AIBU to think most people have no idea how wealthy people live their lives?

[AnneValentine]

Just that really off the back of a lot of threads but most recently one where multiple people were adamant that the only way it’s possible to have no savings if you have salaries of £200k plus unless one of the couple is squirrelling savings.

Followed up with how do they pay for a broken down car with savings? Hasn’t even dawned on them that people on those salaries don’t have cars that are breaking down.

Is it so hard to believe that money literally eliminates money worries? That you can create a level of security that means savings and such aren’t needed?

But there MUST be times when you want to, for example, refurb your kitchen at £15,000 or buy something bigger. There must have been times in the last 10 years you have needed a lump some . You claim that you live within your means, what do you spend £13,000 on?

Husband is not in a position where it’s a risk. I can’t give context but he’s not. The only risk for him is that he breaks the law.

I could be - I am not earning anything like what he earns - but my industry is very competitive due to major shortages. So again not worried. But even if I was due to decisions made about our financial set up / career change the impact of me not working would be minimal.

Why am I not surprised that it suddenly comes out that the DH is the major earner

OP, anyone who can afford to keep a car - insurance, tax, MOT, tyres, brakes etc would be stupid indeed not to pay the £120 for a recovery service. It's just one of the costs of owning a car. I don't know anyone who is that foolish.

Otherwise a breakdown, towed because it is in the way, by the highways agency, and put in storage can cost £100 a day. A liability that keeps growing until you deal with it. That's not wealth, it's necessity.

Your arguments are more and more weird

Glad it's not just me, I thought my comprehension skills were suffering a lack of caffeine.

I’m so confused, this is unrelated to the original point you posted. I think you’re just finding it difficult to envisage how other people live their lives? Maybe join some clubs…

No 4% of the population don’t earn 100k 4% of those in full time work do…. That’s quite a distinction.

You might want to unpick that assumption.

He is now. He wasn’t. One of my children was diagnosed with complex needs and as a result we made the decision that I would stop work. That since led to a complete career change linked to the condition child is diagnosed with. The chunk of the assets we have were mine before we married, his salary “keeps” us but it’s by no means how we reached this point.

While the dictionary definition lists them as synonyms.
If you Google 'rich vs wealthy' you'll see that the former is about income/money available to spend, and the latter about sustainable asset building.

https://bogartwealth.com/wealthy-vs-rich/

I think you spend to your limit, I do (not on a crazy salary, I’m a teacher). I gave up smoking, thinking I’d have more money, but I managed to just spend it!

Possibly like someone who I know who had open heart surgery in a London hospital. It cost £75k.

i think if you’re living pay check to pay check knowing you should have it and being able to afford it are two different things.

I'm not convinced the OP is 'wealthy' or even 'high earning' at all. I get the impression someone might be having a little foray into fantasy land on a Sunday morning.

Edit: typo

Higher income comes with higher outgoings. Bigger mortgage, school fees, perhaps an ex that gets alimony.
I don't think having money eliminates money worries. It certainly buys a more comfortable lifestyle - perhaps a cleaner, nice holidays and so on. But if paying for all that you need to keep earning at that higher level. And I bet they do have several pension schemes which are more tax efficient than just savings.
Sure a broken washing machine is probably no issue, but should something stop them from earning (illness, redundancy, whatever), it can all come crashing down pretty quick.

It makes no sense.
OP seems to be the only one incapable of grasping that investments, extra properties (and even one extremely valuable property that could be downsized from) mean the same thing people refer to as 'savings'. Security. A safety net.

I’m not really sure of the point of this thread. I don’t think wealthy people are a homogeneous group any more than those with a low income and little / no assets. Our friends with multiple homes (not rented out) are still working in their 60s. The person on the recently published top tax payers list who has hosted us is still working and focused on the performance of their companies and well-being of their staff. DH bumped into a top musician playing his guitar in the middle of nowhere - sometimes we really do have more in common.

What is the point of this thread?

My working theory now that OP has revealed she is in hospital is that those pain meds are very strong.

In summary, she has:

Savings for her children
Enough in current account to cover unexpected expenses
Investments
Assets

But none of these are real savings

Weird thread.

No, OP, most ordinary people have no idea how HNWI or UHNWI usually manage and organise their wealth, and whilst I congratulate you on having a set-up that works for you and your family, by the sound of it neither do you.

That is not really the point. If you think any of the millions of struggling people in this country give even an iota of thought to the typical liquidity of the ultra-rich's assets then you are barking. A modest cushion of cash savings would be life-changing for the vast majority of people and it is not a lack of imagination on their part if their assumption that this simply extrapolates up the levels of wealth is incorrect.

Op

Can you please show us the research/evidence for your baseless claim that people in your income bracket do not have savings?!

I’m seriously interested

I’m talking about the emergency pot of savings that apparently you have to have for an emergency

Fine - whatever -you don't keep 'an emergency fund' because you're loaded - we get it. Thanks.

Just a question - if you're so smart and great why are chatting shit on Mumsnet and telling everyone else that they're stupid? Why not spend your day of rest enjoying your time with something meaningful?

Congratulations on your enormous salaries/income - but maybe work on your personal skills and do try and make sense when you're frothing at the mouth.

Just because you can’t touch it doesn’t mean it isn’t savings…

Lots of people on high salaries suddenly out on their ears. Lots of people with investments suddenly finding they had dropped significantly in value. Even major law firms needing to downsize the partnership. While there were many who had already sufficiently cushioned themselves against a financial downturn, there were others who were affected.

This is such a weird thread. Is the OP just trying to justify her reckless life? While I agree that some people on high salaries can very easily end up spending them each month (on mortgage/school fees/nanny/lifestyle) that certainly doesn't mean that they are not foolish to have a pension, easily accessed savings, life/serious illness insurance etc.

Then your husband's position is different to many people with an equivalent salary, and you shouldn't be generalising on the back of it, or expecting people to automatically understand why you don't feel you need any savings. It's a very self-indulgent thread.