Don't understand why peers seem to be so rich

ABBAForever2015

Many of them literally travel every weekend. I often wonder how much it costs and why they have so much money.

Aren't we in the midst of cost of living crisis?

Reply 1

Reue

20

Original post by MummyMum2019

Many of them literally travel every weekend.

Travel where? To do what? How do their household finances compare? Single/married? Dual income? Kids?

Lots of variables to consider.

Original post by MummyMum2019

Aren't we in the midst of cost of living crisis?

Crisis is a media generated situation. Some people will be affected massively, lots of will be effected slightly and some will be mostly unaffected.

Reply 2

rockyrhythm

8

Many people have side hustles, they have more than one online job that doesn't take too much of their time, and brings some extra cash. At least this goes for lots of people I know. A lot of them do travel often, but it's far from fancy. They look for the best deals, stay in small/affordable apartments they find on booking/Airbnb, wait for hours at the airports for connecting flights, do the research on TripAdvisor to find decent restaurants where locals go to eat (not with "tourist" prices)… It's possible, but again, far from fancy in most cases.

Reply 3

ReadingMum

19

Original post by MummyMum2019

Many of them literally travel every weekend. I often wonder how much it costs and why they have so much money.

Aren't we in the midst of cost of living crisis?

Maybe they don't have that much money and are just building up debt while pretending that things are going well.

Reply 4

ajj2000

20

Perhaps you could mention what you and your peers do? Postgrad? Undergrad? Graduate positions? Sometimes we come across a group of people who are not representative of the average person in society.

Reply 5

Reality Check

22

Original post by ajj2000

Sometimes we come across a group of people who are not representative of the average person in society.

=TSR

Reply 6

ajj2000

20

Original post by Reality Check

=TSR

Well - that's an example! As something more extreme I have an acquaintance who moved to the UK to become a lecturer at Edinburgh then retrained as a solicitor in a boutique type city firm in London. When she looked to buy a house and asked around her colleagues to get advice about mortgages she found that hardly any of the other juniors had them. Some rented - at least 50% had been gifted houses by their families.

Reply 7

Reality Check

22

Original post by ajj2000

Well - that's an example! As something more extreme I have an acquaintance who moved to the UK to become a lecturer at Edinburgh then retrained as a solicitor in a boutique type city firm in London. When she looked to buy a house and asked around her colleagues to get advice about mortgages she found that hardly any of the other juniors had them. Some rented - at least 50% had been gifted houses by their families.

Crikey - and some of the tales from London renters now are pretty horrific. Being gifted a house in London by a family member is something which most people could only dream of - you wonder whether those people truly appreciated how lucky they were, or whether this was just 'expected' and wasn't particularly noteworthy.

Reply 8

ajj2000

20

Original post by Reality Check

Crikey - and some of the tales from London renters now are pretty horrific. Being gifted a house in London by a family member is something which most people could only dream of - you wonder whether those people truly appreciated how lucky they were, or whether this was just 'expected' and wasn't particularly noteworthy.

She seems to really like her colleagues for all they are much younger than her. I've wondered if the firm had some unusual selection process or concept of organisational 'fit' which could give such a skewed workforce? From the areas she mentioned I doubt any of the houses left any change from £1 million, which I could use to fund a far better lifestyle than city law!

Reply 9

Reality Check

22

Original post by ajj2000

She seems to really like her colleagues for all they are much younger than her. I've wondered if the firm had some unusual selection process or concept of organisational 'fit' which could give such a skewed workforce? From the areas she mentioned I doubt any of the houses left any change from £1 million, which I could use to fund a far better lifestyle than city law!

Yes, that does sound like the firm has very much chosen their workforce on more than just academics. And I completely agree about being able to do an awful lot of better things with £1m than fund a life working in law in London!

Reply 10

ABBAForever2015

OP

12

Original post by Reality Check

Crikey - and some of the tales from London renters now are pretty horrific. Being gifted a house in London by a family member is something which most people could only dream of - you wonder whether those people truly appreciated how lucky they were, or whether this was just 'expected' and wasn't particularly noteworthy.

You are right.

Reply 11

Emma:-)

Entertainment Forum Helper

19

Original post by rockyrhythm

Many people have side hustles, they have more than one online job that doesn't take too much of their time, and brings some extra cash. At least this goes for lots of people I know. A lot of them do travel often, but it's far from fancy. They look for the best deals, stay in small/affordable apartments they find on booking/Airbnb, wait for hours at the airports for connecting flights, do the research on TripAdvisor to find decent restaurants where locals go to eat (not with "tourist" prices)… It's possible, but again, far from fancy in most cases.