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?

not wealthy. I know people who have a penthouse in mayfair and a mansion in hampstead. Fly with private jets. Thats wealthy.

i think the person you mentioned is in rich category.

Personally my categories are
comfortable (income £80k-£150k) still cant put children in private school. Have 1 or 2 properties.

rich income £160k +++++ put children in private school, have several properties

wealthy income from several source and its millions.

self inflicted
They are struggling because they aren't living within their means.
If you earn 1k a month but your outgoings are 900 you are ok
But if you earn 1k a month and your outgoings are 1100 you are struggling.
Sounds like they are financially over-committed. But that's their choice.
They aren't genuinely struggling like worrying about food or paying bills. But they don't have the disposable income you would assume with a high earner, because it all goes on schools, cars, property, and holidays.
They are setting themselves up for a decent future when the mortgages on the rentals are paid off, but currently those rentals wont be earning them much by the time you take out mortgage costs,landlord insurance, agency fees, maintenance and tax. Infact 1 bad tenant who trashes the place, doesn't pay could wipe out any profit for years.

No they are worth more than that, probably £1m in property if you include their mortgage free home!

You move in circles that have given you a very narrow outlook.

I’m comfortable. I have paid off my house, don’t worry about bills and can afford the odd holiday. We have two cars and have regular days out and eat out a couple of times a month.

The OP’s example is wealthy. Your examples are the super rich - using private jets (as well as being immoral IMO) is the domain of the super rich. I think there are mega rich people too.

The people around me in my circles think carefully about where they do the shopping, don’t have holidays and think carefully about eating out. They have mortgages that take up a large portion of their income.

The families I work with worry about paying bills. Worry they won’t be able to afford food. Shop in charity shops. Wear worn clothes. Don’t go away or have day trips even. We are surrounded by coast, some of the kids have never been to the beach. No money to run a car.

People of no fixed abode worry someone will steal their sleeping bag and they will die of cold overnight.

Some people in other countries have no clean water, no electricity and live all together in one room in a mud hut.

The people in the OP are wealthy. No question.

Heh. They won't have a shroud - to save money.

Conservatively wealthy all

Shrouds have no pockets.

Exactly- and that's £780k in extra property!!

Why are you repeating what sarahzbaker just posted, to which I responded?

Definitely wealthy, if they own several properties!
However, the private school fees are an expense and not necessarily a sign of being wealthy?
We have never even considered private schools, but know some people who go into debt to send their children to a private school. It wouldn't surprise me if their spendings are so high they really need to watch how much they they spend whatever's left after paying the fees. They could be both wealthy in terms of income and savings and be cashflow-squeezed when all their costs are deducted from their income.

What does a nurse make? Or a teacher? Or a Tesco worker? Avarage income in UK?

How can you even ask? Sometimes MN is disguesting.

I’d not say wealthy either. I’d assume it’s hugely possible they are struggling, they won’t be making money on the rentals, with interest rates and tax, they will just be washing their faces, so any money the brother earns will be going to the school fees and living costs. So yes I’d assume they could be struggling.

evenif they sold the two rentals. Which I assume they will do due to the rentals bill the equity will be nice but not enough to make them classed as wealthy

The fact that they go out for a family meal and give the reason for not ordering a pudding as needing to "watch their spending" is deeply unclassy and lacking in social graces.

it almost merits the rhetorical question, with a slight head-tilt "do you mean to sound so unclassy?"

How hyacinth bucket 😂

Possibly, the difference is I'm really posh not faux-posh 🤭

Wealthy to me on less than 30k a year with one property still mortgaged for years!

But this is mumsnet so you are just average and probably actually poor.

Don't be daft, if they were "struggling" they could drop a couple of the holidays a year.

I was going to say wealthy, but given you are doing leases and 50% ltvs whilst still spending 3k on holidays a few times a year, I'd say... not rich, but also disconnected to many people's realities.

I would say they are wealthy.

I think it is perfectly ok to be wealthy but tight. But I think it's insulting when wealthy people say they are 'struggling'. They may have over committed themselves financially, but they have options that most other people don't have.

It's fine for them to not have a dessert if they don't want to pay for it. That's their choice . It's considerably less fine if they'll have it as long as someone else pays!

This

I'd expect at least £1m + in liquid assets and overall net £5m + to start falling into wealthy bracket.

Maybe SIL could get a job to pay for puddings?!

Again, 3000 on a holiday SEVERAL times a year. They are NOT cash-flow squeezed. They are making choices about where to save and where to spend but they are in no way struggling, squeezed, cash flow poor etc. they are tight when it comes to paying for desserts.

So it's about semantics then. Gotcha.

If you look at global and UK averages of course they are wealthy.

It’s about being tone deaf. People are actually genuinely struggling. Eat or heat. Can’t fix the car. Can’t pay for the bus fare to work. No fixed abode.