How do you define 'rich' these days...

  • Thread starter Thread starter vkurup
  • Start date Start date
Being on benefits and getting everything paid, sat in watching Sky TV all day/night, going to the pub at least twice a week in designer jeans & trainers, smoking 20 fag's a day, going abroad on holiday at least once a year and having a car on the drive :eek:

:smirk:

The opposite to that is, those that work have less disposable income :confused:
 
I built my own house back in 82,it cost me 23k to do it.it was worth 32k the day it was finished .so getting the loan to do it was easy, unfortunately redundancy and child turning up the same month meant we had to sell .that is when we moved to South Africa ,today that house ,bearing in mind its a three bed semi is now worth in excess of 600k.
i look at my two kids and wonder how the hell they are going to get onto the property ladder with prices so stupidly high.
 
you can be asset rich but cash poor

You need to be either so cash rich that you dont need to worry about obtaining assets, or cash & asset rich, so you have the assets, house etc and a level of cash/income that means that you can do what you want to do and not what "The Man" tells you

A Million pounds used to be the dream, but that equates to £33000 a year for 30 years, which isnt earth shattering these days,

If I won the lottery, 5 mill would do it for me, A huge win £50 mill +would be dangerous as you would need security to stop your family from getting kidnapped by Bolton Wanderers Supporters demanding a ransom to pay their tax bill :)
 
PhilTheFragger said:
you can be asset rich but cash poor

You need to be either so cash rich that you dont need to worry about obtaining assets, or cash & asset rich, so you have the assets, house etc and a level of cash/income that means that you can do what you want to do and not what "The Man" tells you

A Million pounds used to be the dream, but that equates to £33000 a year for 30 years, which isnt earth shattering these days,

If I won the lottery, 5 mill would do it for me, A huge win £50 mill +would be dangerous as you would need security to stop your family from getting kidnapped by Bolton Wanderers Supporters demanding a ransom to pay their tax bill :)
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You could buy Wycombe Wanderers. £49,995,000 left over to spend on other stuff.
 
Rich in life for me is being with my wonderful wife , spending time with my great family , meeting up with mates to play the game that i love and going through it all again the next day. I work enough to pay the bills and a bit more to keep us comfy
 
Having one more pound than you can spend is my dream.

To me the rich man is one that owns his own house and doesn't owe money to anyone. I don't think you can put a real number to it as having this is going to cost a lot more in the south than in the north.

But in all reality I feel rich because I live on a nice house, have a fantastic family and got to play golf this morning while driving a luxury car to and from the course. A lot of people can't say that.
 
If after a night out you just hop into a black cab without thinking because a £60 bill wouldn't bother you then you are well off.
 
Rich in terms of money to me would mean being able to spend a decent wedge without thinking/planning/saving/worrying about it, not silly but a good few grand.

Life rich I would say being healthy and among good friends and family. You could look at 'rich' in a number of ways.
 
vkurup said:
Shooting breeze with a mate a mine who is also house hunting for the past 6-8 mths. Between him and his mrs they make about 150-190K a year in the City, early 40s, 2 lux cars, kid in private school but currently pay rent of about 2K. With a budget of 500-600K they cant find anything they like or an area they like. Even the houses 700-800K bracket are being outbidded at more than asking price. So he was drowning his sorrow in the few ales. The basic question was how do you define 'rich' these days where family in the 150K bracket can afford 600K homes.

I know it is all relative and we are talking about Surrey commuter belt, but how much money do you need to be 'upper middle class' these days?
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I'll never have anywhere near that much dosh.

But I've lived all over the world, seen and done things most married, bored men in Britain will only ever fantasise about.

I've made a few mistakes, but I wouldn't change what I've done for anyone else's life from my peer group.

So am I rich financially, no chance. Have I had, and do I live, a rich lifestyle? Oh yes.
 
Ethan said:
In Surrey, more than that to be 'rich'. A lot more.

A number of years ago, someone famously remarked that you then needed about £7 or 8 million to live like a millionaire.
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Think I remember reading about this '8m' figure and it was in relation to winning the lottery. So if you were in your 20s/30s you needed to win that much so you could maintain the 'millionaire lifestyle' for the rest of your life.

This included 10k holidays per year, brand spanking new cars, kids in private schools etc etc. This obviously raises the question of what you want that amount of money to go towards I guess.

There is certainly a North/south divide in the housing market. I am fortunate in that I am on the property ladder in NE, I work in St albans most weeks and the house prices there are scary, 400k for apartments that wouldn't fetch 120 in NE.
 
House price is really funny around my neck of the woods... We Recently sold our soul to the devil and fully leveraged to buy in a good location. The oh reason we got the house was because it needs a LOT of work - hopefully we can do it over thhe next 10 yrs.
New build 4 bed town houses with no garden start at 650K around us. There is not much housing stock coming up - as they are ripping up houses and building apartment complex each of which go for 300K ish.. Kids will have to learn to live in apartments ...
 
vkurup said:
House price is really funny around my neck of the woods... We Recently sold our soul to the devil and fully leveraged to buy in a good location. The oh reason we got the house was because it needs a LOT of work - hopefully we can do it over thhe next 10 yrs.
New build 4 bed town houses with no garden start at 650K around us. There is not much housing stock coming up - as they are ripping up houses and building apartment complex each of which go for 300K ish.. Kids will have to learn to live in apartments ...
Click to expand...

Totally agree with the last sentence. What I find galling, especially around here is how many of these managed apartments they seem to be bunging up. My understanding (and not found out so may be wrong) is you can only rent these on a short term and not ongoing basis. We do have some bug firms here but not enough travelling personnel to justify needing these when you look at the hotels we have as well. These could have been used for rental properties or better still as places to buy
 
vkurup said:
House price is really funny around my neck of the woods... We Recently sold our soul to the devil and fully leveraged to buy in a good location. The oh reason we got the house was because it needs a LOT of work - hopefully we can do it over thhe next 10 yrs.
New build 4 bed town houses with no garden start at 650K around us. There is not much housing stock coming up - as they are ripping up houses and building apartment complex each of which go for 300K ish.. Kids will have to learn to live in apartments ...
Click to expand...

We've got a 3 storey house, 4 beds with a large garden for a quarter of that price in the Midlands. Those prices are astronomical 😳
 
Bazzatron said:
We've got a 3 storey house, 4 beds with a large garden for a quarter of that price in the Midlands. Those prices are astronomical 
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Depends where in the Midlands you are.
+
Such a house would, in our village, be around £350k+ except you would not get the large garden.
 
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