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How much in assets until someone is considered rich in the UK? Watch

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    (Original post by Reue)
    Because the overall FTSE market has risen by around 10% in that time, making a 35% not exactly spectacular and certainly not something worth shouting about in such a short time span.*
    That is a market beta of 3, that is spectacular. You have achieved 3 times the market return, any fund manager would go crazy for that.

    What do you want to achieve? 200% return in a month? Go to the bookies for that, or into highly speculative penny stocks, where you can lose half your money as well.
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    (Original post by rambapa)
    That is a market beta of 3, that is spectacular. You have achieved 3 times the market return, any fund manager would go crazy for that.

    What do you want to achieve? 200% return in a month? Go to the bookies for that, or into highly speculative penny stocks, where you can lose half your money as well.
    ironic. I do go to the bookies
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    It's more like 8% tbh, 8% market return in 3 months compared to my 35% for that stock. Quite a difference.
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    (Original post by Reue)
    ironic. I do go to the bookies
    Well then yes, you can get your 2/1 odds and either double or loss all your money. If you like that sort of game, maybe the penny stock market is for you.

    Bookies is a whole different level of risk.
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    (Original post by rambapa)
    It's more like 8% tbh, 8% market return in 3 months compared to my 35% for that stock. Quite a difference.
    As I and others have already said; wait at least a year before celebrating any success. 3 months is nothing in the stock market, you may as well be claiming to be an expert investor because you bought a few lottery tickets and one hit the jackpot.
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    (Original post by Reue)
    As I and others have already said; wait at least a year before celebrating any success. 3 months is nothing in the stock market, you may as well be claiming to be an expert investor because you bought a few lottery tickets and one hit the jackpot.
    But I keep hitting the jackpot...

    Interserve (bought at 316p)
    BP (bought at 361p)
    Galliford Try (bought at 1003p)
    Paragon Group of Companies (bought at 294p)
    Legal and General (bought at 207p)
    Berkley Group Holidings (bought at 2458p)
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    Why the hell would I put 23.5k in the market, if I wasn't experienced/had knowledge.
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    (Original post by James.Carnell)
    A few million? I appreciate that some people have their net financial value tied up in assets so I am not counting hard and fast liquid cash as the measure of wealth.
    I'd say based on how I define my clients all of the following
    at least a large house/mansion (5 or more bedrooms)
    a second home
    at least 2 luxury cars made in the last 5 years
    wearing a £10,000+ watch as a daily with other rarities (£20,000+) for occasions and dress purposes

    just for example I have a few regular clients one is a retired scientist and well I wouldn't call him rich even if he has more money than me even if he has a rolls Royce and a gold Rolex not to mention a house here and one in the french Riviera as they are older so don't have the same impact as they did say 15-20 years ago
    however
    another client of mine works in the film business and he is rich worth over £30MILLION liquid wealth plus several properties including places in LA, the Hamptons, Barcelona and several properties around the UK, he has just bought some Christmas gifts for his wife from me such as 9ct diamond tennis bracelet and a 16ct diamond necklace that is £40,000 which he paid in cash, he has bought 14 cars brand new this year (a Ferrari, 3 audis, 2 range rovers, 2 Mercedes, 2 Bentleys, a rolls royce, a jeep, a Porsche and a BMW), he has a helicopter and a private jet that sounds like a lot but he bought his 14-year-old a rose gold and pink diamond Cartier for her birthday (an £120,000 watch) but when I delivered some pieces he bought (including a 35ct emerald heart pendant with 8cts diamonds all set in platinum which was a £40,000 commissioned deal) before he offered me a vodka martini which I accepted having just navigated around the M25 in a chauffeured Maserati for 4 hours I had the drink and accidentally dropped the glass when I tripped over the coffee table he just laughed and quipped it only a Lalique which i found out was a £200 glass that I broke
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    (Original post by rambapa)
    Why the hell would I put 23.5k in the market, if I wasn't experienced/had knowledge.
    23.5k isn't exactly alot of money. You don't have experience (yet), knowledge perhaps but not really demonstrable on such a small time frame.
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    (Original post by Reue)
    23.5k isn't exactly alot of money. You don't have experience (yet), knowledge perhaps but not really demonstrable on such a small time frame.
    It is a lot of money for me, I don't see many households putting in 20k into the stock market. I plan to increase this amount over time, when I get a new ISA next year. I have filled up 2 ISAs, so I don't pay capital gains tax or tax on dividends.

    I've been watching markets for 2 years now and I've invested for my dad as well (who has 120k in stocks). The 23.5k is just my own money.
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    I'm like a kid. If I find £1, I consider myself rich.
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    (Original post by rambapa)
    It is a lot of money for me, I don't see many households putting in 20k into the stock market. I plan to increase this amount over time, when I get a new ISA next year. I have filled up 2 ISAs, so I don't pay capital gains tax or tax on dividends.

    I've been watching markets for 2 years now and I've invested for my dad as well (who has 120k in stocks). The 23.5k is just my own money.
    You'd not pay tax on dividends anyway

    I wish you luck.. please come back in a year, quote me in, and demonstrate a full 12 month performance *
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    (Original post by Reue)
    You'd not pay tax on dividends anyway

    I wish you luck.. please come back in a year, quote me in, and demonstrate a full 12 month performance *
    I hate the tax man. I swear you pay tax on dividends outside an ISA? I need to read up on these tax laws.
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    If they had 3- 6m in assets, including properties, stocks, commodities etc... and 500k+ In liquid, i would say they were rich. But if they had assets into the hundreds of million and beyond with liquid above 100m then I would say they classify as wealthy.
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    (Original post by rambapa)
    I hate the tax man. I swear you pay tax on dividends outside an ISA? I need to read up on these tax laws.
    Not on the first 5k, which you'll be nowhere near on a 23k portfolio.
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    I wont consider myself rich until I have at least 10+ Million in assets with no debts
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    (Original post by rambapa)
    I hate the tax man. I swear you pay tax on dividends outside an ISA? I need to read up on these tax laws.
    Tax laws have changed - dividends above £5k are taxable.
    https://www.gov.uk/tax-on-dividends/...ends-are-taxed

    And I agree it's a good idea to shelter your investments in an ISA although more for the gains than dividends.
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    (Original post by Reue)
    Not on the first 5k, which you'll be nowhere near on a 23k portfolio.
    But if OP is fortunate enough to be able to continue to invest new money at close to the ISA limit each year the £5k limit will become relevant in a few years.
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    (Original post by rambapa)
    I hate the tax man. I swear you pay tax on dividends outside an ISA? I need to read up on these tax laws.
    Osbourne announced a few changes in last years Autumn statement which have taken effect. The two most relevant to you are probably..

    1) The dividend threshold has been raised to £5k

    2) The tax threshold on savings is now £1000 profit which in the current interest rate environment means that all accounts upto about £20k are tax free.
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    comfortable - enough to be able to pay their bills on time and buy groceries without having to struggle
    well off - enough to be able to pay their bills on time and buy groceries without having to struggle with some left over to save/spend on a little luxury
    rich - having enough money you know that it won't be a struggle for you to buy a house or a flash car
    extremely rich - having so much money you would wipe your ar$e with it
 
 
 
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