By no means wealthy. Her parents might live for another 20 years.

Don’t think you can include parents houses in your view - my parents and in laws are wealthy but haven’t given us any help (not that they should of course!) so their financial situation is relevant to them.

a mortgage on a house that price is £££ so their disposable income might not be as high as you might think

Wealthy, for me, is when your owned assets generate enough income for you to live in comfort, spend without worry, travel whenever etc such that you don't have to work.

No good ever comes from comparison. Find your happiness and nurture it. It doesn't matter what anyone else is or isn't doing or saying. If you can be content, you have richness in your life.

I'd say well off rather than 'wealthy'. Her parents homes don't count, as you don't know what will happen in the future with those - their value may not go to their child/grandchild as inheritance.

The value of a mortgaged home also doesn't really count - how much equity does she have in the home? How many repayments could she continue to make if she suddenly lost her job and struggled to get another one? How quickly could she sell it if she really needed the money and what could she buy/rent with whatever she got from the sale?

I'd love to have a £50k safety net, so she's in a significantly better position than a lot of others, but that still doesn't put her into the wealthy category.

Wealthy? No.

Parental wealth is not personal wealth.

Mortgaged property is not equity in a property. (How much of her £500k home does she own?)

£75k is a well above average household income, but not "wealth". £50k is a well above average household savings pot, but not "wealth".