To think this is classed as being wealthy?

[hadenougj1]

I genuinely don’t know. I have come from naff all so my judgment could be totally off.

This is for one person and one child… Do you think savings of 50k, income of 75k, own (mortgaged) home worth close to 500k and parents with four homes (one of which used as a holiday home all year round) means you are wealthy? Is this what is meant by ‘he or she is wealthy?’

Sounds wealthy to me.

Sounds well off to me but I wouldn't include how much money their parents have when estimating that.

Too many variables- if the house is mortgaged and a large amount is outstanding then this individual definitely is not wealthy. The wealth of his/her parents doesn’t come into it at this stage.

I think this but have been made to feel totally shit with mutual friends saying she’s now poor as she’s had to buy her own place and pay own bills after separating from her ex. I have a tiny house, no savings, debt and a very average job. I thought I was normal but apparently I must be really really bottom of the pile.

I'd say they are pretty comfortable yes. "Wealthy" means different things to different people and in different conversations. I wouldn't describe them as "wealthy" as a standard description, but accept they are wealthy really by many standards.

Just seen your update. You sound normal op! Ignore the friends. They probably mean relative to her previous situation and are just enjoying the gossip. People are terrible about talking about money!

They're not wealthy. But they have an income and savings far in excess of my own. I'd probably feel quite well off in similar circumstances.

To some yes, to others no. It’s all
relative.

Not “wealthy”, no. But not hard up either! Comfortable? Relatively affluent?

I'd consider it fairly comfortable but not even close to wealthy. TBH depending on the size of the mortgage on a house of that value, it might not even be that comfortable, if £75k is the combined household income and the mortgage is a high % of value.

Take home pay will be about £4500 pm and the mortgage could be £2600pm. Enough to live well on, but it's not luxury cars and fancy holidays territory.

You’re only the second person to comment on the thread, why quote the original post? Everyone knows what you’re responding too!

It depends on the mortgage/outgoings! 75k income is c. 50 take home (generously, likely a bit less, especially if she has a pension). That’s roughly 4k a month. It’s very likely her mortgage repayments are 1800-3000k of that monthly. If her child is still in childcare (or even wrap around care), it could mean financially she struggles monthly to meet her bills.

I’m not saying it’s not privileged - it is. But to me, “wealth” on a daily basis can sometimes be relative to outgoings. Often when divorcing the extent to which you can cut your outgoings is somewhat limited -
Eg. In my shoes as a single parent I’d never buy the home I am currently in; but if I was to lose my DH’s income, we’d still be well off overall, but monthly on my wage and CM alone - I’d struggle (all play dates outside the house would have to stop, kids would have to stop hobbies etc). Long term I’d have to look to sell and downsize but that can take time! Short term I’d be ok but extremely cash poor. If that makes any sense?

comfortable but not wealthy

I’d say they’re doing okay. But I suppose perspective is going to hugely depend on where you are in the country. I’m in London where a home worth £500,000 could be a two bedroom flat in a very average suburb and a salary of £75k doesn’t go very far at all.

It’s not poor but it’s not rich or wealthy
Her parents might be, but that’s their money, not hers
Your friends shouldn’t be implying she’s hard up and poor. I’m sure it’s tough being a single parent, but she’s not poor. That’s privilege talking.

In both your posts you’ve used terms that are broad and mean different things to different audiences - “wealthy” and “normal”

In comparison to her previous circumstances, this lady is poor or at least poorer than what she was. Having said that, this sounds like it is all being said behind her back and she herself has never claimed to be poor.
You can’t extrapolate her circumstances and compare them to someone else’s. Compared to Elon Musk, she is poor. Compared to many living in poverty, she is incredibly rich.

You also said that you thought you were normal - what even is normal? If you are happy, healthy and able to live comfortably day to day then there is truly nothing to be gained by comparing your circumstances to others.

You friend is probably feeling much poorer than she was since the split. The house is likely fully mortgaged and if her ex has a similar income, things will have been much more comfortable running one house on their joint income than 2.

She's not poor, but you're not right to say she's wealthy either.

Well 75k salary sounds a lot to me but in some circles it’s not that much. Same with the value of her home. Most people I know are in a home which is worth a lot less than £500k so she sounds pretty well off to me but if she lives in London she wouldn't have a lot for that.

Depends ( as ever) I don’t think they are wealthy as that would only equate to a small 3 bed house here. Individual income of £75k is maybe almost wealthy, but not joint income.

lots would depend on area, cost of living etc.

but @hadenougj1 it really doesn’t matter because you can’t buy happiness. Don’t let what your friends have or don’t have be the measure of you and your life.

No, that's not wealthy. Wealthy to me means making enough just off your investments alone to live a very comfortable life, before you even account for earned income. A wealthy person is someone who can stop working tomorrow and carry on living an extremely comfortable lifestyle for the rest of their life.

Comfortable yes. Parents don't come into it.

I’ve always classed wealthy as having enough money that you could stop working and still maintain your lifestyle indefinitely. That’s just my take.

I’d say your example is well off.

It depends. Are the savings her pension? How old is she? How much does she owe on her mortgage compared to her age.

If the savings are her pension and she's in her 50s then no she isn't wealthy. If she's 60 and owes £300k on her house, then again, no not wealthy.

But if she's 40, has 20 years of public sector pension accrued, a mortgage she'll pay off next year and £50k in savings, then yes, I'd say she's comfortable.

savings of 50k, income of 75k, own (mortgaged) home worth close to 500k

It depends how big the mortgage is.

and parents with four homes (one of which used as a holiday home all year round)

Parents may be wealthy. Again, depends on mortgages and income.

They are well off but not wealthy. Add a zero or two to those figures and you're getting there.