Mudball
Assistant Pro
Looks like someone may have joined the list by scooping 177m on euromillion…
Is a millionaire rich nowadays?
- Thread starter Canfordhacker
- Start date
Mudball
Assistant Pro
I had celebrated that abolishing, but then I heard it was going to get rolled back - because it is politically unpopular as banker bonuses. Glad to hear it is staying. Why would you want to stop people to pay into their pensions?
PNWokingham
Journeyman Pro
I agree. all these rules are crazy. The annual limit and tax going in and coming out (marginal rates) should be permanently protected so people can plan their long-term retirement. And redcicing it for big earneres (260k+) seems alsomadness as even the max for someone say earning 500k is a lot lower % than someone on 100k. Just unnecessary complication of the tax code>
Mudball
Assistant Pro
It serves a cottage industry of accountants and wealth planners. 260 can be breached if some on is on commissions and has a bumper year or two.
I saw a video somewhere about the impact of allowance between 100-125k. The nett impact of losing your allowance was similar to a 60% tax slab between 100-125 .. it is bonkers
(Update).. a video
PNWokingham
Journeyman Pro
Yes. One of the worst aspects of the tax system and so unfair. It is actually 62% as you also have 2% NI. Taking away the personal allowance is plain wrong making people who earn 125k the highest marginal tax payers in the country - much higher than, say Denise Coats and her 500m salary. it also creates lost of complications for paying tax and often you need to adjust for the following years. Add into the mix other losses such as Child allowance (or whatever it is called), i remember losing this in circa 2009.
Voyager EMH
Slipper Wearing Plucker of Pheasants
Might be below 500th place.
I've only seen down to 350th place and that is £350m.
Mudball
Assistant Pro
if i get that kind of money, i would not worry where i am on that list... (maybe thats why i never win)
PJ87
Journeyman Pro
See I never really interested in that kind of money , I'd settle for 500k, clear the mortgage. New kitchen , solid wall insulation and then build a golf SIM where my summer house currently is.
That would free up 2k a month (after the car would be cleared) and just carry on working . Lots of free cash to spend on holidays etc but still have something to do every day
Mudball
Assistant Pro
Slight detour… Having lived on both sides of the pond… there are some interesting points that highlight the stagnation in Britain today (and it is not to do with politics£
PJ87
Journeyman Pro
Very much a generation thing point one. Plenty of people my age happy to discuss their salary
sunshine
Well-known member
What are the 7 points?
Mudball
Assistant Pro
1) Financial Openness:
Americans freely discuss salary, deals and revenue.
Brits are guarded and awkward on money matters.
2) Belief In Possibility
Discuss big plans in America: “Why not!?”
In the UK: “Why bother?”
One culture expands, the other stifles.
3) Rising Tide Mentality
Americans celebrate wins with genuine infectious enthusiasm. It’s all: “LET’S GOs” high-fives, celebrations.
Brits tut, cringe with impotent envy, and think “who does he think he is!?”
One attitude lifts all boats. The other sinks them.
4) Learning Focus
Every win shared triggered rapid-fire questions:
• "What worked?"
• "How'd you do it?"
• "Can you teach me?"
Americans study success. Brits suspect it.
5) Risk Tolerance
"Failure" in America's proof you took a big swing and missed … this time.
In the UK, it’s like a generational stain we try scrubbing off quietly behind closed doors.
No wonder America scales while Britain stagnates
6) Speed of Execution
US: "Let's make it happen" Jump on a call. Refer through networks. Action-first mentality.
UK: "Let's be realistic". List all problems first. Worst-case scenarios. Every reason NOT to try.
They ship while we shuffle.
7) Follow The Money
Britain will lose nearly 10,000 millionaires this year.
The US is forecast to gain nearly 4,000.
Capital flows where it’s respected, not resented.
The cost of British cynicism:
• Our markets shrink while theirs grow
• Our talent leaves while theirs arrives
• Our companies stay small while theirs scale
Orikoru
Tour Winner
Why is he pretending that America is thriving right now?
Mudball
Assistant Pro
because he was there for 7 day business trip..Why is he pretending that America is thriving right now?
I don't think anyone would dispute there is a different mindset between the US and UK, frankly US and anywhere. A good chunk of that is click bait though. It's also assuming everything is rosy in US companies, it isn't. Big generalisations and it would be simple enough to do a counter post knocking lumps out of the US mindset.
D-S
Well-known member
I’ve always thought that America is a great place to be rich but a very bad place to be poor. Unfortunately, as in most places, the latter outnumber the former.
PJ87
Journeyman Pro
Voyager EMH
Slipper Wearing Plucker of Pheasants
Give me northern Europe any day.
UK, Netherlands, Denmark, Sweden - far better societies to live in than the USA.
The 7-point list is fiction.
Drivel.
UK, Netherlands, Denmark, Sweden - far better societies to live in than the USA.
The 7-point list is fiction.
Drivel.
Mudball
Assistant Pro
because he was there for 7 day business trip..Why is he pretending that America is thriving right now?
I think if I could combine the Nordic way of life (and pension) with the weather and food of Spain/Portugal... then it would be heaven
PJ87
Journeyman Pro
7 days.. living there long term. Yeah same thing
