How did you get wealthy?
Discussion
I ve been a member here for years and always noticed that many of the members are very wealthy from reading about their houses, readers rides etc
what I would love to know is how people came to be in this situation? Was it dot.com bubble? Your own business? Are you a finance bro? Lottery wins? Big inheritance?
It s one of the things I love best about PH how wealthy and not wealthy are together and there s so little showing off
Edit- I know a lot of people where talking wealth such as health family security etc
I was thinking more capitalism’s idea, Aston Martin, big McMansion, 1st class to the Maldives, the sort of stuff that would send peasants into a coma, like when you see topics of “ is £350k a good deal for a marble counter with a wine fridge under it”
what I would love to know is how people came to be in this situation? Was it dot.com bubble? Your own business? Are you a finance bro? Lottery wins? Big inheritance?
It s one of the things I love best about PH how wealthy and not wealthy are together and there s so little showing off
Edit- I know a lot of people where talking wealth such as health family security etc
I was thinking more capitalism’s idea, Aston Martin, big McMansion, 1st class to the Maldives, the sort of stuff that would send peasants into a coma, like when you see topics of “ is £350k a good deal for a marble counter with a wine fridge under it”
Edited by Quattr04. on Tuesday 9th September 18:20
Wealthy is a pretty subjective notion. It's quite relative.
I don't see myself as wealthy compared to "properly wealthy" people
, but I retired at 51 through:
1 - luck because of the year I was born (1969) as it meant huge property and investment growth since my late 20s.
2 - discipline with a fairly cautious lifestyle and making the most of pension tax relief and other fiscal wrappers for 30 years.
3 - a bit of work but not that much.
I don't see myself as wealthy compared to "properly wealthy" people

1 - luck because of the year I was born (1969) as it meant huge property and investment growth since my late 20s.
2 - discipline with a fairly cautious lifestyle and making the most of pension tax relief and other fiscal wrappers for 30 years.
3 - a bit of work but not that much.
I'm sat at home (working), my kids are okay, Mrs Dundarach is okay, dog is okay and I've a bit of money in the bank.
Jag has half a tank of fuel, fridge has food in, there's some booze knocking around somewhere and the internet is working.
Fresh water is available on tap and the boiler is working at the moment.
The roof doesn't leak and we changed all the bedding at the weekend.
I don't need anything more, I've already done significantly better than any of my ancestors and hope my children continue to do better than me.
I have what I do now, by being law abiding, working reasonably hard when required to, being flexible and not being either an areshole or greedy, it was pretty easy really.
Jag has half a tank of fuel, fridge has food in, there's some booze knocking around somewhere and the internet is working.
Fresh water is available on tap and the boiler is working at the moment.
The roof doesn't leak and we changed all the bedding at the weekend.
I don't need anything more, I've already done significantly better than any of my ancestors and hope my children continue to do better than me.
I have what I do now, by being law abiding, working reasonably hard when required to, being flexible and not being either an areshole or greedy, it was pretty easy really.
Out of university, I started a tech company with a couple of other people. In 2009, the company was sold to one of FAANG in the US, and the rest is history. I still work a few hours a week with the parent company, so I'm not just a soccer mom, but I effectively retired when I was 30.
Working as a reasonably well paid Business Analyst and Project Manager for an investment manager - retired last year in my mid 50s. I didn't have any career breaks after starting work at 18.
Lucky timing buying a flat in 1995 then swapping for a house in 2001 when I rode the wave on increasing London property prices.
Accruing 17 years in a DB scheme before they switched to DC.
Investing from my mid 20s until now has resulted very good gains - around 8% per year compounded from relatively plain global equity funds (previously active now passive). Always investing 100% in equities until I came close to retirement.
Never needing to sell investments because I kept my job though difficult times like dotcom crash and credit crunch. Didn't panic when markets dropped.
A lot of time spent learning about investing, personal finance, mortgages, asset classes, risk, taxation, pensions etc. so I effectively became my own financial advisor.
Maximising use of available tax incentives eg. ISA, Pension, Salary Sacrifice made a massive difference.
Lucky timing buying a flat in 1995 then swapping for a house in 2001 when I rode the wave on increasing London property prices.
Accruing 17 years in a DB scheme before they switched to DC.
Investing from my mid 20s until now has resulted very good gains - around 8% per year compounded from relatively plain global equity funds (previously active now passive). Always investing 100% in equities until I came close to retirement.
Never needing to sell investments because I kept my job though difficult times like dotcom crash and credit crunch. Didn't panic when markets dropped.
A lot of time spent learning about investing, personal finance, mortgages, asset classes, risk, taxation, pensions etc. so I effectively became my own financial advisor.
Maximising use of available tax incentives eg. ISA, Pension, Salary Sacrifice made a massive difference.
Alexandra said:
Out of university, I started a tech company with a couple of other people. In 2009, the company was sold to one of FAANG in the US, and the rest is history. I still work a few hours a week with the parent company, so I'm not just a soccer mom, but I effectively retired when I was 30.
Very cool, well done. Thousands of people start tech companies and the vast majority that fail. What would you say was the main contributory factors to your success? If you were to start from zero again tomorrow, what problem would you solve/what would you build?
Front line medic.
Worked every hour of overtime and private for 10 years and paid off the mortgage quickly. Carried on putting money into ISAs and shares etc. realised when I got to my late 40s that we were doing ok (by which I mean enough to do the things we want to, fund the children through Uni without student loans and start picking up some interesting cars.) Now in the fortunate that I could retire but I quite like working so I’ll carry on for a few years longer. (In the NH mS you can access your pension from 60 but keep on working as well if you want to.)
A bit traditional and not as quick as some on here but it still feels like an achievement! So you can get there through a more conservative route.
Worked every hour of overtime and private for 10 years and paid off the mortgage quickly. Carried on putting money into ISAs and shares etc. realised when I got to my late 40s that we were doing ok (by which I mean enough to do the things we want to, fund the children through Uni without student loans and start picking up some interesting cars.) Now in the fortunate that I could retire but I quite like working so I’ll carry on for a few years longer. (In the NH mS you can access your pension from 60 but keep on working as well if you want to.)
A bit traditional and not as quick as some on here but it still feels like an achievement! So you can get there through a more conservative route.
Define wealthy.....
I track my (our) total net worth (pensions + assets - mortgage) regularly, but at the moment with lots of it tied up, I feel less "wealthy" than ever. As I often say to the Mrs, cash flow is king and school fees are the killer !
So I guess I'm still working at it, although I'd imagine lots of folks might look at the headline number and say that we are already there. i.e. if we sold the house, and cashed in the assets, we could retire oop North now (age 47 1/4) and lead a pretty comfortable (by PLSA standards) life.
I was lucky to have a decent tech career and have made my way through several companies (from S&P giants, to very small startups), and am now trying the startup thing again. This time next year Rodney......
But it's mostly been boring investment decisions - i.e. SAYE schemes, bonuses, stock, and, healthy pension contribs have all helped along the way.
Maximising pension contributions is key imho. I have done pretty well by dumping bonuses into pensions and my one-piece-of-advice to the young'uns I work with is to fall in love with your pension pot as early as you can!
I track my (our) total net worth (pensions + assets - mortgage) regularly, but at the moment with lots of it tied up, I feel less "wealthy" than ever. As I often say to the Mrs, cash flow is king and school fees are the killer !
So I guess I'm still working at it, although I'd imagine lots of folks might look at the headline number and say that we are already there. i.e. if we sold the house, and cashed in the assets, we could retire oop North now (age 47 1/4) and lead a pretty comfortable (by PLSA standards) life.
I was lucky to have a decent tech career and have made my way through several companies (from S&P giants, to very small startups), and am now trying the startup thing again. This time next year Rodney......
But it's mostly been boring investment decisions - i.e. SAYE schemes, bonuses, stock, and, healthy pension contribs have all helped along the way.
Maximising pension contributions is key imho. I have done pretty well by dumping bonuses into pensions and my one-piece-of-advice to the young'uns I work with is to fall in love with your pension pot as early as you can!
As others have said, whats the definition of wealthy?
I had a well paid career in IT and invested well (property and equities) so if you totalled up my net worth it would be quite a lot. Problem is I retired at 54 so its all needs to stay invested because I could live another 2 or 3 decades.
I know a guy with a huge house in London with pool cinema etc. He is a major property investor, and just one of his current deals should make him £20m+. Thats properly wealthy IMO.
I had a well paid career in IT and invested well (property and equities) so if you totalled up my net worth it would be quite a lot. Problem is I retired at 54 so its all needs to stay invested because I could live another 2 or 3 decades.
I know a guy with a huge house in London with pool cinema etc. He is a major property investor, and just one of his current deals should make him £20m+. Thats properly wealthy IMO.
I don't think I'm wealthy by PH standards, but I am compared to most of my family and many of my friends. I retired at 58 so many people would class that as being wealthy.
1. Luck. London house price inflation has meant I was able to buy in the 80s for a laughable sum of money by today's standards, and several moves later, I've ended up in a 4 bed detached family home in a nice suburb of W. London that I could never dream of ever owning in the future if I was starting out now. Having that, mortgage free, gives me the option of downsizing in the future and the confidence of knowing I'll probably never run out of money despite getting out at 58.
2. I worked hard. Was a reasonable earner. Not spectacular but ok.
3. I'm quite low maintenance, as it the wife, and we never wasted money on crap. Both diverted large amounts of spare earnings into pensions for the tax breaks, when many others were buying Porsches and eating out 5 times a week.
4. Haven't got divorced. (my wife might add.....yet).
1. Luck. London house price inflation has meant I was able to buy in the 80s for a laughable sum of money by today's standards, and several moves later, I've ended up in a 4 bed detached family home in a nice suburb of W. London that I could never dream of ever owning in the future if I was starting out now. Having that, mortgage free, gives me the option of downsizing in the future and the confidence of knowing I'll probably never run out of money despite getting out at 58.
2. I worked hard. Was a reasonable earner. Not spectacular but ok.
3. I'm quite low maintenance, as it the wife, and we never wasted money on crap. Both diverted large amounts of spare earnings into pensions for the tax breaks, when many others were buying Porsches and eating out 5 times a week.
4. Haven't got divorced. (my wife might add.....yet).
Edited by TwigtheWonderkid on Tuesday 9th September 08:27
When you say wealthy what are you comparing it to? Some people are by their very nature greedy so even though they have a lot of money don’t consider themselves rich enough yet, I’m related to a couple of such people.
They have more than me but I don’t consider myself poor, a substantial (for me) amount in the bank, 2 soon to be 3 really good private pensions, still earn a good wage as does my wife, no housing costs, no debt, kids left home.
My biggest wealth is in having 3 lovely, hard working, intelligent, decent human beings as children and 3 delightful grandchildren.
They have more than me but I don’t consider myself poor, a substantial (for me) amount in the bank, 2 soon to be 3 really good private pensions, still earn a good wage as does my wife, no housing costs, no debt, kids left home.
My biggest wealth is in having 3 lovely, hard working, intelligent, decent human beings as children and 3 delightful grandchildren.
What is considered wealthy these days?
Well apparently there’s 5 stages of wealth.

I reckon I’m at number 3. Live comfortable: Paid for roof over my head zero debt & a few quid saved. Income good in the eyes of many but still paye so not a business owner / ability to scale etc.
I think financial freedom is what I would class as proper wealth not having to report to anyone, the ability to say f
k you to just anyone I want
Well apparently there’s 5 stages of wealth.
I reckon I’m at number 3. Live comfortable: Paid for roof over my head zero debt & a few quid saved. Income good in the eyes of many but still paye so not a business owner / ability to scale etc.
I think financial freedom is what I would class as proper wealth not having to report to anyone, the ability to say f


Edible Roadkill said:
What is considered wealthy these days?
Well apparently there s 5 stages of wealth.

I reckon I m at number 3. Live comfortable: Paid for roof over my head zero debt & a few quid saved. Income good in the eyes of many but still paye so not a business owner / ability to scale etc.
I think financial freedom is what I would class as proper wealth not having to report to anyone, the ability to say f
k you to just anyone I want
You forgot the sixth stage - you don't use a case for your iPhone.Well apparently there s 5 stages of wealth.
I reckon I m at number 3. Live comfortable: Paid for roof over my head zero debt & a few quid saved. Income good in the eyes of many but still paye so not a business owner / ability to scale etc.
I think financial freedom is what I would class as proper wealth not having to report to anyone, the ability to say f


I agree financial freedom is what I think matters.
It's not just about the bank balance IMO.
FrankAbagnale said:
Very cool, well done.
Thousands of people start tech companies and the vast majority that fail. What would you say was the main contributory factors to your success? If you were to start from zero again tomorrow, what problem would you solve/what would you build?
There's a lot to unpack there. I'll have a think and respond later, otherwise it'll be a cliché.Thousands of people start tech companies and the vast majority that fail. What would you say was the main contributory factors to your success? If you were to start from zero again tomorrow, what problem would you solve/what would you build?
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