Are you rich?

[Dave200]

Ken_Code said:

573 said:

Fair!

I'd just begrudge maying >£350/annum for something that's free elsewhere.

NatWest black charge me £5 per month. It’s worth that for the phone insurance and European breakdown cover.

They’ve twice couriered me a new iPhone within 24 hours of me breaking mine.

How have you managed to get a Black Account for a fiver? The best I could see was £20-odd, which was a bit marginal value-wise for me.

[okgo]

He may just have credit card?

Mine is £30 but you get £10 back for direct debits.

[Monkeylegend]

My daughter got a letter from her bank asking her to revert to the traditional form of banking of them looking after her money.

[Ken_Code]

Dave200 said:

How have you managed to get a Black Account for a fiver? The best I could see was £20-odd, which was a bit marginal value-wise for me.

I think it may be because I used to work for them and was obliged to open an account.

[Dave200]

Ken_Code said:

Dave200 said:

How have you managed to get a Black Account for a fiver? The best I could see was £20-odd, which was a bit marginal value-wise for me.

I think it may be because I used to work for them and was obliged to open an account.

Fair enough. Solid value at a fiver, more marginal at 20 quid for me.

[Shnozz]

okgo said:

I’ve got it with NatWest.

It’s good value if you use the insurances - phones/breakdown/extensive travel/lounge pass thing is £30 a month - but everything else is ste. I get free tickets to occasional things of interest but them wanting to speak to me about my ‘financial health and life” can get in the sea.

Concierge also mostly ste.

I pay half that for Santander world elite and use the lounge access probs twice a month alone which more than pays for itself. Even if it’s non-booze and a few coffees and a croissant at airport prices that’s probably £15 - £20 alone, plus I have usually somewhere I can sit and work with less chaos.

[NomduJour]

I have lounge access via HSBC, the Priority Pass lounges at Heathrow and Gatwick are a free-for-all.

[NRG1976]

With Coutts you can negotiate bespoke saving rates if you give them enough investment business.

[keo]

NRG1976 said:

With Coutts you can negotiate bespoke saving rates if you give them enough investment business.

What can they be? I will never be anywhere near it but just interested with what I could do with that lottery win

[number2]

NomduJour said:

I have lounge access via HSBC, the Priority Pass lounges at Heathrow and Gatwick are a free-for-all.

Your better off in the main terminal than what are effectively public access lounges.

[okgo]

NRG1976 said:

With Coutts you can negotiate bespoke saving rates if you give them enough investment business.

Which they’ll immediately make back on fees for the investing.

[Steve H]

I’m curious as to how the 88% in this poll break down so have started a more detailed one - https://www.pistonheads.com/gassing/topic.asp?h=0&...

[okgo]

https://www.thisismoney.co.uk/money/bills/article-...

There we are then

[98elise]

okgo said:

https://www.thisismoney.co.uk/money/bills/article-...

There we are then

You can't base it on gross income. Its disposable income/wealth.

If you have enough money/assets that you don't need to work then you're significantly richer then somone on 100k with a large mortgage.

[Countdown]

98elise said:

You can't base it on gross income. Its disposable income/wealth.

If you have enough money/assets that you don't need to work then you're significantly richer then somone on 100k with a large mortgage.

Just because you choose to spend most of your money doesn’t mean you’re not rich.

Someone on £100k with a large mortgage is richer than someone on £20k with no mortgage even if the latter has more disposable income. The larger mortgage is through choice, as are PCP payments or private school fees.

[LeighW]

Countdown said:

98elise said:

You can't base it on gross income. Its disposable income/wealth.

If you have enough money/assets that you don't need to work then you're significantly richer then somone on 100k with a large mortgage.

Just because you choose to spend most of your money doesn’t mean you’re not rich.

Someone on £100k with a large mortgage is richer than someone on £20k with no mortgage even if the latter has more disposable income. The larger mortgage is through choice, as are PCP payments or private school fees.

I'm in that income bracket, I have no mortgage, no debts whatsoever, but I sure as hell am not rich. Surely you should at least have enough money to quit working today without it troubling you financially before you could be classed as remotely 'rich'? Sadly, that's not me.

[Countdown]

LeighW said:

I'm in that income bracket, I have no mortgage, no debts whatsoever, but I sure as hell am not rich. Surely you should at least have enough money to quit working today without it troubling you financially before you could be classed as remotely 'rich'? Sadly, that's not me.

Somebody in that income bracket with no mortgage and no debts should have net disposable income (after paying utilities, council tax, food/shopping) should have between £2k - £3k left over each month which probably goes into an ISA or a SIPP. if they've been doing that for the last 10 - 15 years it would be quite easy to give up work and live off savings until the pensions kick in.

So if the definition of "rich" is "be able to give up work" then it shouldn't be that hard for somebody whose managed to build up a decent pot of savings which, if you're on £100k, should have been comfortably possible. However, if you've been earning £100k and spending £100k then you're going to struggle giving up work.

[LeighW]

Countdown said:

Somebody in that income bracket with no mortgage and no debts should have net disposable income (after paying utilities, council tax, food/shopping) should have between £2k - £3k left over each month which probably goes into an ISA or a SIPP. if they've been doing that for the last 10 - 15 years it would be quite easy to give up work and live off savings until the pensions kick in.

Well it depends how long you've been a) mortgage free and b) in that income bracket of course, but yes, agreed.

[JagLover]

Countdown said:

Someone on £100k with a large mortgage is richer than someone on £20k with no mortgage even if the latter has more disposable income. The larger mortgage is through choice, as are PCP payments or private school fees.

Depends if the large mortgage is to pay for the bare minimum space to live in, which may well be the case in the South-east. Given that you need somewhere to live then there isn't much choice involved in that case.

Also being "rich" is a function of wealth not income. Someone on £100k is a high earner but may only have the potential to become rich, but they have only recently started earning at a high level may not have got anyone close to that yet.

[Countdown]

JagLover said:

Depends if the large mortgage is to pay for the bare minimum space to live in, which may well be the case in the South-east. Given that you need somewhere to live then there isn't much choice involved in that case.

YMMV. The people I know with a large mortgage are all, without exception, what I would consider wealthy. To put it another way you need a reasonable amount of income to service a large mortgage. If the banks didn't think you could comfortably make the repayments it's unlikely they would lend you the money. Another point to note is how the rising houses prices more than offset the interest you are paying. For most people houses end up as excellent investments.

JagLover said:

Also being "rich" is a function of wealth not income. Someone on £100k is a high earner but may only have the potential to become rich, but they have only recently started earning at a high level may not have got anyone close to that yet.

I think ISWYM but people don't jump to a £100k salary (outside of PH CEOs who are employing grads on £100k). Usually by the time you get to £100k you'll have been working for a while, you'll probably have a decent amount of equity in your house, your partner may be on similar amounts if not more, and you would hope to have well funded ISAs and SIPPs.