“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!

Exactly. There are a lot of people on MN who say they are 'not rich' because they spend all their money on the most expensive version of everything (large mortgage on a large house in the right village near the right schools with a bedroom for each child that is large enough for a double bed and also one or two home offices). Either both partners are in 'big jobs' so they 'need' a nanny or to spend thousands a month on nursery, or one is a SAHP.

Groceries are delivered from Ocado and basic essentials are organic protein and a punnet of blueberries per person per day.

The above is seen as a normal basic standard of living and CoL crisis means they can't do the above and still save thousands a month, so they're 'not rich'. They think a car that is 10 years old, buying their Seasalt or Boden clothing from Vinted even though it costs more than new clothes from M&S/Next and a holiday in Cornwall is a sign that they don't spend anything much on ostentatious consumer goods, seemingly oblivious that most people see a 10 year old car as nearly new and a week in Cornwall likely costs more than a week abroad.

MN rich is being able to afford the most expensive version of everything without compromise. When you have to compromise on anything that means you're 'struggling' and if, shock horror you significantly have to curtail your lifestyle to the degree that you can't live in your preferred area at all even with DC sharing bedrooms, have to do things like work opposite shifts to save on childcare, or cut back on blueberries, then you become MN poor, which would be where you have a household income under £100k, because as we all know £100k is 'not that much' and people on £20k will have more money because of all the UC they get.

My issue is not that "I'm actually rich but I'm comparing myself to flashy influencers and posh mums at the school gate".

My issue is that my actual net worth, i.e. assets in the bank, is low, and until recently was actually negative.

And that being lectured about being "wealthy" therefore is irritating, particularly by people who "only earn £40k" but have 6-figure pensions and housing equity and extremely low outgoings for the same or better lifestyle than me. My massive mortgage is for a 2-bed ex-council property like I said. My toddler and upcoming 2nd DC will share a room.

Rich is having choices. The choice not to work, or to choose private school, because you want it (not because you need to do it eg DC have SEN or your job pays less than the childcare costs).

Really its a measure of wealth. Even higher earners usually can't choose in this way.

Just another way of labelling people and drawing assumptions about them. Also reeks of envy, somehow. Lots of that on this thread.

No one said boo boo pity us. Read the above comments, there’s more to it. And no we don’t all benefit from mummy and daddy, because they aren’t well to do. Actually we happily help them. Shows lack of awareness. Just like many people, we just worked hard to get to get current salaries

MN rich is being able to afford the most expensive version of everything without compromise.

That's it!

I think the rise of “influencers”, celebrities and prevalence of social media has distorted our perception of what “rich” is.

The thinking is unless you are a billionaire you aren't rich which isn't true. You can be tall despite not being 6ft 7, you are still intelligent if your high IQ isn't as high as Einstein, etc

I'm 'Mumsnet rich' but I absolutely understand the struggle of being poor. I've been poor and it's shit. I grew up poor. Slept on the floor on a mattress so a grandmother could have my bed - in fact turned up to many of my GCSE exams after a night on the floor. No holidays from age 12 to adulthood and the ones before that were camping in England/Wales, never abroad. Saw my parents cry over unemployment and no money. Watched them pawn family jewellery to keep a phone line and pay the bills. I now earn enough money that I never worry about that - and that is the biggest luxury to me.

The idea that the 'Mumsnet rich' don't know what it's like for everyone else simply isn't true for everyone.

How does referring to “c-suite” reek of envy?

it’s totally standard corporate terminology

In a shoe,

It's like grade inflation. Years ago in the UK we were happy with workers, managers and directors. Then we had to go all American with VP (Vice President), EVP (Executive) and C- etc for Chief.

It’s all about context. This thread isn’t a corporate boardroom. The usage of the term, on this thread, reeks of ridiculous labelling, and envy.

??

A reference to OP's other nonsense thread from yesterday. You probably had to be there.

Oh I thought it was a comment about meal sizes and was so lost by the relevance to this thread!

Not everyone is literate in 'corporate terminology'.

Nor does everyone want to be!

Someone earning £2.5 million pounds is rich. They are a millionaire!

That’s fine, you don’t need to be literate in it or want to be, but it’s not unreasonable to ask how attributing a totally random description to a common phrase makes sense

I find it funny, that a lot of white collar workers have no idea that they earn less than self employed people doing very mundane jobs.

I am self employed and probably earn more than most of my customers for doing a very simple, no qualifications needed job. One of them even made reference to me earning "pocket money". Ha! They have no idea that I actually rake it in. I used to be a white collar worker myself and was similarly deluded at the time.

Anyway......I think the important bit is ....."what are your outgoings?"

Our total bills before food come to £940 a month, soon to be just £700 per month. That leaves a lot of wiggle room.

I guess pensions, sick pay, holiday pay, perks, private health are a consideration.

As I am ancient, and in receipt of a standard state pension, I'd like to suggest that if you are 35 - 40, and your kids are out of nursery, now is the moment to begin paying serious attention to paying into your pension. Right now is the right moment to do so. You will benefit from years of tax advantaged savings. When you are old and tired, the numbers will astonish you. Your old age will not look so frightening.

The money you put into your pension sock in your 30s might not seem very much, but by the time you are 65, it could be significant. If you invested it monthly into (for example) an S&P index-linked fund, then you would be quids in. Thirty years of investment yields add up to sensible money, pacing inflation.

Yes really interesting point I think you’ve made. We have a similar situation in the family. Wages somewhat comparable but their house was purchased for them by a wealthy parent.

we also have a lot of debt that we both had from being young but it’s that age old paying off all the necessities eg debt/bills/mortgage and then there’s not enough for the food shop at the end of the month so it gets whacked on a credit card and then it snowballs. We’ve restructured our bloody loans god knows how many times over the last 20 years and finally there’s a light at the end of the tunnel.

I feel people in my age bracket on “normal” salaries who were lucky enough to buy houses when somewhat affordable without the debt actually should have a good level of disposable income. We would if it wasn’t for the debt

but I also feel that for renters or people buying today - debt may end up being unavoidable and modest salaries end up not giving enough disposable income

I remember the day we made our last mortgage payment. We'd overpaid it for years as we'd moved house when interest rates came down we didn't adjust the amount.

We didn't even celebrate because we were into two boys at university. The third boy finally finishes in May. Our work will be done.

Forty nine years of family responsibilities and they'll all be fledged. 😁

"millionaire" means someone with over £1k net worth, not someone whose income exceeds £1M/year.

So someone who earns £10k/year but has £2M in the bank is a millionaire.

And someone who earns £2.5M/year but has a negative net worth is not a millionaire.

I think you might want to check your figures there...

I have over £1k net worth but I'm not a millionaire. (I am a proud thousandaire.)

Someone who earns £2.5m a year will almost certainly be a millionaire, at least by the end of the year. Maybe not if they spend all their money on drugs or gambling.