I had no idea that my friend is a multi millionaire!!

[shockedpuppy]

Been friends for 35+ years. Both from "normal" working class backgrounds. I found out today, that her DH's business turned over £100 Million last year. Yes, One Hundred Million, it's not a typo.

They have a nice house in the South East, worth maybe £700k. There are no obvious signs of such wealth. They are not big spenders. We were at a party with them last month, and they were (as usual) quite slow to get the drinks in when it was their turn. We definitely got in more rounds. Gifts at Christmas are especially frugal, I normally receive something that has obviously been recycled as it's so bizarre, or it's obviously a freebie with another purchase.

I had been feeling quite good recently about money, as we pay off our mortgage later this year (house worth about £340k for context), and we will have a reasonable amount in savings. Now I just feel a bit Meh, as we will never attain anything like this. Just one million would do me, lol. I know comparison is the thief of joy, but I feel absolutely positively green with envy.

They will be able to do things for their 3 daughters when the time comes, like buy them homes outright - something we can't do.

We are all in our 50's, if that's of any relevance.

Funny you should say that, the wealthiest family of our school kids friends group (big house, v posh whilst most are very working class council house) give out the crappiest clearly recycled gifts for parties. Others go out and make an effort. Do I care? When my daughter gets a bashed box of beads for her birthday from them? No. But it does make me think as I’m an inquisitive person. Their kids wear hand me down clothes. They drive fairly average cars. They’re both medical surgeons. In the NHS. have come to conclusion that they literally don’t have head space for what their kids wear or take to parties they’re too busy in their heads working out how to keep on top of their stressful jobs and how to remove the next bowel cancer or keep a baby alive (their specialisms).

The book value doesn't mean they could sell for that or anything like that often the person in charge is a lot of the value and if they want out it plummets. Yes they probably have a really good income from this but don't be misled by the headline numbers. Depending how the company is run profit could be 30% or much less of turnover and they may need to plough back in a lot to keep the business going. Good for them though!

Agree! Friends of my parents years ago were millionaires, used to send DC gifts that were obviously recycled or bought in a sale years before! I tried to return wrong size t shirt to Ma& S one Christmas. It was stock from 3 years previously 😳

We have a big house could afford much nicer cars and clothes but we don't because
a) we just aren't fussed by clothes and cars
b) we care about the environment so try to minimise consumption

Now the children are teens we obviously ensure they have a budget for fashionable clothes etc but when they were little and happy in hand me downs they generally wore their cousins hand me downs. Better for the planet and meant they could climb trees etc without needing to be precious about their clothes

Imagine a multi-generational family farm. Just because you could sell it for £20 million, doesn't mean that it's possible or practical. What would your wider family think? Do they work for you too? Where would you live? What job would you get?

(Obviously it's not a farm - not farm worth £20 million has a £100 million turnover, it'll be far, far less.)

Good for you and her always be grateful for what you have.
wont mention this to her though just leave it and pretend you don’t know

I love the faux posters on here saying they wouldn’t bat an eye if they found out their friend was a multi millionaire 😂

Someone I know is a multi millionaire. He franchised his business and its now worth about 60 million. I think good for him and often listen to his business advice because he is an interesting and intelligent person who has achieved a lot.

I dont go around crying and moping that it's not me because whats the point of that? if you want to feel miserable though - carry on!

What are all the businesses that people run on MN?
I am constantly reading posts where people say they run their 'own successful business' and I am always intrigued to know what they are.

From the original OP, seems like they are not money obsessed - just very fortunate.

They may be getting their heads around their current unusual circumstances, and also value friends who like them for who they are rather than their bank balance.

Most self made millionaires have had to put huge hours and take enormous risks (loans, etc) to get where they are, it’s not just “luck”. I don’t begrudge them a penny, and without them there’d be no jobs other than the public sector. If you’re jealous, why not start your own business?

As everyone else has said, turnover not the same as profit.

Generally agree - but why have you counted and totted up all the hours your son has spent practising piano?

How do you even know (unless he's a child prodigy).

That's just weird (and sounds like a backhanded brag).

Because you have confused turnover with profit and seem to think a balance sheet is net worth? It’s not.

Yes, this is so true. People are envious of the end result but they arent envious enough or willing to put in the sacrifices that it took to get there!

The multi millionaire I know is a complete workaholic, and even though he's now of retirement age he isnt stopping. He's been divorced 3 times because he works so much it puts a huge strain on his relationships. In the beginning he was working 12 hour days an often most weekends. He literally cant or wont stop working and I do think its been to the detriment of his family life.
At one point he even lost it all and managed to build it all back up again from scratch. His life has been a complete rollercoaster of stress.

I dont think most people are willing to actually go through all of that no matter how much they say they'd "love to have that much money". Its easy to sit back and look at what he's got with envy when you dont have to go through it to get it.

Why not read all the posts?

he’s not self made he was gifted the company by his dad

i own my own business

pointless post

But he still has to run it? He didn’t just get “gifted” it and it just magically continues? He takes all the legal and financial risk?
I think you are comparing your business with his and feeling….a bit less than.

Op. I also don’t think you understand what you’ve read,

so you looked up your freinds company on company’s house and looked at the accounts, right.

you saw turnover at 100m. You say it’s worth 20. But the value isn’t listed, it’s usually a multiplier of ebitda. And I’m not sure you know how to do this.

do they own it completely , are there other share holders, does he take dividends, what are the earnings?

Even if he inherited the business you dont turn over 100 million by sitting on your arse doing nothing, he will have had to be working for it. The responsibility of owning and running a multi million pound company is immense and probably very, very stressful indeed.

Besides, that has no bearing on the fact that your jealousy isnt helping you is it? or are you saying you wouldnt be at all envious and bitter if he had started it himself?

If you have a business I am very surprised you dont seem to know the difference between turnover and profit

You are right. I don’t really get it. My own business is extremely simple by comparison. If you can shed any light that’d be good

Net worth is also not profit

So you've got a wealthy friend that has done fuck all for you

without you posting the name of the company, its hard for anyone to check what you’ve read and explain it to you. I’m skeptical they’re turning over 100m and you’ve not clocked that before though, because that’s pretty significant, even a bank would classify that as ‘mid corporate’. but as others have said, what their profit is is what matters, and they may not be paying themselves very much from the business, and are reinvesting it for example. Too hard to say without scanning the accounts. Don’t let it spoil your friendship and don’t let on you’ve been snooping. Height of bad taste and if you did that to me, and you brought it up with me, we would no longer be friends.

Wax melts, Vinted, pyramid scheme beauty, raspberry ketones, fanny waxing, fake lashes. 🤷🏻‍♀️

Surely you knew, since your friend lives in a house twice the value of yours, that there was a difference in your relative wealth? Ok this is more than you were aware but I don’t think you need let it make you feel bad about your own successes or achievements.

And honestly I don’t think I’d envy (or even necessarily want to spend time with) someone who gave me obviously freebie or recycled gifts. Not that I’d spect anything at all, but a crappy gift feels careless and disrespectful. Who needs friends like that?