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?

Let me think how long it took me to fill in the interest numbers on my tax return

Checking certificates of interest- a couple of minutes as some financial institutions produce consolidated ones for all your accounts in one go.
Typing the info into untaxed interest worksheet in the online tax return - 5 mins max
Calculation is then done automatically

I think it took me 10 whole minutes to do 😱

For 10 mins effort I’d prefer to retain half of something than settle for all of nothing.

This is very naive. The higher your salary, the bigger the target on your back in times of financial downturn.

What a strange thread.

@AnneValentine

Paying if the credit card bill when it is due rather than weeks early is not 'building up credit card debt'. It is paid off in full, just the money works for you in the meantime.

I agree. And OP, I have thought about it and you are right. By your very narrow definition, wealthy people don't need "savings".

If you, as you say, have investments generating returns, earn more money each month than you usually spend (by several £1000), have substantial assets and pensions that will allow you to retire comfortably, you do not need to ring fence cash and call it savings.

Well nobody walks into banks nowadays but…

I could log into my online stock account, divest some shareholdings, and have the cash sitting in my bank account within 7 days…

Because people quickly typing on their phone don’t make typos? Because only poor uneducated people sometimes make a spelling mistake? Because you can’t be successful and dyslexic?

Well done for a cheap shot - do better.

Do you not have a pot put aside for your rental property OP? Mine has thrown up a couple of large and unexpected bills at times. I can usually meet the smaller expenses from my current account- eg washing machine or bath needs repair/replacement . But when there was a major problem with the roof that needed urgent repair, I had to find quite a few ££££. Luckily I have a savings pot for it so I was able to pay it.

😁

Listen everyone, OP spent £1,000 in a 'Disney outlet mall.' She's a real high roller, this one. Living the dream, right there.

Love that I didn’t actually say any of the things you’ve quoted. But nice effort.

Aside from that, I came to this thread to find out how the wealthy live their lives and haven’t really learnt anything about that so am a bit disappointed. 😕

Why not reply to those of us actually engaging with the discussion @AnneValentine ?

The real question is not whether or not you r are rich or wealthy, but are you happy? If yes then why worry about it.

😂

You just seem like a goady Co! tbh . Your entire posts are just so arrogant . Am sure you are a very popular person … NOT

People at this level are rarely made redundant. They make others redundant.

Based on this comment alone, OP has no idea what they are talking about. I know plenty of 200K salaried people and most of them have either been made redundant or have been at risk. Usually due to M&A, CEO change or similar.

Most wealthy people guard their wealth like dragons and make every penny work for them.

That's probably why the op is rich because her husband earns a lot, but isn't wealthy.

Liquid money can be savings too!

Current account balance.
£50k max premium bonds only take a few days to cash in.
Cash balance sat in a GIA account.
Short term money market funds accessible within a month.

Isas and Investments I would consider to be 5 years + timescale and would prefer not to access.

Now I know this is a wind up. 😂😂

Two weeks on-property at Disney World (at one of the cheap hotels) with park tickets and premium economy flights and a Disney dining plan is easily 20k for a family with two kids in August.

A wealthy family staying in a suite in one of the more plush hotels and flying business class could easily spend five times that.

Gold

OP, you seem quite preoccupied with the concept of "wealth". Can I ask why it matters to you? If you feel secure and - as you say - spending within your means, why does any of this matter? has someone said something to make you feel you ought to have a bigger cash savings pot? Just curious. It feels a bit of a keeping up with the Jones's type issue.

If you were as rich as you claim you'd be paying an accountant to do your tax return.

Is that a joke? I’ve engaged a lot. There are a lot of comments - I absolutely have not read them all.

As a qualified financial advisor we would always recommend an emergency fund separate to any investment you have. Say god forbid your husband is killed in a car accident (which is a case I have sadly delt with) or you are robbed (I have also previously worked in insurance and they won’t pay out immediately, for high net worth accounts it can be up to 2 years) you will not be able to go to work the next Monday. Say you have PTSD from the event, your works sick pay will run out and government sick pay is about £100 a week. You may have life insurance but that takes forever to pay out. And property can take ages to sell. You want to make sure you have a pot to cover at least 3 months so you can focus on your kids instead of sorting money out. Unfortunately, I have worked with clients who this has happened to and it’s always best to expect the unexpected and cover you and your kids back.