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 very comfortable but those private school fees are a killer. They probably don’t think their wealthy because of their outgoings
My cousin earns about 180k a year but his two kids are in boarding school which is just nearly 70k

Ludicrous

they are absolutely wealthy.

I say this as part of a household with a gross income of 300k pa.

@haleeeee This is all a bit meaningless unless you say what your brother does - private equity? Banker? Legal? Plumber?

And the private schools- small indy day schools or are we talking Eton, Winchester, Harrow, Rugby etc?

Wealthy. I don't have any of those and never will, neither will most people.

Might be a tax efficient way of getting money out of a limited company.

If you do a business lease you can write off thebkease costs, tax, insurance and mainatinence as business expenses, saves 40% if you're a higher rate tax payer and you get a new car every two or three years.

I wouldn't say they're rich. My MIL owns her 800k house outright, bought my DH (her only son) a 360k house outright. Gets a brand new Mercedes every year costing around 50k (not sure how much after she trades in her other) my DH gets a new car for bday present from her for around 20k every few years. She goes on very luxury holidays around 6 times a year costing atleast 2k a pop and takes us all on a family holiday once a year for around 7k that she pays for. She buys anything her grandchild wants/needs and doesn't bat an eyelid Has a shit tonne of savings and investments and I don't think she's particularly'rich'. She's not driving a bugatti living in a mansion or something!

There is no ‘actual wealthy’ definition, surely it’s all relative? We define wealth as having more or less than others which dictates our ability to buy ‘stuff’.

They have all the trappings of being well off - but whether they’re wealthy depends on their income and and the mortgages on their BTL. Wealthy to me is paid off assets of £1m plus, a cash balance of £50k + and income of £10k+ monthly. Otherwise they’re just very well off. You can have a home worth £500k mortgage free, three other properties all with a 90% mortgage, two nice lease cars, private schools etc and earn £10k per month. This doesn’t make you wealthy in my view. Wealthy is being able to ride any storm.

But if he earns £180K pa he will only have a net income of half that- about £90K max.

So he can't be paying £70K in school fees on that salary.

But you said yourself, your income is 300k pa. You don't know what the income situation is for OP's relatives. It's even more meaningless as we don't know what your outgoings are.

They sound like they have their heads screwed on, but not wealthy by any stretch, for that they'd need 10 buy to lets at that value, or couple of places worth a million...

Stinking rich

Surely 'wealthy' is just one of many ways to describe people who have much more than the median salary of £35Kpa?

It seems to be an argument over nothing other than semantics.

So where do millionaires start?

Yes to me that’s wealthy

Most people would consider that rich.

Yes I do, and likely every single person I know would agree. But here on mumsnet I’m sure many will say that is just normal money..

My mother owns three properties outright and all her children are self sufficient .
She also has a decent pension.
She would say she was very comfortable not wealthy

Wealthy or not, it's immoral to have so many properties...

I've said this many times on here before but the word "millionaire" no longer has the connotations it once had. Think how long the word has been in popular use to mean someone who is filthy rich.

Very wealthy. I’d say top 1% of the population.

People like this wind me up. They are trying to be clever but doesn’t sound like they can afford all those properties. Sell the holiday home for starters. On the other hand some people just love pleading poverty and enjoy being frugal. Take them at their word. If they can’t afford desert it’s because they’re choosing to spend on other things

Yes it's not clever to call people dicks.

But that is wealthy, and if you don't think they are then your are living in a massive bubble.

I tell you what's wealthy. Being able to buy a second very expensive property up your very exclusive and desirable street in a posh part of London just to store your winter wardrobe and house visiting guests.