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?’

parents with four homes

That doesn’t make their child wealthy. It means that one day, they might potentially inherit something (if the parents don’t leave it to the cats home or it gets eaten up in care fees).

£75k is a good salary (though still a one-income household) but how much of the £500k house is equity?

This is not far from my situation (except parents have one home not 4…). Single parent, home worth probably 500k but bought just before interest rates went up, my mortgage payments are now around 40% of income. I would say I’m comfortable, but definitely not wealthy. Can afford what I need but don’t have much to spare and some months I don’t make ends meet.

I'd say comfortable but not wealthy.

Wealthy to me is owning a huge house outright with a holiday home, regular trips away to the Caribbean, private school for the kids, expensive cars in the driveway.

Well, that meets my definition of wealth but of course round these parts you need a yacht and an island.

No. Take parents’ houses out of it as they don’t belong to the person in question. That’s a big mortgage for that salary IMO. And not much savings. Wealth to me is having loads of cash available to buy frivolous things freely.

Parents’ property is irrelevant. How much is the mortgage on the house?

Not wealthy. What do the parents houses have to do with it? Are the houses her assets? The salary is too low for “wealthy.” Not enough savings. Just about average.

Wouldn't say this is wealthy at all but I live in central London - probably depends on the context

Absolutely not.

Dh and i decided recently we felt "wealthy". We are close to paying off the mortgage on a biggish house in naice area.

We have high salaries so can afford 3 or 4 holidays a year including skiing/long haul winter sun.

We have investment pots worth about £150k each as well as decent pensions, and a college fund for each kid.

To me wealth is about having surplus that isn't consumed by a home improvement project or car purchase. Having multiple separate assets - a decent sized home mortgage free, a reasonable pension for age, separate stock/shares/cash ISA pots.

as others have said - really depends on outgoings. when i considered separating from DH last year - my take home pay is 3,8k per month but my mortgage for a one bed flat i.e. the only thing that I could realistically afford would be 1,4k. with all the bills on top of that - no I do not think that's wealthy for bringing up a child in London. unless you have a massive deposit, you wouldn't even be able to buy more than one/two bed flat on that salary in London

Depends massively on the size of her mortgage.

Mortgage has 170k left on it.

A college fund?
So you dont live in the Uk although you quote £s and ISAs
Wealth is relevant to where you live

Comfortable is plenty of savings and enough disposable income to do ‘most’ of what you please. Well-off is the next notch up - no mortgage, regular holidays and paid for luxury cars on the driveway. Wealthy is private schools and St Lucia. Rich is David and Victoria Beckham.

Of course they are. Anyone who says they aren't, is well off and thinks they aren't.

No definitely not wealthy.

In London you wouldn't even have an amazing quality of life on such a salary & 500k is like 2-bed

@usernother it’s seriously annoying!

@ShadesofPoachedSmoke I really don’t understand it😂 it’s even worse when the OP is REALLY long, then the QT the really long post making everything even longer. MN should banning quoting the original post😆

Wealthy is all relative. You would struggle to live on that near me.

If you're bottom of the pile then so am I! Seriously though op, you're fine and very normal. She's got above average everything, don't compare yourself to her. And dont ask on mumsnet either, everyone on here is loaded (or claims to be anyway)

Comfortable but not wealthy.

She’s not poor, I think that’s the only description I could give her but she may be feeling financially vulnerable since her divorce.

I don’t really know what the voting means in relation to your post. I voted YABU as it’s all subjective isn’t it? To a bunch of millionaires it doesn’t sound wealthy, to someone on minimum wage (which is almost poverty in 2024) it sounds wealthy.

personally I think the house is obviously a good asset, the parent’s property isn’t really relevant. The income is subjective as it might not go far in expensive areas such as london especially if childcare costs are involved. The savings are good but I’m not sure I’d consider that wealthy, I think to me wealthy means you don’t need to work - how long would the adult in question survive on £50k if they weren’t employed? Baring in mind the cost to run a £500k house?

Not wealthy. Modest savings and a middle income. Especially if in soft east. I wouldn't include parental assets.