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Original poster

To think this is classed as being wealthy?

138 replies

hadenougj1 · 16/04/2024 14:04

I genuinely don’t know. I have come from naff all so my judgment could be totally off.

This is for one person and one child… Do you think savings of 50k, income of 75k, own (mortgaged) home worth close to 500k and parents with four homes (one of which used as a holiday home all year round) means you are wealthy? Is this what is meant by ‘he or she is wealthy?’

OP posts:
MiddleAgedDread · 16/04/2024 14:19

comfortable but not wealthy

Callmemummynotmaaa · 16/04/2024 14:18

It depends on the mortgage/outgoings! 75k income is c. 50 take home (generously, likely a bit less, especially if she has a pension). That’s roughly 4k a month. It’s very likely her mortgage repayments are 1800-3000k of that monthly. If her child is still in childcare (or even wrap around care), it could mean financially she struggles monthly to meet her bills.

I’m not saying it’s not privileged - it is. But to me, “wealth” on a daily basis can sometimes be relative to outgoings. Often when divorcing the extent to which you can cut your outgoings is somewhat limited -
Eg. In my shoes as a single parent I’d never buy the home I am currently in; but if I was to lose my DH’s income, we’d still be well off overall, but monthly on my wage and CM alone - I’d struggle (all play dates outside the house would have to stop, kids would have to stop hobbies etc). Long term I’d have to look to sell and downsize but that can take time! Short term I’d be ok but extremely cash poor. If that makes any sense?

ButterflyKu · 16/04/2024 14:16

usernother · 16/04/2024 14:05

Sounds well off to me but I wouldn't include how much money their parents have when estimating that.

Show quote history

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

Sandwichblock · 16/04/2024 14:15

I'd consider it fairly comfortable but not even close to wealthy. TBH depending on the size of the mortgage on a house of that value, it might not even be that comfortable, if £75k is the combined household income and the mortgage is a high % of value.

Take home pay will be about £4500 pm and the mortgage could be £2600pm. Enough to live well on, but it's not luxury cars and fancy holidays territory.

WimpoleHat · 16/04/2024 14:12

Not “wealthy”, no. But not hard up either! Comfortable? Relatively affluent?

Doseofreality · 16/04/2024 14:11

To some yes, to others no. It’s all
relative.

DahliaMacNamara · 16/04/2024 14:10

They're not wealthy. But they have an income and savings far in excess of my own. I'd probably feel quite well off in similar circumstances.

BaconCozzers · 16/04/2024 14:10

Just seen your update. You sound normal op! Ignore the friends. They probably mean relative to her previous situation and are just enjoying the gossip. People are terrible about talking about money!

BaconCozzers · 16/04/2024 14:08

I'd say they are pretty comfortable yes. "Wealthy" means different things to different people and in different conversations. I wouldn't describe them as "wealthy" as a standard description, but accept they are wealthy really by many standards.

Original poster
hadenougj1 · 16/04/2024 14:08

I think this but have been made to feel totally shit with mutual friends saying she’s now poor as she’s had to buy her own place and pay own bills after separating from her ex. I have a tiny house, no savings, debt and a very average job. I thought I was normal but apparently I must be really really bottom of the pile.

OP posts:
SiriAlexa · 16/04/2024 14:07

Too many variables- if the house is mortgaged and a large amount is outstanding then this individual definitely is not wealthy. The wealth of his/her parents doesn’t come into it at this stage.

usernother · 16/04/2024 14:05

hadenougj1 · 16/04/2024 14:04

I genuinely don’t know. I have come from naff all so my judgment could be totally off.

This is for one person and one child… Do you think savings of 50k, income of 75k, own (mortgaged) home worth close to 500k and parents with four homes (one of which used as a holiday home all year round) means you are wealthy? Is this what is meant by ‘he or she is wealthy?’

Sounds well off to me but I wouldn't include how much money their parents have when estimating that.

Laiste · 16/04/2024 14:05

Sounds wealthy to me.

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