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Minimum to call yourself rich? watch

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    Random Q.
    what is the minimum salary and minimum net worth to call yourself rich?
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    (Original post by ASVlimited)
    Random Q.
    what is the minimum salary and minimum net worth to call yourself rich?
    Thread moved to 'Chat'

    To answer your question, I would say it depends where you live, as £50k will go a lot further where I live, than it would in London fro example, but I would say a salary of £100k anywhere, you should be able to be comfortable financially.
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    house worth more than 3 mil
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    (Original post by karl pilkington)
    house worth more than 3 mil
    forget house - net worth? (everything combined)
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    I reckon top 10% of the country for either, with a bit of adjustment for local area (need less to be rich in a cheaper area) and age (need less accumulated wealth if you're younger to still be considered rich). So about £51,400 for income and a household worth of £500,000 each, assuming there is two in the household.
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    Rich is a relational, subjective and context-dependent term. So, I'd say, if you earn twice as much as any other member of your wider family, or 50% more than your friends, then you might feel rich.
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    50k would be well off for me. If you're paying off a mortgage on a more expensive house, then you wouldn't really have more disposable income. You would still be screwed if you lost your job.

    Rich...so much money that it wouldn't matter if you lost your job


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    "It is health that is real wealth, and not pieces of gold and silver"
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    £1000 Net Worth = RICH
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    Every time my payslip comes in I feel rich
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    I don't think there's a particular figure. To me, it's not having to worry about what you can and can't afford.

    For example, one person may share a flat with a friend, run a basic car and have a job but they aren't aiming to save up for something, have no debt and aren't desperate for the next payslip. They can afford to eat the odd meal out and buy new clothes when they want to. To me, this is rich.

    Another person might have a house worth a million, drive four different BMW's, have a family, employ a cleaner, gardener and chef and may be in a lot of debt and desperate for the next pay check so they can feed their family. They are not rich, they are stupid for spending money they don't have. However, to the rest of us they appear rich and that's all that matters to them. This is why you should never judge a book by its cover!
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    Also you have to bear in mind that the more you earn, the more is taxed. So no matter how big the "salary", not all of it will end up in the earner's pocket.
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    (Original post by carrotstar)
    I don't think there's a particular figure. To me, it's not having to worry about what you can and can't afford.

    For example, one person may share a flat with a friend, run a basic car and have a job but they aren't aiming to save up for something, have no debt and aren't desperate for the next payslip. They can afford to eat the odd meal out and buy new clothes when they want to. To me, this is rich.

    Another person might have a house worth a million, drive four different BMW's, have a family, employ a cleaner, gardener and chef and may be in a lot of debt and desperate for the next pay check so they can feed their family. They are not rich, they are stupid for spending money they don't have. However, to the rest of us they appear rich and that's all that matters to them. This is why you should never judge a book by its cover!
    You seem to just equate 'rich' and 'happy'. Are the two different to you?

    For me anyone who can afford a million pound house and a personal chef is rich, no matter how much mortgage they still have to pay off or unhappy they are.
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    (Original post by carrotstar)
    Also you have to bear in mind that the more you earn, the more is taxed. So no matter how big the "salary", not all of it will end up in the earner's pocket.
    Also bear in mind that there are certain minimum expenses - food, rent etc - that everyone has to pay and a person on net £20,000 may have just £500 to spend on themselves, whereas someone on net £25,000 has £5500. So are 11x richer despite only earning 20% more, in a sense.
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    I'd say a minimum of 200k a year in London
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    This is massively going to depend on background and perspective.

    Someone who comes from a middle class family with a household income of 60k+ per year in a reasonably priced area of the UK isn't going to have the same answer as someone who comes from a family with a household income exceeding 80k from london, or someone with a household income below 20k in another area.

    For me personally. 20k is comfortable, 30k+ is very nice. But for being rich? 60k+ in my opinion (baring in mind this is for my area, and I'm in a single person household no kids and I also come from a very poor background).
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    Is everyone using household or individual income?
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    (Original post by nexttime)
    You seem to just equate 'rich' and 'happy'. Are the two different to you?

    For me anyone who can afford a million pound house and a personal chef is rich, no matter how much mortgage they still have to pay off or unhappy they are.
    I wasn't referring to mortgage; I was referring to loans. Some people take out loans to pay off loans, and they get bigger and bigger until they have no hope of paying them off.
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    House prices are currently inflated. But assuming we are talking about a fair, underlying, actual value, assets in excess of 1m is the minimum necessary to start asking whether you are rich or not.

    Then it's a matter of perception. I think that people with +10m assets are definitely rich. But some of them say they aren't, as they compare with billionaires or people with hundreds of millions.

    We can reach an objective conclusion though. How many assets do the top 5% or 2% or 1% have? That should give you an idea.
 
 
 
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