Rich Housewife - AMA

[Iho]

Ask me anything.

Welcome to the SE kid.

No they're not - by definition, they are the top 0.5% earners, or have massive family money. That's not "normal". We're in the first category - we don't have eight heads or anything, but I wouldn't consider our income "normal"?!

I agree. I always remember not having 30p for the bus fare or not being able to buy toiletries. That's why I always give to the hygiene bank in particular. I think if you've been through it, it makes you more aware.

It is not perfectly normal to own a house worth 3m. Only 2.2% of houses in the entire GB are worth £1m or more. You have to be earning a well above average wage in order to even qualify for a mortgage, regardless of deposit. I'm not saying the house doesn't look like a perfectly normal house, but don't pretend they aren't privileged to afford it.

Do you love him?

Exactly, if young people are buying they are high above average earners and likely have help with deposit. I'm not against them or anything but it's ridiculous to pretend that it's not in the above average category to own a house worth 2m.

I have replied to another person on this thread similar so apologies for repeating myself but only 2.2% of houses in GB are worth 1m or more. When I say normal people I mean average people/earners. To even qualify for a 2m house you have to have a heck of a deposit and a high high paying job.
Also housing wealth is generally held by the 60+ ages not average families. Not saying they don't or can't own houses but it's disingenuous to suggest boomers aren't the majority house owners. Every flipping week there's an article of one giving off at the suggestion they downsize to free up the market.

I'm sure it's cute but I'd be much more likely to go for Spain or South of France if Greece or something for a second home. Or in a seaside in UK a bit less logistically difficult to get to.

Feel a bit depressed now. I'm 48 and I have to work at least another 15 years as I'm the only breadwinner.

Sounds fab from what your opening post says. I’ve not read any replies. Could also be rubbish though. You have a house on the IOW but maybe it needs renovating. Does it? Or your husband is so busy that you don’t actually get to go there and enjoy it. Do you go often?

Also you’re posting on Mumsnet doing an AMA so maybe you have this fabulous place to go to, but are very bored as you don’t know anyone there. Is that the case?

No judgement from me though. I have a lovely house (not mortgage free) a husband that works very hard and I don’t have a lot of friends so I end up replying to random threads on Mumsnet! 🤪

Do you have Thermomix 7 yet?

I’ve enjoyed your AMA, OP. But wow, some people are dicks. It’s such a race to the bottom.

Do you typically shop on the high street (even online) or more high end/designer?

Have you ever thought about speaking to a financial advisor about a personal pension?

No I don't worry as DH is rather savvy and houses will always need building. 'Bricks and mortar' and all that.

Have you thought to get passionate about a project yourself other than relaxing the day away or getting your hair removal treatment?

It doesn’t sound as though you know much about your husband’s business with that response about bricks and mortar - sounds a little flippant.

The most accomplished, interesting and intelligent women have something that lights them up. I’m not really getting this from your responses OP. I only made it half-way through was fairly repetitive and predictable. Sorry, OP. Best of luck hope you enjoy life to the full.

What a lovely life you've built together, OP, congratulations. Many years ago I also worked in hospital admin for a while, so I can completely relate to your relief at giving it up!

Will you consider downsizing once the children have left home? Years ago, I lived in a big house and we never used the lounge - not sure why, maybe long hallway + laziness + a big kitchen that did the job! I used to feel a bit sheepish that if someone broke in and nicked everything out of the lounge, we might not notice for a few months. Do you ever feel a bit like that?

Me too. This is very much a rather naive person’s idea of what wealth is.

What is most suss to me is that property development income is "lumpy" and project-dependent, it’s not a regular salary. Or rather a limited company director would take a small salary for tax efficiency and draw dividends; but the goal is not maximising a monthly "salary" but building the company's NAV (net asset value) and extracting cash in the most tax-efficient way possible. You leave the profit inside the company to build assets. To a lender a developer with major assets is much more bankable.

There are income-heavy developers rather than asset-heavy - ie taking the profit out as salary - but those rely on the next project for cash as they haven’t built up assets. So I’m not sure how this model is working.

I’m still stuck on your husband earning 600k and you doing the cleaning. Fuck that!

Is your house more Living Etc or House & Garden? Who's your favourite interior designer? Have you ever used one?

Do you have a kitchen island with stools along one side?

Depends how you define normal. It’s normal for your road, it’s normal for your area, it’s normal for inner London and other towns in the SE. 2 million is a very normal house in Chiswick for example, nothing very exciting, and not very big.

😂 I love this question.

❤️
Sadly, she doesn't have grey door knocker chairs, which I find disappointing

You can obviously find street after street in West London where semi-detached houses cost £2m (in fact, good luck finding a non-derelict semi in Chiswick for that) - but it doesn't mean that the people buying them are "normal", average earners!! It means that the abnormally high earners are concentrated in the same desirable postcodes. I have to be honest, it's slightly painful to have to explain this!

Do you have a career?

HNRTFT,how do your sons occupy themselves? I have friend on IOW and her teenagers are bored shitless !

Do yr give any of your time to volunteering or charity work?