Page 14 | Upper class habits to stay rich

publicsectorlife · 2025-10-24T04:15:18+00:00

What habits do the upper class have to stay wealthy? What would they never buy that they would consider a waste of money? Our household income is very good. But yet we seem to be haemorrhaging money with high mortgage, commuting and childcare costs. But yet our friends with generational wealth (ie small mortgage) seem to be living such a different lifestyle with about 6 holidays a year. We can’t do much about having no inherited wealth but I think we must be missing a trick.

anon666 · 27/10/2025 09:56

Putneydad7 · 26/10/2025 07:05

The levels of bile, envy and hatred of wealthy people on this thread is staggering. The ignorance of the facts is staggering.
Facts people should realise on here.
only the top 20% of earners make any positive financial contribution to society. That is they pay in more than they receive out. Everyone else is quite literally getting subsidised by them.
if you only have unearned income you can’t put it in a pension.
Trusts are subject to tax every 10 years and income tax when money is taken out.
the top 1% of earners pay 20% of income tax and so on and so forth.
the truly truly rich who have global assets and can choose their tax jurisdiction by living somewhere else have started leaving the UK in their droves and will continue to do so as more soak the rich policies are unveiled.
So to be clear the government is going to rely on London to once again bail out the country. All the talk of mansion tax, inheritance tax, stamp duty, increasing council tax bands, etc. will almost entirely hit the top 20% of earners/owners in London.
You might argue that that is fair, but remember if you are unaffected by the budget at least feel a bit grateful.
The country’s finances are in a parlous state because the population is aging and the government (of all colours) lavishes money on the retired (in terms of benefits, pension and healthcare) in order to reap their votes (see recent back down on universal winter fuel allowance).
To only raise taxes without having equally severe cuts to spending in just madness and when the IMF force us to slash spending the govt will no doubt say “it’s them not us”

Sorry if I contributed to this feeling. I have no resentment towards rich people. If anything I think we have a fairly benevolent elite in the UK compared to many other countries.

I resent the right wing media being so slanted, but not people with trust funds. I knew you were right, actually, I was thinking of a friend who had £10k per annum TF, which made a huge difference when we were all skint as students/low earners. Obviously as non-earners that would have been below the tax threshold.

I agree we're all tilting at windmills IMO - aiming at the wrong targets.

Globalisation has left us very exposed as a small but relatively stable country. The ageing population has left us with a huge imbalance which have required increased taxes AND reduced levels of public services. The increasing burden of health and social care, not only for the elderly, but for increasing numbers of younger people, have exposed us with weakened productivity.

There's a danger in the lack of honesty in our political leaders. They are blaming anywhere but the truth. Lower birth rates, increased life expectancy, coupled with the 2008 global financial crash, Brexit, then COVID. We're significantly worse off, but still better off as a whole than many other European countries. However, our levels of inequality are increasing more tham elsewhere.

Add into this the internationally wealthy flooding into places like London, and it does lead to a sense of alienation at times. We shouldn't be turning on each other.

MargoLivebetter · 27/10/2025 10:16

True upper class people, as in aristos, have generations of wealth behind them. They are born rich and most aristo families work very hard at staying rich. They have their estates working hard, they have charitable trusts set up so that expenditure is diverted via the trusts to "look after" the properties and as a concession they open their properties to the great unwashed for a few weeks a year. They pay very clever people to move money around the world for them in legal but tax advantageous ways. They also stump up for ginormous life insurance policies, so when they do cark it, their wealth passes down to the next generation. Additionally, they make sure that they pass everything on super early, so that they don't get stung for inheritance tax. They stay under the radar and draw as little attention to their affairs as possible, so that no one really knows exactly how rich they all are.

The wealthy work hard at staying wealthy generationally! You're not going to crack the code in a MN thread!!!!! 😂

Crikeyalmighty · 27/10/2025 10:21

anon666 · 27/10/2025 09:56

Sorry if I contributed to this feeling. I have no resentment towards rich people. If anything I think we have a fairly benevolent elite in the UK compared to many other countries.

I resent the right wing media being so slanted, but not people with trust funds. I knew you were right, actually, I was thinking of a friend who had £10k per annum TF, which made a huge difference when we were all skint as students/low earners. Obviously as non-earners that would have been below the tax threshold.

I agree we're all tilting at windmills IMO - aiming at the wrong targets.

Globalisation has left us very exposed as a small but relatively stable country. The ageing population has left us with a huge imbalance which have required increased taxes AND reduced levels of public services. The increasing burden of health and social care, not only for the elderly, but for increasing numbers of younger people, have exposed us with weakened productivity.

There's a danger in the lack of honesty in our political leaders. They are blaming anywhere but the truth. Lower birth rates, increased life expectancy, coupled with the 2008 global financial crash, Brexit, then COVID. We're significantly worse off, but still better off as a whole than many other European countries. However, our levels of inequality are increasing more tham elsewhere.

Add into this the internationally wealthy flooding into places like London, and it does lead to a sense of alienation at times. We shouldn't be turning on each other.

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I agree totally - we have a whole range of things that are now hicjens coming home to roost, selling off social housing, privatising essential services, Brexit causing various issues in costs and with many businesses , poor handling of covid

KayMarie121 · 27/10/2025 13:05

ive been a single mum and now am married. I can save about £20 per month. I have a £37k job plus do extra work. The cost of childcare when I was on my own, plus not qualifying for any discounts or help, meant I was paying full rent etc alone, so never had anything despite earning well. Now I’m paying off our living from those days. Didn’t have anything left to save but thought it was a good thing to show my child that you should work. I might inherit when I’m older, but life is a slog. I don’t know how families have all these branded things and glamorous lives.

BarbieShrimp · 27/10/2025 15:31

When I was in uni (a decent enough redbrick), I got to know a few people who went to Cambridge and Oxford for postgrad degrees. I was really shocked to find that many of the girls who went there treated the Oxbridge postgrad scene as a sort of finishing school where they could meet a man suitable for a society marriage. It was like something from a nineteenth-century novel.

When I hear rumours about how Kate Middleton's courtship was engineered, I believe it. I met many "Kates". All perfectly lovely and smart people, but from a world I just didn't understand. There was a hairdresser that their mothers all "had" to send their daughters to. There were quiet debates over which degree subjects were most suitable. Many of them were hassled about their weight by their parents.

It opened my eyes, because now I know that wealth is more than "having more money to spend", it's a parallel universe. And that it takes more than simply 'watching your savings' and 'choosing nice jumpers' to become part of it.

ilovepixie · 27/10/2025 15:50

Think of the Royal children. They wear hand me downs. I read one billionaires autobiography and he would never spend money on a haircut or takeaway coffee.

WhatdidIforget · 27/10/2025 16:41

BarbieShrimp · 27/10/2025 15:31

When I was in uni (a decent enough redbrick), I got to know a few people who went to Cambridge and Oxford for postgrad degrees. I was really shocked to find that many of the girls who went there treated the Oxbridge postgrad scene as a sort of finishing school where they could meet a man suitable for a society marriage. It was like something from a nineteenth-century novel.

When I hear rumours about how Kate Middleton's courtship was engineered, I believe it. I met many "Kates". All perfectly lovely and smart people, but from a world I just didn't understand. There was a hairdresser that their mothers all "had" to send their daughters to. There were quiet debates over which degree subjects were most suitable. Many of them were hassled about their weight by their parents.

It opened my eyes, because now I know that wealth is more than "having more money to spend", it's a parallel universe. And that it takes more than simply 'watching your savings' and 'choosing nice jumpers' to become part of it.

I went to a top law school and quite a number of the girls there admitted they had no interest in a long term career in law they just knew it would be a good place /career for bagging a wealthy husband.

Crikeyalmighty · 27/10/2025 17:20

@BarbieShrimp yep and I believe it’s even more common in the US - get your gal in a top rate business school mainly for who they might meet, connections etc - depressing but I do think is the reality - my friend divorced and when she found it a bit tough relocated to a ‘posh ’ town, paid out far more than she could really afford on rent and very quickly joined all sorts if stuff from the lions to the Con club ( she wasn’t even that way minded) purely I think to meet very comfortably off older guys . I’m not judging, I kind of understood - being old and hard up isn’t much fun.

Pleasethankyou · 27/10/2025 21:09

Titasaducksarse · 24/10/2025 15:47

I inherited some money and a property. Not millions or a million even but it meant I could do up a ramshackle old house, made enough profit to buy, mortgage free (in a cheaper area but where we wanted to be) our current house.
So mortgage free is a biggie. I'm then selling off some of that land 10 years after doing the house thus creating quite a lot of cash which will generate a good passive income although I don't need the money so it will compound away. I'm then looking at further land sales.
So yes, inheritance has helped significantly but I've had to work it to get the best return, it wasn't just a big cash lump. Then the other end is I live in a really modest house rather than sought out a bigger place which we actually don't need. So it's a case of accumulation then being sensible.

When you say land are we talking a house plot? Acres? Hectares? Half the Shetlands?
Same with ‘good’ passive income.
Curious to know what people think of as good for a passive income.

I've been talking a lot to my kids about this recently.

i have a Uni friend who is one of three, he told us at the time that every one of the kids in his family inherited a house from a maiden aunt when they were undergrads. (Of course the three of them jointly inherited 3 houses and I believe they were rented until they were ready to buy their own properties.

How marvellous to spend your entire working life with no mortgage to pay, the freedom and financial comfort you would get from that would be huge. He himself has no kids and has wafted through his working life doing exactly as he wants. He partly took a job that covered a lot of his expenses (food accommodation some travel etc and came with a lovely final salary pension) worked a bit here and there, got bored and went to Oz for a bit and so on. Just shows the security you get from having the knowledge that there will always be a roof over your head!

Anyway I am trying to tell my kids to save 20% of their salary (while young and kid/mortgage free) and a good passive income would be one that covers their mortgage.

What do others think?

Pleasethankyou · 27/10/2025 21:26

ByTwinklyDreamer · 25/10/2025 22:59

I’m definitely not upper class though. I’m middle class now and came from a working class background.

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I’m absolutely not asking you to split your personal story on here but for me the question is where did that money come from?

inheritance, selling a business, a chunky bonus, investing large amounts for years (so very low living expenses)?

I struggle to believe that you can work say as a regional solicitor so good salary but nothing out of the ordinary (by that I mean I have friends who are magic circle partners and have been on bonuses of over a million a year for years but my understanding is if you are in say Winchester you aren’t earning like that every year) come from very little and be sitting on wealth like that. I guess what I am saying is the narrative in my head is that you need some sort of exceptional ‘event’ to make that possible.

Maybe I’m wrong!

So what advice would you give your kids to allow them to do the same?

Trainsandcars · 27/10/2025 21:43

Well theyre rich and theyre all different. I dont think just adopting rich people habits makes you rich. You either inherit or earn it.

We're fairly well off - we buy clothes off vinted and dont care about labels like nike etc.. which I think is common for more well off people.

We buy good solid furniture that lasts rather than new ikea stuff every 3 years.

We try to avoid buying lots of tat for the kids and explain why but say yes to lessons and books.

We dont always think we have to have or do better to prove were well off. For example we dont stay in lavish 5* hotels or drive expensive cars etc.. Money goes into property, stocks, bonds or savings. All our well off friends (£120k+ salary) are the same in this regard. My friend who has upper class friends says their attitudes are similar except they live in bigger houses and occasionally splurge on an experience or holiday.

PigletJohn · 27/10/2025 22:50

Follow Mr Micawber.

If your expenditure is less than your income, you are financially comfortable.

If your income is less than your expenditure you are at risk of ruin.

No matter how big or small the numbers are.

Putneydad7 · 28/10/2025 07:45

Pleasethankyou · 27/10/2025 21:26

I’m absolutely not asking you to split your personal story on here but for me the question is where did that money come from?

inheritance, selling a business, a chunky bonus, investing large amounts for years (so very low living expenses)?

I struggle to believe that you can work say as a regional solicitor so good salary but nothing out of the ordinary (by that I mean I have friends who are magic circle partners and have been on bonuses of over a million a year for years but my understanding is if you are in say Winchester you aren’t earning like that every year) come from very little and be sitting on wealth like that. I guess what I am saying is the narrative in my head is that you need some sort of exceptional ‘event’ to make that possible.

Maybe I’m wrong!

So what advice would you give your kids to allow them to do the same?

Edited

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Making serious money is different today than in the past. In the past it was, work hard at school, get into a great uni, work hard, get a good degree and get a good job in a sell your soul career like banking, law, etc. then work like a nutter.
it my kids had “making serious money” and came to me for advice I would say all of the above, but I would also say, be entrepreneurial. Don't waste your time, learn how to invest, learn all about side hustles, always look at potential business opportunities. The people who make “real” money mostly do it from not working for the man for 30 years, but instead building and then selling their own business.
I worked as a mangt consultant and had a reasonable career. But I knew several people who after doing it for a few years set up their own consultancies, built them up to 100-200 people and then sold them to the big consultancies. Some did it more than once! They are the ones in the mansions on the hill.
So in summary work hard, but make sure you are the beneficiary of that effort

YouveGotNoBloodyIdea · 29/10/2025 12:13

Putneydad7 · 28/10/2025 07:45

Making serious money is different today than in the past. In the past it was, work hard at school, get into a great uni, work hard, get a good degree and get a good job in a sell your soul career like banking, law, etc. then work like a nutter.
it my kids had “making serious money” and came to me for advice I would say all of the above, but I would also say, be entrepreneurial. Don't waste your time, learn how to invest, learn all about side hustles, always look at potential business opportunities. The people who make “real” money mostly do it from not working for the man for 30 years, but instead building and then selling their own business.
I worked as a mangt consultant and had a reasonable career. But I knew several people who after doing it for a few years set up their own consultancies, built them up to 100-200 people and then sold them to the big consultancies. Some did it more than once! They are the ones in the mansions on the hill.
So in summary work hard, but make sure you are the beneficiary of that effort

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This in spades. I have an old boss who was always entrepreneurial - We've known each other over 40yrs, in that time he has gone from comfortably MC to quite fabulously wealthy by starting and selling at least 3 businesses (That I know of). After each sale he has had a few years off, mainly because of non-competes written into the sale. Each time he's gone back into the same industry but with a slightly different angle - his skill is in spotting small gaps in the market and filling them, so larger competitors then want what he's built. He's in his 70's now - and still works insane hours because he has "one more" business to build up and sell.

His starting point was never family money, though I think his dad had it, he borrowed from companies who specialise in seed money for startups, so had to factor in interest rates to pay back loans.

What made him VERY different to someone like me, in that situation, was his total self confidence in his ability to do it. Even when one company failed, he started again. I think his background gave him that confidence because he knew he would never be actually homeless and on the street if everything failed, his parents would be able to step in with accommodation / loans etc. I didn't have that and have noticed that other friends of mine from WC backgrounds are more more risk averse than the ones from MC backgrounds.....

TheNinkyNonkyIsATardis · 29/10/2025 16:22

YouveGotNoBloodyIdea · 29/10/2025 12:13

This in spades. I have an old boss who was always entrepreneurial - We've known each other over 40yrs, in that time he has gone from comfortably MC to quite fabulously wealthy by starting and selling at least 3 businesses (That I know of). After each sale he has had a few years off, mainly because of non-competes written into the sale. Each time he's gone back into the same industry but with a slightly different angle - his skill is in spotting small gaps in the market and filling them, so larger competitors then want what he's built. He's in his 70's now - and still works insane hours because he has "one more" business to build up and sell.

His starting point was never family money, though I think his dad had it, he borrowed from companies who specialise in seed money for startups, so had to factor in interest rates to pay back loans.

What made him VERY different to someone like me, in that situation, was his total self confidence in his ability to do it. Even when one company failed, he started again. I think his background gave him that confidence because he knew he would never be actually homeless and on the street if everything failed, his parents would be able to step in with accommodation / loans etc. I didn't have that and have noticed that other friends of mine from WC backgrounds are more more risk averse than the ones from MC backgrounds.....

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Agreed. Something I point out to my husband is that he is more likely to EARN 100k plus, but I'm more likely to MAKE 1m plus, because my strengths are in risk balancing, ops to get something off the ground, and critically, self-confidence and not over-thinking.

His steady nature is good for diligence in jobs, but it's actually cost us when it comes to making decisions that are time based (still groaning over the fact he had to "shop around" for a better mortgage than 1.79 fix for ten years).

onpills4godsake · 29/10/2025 16:32

Buying a house- never renting (it’s cheaper)
Amex for holidays / spending
clothes - quality and second hand is seen as a treasure hunt (loves a charity shop / vinted find)
have great things at home like coffee machine / entertainment packages / food so you don’t want to go out as much
bulk buy when it makes things far cheaper
research prior to buying
not living near a shop
having less time due to big jobs means less time to spend money and when you do get time you don’t want to shop / go out but spend with family etc

i love being at home and cleaning it etc so wouldn’t have a cleaner / meal prep company as I love doing it

Crikeyalmighty · 29/10/2025 17:01

@TheNinkyNonkyIsATardis yes, me and H are like this, I’m an ideas person but get bored after something is up and working ok - OP is far more reliable on day to day but is so diligent he never has headspace for any random entrepreneurialism

Aintnosunshinenowitsgone · 29/10/2025 17:18

anon666 · 25/10/2025 19:24

Trust funds.

Its amazing how much difference it makes to have an annual income without needing to work for it or pay income tax / NI on it.

You do pay tax on trust income

Cantabulous · 29/10/2025 19:09

MidnightPatrol · 24/10/2025 08:10

Yes - saves a few quid when the annual skiing holiday is at your friends chalet, or you visit them in the south of France for two weeks.

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The rich people I know wouldn’t offer this for free to friends - they are generally very conscious of being exploited/ are quite mean, as in not prone to vulgar displays of generosity 😂 so would definitely charge

Cantabulous · 29/10/2025 19:30

Hoppinggreen · 24/10/2025 09:44

Yes, we have done it in our S&S ISA.

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It’s not interest in a SS ISA, its dividends/capital gains on shares. Yes, some days are excellent on the stock market. Not every day. And you only have it as ‘income’ when realised ie cash in the ISA. Until then it’s just market fluctuations

Neurodiversitydoctor · 30/10/2025 05:20

InveterateWineDrinker · 24/10/2025 12:04

For ordinary people on ordinary incomes, I think the best single thing anyone can do to create wealth from their own efforts is to adopt a mindset of paying yourself first.

Most people have an income. Out goes the mortgage, the bills, the expenses and, if there's any left at the end of the month people tend to either blow it or save it.

Far better is to look at the overall budget and say "I can save £250 per month." And the day after payday that goes straight into a regular investment vehicle. There's no temptation to piss it up the wall because it's still in the current account a week from the next payday.

This I do not come from family money but I do put what I can away each month at the beginning I then don't look at that account.I leave about what I need with some space for treats in my current account. If I don't see it I am much less likely to spend it.

WhitegreeNcandle · 30/10/2025 06:27

Aintnosunshinenowitsgone · 29/10/2025 17:18

You do pay tax on trust income

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You do but kids with trust funds don’t pay tax on the first £12570 which is often the magic figure given to them from birth. That’s over a quarter of a million stashed away by 18. Add in compound growth and it’s even more.

Aintnosunshinenowitsgone · 30/10/2025 07:52

WhitegreeNcandle · 30/10/2025 06:27

You do but kids with trust funds don’t pay tax on the first £12570 which is often the magic figure given to them from birth. That’s over a quarter of a million stashed away by 18. Add in compound growth and it’s even more.

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Stashed away where exactly?

WhitegreeNcandle · 30/10/2025 07:55

@Aintnosunshinenowitsgone Junior ISA's, personal savings, personal trading accounts, a pension. Multiple places.

nodramamama · 30/10/2025 08:04

Aintnosunshinenowitsgone · 30/10/2025 07:52

Stashed away where exactly?

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I created a sipp for our son when he was little just £2k into global index funds but it's something that will grow.

Then each month £75 from child benefit goes into his junior ISA global index fund, and some growth shares. We would do more except he can access it at 18, so we will try to help more when he's older if needed.