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Original poster

Do you consider this ‘wealthy’?

518 replies

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?

OP posts:
vitahelp · 05/10/2024 19:03

Yes I do, and likely every single person I know would agree. But here on mumsnet I’m sure many will say that is just normal money..

UpTheMagicFarawayTree · 05/10/2024 19:03

Ellsx6 · 05/10/2024 18:59

I wouldn't say they're rich. My MIL owns her 800k house outright, bought my DH (her only son) a 360k house outright. Gets a brand new Mercedes every year costing around 50k (not sure how much after she trades in her other) my DH gets a new car for bday present from her for around 20k every few years. She goes on very luxury holidays around 6 times a year costing atleast 2k a pop and takes us all on a family holiday once a year for around 7k that she pays for. She buys anything her grandchild wants/needs and doesn't bat an eyelid Has a shit tonne of savings and investments and I don't think she's particularly'rich'. She's not driving a bugatti living in a mansion or something!

Most people would consider that rich.

Kitkat1523 · 05/10/2024 19:02

Yes to me that’s wealthy

Jaichangecentfoisdenom · 05/10/2024 19:02

RosesAndHellebores · 05/10/2024 18:09

Very comfortable. I think in today's money wealthy or rich starts at £5m.

So where do millionaires start?

MrsLBrown · 05/10/2024 19:01

Surely 'wealthy' is just one of many ways to describe people who have much more than the median salary of £35Kpa?

It seems to be an argument over nothing other than semantics.

rosyandjap · 05/10/2024 19:01

Stinking rich

IhadFeralToddlers · 05/10/2024 19:00

They sound like they have their heads screwed on, but not wealthy by any stretch, for that they'd need 10 buy to lets at that value, or couple of places worth a million...

CurlyhairedAssassin · 05/10/2024 19:00

TemuSpecialBuy · 05/10/2024 18:58

Ludicrous

they are absolutely wealthy.

I say this as part of a household with a gross income of 300k pa.

Show quote history

But you said yourself, your income is 300k pa. You don't know what the income situation is for OP's relatives. It's even more meaningless as we don't know what your outgoings are.

MrsLBrown · 05/10/2024 18:59

Lampzade · 05/10/2024 18:57

They are very comfortable but those private school fees are a killer. They probably don’t think their wealthy because of their outgoings
My cousin earns about 180k a year but his two kids are in boarding school which is just nearly 70k

But if he earns £180K pa he will only have a net income of half that- about £90K max.

So he can't be paying £70K in school fees on that salary.

Alifemoreordinary123 · 05/10/2024 18:59

They have all the trappings of being well off - but whether they’re wealthy depends on their income and and the mortgages on their BTL. Wealthy to me is paid off assets of £1m plus, a cash balance of £50k + and income of £10k+ monthly. Otherwise they’re just very well off. You can have a home worth £500k mortgage free, three other properties all with a 90% mortgage, two nice lease cars, private schools etc and earn £10k per month. This doesn’t make you wealthy in my view. Wealthy is being able to ride any storm.

Ellsx6 · 05/10/2024 18:59

I wouldn't say they're rich. My MIL owns her 800k house outright, bought my DH (her only son) a 360k house outright. Gets a brand new Mercedes every year costing around 50k (not sure how much after she trades in her other) my DH gets a new car for bday present from her for around 20k every few years. She goes on very luxury holidays around 6 times a year costing atleast 2k a pop and takes us all on a family holiday once a year for around 7k that she pays for. She buys anything her grandchild wants/needs and doesn't bat an eyelid Has a shit tonne of savings and investments and I don't think she's particularly'rich'. She's not driving a bugatti living in a mansion or something!

Icanttakethisanymore · 05/10/2024 18:59

haleeeee · 05/10/2024 18:05

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

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There is no ‘actual wealthy’ definition, surely it’s all relative? We define wealth as having more or less than others which dictates our ability to buy ‘stuff’.

FixTheBone · 05/10/2024 18:59

nutella8 · 05/10/2024 18:12

The wealthy do not lease cars... they are well off.

Might be a tax efficient way of getting money out of a limited company.

If you do a business lease you can write off thebkease costs, tax, insurance and mainatinence as business expenses, saves 40% if you're a higher rate tax payer and you get a new car every two or three years.

DisforDarkChocolate · 05/10/2024 18:59

Wealthy. I don't have any of those and never will, neither will most people.

MrsLBrown · 05/10/2024 18:58

@haleeeee This is all a bit meaningless unless you say what your brother does - private equity? Banker? Legal? Plumber?

And the private schools- small indy day schools or are we talking Eton, Winchester, Harrow, Rugby etc?

TemuSpecialBuy · 05/10/2024 18:58

haleeeee · 05/10/2024 18:06

@Pootles34 asking because this is my brother and sister in law and they repeatedly claim they are struggling. It makes me feel shit as I have much much less and do genuinely struggle!

Show quote history

Ludicrous

they are absolutely wealthy.

I say this as part of a household with a gross income of 300k pa.

Lampzade · 05/10/2024 18:57

They are very comfortable but those private school fees are a killer. They probably don’t think their wealthy because of their outgoings
My cousin earns about 180k a year but his two kids are in boarding school which is just nearly 70k

HelpMeGetThrough · 05/10/2024 18:57

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KeyWorker · 05/10/2024 18:57

They would be much better off if they sold 3 of the 4 houses they own.

UpTheMagicFarawayTree · 05/10/2024 18:57

Very wealthy and strangely out of touch with the real world if they cannot see that.

GivingitToGod · 05/10/2024 18:56

WEALTHY!!!!!

Crikeyalmighty · 05/10/2024 18:56

Very comfortably off and yes I would find their attitude annoying

Greycheck · 05/10/2024 18:56

Private school is a marker of absolute wealth for me without all the other stuff. To think people have the money to pay for schooling blows my mind.

Mandylovescandy · 05/10/2024 18:55

I was going to say clearly very wealthy then realised that I am not far off property wise (once mortgages are paid off in a couple of years) but don't really think of myself as wealthy (probably just because our background isn't as logically I can see am very well off and lucky) and our cash flow is rubbish. Definitely no £3k holidays at all and car over 15 years old. I wouldn't be complaining all the time about struggling though

Xenia · 05/10/2024 18:55

Are the two buy to lets mortgage free?