To think I some people have really got it right! BUT HOW?

[whalesandsharks]

So as the title says...

A few couples I know (all mid 30s-40's)
Seem to have it all sorted very fast...they are set up so well that they aren't exactly rich per se but are "untouchable" (for want of a better word!)

Two examples are...

One couple...she works part time...2 days a week (in a professional role) and they have 2 rental properties (not big ones, two apartments) that he mostly manages.
They have no mortgages which helps massively I know!! But all parents are still around so no inheritances as such.

Another couple...he works part time doing odd jobs (plastering of a shed, tiling a floor etc) and she is a teacher working a 3 day week. Again no mortgage....

They all have dc, how have they done this?? They have skipped through the pandemic untouched, nothing changed.
Here's me and dh working out asses off in 9-5 jobs, one dc(can't afford another one right now!), renting (can't afford to save) dh was furloughed and had just got back to full pay and then yesterday I was told I am getting made redundant 😫

I know I'm venting but how have they done this, is there a magic trick I don't know of?? These people didn't attend private schools and lived in the same village as me growing up. I am at a loss as to where I went wrong!

When did they buy?

As a lot of posters have said, no one really knows what's going on in others lives. I have a friend who got a massive payrise then upgraded to an expensive car via lease. On the outside looks amazing but as one of her close friends I know that they still rent, want to buy and have zero savings. If I was her I'd be planning to buy a second hand car outright and then save the money she'd save on the car lease....that would give them a good deposit in 2-3 years and she salary is good

We only managed to buy a house through scrimping and saving in our 20s and early 30s. No luxuries or extras, only essentials. Living for a year with family to save an initial deposit. Eating Dahl and jacket potatoes to minimise food costs.

Covid has untouched us financially. In fact we have saved cash. It has been an utter nightmare working through Covid. Being furlowed would have helped my stress levels

Can I also add in the cost of childcare. Until DS started school in September our childcare costs were £2,200 per month. The vast majority of my colleagues and friends have grandparents nearby happy to do a couple of days every week and that brings the cost down massively.

If we hadn't managed to get on the property ladder before having DCs the cost of childcare would have made this impossible. Now DS is at school its £1550 per month but still a huge chunk of our earnings.

@thedancingbear

These people, unless they're investment bankers with bonuses the size of my entire mortgage, have ALWAYS been given money.

Nope. This is our position, near enough, and no-one's ever given us a bean. OH single parent family, me council house and shit state school. A combination of really hard work and good financial sense.

Same here. Not a single penny. Mortgage paid off by early 40s Small things can make a huge difference. No commute - both cycle.FT salaries, one cheap car, barely used. No childcare, one child and we worked different shifts. Shift work paid extra in unsocial hours Thats £1000 on CC and £400 less on petrol than my friend. Chucked it at the mortgage. Debt also costs fortune £100 a month extra is 18K saved or if overspent on CC add 28% interest with minimum payments thats c 76K( rough estimate) Its ridiculous as that could be spent on food, alcohol or just nothing much. I do think you have assumed though OP. Sounds like they could have a huge mortgage on the first house to fund the others

Sorry thats over 15 years

I think luck is underrated here. You can work your arse off, save and scrimp and still get hit with bad luck and there's nothing you can do about it.

The same day thar I bought my first flat at 27 (after studying and working constantly since age 14) I was made redundant. I'd only been in my job 4 months. Mortgage insurance was invalid. Got no redundancy pay. I was out of work for months and months. I instantly fell behind with mortgage payments and ended up losing the flat, plunging myself into years of financial chaos. My family never had money, so I had no help and had to dig myself out of that hole. I even had to pick pennies up off the street to eat. It was horrendous.

15 years later I'm married, have a child and live in a beautiful place right on the beach. I've little debt other than the mortgage, but it took a lot of effort to get to this point - working hard and renting while paying huge amounts in childcare and saving for a deposit etc. It probably looks like we're super comfortable, but I'm always keeping my eyes on the money. In 2 years time we'll be much better off once a few things are cleared and we can get a better deal on our mortgage. But it means that I know what it's like to be really poor and that you never know what's behind some people's 'wealth'.

Honestly OP I think it's really unusual to be mortgage free in your 30s so I wouldn't feel bad about your situation. Your friends may have inherited from grandparents or something.