Do you consider this ‘wealthy’?

[haleeeee]

Two kids in private school since primary. Two buy to let’s of around 250k value each. One holiday home value 280k. Own home mortgage free. Income allows for a few holidays a year circa 3k each time.

Wealthy? Well off? Or just better than average?

They are considerably richer than me. Not sure I would class them as wealthy though. Nowadays there are plenty of neighbourhoods where you would not be able to buy a house for less than a million. They have multi properties, but each one is not that high value. Definitely well off for sure. £3k is not actually that much for a holiday abroad either. Nice lifestyle certainly, but perhaps not what they expected success to look like.

Very well off

Being wealthy is a completely different ball game in my opinion.

Yes.

Very wealthy.

Better off than average.
You will have a lot of opinions here.

Just shrug when you think they are saying daft things?

They are wealthy, but that doesn’t mean they have loads of cash to throw around - it’s probably all going on private schools and topping up mortgages etc. You sound quite bitter - let them have their struggles while you have yours. It doesn’t need to be a contest. And it just goes to show that more money doesn’t equal less worries. In case that helps you feel better.

Well I had to make one pot of stew stretch 5 days last week. So in my eyes, you’re wealthy yes. Do you really need to ask?

I didn’t say they got rich through luck. But no-one gets rich without some good fortune along the way.

I’d say well off. From your update tight as a crab’s ass. They clearly watch the pennies. Cut the fat if they sponge off you. It doesn’t get any better- trust me.

When they have assets that amount to theirs complaining about struggling financially does not bode well with others who truly are. They could sell a house, remove kids from private school etc. They are wealthy on paper probably. but lucky to be in a position where they can alter their situation if necessary, many cant. WEALTHY.

better than average but not "saltburn rich" - wealthy as in liquid multiple millions and 3 or so children eacj living off 10k per month interest. i dont know anyone like this IRL.

i know people in a couple who have each got a flat and now rent those out while having a 400k mortgage on a detached 3000 sq ft type of house at £875 k. kids at state school but top of the range porsche funded by car loan.

Well off but not wealthy.

In my circles, wealthy means private unearned income and absolutely no money concerns at all.

They have a lot of money in assets but they could be short of cash flow on a day to day basis and it's possible they could be very stressed about money.

Buy to lets on 50% equity mortgages might not generate income after costs and tax (interest not fully deductable for higher rate tax payers) and expensive repairs might be a headache. Obviously that is their choice to have them and they are perhaps choosing to grapple with unprofitable buy to lets in the hope that they will benefit from them in the future.

Their earnings are obviously relevant in affording private schools and again could make finances difficult but that is their choice.

In short they have made the choices they have made. Their choices do not mean that they are wealthy in terms of having cash on a day to day basis although they should be wealthy one day when the properties are paid off or they cash them in.

Definitely rich.

Yes, wealthy.

Whoever it is, they're wealthy but could also be struggling.

We all live within our means and just because someone appears wealthy, doesn't mean they're sensible with the money they have.

That being said, not sure I have sympathy. Just perhaps acknowledge that it is possible to struggle, even with wealthy circumstances.

They are wealthy. Having assets of close to £1.5m in four different properties, means they have four appreciating assets over the long term, barring adverse circumstances.
The value is not tied up in a single property to live in which means they could realise the capital of three others if they needed to and at least two of those are paying their way and probably generating a bit of income as well, given the favourable low loan to value.
In addition the man works for an income which we don't know the details of. The woman could also work if necessary but clearly doesn't need to, which is a luxury in these times. Struggling? They're having a laugh.

If I were wealthy I'd buy an island rather than a desert.

Do you consider this ‘wealthy’?

Yawn

I agree they sound wealthy, but it doesn't really work like that. If you're 4'10 it doesn't mean someone who's 5'1" is tall.

I could see how they maybe asset rich but cash poor.
If they still have mortgages on those rentals and holiday home, they wont be actually making a lot per month by the time you take out management fees, landlord insurance, tax and maintenance of the houses.
2 kids at private school is going to be a couple of thousand PCM at least
Car lease fees, depends on make and model but potentially 600 to 1k a month.
When they eventually pay off the mortgages they will be in a good position. but atm their outgoings are large. But that's their choice.
They arent poverty stricken by any means, but they potentially might not have a huge amount of disposable income, depends what they earn as income.

I would say that having any one of those things does not make someone wealthy, necessarily.
But having ALL of them does.
That doesn’t necessarily mean they’re not struggling though because people tend to live in line with what they think they can afford - but they should probably look at where they can get some cash rather than plead poverty.

It all depends on income and outgoings surely. I assume decent whack comes in but finding 40k (guessing) in school fees a year is a lot especially if only one income.

In London joint income of 150+ and no children will put you in top 1%. Or at least it did 3 years ago.
So you do not need to be a billionaire to be in top few % even in London.