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?

I'd say reasonably well off, but not rolling in it.

Depends if they are interest only mortgages on the rentals or not,

Wealthy. Of course there will be richer people, maybe their peers but this is still a tiny percentage of uk population. We are above average and see ourselves as fortunate/well off with professional jobs and recent increase in household income to about 100k but no where near OPs - we have one house with a mortgage and will never be able to afford private school

I also wondered that! We have no where near this wealth and shop around a lot for deals on family holidays for 2.5k and go on one to two per year

So it sounds like they have lots of money tied up in property (some gifted to them) so wealthy on that sense but depending on BIL income maybe don’t have lots of cash flow to spare given the tightness eating out and relatively (compared to property) holidays. Although the cars sound expensive. Do they pay for the private schools themselves. I guess everyone chooses to spend on different things and they may have limited money each month left but I’d still see them as wealthy in some sense

I can understand how irritating it is if they say they are 'struggling'. I hope they don't often say it.

However quite wealthy people often over stretch themselves and then have a period of cutting back.

They are also conscious that other people may be struggling all the time and want those people to feel comfortable around them. There's nothing worse than people acting 'flash' and they know that, however being quite the reverse is definitely not a good idea.

I don't think they can win, frankly. You can't please everybody. If they stopped and thought about it, they'd just be themselves, act natural and feel much more comfortable, so would everyone else.

At the end of the day, if they are nice and you like them, try not to think about it.

They are very nicely balanced for the future. But at present have a fair amount of debt they need to pay. But that’s their choice. They could obviously liquidate one or two assets that would not stretch them as much.

It obviously depends as well how much the one earning person actually earns. It’s certainly an expensive lifestyle that’s going to cost a fair amount each month, but equally well there are choices they’re making presumably for the future when mortgages will have been paid and school fees cease.

But of course it’s hugely insensitive and actually ridiculous to suggest they are struggling. They have made a choice how to live their lives and spend their money. But of course most people don’t have this level of privilege.

Well off.

Very wealthy!!!!

Check out average incomes and distributions around that. I thought average family income was about 35k per year (you can find this out easily though, probably alongside other stats). I would have thought it v rare that a family had paid off a 700k house whilst kids still young.

Both kids in private school with no mortgage…. and additional properties and decent holidays…. If they ever say they’re anything but wealthy, they have their heads somewhere else.

They may be struggling. but they have a choice to cut holidays or get cheaper cars! (Realise changing schools less easy).

or…. Move somewhere they can afford to free up capital!!!!

They sound v annoying.

Pfft. Try not to think about their 'struggles'
They are just stingy
Don't want dessert? Oh well you're missing out.
Stoopid people. There are no pockets in a shroud
Heeeeeee

They may well not have any liquid assets. I have a holiday property worth 230k but I earn just above average salary and if I sent my kid to a private school or even if I had to pay nursery fees, I'd be eating beans on toast and struggling to heat my home.

The inequality at the moment is breathtakingly depressing. It is just obscene.

Yes. But my point is that they are not cash poor nor are they struggling. 3000 several times a year means their cash flow is fine and they are not, by any definition, struggling.

Not having any money means you can’t afford shit like that. My point is that they are not cash poor. They are not struggling. They are choosing to say they are struggling and it sounds like they are happy to eat dessert when someone else is paying but not when they are. They are tight.

3 grand per holiday. Several holidays a year. They are wealthy.

If they were ‘struggling’ (struggling is when you can’t pay the bills, they could always increase rent, remortgage or sell a property even if it were true they couldn’t afford a dessert) they wouldn’t be going on holiday several times a year at 3000 a time. They are choosing when to splash the cash and when not to and when it’s their turn to pay for dessert they choose not to. They are not, in any sense, struggling.

We had over a fortnight away for 2500. And had we done a fly and flop to a resort it would have been a lot less but can’t stand those places.

Only wealthy people speak like this...as if they are the only ones who work for their privilege. Most people work bloody hard, pay for it, and only have crumbs off the table.

Honestly it's sickening when people like this claim they're "struggling".

Living a lifestyle like this means any lack of cash in the pocket is because you're living up to the limit of your income, and you could cut back somewhere if you were motivated to do so.

Someone who is genuinely struggling doesn't have that option.

Yes, but you still couldn’t be described as ‘struggling’ because you have the choice to sell your second home or not use private education. Struggling is when you are not sure you can afford the can of beans. These people wrongly describe themselves as struggling. They are not. They have several holidays a year at 3000 a time.

The people I know who have the most wealth ..are also the ones who are obsessed with money and constantly tell me they are struggling. I am always astounded by their lack of contact with reality. They also seem to me the most unhappy people I know.

@nutella8 it works out better to lease as it's a legitimate expense you can offset against tax

Wealthy

They are probably referring to private school fees going up, so struggling with that. If rentals are owned, they could sell one. If mortgaged, and they have had to remortgage, they might be struggling to cover this if rentals have fallow periods. It’s obviously relative. Depends on what main house is worth and future earnings and family wealth. They are not hugely wealthy. Comfortable. It’s always best not to talk about money in front of anyone who doesn’t have it. Bad manners.

Better than average but certainly not wealthy.