Do you consider this ‘wealthy’?

I was going to say wealthy, but given you are doing leases and 50% ltvs whilst still spending 3k on holidays a few times a year, I'd say... not rich, but also disconnected to many people's realities.

Don't be daft, if they were "struggling" they could drop a couple of the holidays a year.

Wealthy to me on less than 30k a year with one property still mortgaged for years!

But this is mumsnet so you are just average and probably actually poor.

Possibly, the difference is I'm really posh not faux-posh 🤭

How hyacinth bucket 😂

The fact that they go out for a family meal and give the reason for not ordering a pudding as needing to "watch their spending" is deeply unclassy and lacking in social graces.

it almost merits the rhetorical question, with a slight head-tilt "do you mean to sound so unclassy?"

I’d not say wealthy either. I’d assume it’s hugely possible they are struggling, they won’t be making money on the rentals, with interest rates and tax, they will just be washing their faces, so any money the brother earns will be going to the school fees and living costs. So yes I’d assume they could be struggling.

evenif they sold the two rentals. Which I assume they will do due to the rentals bill the equity will be nice but not enough to make them classed as wealthy

What does a nurse make? Or a teacher? Or a Tesco worker? Avarage income in UK?

How can you even ask? Sometimes MN is disguesting.

Definitely wealthy, if they own several properties!
However, the private school fees are an expense and not necessarily a sign of being wealthy?
We have never even considered private schools, but know some people who go into debt to send their children to a private school. It wouldn't surprise me if their spendings are so high they really need to watch how much they they spend whatever's left after paying the fees. They could be both wealthy in terms of income and savings and be cashflow-squeezed when all their costs are deducted from their income.

Why are you repeating what sarahzbaker just posted, to which I responded?

Exactly- and that's £780k in extra property!!

Shrouds have no pockets.

Conservatively wealthy all

Heh. They won't have a shroud - to save money.

You move in circles that have given you a very narrow outlook.

I’m comfortable. I have paid off my house, don’t worry about bills and can afford the odd holiday. We have two cars and have regular days out and eat out a couple of times a month.

The OP’s example is wealthy. Your examples are the super rich - using private jets (as well as being immoral IMO) is the domain of the super rich. I think there are mega rich people too.

The people around me in my circles think carefully about where they do the shopping, don’t have holidays and think carefully about eating out. They have mortgages that take up a large portion of their income.

The families I work with worry about paying bills. Worry they won’t be able to afford food. Shop in charity shops. Wear worn clothes. Don’t go away or have day trips even. We are surrounded by coast, some of the kids have never been to the beach. No money to run a car.

People of no fixed abode worry someone will steal their sleeping bag and they will die of cold overnight.

Some people in other countries have no clean water, no electricity and live all together in one room in a mud hut.

The people in the OP are wealthy. No question.

No they are worth more than that, probably £1m in property if you include their mortgage free home!

self inflicted
They are struggling because they aren't living within their means.
If you earn 1k a month but your outgoings are 900 you are ok
But if you earn 1k a month and your outgoings are 1100 you are struggling.
Sounds like they are financially over-committed. But that's their choice.
They aren't genuinely struggling like worrying about food or paying bills. But they don't have the disposable income you would assume with a high earner, because it all goes on schools, cars, property, and holidays.
They are setting themselves up for a decent future when the mortgages on the rentals are paid off, but currently those rentals wont be earning them much by the time you take out mortgage costs,landlord insurance, agency fees, maintenance and tax. Infact 1 bad tenant who trashes the place, doesn't pay could wipe out any profit for years.

not wealthy. I know people who have a penthouse in mayfair and a mansion in hampstead. Fly with private jets. Thats wealthy.

i think the person you mentioned is in rich category.

Personally my categories are
comfortable (income £80k-£150k) still cant put children in private school. Have 1 or 2 properties.

rich income £160k +++++ put children in private school, have several properties

wealthy income from several source and its millions.

Better than average but certainly not wealthy.

They are probably referring to private school fees going up, so struggling with that. If rentals are owned, they could sell one. If mortgaged, and they have had to remortgage, they might be struggling to cover this if rentals have fallow periods. It’s obviously relative. Depends on what main house is worth and future earnings and family wealth. They are not hugely wealthy. Comfortable. It’s always best not to talk about money in front of anyone who doesn’t have it. Bad manners.

Wealthy

@nutella8 it works out better to lease as it's a legitimate expense you can offset against tax

The people I know who have the most wealth ..are also the ones who are obsessed with money and constantly tell me they are struggling. I am always astounded by their lack of contact with reality. They also seem to me the most unhappy people I know.

Yes, but you still couldn’t be described as ‘struggling’ because you have the choice to sell your second home or not use private education. Struggling is when you are not sure you can afford the can of beans. These people wrongly describe themselves as struggling. They are not. They have several holidays a year at 3000 a time.

Honestly it's sickening when people like this claim they're "struggling".

Living a lifestyle like this means any lack of cash in the pocket is because you're living up to the limit of your income, and you could cut back somewhere if you were motivated to do so.

Someone who is genuinely struggling doesn't have that option.