So, what does being "Rich" mean....
Discussion
We hear of taxes on the "rich", and the gap between "rich" and "poor" widening...
But what does it actually mean these days? Everyone seems to have a different opinion.
Dictionary says "Possessing great material wealth" amongst a few variations on the theme.
Obviously I think to quantify it to a number should be a little subjective to ones own personal point of view, for example, "I live in a ditch so having a flat and a minumum wage job would make me comparitively "rich" "
But stuff it, lets try anyway...
I think having enough money that you can live a luxurious lifestyle including a few nice pads, nice cars, bit of globe trotting, and living off interest of your cash/investments whilst maintaing capital growth of your wealth makes one rich. That means a "few" million in assets (lets say 3-4million) plus the same again in cash/investments.
Not super rich though, thats for the likes of abramovich, gates, multi billionaire types.
A friend recons earning north of 100-150k a year makes you rich. And this is coming from someone that earns in that region.
Personally I think that's far from it. phrases like "reasonably well off" and "comfortable" come to mind, but certainly not rich. You're still encumbered by things like mortgages etc on wages like those to maintain a "nice" lifestyle. Obviously buying a 1 bed flat on the local sink estate and not going out for a year would see it paid off fairly quickly. But thats not living a "nice" lifestyle, having to step over a druggie to get out of your front door.
Anyway, enough rambling... what would you consider "rich"
But what does it actually mean these days? Everyone seems to have a different opinion.
Dictionary says "Possessing great material wealth" amongst a few variations on the theme.
Obviously I think to quantify it to a number should be a little subjective to ones own personal point of view, for example, "I live in a ditch so having a flat and a minumum wage job would make me comparitively "rich" "
But stuff it, lets try anyway...
I think having enough money that you can live a luxurious lifestyle including a few nice pads, nice cars, bit of globe trotting, and living off interest of your cash/investments whilst maintaing capital growth of your wealth makes one rich. That means a "few" million in assets (lets say 3-4million) plus the same again in cash/investments.
Not super rich though, thats for the likes of abramovich, gates, multi billionaire types.
A friend recons earning north of 100-150k a year makes you rich. And this is coming from someone that earns in that region.
Personally I think that's far from it. phrases like "reasonably well off" and "comfortable" come to mind, but certainly not rich. You're still encumbered by things like mortgages etc on wages like those to maintain a "nice" lifestyle. Obviously buying a 1 bed flat on the local sink estate and not going out for a year would see it paid off fairly quickly. But thats not living a "nice" lifestyle, having to step over a druggie to get out of your front door.
Anyway, enough rambling... what would you consider "rich"
Rocksteadyeddie said:
20 grand a year if you listen to some of there lunatic politicians.
precisely what prompted the conversation in the office... Lib dems consider 150k p/a to be "super rich"I could probably just about eat, keep myself warm and dry and get to and from work on about 20k, this includes paying the mortgage on my modest 2bed semi in basingstoke. Provided I had no other debt etc.
Edited by davido140 on Tuesday 4th May 15:51
£150k puts you in a tiny percentage of earners, so I would say that on paper that would make you one of the wealthy workers. But as we all know few people are properly loaded via working for someone else. And inside the Square Mile £150k is probably peanuts to some.
As we have discussed on here many times, its not about the headline figure its about how much of if you have left after paying for your houses/cars/women etc. I'm sure its very possible for someone on that wage to be a lot worse off than someone on half depending on where they bought their 4 bed townhouse.
As we have discussed on here many times, its not about the headline figure its about how much of if you have left after paying for your houses/cars/women etc. I'm sure its very possible for someone on that wage to be a lot worse off than someone on half depending on where they bought their 4 bed townhouse.
My wife and I earn > 100K (combined) and we are certainly not rich at all, fark knows how we spend it all.. Childcare/mortgage/food/petrol (only a 3 bed house), cheapish cars etc.. I think its the CC bills she racks up and takeaways 
However, once we pay off all the little bits of debt, the kids are older we will be laughing.. well until she decided to give up work
we consider ourselves working class too..
However, once we pay off all the little bits of debt, the kids are older we will be laughing.. well until she decided to give up work
we consider ourselves working class too..
Edited by joe_90 on Tuesday 4th May 16:05
davido140 said:
Stolen from another thread on here... I think this sums it up..(i've paraphrased a little)
I guess in financial terms being "comfortable" - like ordering a takeaway without thinking about the cost, rather than [being rich] buying an Aston without thinking about the cost.
I order a takeaway without thinking of the costs, I'm often not comfortable though I guess in financial terms being "comfortable" - like ordering a takeaway without thinking about the cost, rather than [being rich] buying an Aston without thinking about the cost.
£100k+ isn't rich by itself. Typically because your outgoings grow to meet your incomings. However, zero debt (within reason) and £100k+ would be rich to some degree.
I heard that a truly rich man is one who choses whether to work. Not how much they earn.
Now, depending on your lifestyle, that could be £100-a-day here-and-there or require bucket loads of cash in reserve/quick earnings.
I heard that a truly rich man is one who choses whether to work. Not how much they earn.
Now, depending on your lifestyle, that could be £100-a-day here-and-there or require bucket loads of cash in reserve/quick earnings.
Landlord said:
I heard that a truly rich man is one who choses whether to work. Not how much they earn.
Thats a good way of looking at it, if you can afford to take a few months off you are comfortable, what I'd have called middle class, if you don't need to work again you are rich (or on benefits).AlmeraGTi said:
okgo said:
What the HR/payroll guy?
Standard s
t from Chris Rock then. Suprised there was no joke about the wealthy man being white.
Ahh, if only you knew.Standard s
t from Chris Rock then. Suprised there was no joke about the wealthy man being white.Edited by okgo on Tuesday 4th May 16:28
When you're destitute, you know where the free soup is.
When you're poor, you know how much a pint of milk costs.
When you're struggling, you know what each week's shopping costs.
When you're ok, you know your monthly bills.
When you're doing well, you know how much your next car will cost.
When you're successful, you know how much your next house will cost.
When you're rich, you can't quite remember what your houses cost.
When you're very rich, you can't quite remember how many houses you have.
Getting Altzheimers is cheating.
When you're poor, you know how much a pint of milk costs.
When you're struggling, you know what each week's shopping costs.
When you're ok, you know your monthly bills.
When you're doing well, you know how much your next car will cost.
When you're successful, you know how much your next house will cost.
When you're rich, you can't quite remember what your houses cost.
When you're very rich, you can't quite remember how many houses you have.
Getting Altzheimers is cheating.
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