If you are really rich

[sopsmum]

Now, I know this is all subjective, but if you are rich how did you do it. Do you have lots of different income streams. And how much take home makes you rich? Our income is fine (could always have more!) but everything is so expensive.

On paper we are rich. Don't live in London house but have a biggish house with lots of equity. Mortgage is a lot lot less than I see others paying on rent for smaller houses. I'm a professional. Husband owns his own business with largish turnover. I'm lucky to be mid 40's as those younger than me appear to be even more fucked.

But, we don't live extravagantly (no new cars). One child in private school (with a bursary) but state primary for the others. Literally no idea how I'm going to pay their fees when the time comes as I can't really afford the fees for the one that's already there. Have only paid for 1 term so far and am dreading the next payment already.

I haven't been to the supermarket for 2 weeks so just eating through the cupboards. Paying the kids football subs nearly killed me. We never eat out. I'm constantly careful about what I spend and haven't bought myself any new clothes in over a years. We didn't go abroad this year. I had to put the car insurance renewal on a credit card. The roof is leaking.

It isn't just the school fees that have done this by the way. We were fucked before we started shelling out for those. I'm just very interested in how others manage as everywhere I look in my affluent little bubble everyone else is having 3 holidays a year and buying new kitchens from Neptune. A friend of mine spent £11k on 2 weeks in Majorca. Seriously what the fuck.. I'm just wondering if I'm totally out of touch with what is a good salary and starting to think everyone else must be taking home £10k a month.

This isn't a poor me thread. I know I'm privileged. I grew up without much money at all and know for certain that family is more important than money. I just thought as time went on we would be better off. I definitely had more disposable income earning half as much in my 20's.

Yes OP. I'm in Sutton in South London.

This thread has been a bit of an eye-opener. With a combined salary of just under £50k I always considered (and still consider, really) DH and I pretty well off and have been beating myself up over the fact that we're always dipping into our overdraft at the end of the month.

Hmm after reading majority of this thread, I do think some people need a bit of a reality check. Myself included at times.

As a pp said, there's a lot of greed on here. Just because you know richer people, doesn't mean you're not rich yourself, just maybe to a lesser degree.

Not being able to be buy whatever the f you want, doesn't mean you aren't well off or rich.

The 6 figure earners moaning about cost of living down south - you do realise there are people on minimum wage or there abouts also living down south? You know, the ones that sweep your streets, care for you in hospital, look after your elderly parents for you, etc.

Yup you're underestimating how much people earn OP.

£200k is obviously a good salary but it doesn't fund the sort of lifestyle you seem to think it does.

2 teachers on the UPS at a London secondary with a TLR of some sort will be earning 100/110k combined.

OP you sound like you are one of those couples you describe though. I think you said your income was low 6 but your house is over a million & you are paying school fees.

Well, it’s easy to work out how much a particular lifestyle would cost.

Eg annually 20k on holidays, 50k on school fees, 30k on a car (say a new Range Rover every so often + the running of it), 25k afterschool nanny, 60k+ living expenses (meals, clothes etc), and say another 30-40k on mortgage + bills + cleaner/gardener etc

That takes us up to over 200k out of post-tax earnings. So 400k-ish gross. Add to that savings and investments and you’re looking at needing over 500k to pay all the stuff and having a little left over (relatively speaking).