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AIBU?

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

1000 replies

AnneValentine · 28/01/2024 07:38

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?

OP posts:
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Am I being unreasonable?

733 votes. Final results.

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You are being unreasonable
59%
You are NOT being unreasonable
41%
CaribouCarafe · 28/01/2024 20:08

I feel I learned nothing from this thread, other than the OP's weird semantics on what she believes are savings vs what doesn't constitute savings.

Can anyone point me to somewhere that I can actually find out how wealthy people live their lives? 🙄

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AnneValentine · 28/01/2024 20:09

Fanlover1122 · 28/01/2024 20:07

Yip - seen it for the 20 years I have been working in the City.....

You’ve seen regulatory roles that are legally required in banks cease to exist? How do the banks explain that to the FSA? The FED?

OP posts:
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Mygazpachoistoocold · 28/01/2024 20:12

spriots · 28/01/2024 19:14

My guess is judge

Interesting that we're going for opposite ends of the spectrum. I was going with career criminal. They don't get made redundant but can be bumped off or sent down.

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AnneValentine · 28/01/2024 20:15

Mygazpachoistoocold · 28/01/2024 20:12

Interesting that we're going for opposite ends of the spectrum. I was going with career criminal. They don't get made redundant but can be bumped off or sent down.

A judge is actually the closest guess so far.

OP posts:
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Missmarplesknittingbuddy · 28/01/2024 20:18

The only thing I have learnt from this thread is if I am ever given morphine to lock my phone safely in a drawer .

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newname33887 · 28/01/2024 20:18

Missmarplesknittingbuddy · 28/01/2024 20:18

The only thing I have learnt from this thread is if I am ever given morphine to lock my phone safely in a drawer .

😂😂

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ChazsBrilliantAttitude · 28/01/2024 20:18

AnneValentine · 28/01/2024 20:09

You’ve seen regulatory roles that are legally required in banks cease to exist? How do the banks explain that to the FSA? The FED?

Stop being obtuse - we’ve both seen the occupants of those roles being changed at short notice. Not sacked but made an offer they can’t refuse aka jumped before they were pushed.
It wasn’t necessarily that they were bad at there job but sometimes a new CEO / Head of Global Business or similar takes over and wants to pick their own senior team rather than inherit them.

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AnneValentine · 28/01/2024 20:21

ChazsBrilliantAttitude · 28/01/2024 20:18

Stop being obtuse - we’ve both seen the occupants of those roles being changed at short notice. Not sacked but made an offer they can’t refuse aka jumped before they were pushed.
It wasn’t necessarily that they were bad at there job but sometimes a new CEO / Head of Global Business or similar takes over and wants to pick their own senior team rather than inherit them.

So not redundant then which was literally the suggestion I responded to. He isn’t going to get made redundant.

What you’re now talking about is something completely different.

OP posts:
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Sunnysideup999 · 28/01/2024 20:21

NO ONE is indispensable - and you’d really have to be cracked out of your mind on the morphine to think otherwise.
Even judges, QC’s etc - they can all be moved on even if they are not made redundant.

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AnneValentine · 28/01/2024 20:22

Missmarplesknittingbuddy · 28/01/2024 20:18

The only thing I have learnt from this thread is if I am ever given morphine to lock my phone safely in a drawer .

Will also be my take home! I wish they hadn’t lowered the dose. I would be asleep.

OP posts:
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Alcyoneus · 28/01/2024 20:23

Someone please tell this woman she’s wealthy. Just do it. And then she’ll quit with the tall stories and batshittery.

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newname33887 · 28/01/2024 20:23

@AnneValentine

I've name changed for this thread, so...

We, (combined as a household) just paid income tax equal to about 8 times your annual income as stated on this thread. We have a banker at a private bank, a financial advisor and our taxes are done by a big 5 accounting firm, and my takeaway here is that this thread is batshit and, when the morphine wears off, you might want to ask MN to delete it.

Off to get rid of this username now.

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LetsTalkTax · 28/01/2024 20:23

AnneValentine · 28/01/2024 11:42

I cannot even begin to tell you what a complete waste of time premium bonds are.

Your initial investment makes nothing but you might win £100000. As opposed to our investments which do make a return every month.

If our financial advisor had suggested a premium bonds my husband would have left smoke.

Almost all of the hundreds of millionaires I know have £40k in premium bonds. But okay.


This might be my favourite ever Mumsnet thread.

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ChiefWiggumsBoy · 28/01/2024 20:24

I would suggest that most people have limited understanding of wealth brackets they've never lived in (as adults).

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IsadoraSpoon · 28/01/2024 20:25

Takoneko · 28/01/2024 19:15

The problem is that the OP started out claiming that wealthy people have no “savings”. That seems to have now morphed into not having an emergency fund.

I have a household income a fair bit lower than OP’s and am not wealthy, but we live well within our means. We don’t really have an emergency fund either. When the boiler went we could cover it from our current accounts, likewise booking holidays wouldn’t usually require us to draw down from our savings.

But that doesn’t mean we don’t have savings. If I needed to pay out a big unexpected expense then between my credit card and current account, I would be confident I could cover it. However, I have savings in relatively easy access accounts that I would move across in order to pay off the credit card in full. I wouldn’t touch my investments for that sort of thing, but have other options.

The OP didn’t say “wealthy people don’t have boiler breakdown funds”, it said wealthy people don’t have “savings”. The OP then clarified that she has lots of savings, just in relatively illiquid forms.

Its a truly nuts thread.

Exactly this. Neither my husband nor I are even higher rate tax payers and we don't ever think about saving for a holiday or new boiler or whatever - we just buy it. We have enough flex that we can do that. We don't put away x amount a month into an ISA or have savings linked to specific goals, but we are continously increasing our net worth, be that by spending less than we earn or paying down our mortgage. We still have savings though (some of it in unit trusts - not followed closely enough to see if that counts to the OP) in case something should happen in the future. I'm not convinced anyone is wealthy enough not to have easy access to a few tens of thousands ideally.

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AnneValentine · 28/01/2024 20:28

newname33887 · 28/01/2024 20:23

@AnneValentine

I've name changed for this thread, so...

We, (combined as a household) just paid income tax equal to about 8 times your annual income as stated on this thread. We have a banker at a private bank, a financial advisor and our taxes are done by a big 5 accounting firm, and my takeaway here is that this thread is batshit and, when the morphine wears off, you might want to ask MN to delete it.

Off to get rid of this username now.

That can’t be true, rich people don’t use mumsnet.

Also it’s the big 4 accountancy firms not big 5. Not sure why you’ve randomly included the 5th. You’ve exposed yourself a bit there.

Not that I used to work for a big 4.

OP posts:
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MidnightPatrol · 28/01/2024 20:31

This is a v odd thread. The more I read, the less sense it makes.

Investments are just another form of savings IMO. You invest to get a better return than holding those savings in cash. That’s it.

IMO it’s pretty odd to have no cash reserves whatsoever, what if you need to buy a new car or replace the roof? Pay for a big holiday?

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LetsTalkTax · 28/01/2024 20:31

AnneValentine · 28/01/2024 20:28

That can’t be true, rich people don’t use mumsnet.

Also it’s the big 4 accountancy firms not big 5. Not sure why you’ve randomly included the 5th. You’ve exposed yourself a bit there.

Not that I used to work for a big 4.

There's Big 4, Big 5 and Top 10, all used regularly.

The Big 4 are significantly bigger than the fifth, but plenty recruiters/people who use BDO (or GT)/people in that world will often refer to Big 5 without anyone batting an eye.

I do work for Big 4, and used to work within Big 5.

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newname33887 · 28/01/2024 20:32

AnneValentine · 28/01/2024 20:28

That can’t be true, rich people don’t use mumsnet.

Also it’s the big 4 accountancy firms not big 5. Not sure why you’ve randomly included the 5th. You’ve exposed yourself a bit there.

Not that I used to work for a big 4.

Yeah right. Judging by this thread, it was Arthur Andersen you worked for. 😂

I was too polite to say you're a fool, so was attributing it to the morphine. Carry on.

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indigoskies · 28/01/2024 20:32

"Rich people don't use Mumsnet."

Er, yes they do, They just don't need to shout about it and make an exhibition of themselves.

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Fanlover1122 · 28/01/2024 20:34

oh I hope I am the last post on THE BEST EVER thread.

OP - you are wealthy!!!!! Will that help you to sleep? 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

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Flamango · 28/01/2024 20:37

CaribouCarafe · 28/01/2024 20:08

I feel I learned nothing from this thread, other than the OP's weird semantics on what she believes are savings vs what doesn't constitute savings.

Can anyone point me to somewhere that I can actually find out how wealthy people live their lives? 🙄

Just start a thread! They will be queuing up to tell you!

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ManchesterBea · 28/01/2024 20:38

This thread has been amazing 🤣🤣

lol at all you wealthier than tho peeps 🤣

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ManchesterBea · 28/01/2024 20:38

Fanlover1122 · 28/01/2024 20:34

oh I hope I am the last post on THE BEST EVER thread.

OP - you are wealthy!!!!! Will that help you to sleep? 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

I don't think it will 🤣

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ManchesterBea · 28/01/2024 20:39

indigoskies · 28/01/2024 20:32

"Rich people don't use Mumsnet."

Er, yes they do, They just don't need to shout about it and make an exhibition of themselves.

I thought you said you were 🤣

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