A few properties - owned by you, then I'd say you're rich. Having a net worth of over a million, rich. Amilli in the bank? Rich.
£1million is not rich nowadays. My parents have over a £million net worth but they still work (mid/late 40s). I would consider being rich at £10million net worth.
£1million is not rich nowadays. My parents have over a £million net worth but they still work (mid/late 40s). I would consider being rich at £10million net worth.
You being rich isn't determined by whether someone works or not right? Its just being above a certain threshold compared to everyone else. Being worth in excess of a million pounds is definitely rich. Not rich enough to stop working but its still rich. There are billionaires out there in the world that still work.
What if people have that million diversified into properties, assets, objects of investment (e.g. prestige watches (e.g. Patek Phillipe), wine)?
Not liquid enough. I have many friends from old money backgrounds who have net worths in the tens of millions, yet live like paupers as their money is in property, not cash.
You being rich isn't determined by whether someone works or not right? Its just being above a certain threshold compared to everyone else. Being worth in excess of a million pounds is definitely rich. Not rich enough to stop working but its still rich. There are billionaires out there in the world that still work.
You are right about that. The more money you have, the more you want to make. I will feel rich when I go to the Ferrari/Lambo dealer and order a car.
£1million is not rich nowadays. My parents have over a £million net worth but they still work (mid/late 40s). I would consider being rich at £10million net worth.
I would call myself wealthy if I was earning over £80K per year and was also the owner of a business. My plan is to move along those kind of lines. I hope that later in life I may set up a business(my dream is a restaurant) with multiple locations. I think I have a good chance of getting there.
Not liquid enough. I have many friends from old money backgrounds who have net worths in the tens of millions, yet live like paupers as their money is in property, not cash.
Yeah, same. Best mate from uni is from such a background (i.e. net worth very high not just in one or two million), he is yet to inherit his properties however.
His family also live like paupers but I think that is just a mentality thing. They provide their kids with the best education possible (i.e. Eton) but they are penny savers. Top lad tbh, they have their heads switched on about living a simple life.