To wonder how they have so much money? Or is it just social media?

[Spice22]

I understand how older people have money ; they work for it. But I'm just puzzled by how people my age (and younger!) have so much? I'm in my early twenties.
Whenever I go into Instagram or snapchat, I am sure to see lots of pictures of people "popping over to Australia" or beaming with pride because they just a bought a Range Rover. I am not exaggerating!
Don't get me wrong, I'm not envious - though I am jealous of course. I don't blame them at all for the pictures/posts because I would/probably will when i acheieve these things too. I just don't get how they can do this at 17-24 ?
It's small stuff like eating out twice a week, multiple designer handbags a year, to large stuff like new cars and long distance holidays multiple times a year. How??

I know some these girls have 'blessors' but not all. Anyway, I'm just wondering if you guys know people leading such lives and how they do it ?

I feel jealous reading about all these young people who graduated and then straight into high paying jobs and fab holidays and stuff, not gonna lie. I'm a final year student in my early twenties with part-time job, and DH is a graduate of the same age but is a low-paid non-clinical NHS employee. We have enough money - we eat well, have heating over the coldest times of the year, rent a big-enough 1-bed flat, have our two pet guinea pigs, and we have enough for a takeaway about once a week and sometimes we go out for a meal/go to the cinema/ go on a night out with friends now and then again. We came out of our overdrafts last month (we moved about a lot which was expensive and DH was unemployed for a few months so racked up overdraft debt then). But we definitely won't be having an overseas holiday any time soon or anything like that, and certainly not buying our own house, and we do have to think about all our spending very carefully. I've been agonising about where I can buy the cheapest decent sports leggings from for weeks. sigh

A 25yo son of a friend:
Did a vocational BTEC in web development instead of A levels
Became self employed instead of going to university
Lived at home contributing £250/month until he was 23 (so 5 years of good earnings and low outgoings)
Now lives in London earning £60kpa for a national news org plus additional income for self employed web development contracts, has mortgage in N London and a great lifestyle, no debts.
Mind you, he was born sensible!

There is even a name for it: Social Media Anxiety.

Check this article from Westman Journal:

www.westmanjournal.com/news/local-news/social-media-anxiety-disorder-becoming-more-prevalent-1.11166360

I am sure other members have better ones than this.

It is a serious problem.

Holidays are much cheaper out of school holiday dates .

OP I would suggest a compromise is the best option. I don't think it will make you happy to spend all your money when you are evidently sensibly minded (as you are considering whether you should be saving!). Also bear in mind you get used to any lifestyle. So if you decide to 'treat' yourself for a year, you will find it very hard to wean yourself off it when growing up and saving time comes!!

Hubby and I have just started the growing up and saving time and we feel BROKE. We are not, we have a few £100 left each month for fun. But this is not how we have been used to living (we are DINKS). However we know it's worth it as we will have a home that will be paid off in our early 50s and that will hopefully accumulate some value. We have been really strict about our spending since we moved into the house, making separate accounts for each expense and putting an agreed amount into each one. This way we can still enjoy dinners out, new clothes, home improvements, holidays abroad etc but within the defined budgets rather than willy nilly like we used to.

Perhaps this approach would allow you to enjoy the lifestyle you feel you want, but whilst also allowing you to be sensible!

I see it a lot too. I've put it down to credit cards. It has to be. Young families with top of the range cars, holidays to the Caribbean, eating out all the time (and 'checking in' on Facebook so you know they are) and to top it off, immaculate houses, beautifully furnished and wardrobes with all the latest clothes and shoes and bags.
If it's not credit cards then I seriously need to know their secret

It's something I have seen online too, as well as in real life. The main people I can think of:

For one woman, it's all fake. She posts on instagram of champagne lunches and designer watches, then asks her mum to pay for her food shopping for her and her kids. She also short term dates wealthy men.

For one man, it's credit cards. He has a designer wardrobe, drives a sports car, has several luxury holidays a year - but is massively in debt and doesn't pay for his many kids.

For another woman, it's wealthy parents. She still lives at home (I would assume rent free/very low rent), and has no children or anything so a very disposable income. I don't blame her.

I genuinely don't envy the social media showing-off at all. I am happy with my little family and our lovely life. In the past when we were more wealthy, we could have lived an excessive lifestyle, but instead chose to donate/save for a house. We still did nice things, but I like to think were sensible. I'm not saying this is right for everyone, but I'm glad it's what we did.

Most people I've known like this is either in horrendous amounts of debt, inherited from grandparents or parents who owned a house (which then sold for over £100,000), or works all hours in a highly paid but pretty relentless job.

It's all staged! Was at a local boating place with my toddler last week X it is vair posh there X we were throwing stones into the water when a group of very well groomed lads turned up who proceeded to take photos of themselves in front of the boats and standing, gazing out from the jetty. I could hear they knew nothing about boats and had never been there before but from what they were saying, there will be many envious views of their 'new boats' and 'sailing excursions' on Instagram (the place was practically shut) it's all smoke and mirrors!!!

Probably credit. I know because I did exactly the same 20 years ago and I regretted it later. Also, people tend to exaggerate on social media.

My boyfriend is well off because of inheritance , some of them save for a long time but you don't see that you just see the final product and think they jumped into it. Some don't put aside any savings. I've never had a credit card and don't plan on getting one for a long long time

Definitely credit cards. A relative of mine was in hock to credit cards up to her limit. I bailed her out £20K. She was lucky to have a rich cousin! New cars, weekends away, all the things others have said.

It's all about priorities... last year we went on I think 6 foreign holidays (mostly Europe and one long haul). Our travel budget is 15k a year give or take I say. It's important to us that DCs experience other cultures and become worldly like us. Pretty frugal otherwise. "Luxury" car paid in cash a few years ago and not planning to trade up. Very modest house and tiny mortgage. Could probably afford house twice as expensive but don't feel the need to. I have a few designer bags but don't really care for more. Eat out regularly but it's no more than a few hundred a month. Lots of money spent on childcare and education - Which I see as investment. No other expensive habits really.
Dh is very prudent and started pension contribution as soon as he started his graduate job. We are recently told he should stop contributing so it doesn't exceed the £1m life time allowance by the time he retires - Only early 30s now so pension can grow substantially over decades. We are now looking at investing elsewhere.
No inheritance. both DH and I have well off parents who didn't come from wealthy backgrounds but worked hard all their lives to build up meaningful wealth. We have inherited the work ethic so far. DH earns well and I'm in a not so well paid but highly professional career which I chose to be in because I love it.
Our friends think we live a pretty exciting lifestyle but actually we live way below our means

Well done, Enchantment. Exactly right. enjoy your life.

TFB 's otherwise known as Trust Fund Babies .
When I was at uni 20 plus years ago one of my housemates mentioned the name of a few people who wouldn't have to work . Not having to work I thought was reserved for Royals and landed gentry but there were actually a whole load of people at Uni who had property to live in when they graduated and an allowance .

Social media is easy to manipulate, especially instagram.

I have a friend who very much gives the impression of being the wealthy sahm with her adorable toddlers. However, in reality, she works from home but this is never mentioned. They have a nice house but it's in a dodgy part of town. The town borders a very twee wealthy area so she often 'checks in' at that town, rarely her home town.

Lots of national trust day trips/trips to the coast. It distracts from the lack of sunnier climes photos.

She's strategic on her purchases and what she posts. She'll post photos of flowers next to a jo malone candle. She'll post a picture of her dd in a very obvious Boden/jojo outfit. All other clothes will be second hand etc.

In my case though it was credit cards. I'm still paying it off.

Meadow Just keep going. You are doing the right things. I have wealthy parents who cut me off when I was 18. I had the minimum loan which didn't cover my tuition fees and halls/share in a house. I worked FT while I studied and did other stuff on the side. I still hustle to this day.

One piece of advice given to me which as worked out is that if you focus on the top line the bottom line takes care of itself. I am always looking to increase my income and keep my costs steady. I focus on keeping costs level BUT my #1 goal is always to maximize income.

It's only materialism.

It's a complex to keep up with the Jones' or to look good as the wealthy ones.

Credit card.

To brag and to be down right pretentious

I see see some who feel the need to do just that and I couldn't care less.

I agree with that advice of Want above. Always focus on increasing income. It can often be a lot easier to keep pushing your income up than cutting 10p off a pack of bacon or moving from Waitrose to Tesco for your shopping or turning off the heating.

goose
I can't believe the salaries people are quoting here around here it's unusual to earn I've 18,k and most jobs advertised are minimum wage.

Yes, but I bet wherever you are the housing is cheaper!!

I'm in the south east but not in London and a 2 bed flat is £220k minimum, and that would be for somewhere not very nice. £260k for something with nice ikea kitchen & video entry phone etc.

The cheapest detached house you could buy is about £470k, hardly affordable!! Anything nice £650k+.

Salaries vary. Quite a few mumsnet posters pick their careers based on likely high earnings. I certainly did ( as well as enjoying it - law). Not that I want to flash the cash in life - no one would pick my home for a burglarly compared with neighbours. Yes a big house but we have the worst car, no gold to steal (police have put out a recent notice about Indian families with £100k+ of gold and jewels at home). If someone broke in here they'd find a lot of children and second hand stuff. I suppose a second hand computer and £1k car is the best they would find b tu I have paid 5 sets of school fees so each pick what matters to us I suppose. One reason I could do the latter is that in my 20s I hardly spent on anythnig except full time childcare for the children and paying off a mortgage as quickly as possible. We had some nice holidays - Butlins once with 3 children under 4 - they loved it; a car trip to France - we arrived on the back of an AA lorry as the car didn't make it etc etc.

I earned quite a lot of money over a Short period of time modelling when I was very young and then invested it. I also dated a couple of well off men and ended up marrying one of them. There have been times he has had to deal with all my finances though as for instance I was so unwell I was going to buy an apartment for someone I hardly knew.

I married him because he helps keep me as safe as possible due to my severe MH issues and his money really assists with that.

Money sure ain't everything I would gladly swap my brain for a new one if possible.

WTF is a blesser???

Wow didn't realise the thread was still going !

Ladyrain a blessor is someone who 'blesses you' with gifts, trips or money in exchange for your company.

I can't remember which PP said about striking a balance. I think that's what I'll aim for as I would struggle to enjoy the 'lifestyle' knowing I have no savings.

I am amazed at the stories of people buyin things just to picture them and then return them ! Wow !

Simi I understand what you are saying but I think my point is still valid. They worked hard and financially rewarded for it. There are others who work hard and aren't financially rewarded for it, but those are not the people in talking about.