“Mumsnet rich”

[Harrietta82]

I’ve seen this referenced a few times recently.

What do you class it as - I’m assuming 6 figures plus given how many appear to be earning it? Or do you also need a c-suite DH? I’m intrigued!

A joint income of 100k in mn world is living on the breadline

I think income can be a bit of a distraction tbh.

My next door neighbour is 15-20 years older than me. They bought their house for 20% of the price I paid for it.

Based on incomes, I would be rich in comparison to them - but based on wealth / assets (and tbh probably disposable income after housing) I am not.

Geography also quite important - you aren’t living the life of the rich on eg a £150k household income in London.

Same here and even then it was never used 4 or 5 years ago. Now it's referred to constantly.

Exactly.

It's probably more about attitude.

Household income aboce 100k, but saying they don't consider themselves rich.

Then talking about things they would like but can't afford. And mention other people who they know that earn more.

Shocking isn't it? Makes me feel utterly depressed TBH!

I don’t classify us as ‘ mumsnet’ rich I don’t think. I do think we do well. We have friends like us too.. don’t have expensive lifestyle and things. We work a lot hours, lot of rushing. We have a mortgage and still saving. I guess I see it as someone described about with the hubby having a larger income than mine and wife at home with hobbies etc , more leisure time.

Honestly you need to catch a look at yourself. Loads of people rush around everyday juggling life and don't earn fraction of what you do.

A few thoughts:

• Average household income after tax is £38k after tax and benefits. So £3.2k a month
• OP’s £315k might look more like ~£14k a month after tax and pension.

So - a very very healthy income, but more like 4.5x the average household not 10x.

They probably don’t feel rich because they live in London and their slightly older colleagues own houses that are now £2-3m (still may be a terraced house) and private schools at ~£5-6k a month for two kids still 30-40% of their household income.

When you’re earning it rather than having wealth, it can all feel a bit fragile.

I think income can be a bit of a distraction tbh.

House prices and when & where you bought does dilute things however if you are earning a good amount you will be fine.

you aren’t living the life of the rich on eg a £150k household income in London.

You could be if you have a small/no mortgage/family help etc.

I work a lot of hours and am running around. I only earn a bit over the average salary. I also work hard. I certainly don’t feel poor either.

One things that always confuses me about MNs is so many don't seem to earn that much but the holiday threads have huge budgets, is it because the average user is 50 plus?

partner brings in max 150k a year, I’m a SAHM, so our income is half yours but you’re not rich?!(once pension taken out it’s a lot lower. Plus we’re in 60% tax band) We’ve been careful with money all our lives, have 500k plus equity in a home. If we had the double the income we do it would be incredible but I would lose my free time to avoid stressing and rushing and childcare etc and that would be the compromise

But that’s the point - you won’t be starving in the street no, but if you’ve joined ‘the housing ladder’ in the last 5 years or so, you won’t be feeling ‘rich’ on £150k.

You’d struggle to buy a house of any kind in my borough - insane, but true.

Wonder if OP will be back? Perhaps too busy hunting down size sixes.

I don’t classify us as ‘ mumsnet’ rich I don’t think. I do think we do well. We have friends like us too.. don’t have expensive lifestyle and things.

You are MNs rich because you earn 315k but don't think that is much & you don't have expensive things. What do you spend your money on for example? Surely you have an expensive house or a huge amount in savings.

Its interesting hearing these.

I always thought the phrase was used people who felt 'rich' compared to low paid workers, clarifying they werent mumsnet rich which seems to mean two six figures incomed. So i'd say we are well off but not mumsnet rich. Ie we dont make six figures between us but we are clearly not poor.

But its seems its more people thinking two six figure is rich and then others saying its only rich on mumsnet, and rich is something much wealthier outside of mumsnet.

😂

@MidnightPatrol my point was you could be feeling rich on 150k because it depends on other things.

I will say ime generally the people who earn well come from the type of backgrounds where they do get help onto the ladder/with school fees etc so if you don't have that background the difference can feel quite stark. I don't know anyone who bought in London (my peers) without some form of help and some people had big 6 fig help.

High earning to me doesn't equate to good. Most of the people I know earning £100k+ are stressed and unhappy. It's that bit of your career in your 30s when everything else has to come second if you want to make enough to buy the house you want and move to your dream job.

I feel rich now because I own my house in a nice village (I'm older), have a local job that I enjoy (on 50k), a healthy, happy ds17 who's on track to do the degree he wants, and a pension pot that will pay the heating bills.

As you get older the meaning of 'rich' changes.

I didn't have any help - even from a partner.

No I don’t feel we are ‘rich’. Rich is a stronger word and not just income based, and everything is in proportion. I guess we are in the sense it enabled us to buy a house in a nice area. But we don’t have a lifestyle that represents being rich - just finished expensive nursery fees , buying the house, mortgage. Maybe will feel a bit richer than before now both kids have transitioned to school (not private )

That’s why I’m saying wealth is more important than income.

I know plenty of people with mortgages between £3-5k (and thirty years to go). I suspect it will be a long time before any of them feel financially comfortable, even with a big income.

I think it's a normal cross section of society, but people are more likely to keep quiet on threads about money when they earn less and more likely to brag when they earn more, so it sounds like there's more earning more. But I think it's a normal cross section pretty much.
Also we are very much all in our own bubble and tend to think whatever we have is "normal" - we know other "norms" exist but our own is our point of reference.

I still don't know what it means?

I always think these threads are catfishing for rich people to PM.

That’s why I’m saying wealth is more important than income.

Which is what I was saying

I know plenty of people with mortgages between £3-5k (and thirty years to go). I suspect it will be a long time before any of them feel financially comfortable, even with a big income.

A 5k mortgage for 30 years will be for 1m plus house most likely. Even in London you can live in nice areas for less. They are still building wealth.