Are you rich?

[okgo]

Zolvaro said:

I would hope they have, I'm not sure where you have got this range rover, private school idea from though, my point all along has been about people with several million.

That was what Countdown was referring to.

[573]

okgo said:

And yet when you see garden and house threads most of the places are very very modest.

Suspect most people on here prioritise spending money on cars, so that skews things. Either way, it’s quite clear that by any definition, £120k assets is not it.

I always find this interesting, the way others prioritise cars over their house. There's obviously a huge sliding scale and what other's prioritise their spending on and how much they care about securing their future is a very personal choice.

I watch a guy on YouTube called Ratarossa, he rebuilds knackered, 'cheap' Ferraris. I obviously have no idea of his finances and how much of the value in the numerous Ferraris he owns is financed. However, I was pretty shocked when he made a video recently to moan that he'd not uploaded for a while because the modest new-build house he dismantles cars on the driveway of, is actually a rental and his landlord is selling it from beneath them. How can you be his age with a number of Ferraris, yet not enough financial security to be able to afford to move your family to a contingency place when your current rental house ceases?

There are loads of others, Phil Morrison for instance, the Driftworks guy. Numerous cars which must be ~£1M value and the ability to buy (or finance) eg a new 992 GT3. Yet he shows some videos of him taking cars home to a small house with a single garage in Birmingham. Again, Ive no idea of his finances or care how others choose to prioritise their spending. I love that people like him buy and build daft cars and I get to watch videos about them. It shows the vast spectrum of how some prioritise cars etc over their family living in a nicer home.

[Zolvaro]

okgo said:

Zolvaro said:

I would hope they have, I'm not sure where you have got this range rover, private school idea from though, my point all along has been about people with several million.

That was what Countdown was referring to.

I think a large percentage of the population would class them as rich, as they would appear to have plenty of money for discretionary spending. I would consider them doing well on that basis alone rather than rich.

[cheesejunkie]

I'm not rich, I'm doing ok.

But I've always taken the view that money buys you time and options.

I'm quite happy to do some domestic chores as I enjoy them but I can afford not to. My job used to be very demanding but I'm on easy street now.

I decided to paint a bit of the house over the weekend, some would balk at that, I enjoyed it because I'd hate it if I had to but it was optional.

I don't care about being rich, one of my best friends is super rich and loaded with insecurities. I'd rather be a little less rich and happy. Although I'm fully aware that it's a luxury to have that choice.

[Tim the pool man]

RizzoTheRat said:

...I think you're falling for the PH demographic thing again. Apparently about 1 in 6 adults have no saving's and a similar number of over 55's don't even have a pension...

Sorry going slightly O/T here but this caught my attention... I assume you mean "don't have any additional self funded pension scheme"?
Surely everyone still receives a government pension in England?

My parents were doing pretty well until my dad's business (based in Thailand and Hong Kong) went bust in the 90s. He lost his investments and superannuation pot but they still lived reasonably comfortably on the government pension, (they still owned their home), and now Mum is in her late 80s and in a VERY nice care home the government pension covers the ongoing cost.

My own Super fund is pretty poor compared to the average here, as I've been self employed for 50% of my working life and always prioritised investing in my business over putting money in my super fund (hopefully this will pay off when I sell the business in a couple of years). Employees get 11% ON TOP OF their gross salary (soon to increase again) paid into superannuation.

As a couple our government pension will be approx $45K P/A, we will own our home outright and hopefully have enough in our combined super funds to draw down $50K P/A without impacting on the balance.

We are DEFINITELY below average wealth in Perth at our age... in my case due to divorce in my early 40s, several years of bad health in my late 40s and a few bad decisions!

[RizzoTheRat]

Tim the pool man said:

RizzoTheRat said:

...I think you're falling for the PH demographic thing again. Apparently about 1 in 6 adults have no saving's and a similar number of over 55's don't even have a pension...

Sorry going slightly O/T here but this caught my attention... I assume you mean "don't have any additional self funded pension scheme"?
Surely everyone still receives a government pension in England?

Yeah, sorry, non state pension. It was only 2012 when they brought in automatic enrolment in workplace pensions and I seem to remember loads of people complaining about it at the time. The state pensions is about £11500/year, while plenty here think you're not rich with that much a month

[Steve H]

Tim the pool man said:

My parents were doing pretty well until my dad's business (based in Thailand and Hong Kong) went bust in the 90s. He lost his investments and superannuation pot but they still lived reasonably comfortably on the government pension, (they still owned their home), and now Mum is in her late 80s and in a VERY nice care home the government pension covers the ongoing cost.

In the UK the government pension is just under a grand a month. Pretty much any care home costs more than a grand a week…………

[BigMon]

My own personal definition of 'rich' is being in a position to not worry about having to tell my boss to shove his job up his arse and either stop work entirely or go and do something that I actually enjoy.

Hopefully, in the next few months, I will be in a position to do the above. It's interesting how it changes your relationship with a pretty toxic workplace (you read articles on quiet quitting and find yourself nodding in agreement).

[Jermy Claxon]

BigMon said:

My own personal definition of 'rich' is being in a position to not worry about having to tell my boss to shove his job up his arse and either stop work entirely or go and do something that I actually enjoy.

Very true.

My dad called this "F*ck you money", and always said that having it is the definition of being rich. Doesn't matter what your job is, binman or banker, if you can walk away from your job today, you're rich. While the world around you definitely sets a floor on the cost of living, rich is much more to do with income vs outgoings, and accessible liquid savings than any actual number and illiquid asset value.

By the measure of £120k, I'm rich, I guess. I don't feel it, because by the measure of "f*ck you money" I am not even close. I'll have to work till I drop at this rate. I can't walk away, I have responsibilities and dependants and not much liquid buffer and definitely not nearly enough to not have to worry about losing my job.

[bitchstewie]

And that's the point I made earlier.

To some people "rich" is a couple of Range Rovers on the drive at 55 but need to work another ten years to have enough to give it all up.

For other people it's this.

[LankyFreak]

okgo said:

but most people would not class some bloke with a Range Rover and 2 kids in a private school as rich without some other fairly large and obvious signs.

hahaha

[Sheets Tabuer]

573 said:

I always find this interesting, the way others prioritise cars over their house. There's obviously a huge sliding scale and what other's prioritise their spending on and how much they care about securing their future is a very personal choice.

I watch a guy on YouTube called Ratarossa, he rebuilds knackered, 'cheap' Ferraris. I obviously have no idea of his finances and how much of the value in the numerous Ferraris he owns is financed. However, I was pretty shocked when he made a video recently to moan that he'd not uploaded for a while because the modest new-build house he dismantles cars on the driveway of, is actually a rental and his landlord is selling it from beneath them. How can you be his age with a number of Ferraris, yet not enough financial security to be able to afford to move your family to a contingency place when your current rental house ceases?

There are loads of others, Phil Morrison for instance, the Driftworks guy. Numerous cars which must be ~£1M value and the ability to buy (or finance) eg a new 992 GT3. Yet he shows some videos of him taking cars home to a small house with a single garage in Birmingham. Again, Ive no idea of his finances or care how others choose to prioritise their spending. I love that people like him buy and build daft cars and I get to watch videos about them. It shows the vast spectrum of how some prioritise cars etc over their family living in a nicer home.

I used to live near a guy in the 90s that owned a ferrari and lived in a 2 up 2 down, his car was worth 2-3x times his house, always thought that mental.

[markh1973]

okgo said:

Zolvaro said:

Welcome to Pistonheads bubble where you can be worth 5 or 10 million and apparently not be rich!!

People worth £5-10million quid wouldn’t be moaning about the running costs of a bloody car. Or the cost of children’s schools.


As I said, it’s a definition thing - but most people would not class some bloke with a Range Rover and 2 kids in a private school as rich without some other fairly large and obvious signs.


Also, plenty of people send their kids to paid for nursery and make it work. Many live in flats at ours . They’re rich are they? Don’t be silly.

Edited by okgo on Monday 10th June 13:32

Are you suggesting that no-one rich lives in a flat?

[Ken_Code]

markh1973 said:

Are you suggesting that no-one rich lives in a flat?

Only poor people would live here.

https://www.rightmove.co.uk/properties/141734267?u...

[paralla]

Ken_Code said:

markh1973 said:

Are you suggesting that no-one rich lives in a flat?

Only poor people would live here.

https://www.rightmove.co.uk/properties/141734267?u...

Looks a bit povo to me.

Get your name down for a flat by Hyde Park
https://www.rightmove.co.uk/properties/130177625?u...

[Ken_Code]

paralla said:

Looks a bit povo to me.

Get your name down for a flat by Hyde Park
https://www.rightmove.co.uk/properties/130177625?u...

Nice, but you’ll still get sneered at when you turn up at the private nursery by the people who can afford an actual house.

[Zolvaro]

Ken_Code said:

markh1973 said:

Are you suggesting that no-one rich lives in a flat?

Only poor people would live here.

https://www.rightmove.co.uk/properties/141734267?u...

Do they have a gofundme? I want to help alleviate their suffering

[Biker's Nemesis]

This is when you're rich, forget all the cars, big houses, trophy wife etc.

[Earthdweller]

markh1973 said:

okgo said:

Zolvaro said:

Welcome to Pistonheads bubble where you can be worth 5 or 10 million and apparently not be rich!!

People worth £5-10million quid wouldn’t be moaning about the running costs of a bloody car. Or the cost of children’s schools.


As I said, it’s a definition thing - but most people would not class some bloke with a Range Rover and 2 kids in a private school as rich without some other fairly large and obvious signs.


Also, plenty of people send their kids to paid for nursery and make it work. Many live in flats at ours . They’re rich are they? Don’t be silly.

Edited by okgo on Monday 10th June 13:32

Are you suggesting that no-one rich lives in a flat?

It’s okgo pistonheads resident Uber snob, he lives in a parallel universe

[okgo]

Earthdweller said:

It’s okgo pistonheads resident Uber snob, he lives in a parallel universe

I think I probably do. But I’m here with a fair few million others because much of what is described as rich on here is entirely normal for hundreds of thousands of people who are absolutely just well paid.


Re the flat


It’s fairly run of the mill south London. Most people don’t choose to live in the middle floor of a terraced Victorian house with 2 kids. Obviously that statement in Knightsbridge would mean something totally different and I’d have said something else. As it is, a flat in Tulse Hill isn’t likely where they wanted to end up. But these people are paying £2k a month per kid, they’re not rich.