To ask if you're wealthy, how did you acquire your wealth?

[PinataHeeHaw]

I'm sat here in the early hours looking at luxury Spanish villas, wondering how I've never got rich.

A lot of well off people that I know inherited.
Some couples that I know have enjoyed 3 inheritances, one from each set of parents and then another from a well off single aunt or uncle.
I know a family of 4 who each inherited 250,000, more than 15 years ago from a well off single uncle. On top of a flat in London.

Rich = have a lot of money
Wealthy = have a lot of money and time.

I am not wealthy because I work my arse off. But some people would describe me as such because we have about £10k of disposable income a month.

I started my own businesses from scratch.

But I sacrificed a hell of a lot to do it and continue to make sacrifices all the time. A lot of people wouldn't, because they wouldn't give up Christmases or birthdays or a lot of other things.

I wonder how young many of the wealthy couples got together?

Reflecting on another thread which has mixed responses to a twenty year old woman already looking for her life partner so she can settle down asap.

I think there’s a strong correlation between an ambitious couple who get together young - and wealth / success later in life.

Of course - this counts on making the right choice / a good bet on the right man, as if the partnership fails and ends in divorce etc it will likely make you less wealthy!

We have a high level of income from our business but inheritances have boosted our wealth considerably.

No of course they don't, that is at one end of the spectrum. From what I've seen though, within certain cultures there is always the cultural norm that the parents are 'in charge' right up until they die. So they might have given you a house deposit 30 years ago, but they still want input into what you are doing in the house until their final days. There's a level of submission/obedience that they consider is respect, but in wider trad British society this would be considered manipulative and controlling behaviour. I've read threads where posters have said their parents/inlaws want to give them a substantial amount of money, but it must be used to pay the mortgage off for example or to do certain repairs. They have been told not to take the money because it's conditional etc etc, and there's always at least one who will say to remind them that they are in charge of picking their nursing home.

I would say we are well off, not wealthy. We could be much richer but are very grateful for where we are now and how the future looks - we have money enough for our needs and a bit over (plus savings, pensions and ability to help family members now, and our kids in future).

It certainly has been due to hard work from both myself and DH to take long years at uni, professional qualifications and continuing focus on mostly my career, although he has always worked for the good of us as a couple and family its only now he is getting appropriate recognition and progress in his career, and I will always be the main breadwinner. No second homes or big holidays, late onto the property ladder, only 2 children and lots of money used along the way in student loans and professional development. Neither of us have received money from parents or inheritance, beyond occasional birthday gifts of 50 - 100 , apart from last year when DH inherited 5000 from his grandmother.

So we could say our good fortune was self made, and all off our own backs - but that would be completely lacking in insight. We have both of us been very lucky to have had upbringings that might have been poorer and more financially constrained than our current situation (me in particular) but that gave us the tools and drive to work for our own security - eg stable homes, good role models and work ethics, a basic sense of security and reliability, encouragement and support of our talents and education that allowed both of us to progress. Both of us grew up with a set of life skills that meant we could deal with our own periods of privation, and had the confidence in ourselves to take decisions that while hard benefited us long term (extra qualifications, short term sacrifices for long term gain, moving for work, emigration).

Our respective parents, while not wealthy (and unlikely to leave us life changing inheritances) are the bedrock of the wealth and success we have. It probably helps that DH and I are on the same page most of the time, motivated not so much for wealth in itself as to make the best of opportunities, and have capitalised on the occasional bits of luck and chances that fate and fortune threw our way. And of course we have been incredibly lucky not to have major health problems, and DCs without significant extra needs, or significant caring demands placed on us. I feel very fortunate I now stand in a position where I can directly help other family members and give back in various ways indirectly.

Comfortable. Inheritance. Private pension. Public sector pension. Investments. Both have degrees

We’re not as wealthy as some but have very good incomes so are steadily building wealth.

DH and I met 20 years ago and had nothing. We have never had a penny inheritance or any family support.

We both built decent careers and now earn around 300k between us, both in secure PAYE roles. We both WFH and only Mon-Fri. We had to put in far more effort developing careers than we do now and as a result we now have the best work/life balance we’ve ever had.

Our main aim is to retire as early as we can and leave our DS in a far better position than we started. He will be wealthy.

i know some seriously wealthy people. Approx half of them got rich by setting up businesses and the others worked in very high paying jobs and used the income to invest in other people’s start ups. Only one is from inheritance. So if you want to be seriously wealthy you need shares in a business that becomes mega successful.

comfortable - saved money by living overseas. Knew we wanted to retire early and at one point we were saving £100k per year to achieve that goal.

I met DH when we were both students (early twenties)

I read these threads and it only makes me wonder more where I went wrong!
I was a really high flyer when younger, went to Oxbridge.
That has never translated into high paying roles. I have no idea why.

My parents set up ISA's and pensions for my siblings and myself. We were also given property.

That alongside being taught about investing by my DF has meant I could build on the gifts given effectively and have a healthy income from them. It's also much more tax efficient which helps and there's always the capital which is a good back up considering we have school fees for 3. DH leaves me to it. He is also a beneficiary from my forward planning.

Going forward I have also done the same for our DC and have started teaching them about finance, investing and how to build and plan for their financial future.

Have you contributed to your home country through taxation etc, and is that where you’re planning to retire early?

Combined income is about 95k. However have £900k in house equity. In Surrey this isn’t deemed wealthy but we are comfortable.

This.

The number of people saying it’s cos they worked hard in school 🤣 as though that’s all it takes

Seeing oneself as wealthy is totally subjective. To me it is being able to buy anything you want. The fact that I can’t afford a foreign Villa or a yacht is not relevant if you don’t want one.

As a p p pointed out wealthy educated ambitious people tend to marry the same and it was ever thus. Even Romeo and Juliet though from opposing families had the same social standing.

I think there is concentration of wealth due to professionals marrying offer through introduction at university. I know many consultant medics married to the same and together with prudent financial planning are what most would consider really quite aealthy.

for women I think fe minism aside marrying someone rich may always be at the back of some women's mind and it would be naieve to suggest otherwise.

Same, as a lot of the posts by people on here are not what I would call wealthy.

If you’re thinking about paying off a mortgage, you’re not wealthy in my book. If you need to work for your income, I’d also say not wealthy.

My job is to work with wealthy people. Most first generation wealth is from starting and selling a business for multi millions. Multi generational is more likely to be from a previous generation selling a business for multi millions. Some is inheriting land and property.

DH job.

About £2m liquid and £3m illiquid. And this is after two divorces so it would have been more if he never got divorced...

Of course, it's not the only answer, but it gives you options and choices.

We are only what I'd define as comfortable. Our house is owned, we have invested into our SIPP, which also embraces DC, and we have some savings, plus the state pension. There's no buying a holiday home on impulse, and definitely no super-yachting. But DC are in line for a deposit on a first home, as we have passed on what we inherited. On balance, I think we have done reasonably well.

So you’re wife number 3?? I hope you’ve got a good lawyer lol

Yes. Retired in the UK five years ago and we are both higher rate tax payers.
Not sure why this is relevant though.

This is so offensive and untrue.