Poll: Are you rich?
Total Members Polled: 520
Discussion
I am considerably richer than thou...
For me, I have all the possessions I want and I have to tell friends and family not to by me anything for birthdays and Christmas.
There's no desire for a sports car/supercar because for me driving can be as fun in a Shed, or with the utility of the car packed for a journey and being part of that journey. I can go out, or not go out, and buy anything I need from Amazon. I can go out and eat in a fried chicken shop or any London restaurant.
To some extent I'm tight. I can plan ahead in my head meticulously. So I've already bought 2 camping heaters for the winter at a bootfair for £10/£12, and I've just had picked up 4 Michelin Alpin 6? winter tyres for £160 used with 7mm of tread,
For me, I have all the possessions I want and I have to tell friends and family not to by me anything for birthdays and Christmas.
There's no desire for a sports car/supercar because for me driving can be as fun in a Shed, or with the utility of the car packed for a journey and being part of that journey. I can go out, or not go out, and buy anything I need from Amazon. I can go out and eat in a fried chicken shop or any London restaurant.
To some extent I'm tight. I can plan ahead in my head meticulously. So I've already bought 2 camping heaters for the winter at a bootfair for £10/£12, and I've just had picked up 4 Michelin Alpin 6? winter tyres for £160 used with 7mm of tread,
PM3 said:
So he was, at age 36 very poor . Nothing like a quote from a failure at subject quoted. He probably never said it anyway.
rodericb said:
PM3 said:
At 36 I think he was making the type of money that'd make a razzle and dazzle showman blush - when he died he was estimated to be worth $11.5m (that's 1981 dollars). I think his family are doing okay through the intellectual property rights they have....Desiderata said:
Yeah but no but yeah but no but yeah but!
So many metrics to define "rich".
The answers to this question will only tell us about our perceptions and attitudes, not whether we are genuinely rich.
Very true. Although I would be surprised if £120k net worth is the measure of richness for many. Or does that prove your point? So many metrics to define "rich".
The answers to this question will only tell us about our perceptions and attitudes, not whether we are genuinely rich.
jdw100 said:
Survey is a bit pointless, in my opinion, without an age bracket.
If you are 25 and have £120k in the bank - well done you!
If you are 50 and have savings (inc pension) of £120k, you should be deeply concerned.
I know it may come as a shock to many on here, but there are millions of people over 50 who have considerably less than £120k to their name...If you are 25 and have £120k in the bank - well done you!
If you are 50 and have savings (inc pension) of £120k, you should be deeply concerned.
monthou said:
under 24 year olds have a car and zero savings.
120k total comes at about 40 years old on average. property about a third of that.
Property doesn't start to creep over 50% until well into the 70s.
For me the word 'rich' means top 10%. Not just creeping over the middle line.
lizardbrain said:
Here is some numbers by age, for the median average brit in 2017
under 24 year olds have a car and zero savings.
120k total comes at about 40 years old on average. property about a third of that.
Property doesn't start to creep over 50% until well into the 70s.
For me the word 'rich' means top 10%. Not just creeping over the middle line.
Where do the numbers come from?under 24 year olds have a car and zero savings.
120k total comes at about 40 years old on average. property about a third of that.
Property doesn't start to creep over 50% until well into the 70s.
For me the word 'rich' means top 10%. Not just creeping over the middle line.
I don't believe the median private pension for a 55-64 year old is £189000 - that's nearly double the figures from the Telegraph / ONS I linked to IIRC.
If it's the mean it might be right but it's not relevant as that's skewed by a relatively small number of relatively rich people - bearing in mind what you said:
lizardbrain said:
But in general if you have 120k just in your house, you probably have at least as much in savings/sipp also. statistically
Zetec-S said:
I know it may come as a shock to many on here, but there are millions of people over 50 who have considerably less than £120k to their name...
I'm 52 and have never really been able to have savings. A few years ago my wife got £40k redundancy package but that didn't last long after buying a car, sofa, boiler, carpets, new patio and our first holiday abroad in 18yrs.We now only have about £1k in savings (if you can even call it that). We've never had enough money to be able save any, our wages get spent on household bills and normal day to day 'getting by' and I'm often overdrawn. We don't holiday abroad as we can't afford to.
The saving grace is that I retire in less than 3yrs and in addition to my annual pension I'll be getting about £160k as a lump sum, but that will have to last us for the rest of our lives. Our house will paid off as I retire, with about £400k equity and I'm considering downsizing to release some of this to help my son buy his first house.
Any inheritance will be a bonus, but this can't be planned for so I don't consider it. If that does happen then I'll be fairly loaded (by my standards) but it will have happened at the wrong time of my life as it's when you're young that you really need the money.
monthou said:
Where do the numbers come from?
I don't believe the median private pension for a 55-64 year old is £189000 - that's nearly double the figures from the Telegraph / ONS I linked to IIRC.
If it's the mean it might be right but it's not relevant as that's skewed by a relatively small number of relatively rich people - bearing in mind what you said:
It's the ONS, it's the median apparentlyI don't believe the median private pension for a 55-64 year old is £189000 - that's nearly double the figures from the Telegraph / ONS I linked to IIRC.
If it's the mean it might be right but it's not relevant as that's skewed by a relatively small number of relatively rich people - bearing in mind what you said:
the mean would be more atrocious. iMore wealth on top decile than in rest combined. Also a gender gap, men have twice as much as women.
if you want to exclude the top decile it changes everything o course, but where do you draw the line?
Bearing in mind 10% is still over 5 million adults
https://www.ons.gov.uk/peoplepopulationandcommunit...
also see
https://www.ons.gov.uk/peoplepopulationandcommunit...
The Gauge said:
but it will have happened at the wrong time of my life as it's when you're young that you really need the money.
My partners father is 75, owns two fully paid for properties and has (at a complete guess) around £1 million in shares and pension.He drives around in a 12 year old battered Honda and has no interest in buying a new car. He doesn't really go on holiday, doesn't buy anything expensive, but if he needs to spend money on something (recently his fridge freezer and dishwasher dies in the same week) he will buy it. He lives well on a day to day basis, but doesn't spend anything other than money on living.
We have (half) jokingly suggested he give my partner some of her inheritance early as he doesn't really need it and it would make a massive difference to our lives right now. On the one hand I can understand that it is his money and why should he, but on the other hand he must realise that my partner is going to get it eventually and it means much more right now than in 10/15/20 years time.
We live in a crazy world where the elderly are hording money they don't need and the young are signing themselves up to massive mortgages and debt because they have no other option.
jdw100 said:
£60K per year salary puts you in top 1% of global earners.
About £8,000/year puts you at the global average.
12% of global population (adults) have £100,000 - 1,000,000 in assets.
1.1% have over a million.
50% have under USD10,000.
Staggering statistics. And not in a good way.About £8,000/year puts you at the global average.
12% of global population (adults) have £100,000 - 1,000,000 in assets.
1.1% have over a million.
50% have under USD10,000.
lizardbrain said:
Isn't that looking at household rather than individual wealth?monthou said:
Isn't that looking at household rather than individual wealth?
There are two links provided, one link for each. As men tend to have 2x the pension as women household is often usd.However that link shows average sipp of 55 yo household is 206k which broadly fits with this
What's your beef with the numbers exactly? Academic rigour, social justice, something else?
Edited by lizardbrain on Thursday 6th June 09:56
richhead said:
Im mid 50's and have no debts including mortgage , so am comfortably above the monetary value listed. I dont have an expensive life, so have enough. and was able to retire early, forced to by health.
However having had some serious health scares over the last decade, i consider health and having people to love ,who love me far more important than money.
And lets not forget, having assets like a house may rise your wealth but it is mainly irrelevant, as you will always need somewhere to live, and if you sell, you will need to buy again. or spend it on a care home, so it is meaningless.
Poor people can have health problems as well, in fact studies indicate they are more likely too. However having had some serious health scares over the last decade, i consider health and having people to love ,who love me far more important than money.
And lets not forget, having assets like a house may rise your wealth but it is mainly irrelevant, as you will always need somewhere to live, and if you sell, you will need to buy again. or spend it on a care home, so it is meaningless.
You are in the position where you can consider things more important than money, a lot don't have that luxury.
Edited by Zolvaro on Thursday 6th June 10:07
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