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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:
Poppins21 · 05/10/2024 18:21

haleeeee · 05/10/2024 18:08

@Poppins21 well whenever we go out they won’t order deserts etc unless someone else is paying and always saying they need to watch spending!

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Didn’t say they were not tight fisted 😂

Spirallingdownwards · 05/10/2024 18:20

Yes they are wealthy in terms of their capital assets but they can still have cash flow issues. You haven't said their incomes and they have school fees, leased cars and the expenses of buy to let especially tax can cause issues if they are mortgaged nowadays.

So whilst they have assets their income vs outgoings ratio may not allow much disposable money at the end of each month.

ConsuelaHammock · 05/10/2024 18:20

Very comfortable. The wealthy wouldn’t have mortgages on the buy to let

Coconutter24 · 05/10/2024 18:20

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!

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They may have more than you but they may have a lot more outgoings than you. It’s unfair to say you genuinely struggle implying that they can’t possibly struggle because of their assets. Why let it make you feel shit it’s not a competition

mitogoshigg · 05/10/2024 18:19

I suspect interest rates have caused issues too meaning the btl properties aren't making money or loosing

coldcallerbaiter · 05/10/2024 18:17

Well off.

Wealthy might be a couple of million on top of that.

Skyrainlight · 05/10/2024 18:17

Very wealthy to me.

mitogoshigg · 05/10/2024 18:17

Though to be fair you can be asset rich yet cash not so rich. Depending on their income it could be they prioritise holidays then private school fees are eating the lions share of their remaining disposable income. I will happily skip desserts (which are at best average in all but the best restaurants) in favour of holidays etc.

SoNiceToComeHomeTo · 05/10/2024 18:16

Oh, people can be strange about money. This couple may have high outgoings for various reasons and/or credit card debts. The mortgages on their rental properties may use up most of the rental income, along with all the other costs. They may want to save every month and find that their disposable income gets used up. Or they might not manage money very well. The obviously don't feel wealthy, but it would be hard to argue that they are in any sense poor!

MyOwnToes · 05/10/2024 18:16

People can be asset-rich but not have huge amounts of disposable income. Maybe they do need to keep track of spending 🤷‍♀️

ilovesooty · 05/10/2024 18:15

haleeeee · 05/10/2024 18:08

@Poppins21 well whenever we go out they won’t order deserts etc unless someone else is paying and always saying they need to watch spending!

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Why do you go out with them? Of course they're wealthy, and tone deaf.

Coconutter24 · 05/10/2024 18:15

magneticpeasant · 05/10/2024 18:10

They're millionaires?

Maybe suggest they go on a budgeting course next time they whinge. This one's free:

https://www.open.edu/openlearn/money-business/mses-academy-money/content-section-overview?active-tab=description-tab

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Are you asking if they’re millionaires or not sure how they’re struggling because they’re rich? Having money in property is very different to money in the bank

Hermione101 · 05/10/2024 18:15

It’s all relative. What’s their net worth? Assets - liabilities. What do they own in liquid assets? What do they owe on the rental properties? Are they struggling because they’re house rich/ cash poor? How much debt outside of mortgages do they carry?

Good for them for building wealth though, if they are at the start of their wealth building, it doesn’t come without struggle and sacrifice.

LostittoBostik · 05/10/2024 18:14

Yes. Not rich/super rich, but wealthy

coxesorangepippin · 05/10/2024 18:14

Not wealthy

They're doing alright

Wealthy is something else

YoghurtPotWashingMachine · 05/10/2024 18:14

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.

Wank

Newyorkcity123 · 05/10/2024 18:14

haleeeee · 05/10/2024 18:10

@Newyorkcity123 actually no. The home was bought outright for them. Brother works and SIL does not.

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So are they struggling then with 3 mortgages and school fees? Sounds possible. Maybe they’ve over stretched themselves? Did the family home come with strings attached? Where did the free family home come from?

Lovelynames123 · 05/10/2024 18:13

They might be asset rich but cash poor, depending what their actual income is. Does the income from the rental properties just cover the mortgages so their paid jobs are the only income? If they're not high earners they might not have a huge budget after paying private school fees.

If they were genuinely struggling they could presumably free up cash by selling a property, taking kids out of school etc, so they're obviously not on the breadline. I would say they're well off but there is a difference between owning assets and having ready cash available

Tangerinenets · 05/10/2024 18:13

I’d say comfortable,

IhateSPSS · 05/10/2024 18:13

Wealthy and claiming they are 'struggling' is a smack in the face to a single adult who gets £378 a month on UC and has to top up their housing benefit and council tax.

Who are your IL's claiming they are struggling to? If they feel like it's that much of a struggle maybe they need to take the free state education their DC are entitled to and cut down on the holidays? I think people are entitled to be wealthy and have no issues with that but if they then claim to struggle and expect sympathy when they can make significant changes in their lifestyle CHOICES to balance the books, it is ridiculous and I'd want to say that. You are a better woman than me if you have kept you lip zipped!

nutella8 · 05/10/2024 18:12

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

Clarinet1 · 05/10/2024 18:12

haleeeee · 05/10/2024 18:08

@Poppins21 well whenever we go out they won’t order deserts etc unless someone else is paying and always saying they need to watch spending!

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Well I always say that the well-off don’t get that way by spending!

magneticpeasant · 05/10/2024 18:10

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

They're millionaires?

Maybe suggest they go on a budgeting course next time they whinge. This one's free:

https://www.open.edu/openlearn/money-business/mses-academy-money/content-section-overview?active-tab=description-tab

MSE’s Academy of Money

The Open University has joined forces with MoneySavingExpert (MSE) to produce this new free course to give you the skills and knowledge to master your finances. Packed with videos, audios, quizzes ...

https://www.open.edu/openlearn/money-business/mses-academy-money/content-section-overview?active-tab=description-tab

tinytemper66 · 05/10/2024 18:10

Comparison is the thief of joy!

OnlyScrans · 05/10/2024 18:10

I’d say they are richer than average.