Page 14 | Do you consider this ‘wealthy’?

HaveYouSeenRain · 05/10/2024 20:01

Butnothingsclear · 05/10/2024 19:55

They spend 3000 a year on holidays. They have plenty of disposable income. They are happy to have dessert when someone else pays.

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3k for a family of four is nothing. Would never consider that wealthy

OddityOddityOdd · 05/10/2024 20:01

No one works harder than those on minimum wage.

OddityOddityOdd · 05/10/2024 19:59

Oh for FFS , have you.nou seen all the fuss over the current government withdrawing the winter fuel allowance of £350 a year? Less than £1 a day can make a tremendous difference to some people's lives. If you are sending children to private school you are rich by comparison. Don't even try to claim you are just getting by, it's so insulting.

EsmeSusanOgg · 05/10/2024 19:58

haleeeee · 05/10/2024 18:05

@Heebeebee i guess that’s all relative though? I mean more in actual terms

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In real terms, yes, top 5% territory for the UK. So very wealthy.

stanleypops66 · 05/10/2024 19:57

Of course they're rich. They have lots of assets, kids in private school etc.
we're a lot less rich, mortgage free (house worth about 400k) household income of about 120k, one dc, and when I put it into those calculators it says we are in a better position than 96% of the uk population.

TheAlchemy · 05/10/2024 19:57

Astronomically wealthy

Butnothingsclear · 05/10/2024 19:55

HaveYouSeenRain · 05/10/2024 19:54

Maybe they value education more than overpriced food in a restaurant
have you seen dessert prices recently?

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They spend 3000 a year on holidays. They have plenty of disposable income. They are happy to have dessert when someone else pays.

RedRobyn2021 · 05/10/2024 19:55

Wealthy yes for sure, I'd love to be in that financial position

They'll be people with a lot more, but yes I would definitely say you're wealthy

Cherrysoup · 05/10/2024 19:55

Pretty well off but hard to say if wealthy without salaries/rental income/savings. I have 2 buy to lets, same value but don’t think I could afford private schools.

LaurieFairyCake · 05/10/2024 19:54

Their main home is also mortgage free

You have million plus, you're very wealthy

K8ate · 05/10/2024 19:54

Newyorkcity123 · 05/10/2024 18:09

I bet they worked bloody hard for all they have. They’re well off but it would have come at a price in terms of time with kids, eachother, working late, away from home etc. Not what you asked but I think worth pointing out.

They probably do work hard and so do people who are on minimum wage.
Your comment ‘suggests’ that they deserve what they have on that basis which is irrelevant really.

HaveYouSeenRain · 05/10/2024 19:54

SpunkyKoala · 05/10/2024 19:46

I can’t help but think what’s the point of all that when you can’t afford cake but that’s just me

Maybe they value education more than overpriced food in a restaurant
have you seen dessert prices recently?

Choochoo21 · 05/10/2024 19:53

SpunkyKoala · 05/10/2024 19:46

I can’t help but think what’s the point of all that when you can’t afford cake but that’s just me

I agree.

But they obviously can afford cake, it’s just a show so they can play hard done by.

Choochoo21 · 05/10/2024 19:51

They’re very wealthy and I would have to call them out on their BS.

Some people love to pretend they’re hard done by.

These people are not and I would refuse to hear them say anything about them even struggling slightly.

NewNameNoelle · 05/10/2024 19:51

Well, they’re certainly not struggling but I’m not sure I’d say wealthy.

The BTLs aren’t going to yielding that much at that cost. The holidays are fairly cheap for 4 people and the cars are leased. School fees are crippling, probably taking most of their disposable cash.

Comfortable but not wealthy.

logicisall · 05/10/2024 19:49

Does the OP know whether the main home was mortgaged to get the deposits for the buy to lets?

Turning the situation on it's head - would the OP be comfortable depending on rent to cover mortgages, repairs, insurance and all associated costs with renting a property when all you need is one bad tenant for the house of cards to come tumbling down?

Are the rental properties in lieu of pension savings?

There is so much info missing that I can't tell if it's all a big gamble where they are willing to struggle in the present, for gains in the future, or if they are even that comfortably off. Can they afford the private school fees or are they getting help?

Seeing that this gov't has plans for extending CGT, and many owners are leaving the rental market; vat on school fees, interest rates up etc DB and SIL could be shitting bricks atm . Is the OP still envious annoyed when they say they are struggling?

Elphame · 05/10/2024 19:47

I would say comfortable.

It is however perfectly possible to own lots of capital assets like property but not have that much disposable income.

SpunkyKoala · 05/10/2024 19:46

I can’t help but think what’s the point of all that when you can’t afford cake but that’s just me

SpunkyKoala · 05/10/2024 19:45

And having kids in private school is a nightmare because they are in social circles where there much more money than you have and heavy pressure to commit to financially draining hobbies and expensive school trips

Butnothingsclear · 05/10/2024 19:44

That’s top 5% UK I reckon. Probably top 2% globally at a guess. O

HaveYouSeenRain · 05/10/2024 19:44

SpunkyKoala · 05/10/2024 19:42

I’d say they are asset rich but cash poor. The btls might just cover the repayment on them at 50% mortgage and the tax agency fees insurances etc depending on your brothers income the upkeep council tax and utilities and insurance on a large house could eat a significant portion of any income chuck in school fees at 2000 a month and you are easily rinsing whatever comes in every month

Exactly. Add in fees for clubs, school uniforms and you are good easily looking at another 1k a term. At a private primary here, lunch is 300 a term, instruments and lots of sports are extra too.

CreateUserNames · 05/10/2024 19:44

haleeeee · 05/10/2024 18:03

Two kids in private school since primary. Two buy to let’s of around 250k value each. One holiday home value 280k. Own home mortgage free. Income allows for a few holidays a year circa 3k each time.

Wealthy? Well off? Or just better than average?

Better than average.

HaveYouSeenRain · 05/10/2024 19:42

3k holidays for 4 is nothing tbh. That hardly gets you a week in a nice AI in half term. I wouldn’t say they are wealthy.

my friend’s neighbour has a kid in private secondary school and that’s where all the money goes and they have zero luxury money for eating out etc

SpunkyKoala · 05/10/2024 19:42

I’d say they are asset rich but cash poor. The btls might just cover the repayment on them at 50% mortgage and the tax agency fees insurances etc depending on your brothers income the upkeep council tax and utilities and insurance on a large house could eat a significant portion of any income chuck in school fees at 2000 a month and you are easily rinsing whatever comes in every month

70sShmeventies · 05/10/2024 19:41

The mean salary in the UK is £35,404. Wealthy. I imagine your perception of what these terms are is relative and depends on the circles you move in though.