Curious ... in your eyes what is financially rich and financially poor
sadandlost2019 · 14/04/2019 19:29
I'm really curious , everyone has their own view of what is rich and what is poor . What would you class as being poor ? What would you class as being rich?
What do you class as luxuries etc ?
Waitingonasmiley42 · 14/04/2019 19:50
Poor would be not being able to afford necessities like food and heat. Rich would be a disposable income of more than £1000 a month after bills.
Luxuries I think of things like expensive cars and private school.
sadandlost2019 · 14/04/2019 19:53
Yes I would agree with that ... do you see broadband and a tv package as a luxury ?
Deccax · 14/04/2019 19:59
I would say that poor is struggling to afford necessities ie food, clothing bills and the odd treat on top.
Rich, to me, is not having to really worry about money and being able to afford pretty much anything you want.
There is a very large middle ground though. Of people that can afford the basics and can comfortably afford things like beauty treatments, new clothes, holidays etc. But do have to plan for them.
Haggisfish · 14/04/2019 20:01
I see the internet as a necessity now, given universal credit can only be applied for online.
WineGummyBear · 14/04/2019 20:03
Pretty much agree. Poor is struggling to pay utility bills, buy food and some modest entertainment.
Rich is probably more subjective. Rich for me is having a swimming pool
MichonnesBBF · 14/04/2019 20:04
Rich to me would be at least 6 month safety net in account in case of job loss/illness + at least 10,000 in savings, holiday fully paid for on booking once a year, as well as at least 2 weekends away, 3 bed semi with garage and garden, car less than 10 year old fully paid for (no HP)
Poor to me is constantly penny counting, thinking your really lucky when you find a pound down the back of the couch, constantly deciding which bill is more important this month to pay first. Feeling like you only exist instead of actually living a life. living payday to payday with no means of a back up plan.
Love however in any circumstance is priceless.
Foxmuffin · 14/04/2019 20:05
Agree. Poor is having to compromise/struggling to pay things like utilities, food, dentist and things like that that crop up but are essential.
Rich would be lots of disposable income and savings, big house, expensive cars (but not financed as many people have those).
mrswife2kidsandadog · 14/04/2019 20:15
We rent our home , our bills are always paid , there's always food on the table , clean clothes , clean home etc , kids are well looked after , we have a small amount of money for treats . But we don't have lots of money to just spend , I would have to budget for a day out etc . House is always warm etc , running water
I wouldn't class us as poor though as we have all the necessities we just don't have lots of added extras . Kids have plenty of toys etc . And appreciate when they are bought a packet of sweets etc .
I am always mindful of there always being someone worse off than us . And for the most part we are pretty lucky . I think it's so hard not to compare yourself to others . Social media is awful nowadays it's just one big competition of who's got what !
Foxmuffin · 14/04/2019 21:51
Except you never know a persons wealth from social media as often those who portray they have the most actually have the least as it’s all on finance!
Unburnished · 16/04/2019 12:38
I'd say that rich is having assets over £1M.
Poor is having assets under £10K.
IStillMissBlockbuster · 16/04/2019 13:07
Having a full time nanny pretty much makes you properly rich.
CountFosco · 16/04/2019 13:08
There was a thread on here recently where the OP didn't think she was poor but only had one pair of shoes and when they got a hole in them she could afford to replace them until the end of the month. I thought it showed so much the stigma of poverty.
Anyway, poverty is struggling to pay for the essentials. But what is essential changes over time. I think now a smart phone is pretty much an essential in the UK, as is the internet.
My DD1 seems to think anyone who spends their money on long haul holidays is richer than us! For context we have everything on MichonnesBBF's list, but with a bigger house, I'd describe us as 'comfortable' which I'm aware is a euphenism for rich , but e.g. we'd have to cut back our savings and lifestyle to afford private education for our 3DC but could easily have afforded it if we'd only had 1DC.
As far as assets goes, assets of €680K puts you in the top 1% richest people in the world. Or having the UK's average salary.
WalkAwaySugarbear · 16/04/2019 13:08
Poor to me is struggling to pay for monthly bills and necessities. Robbing Peter to pay Paul.
Rich is having £30k+ in the bank and not having to budget monthly. Owing high value assets outright.
Bluntness100 · 16/04/2019 13:10
Poor to me is the same as most others, struggling to afford the necessities and rich is about not having to worry, affording what you please and living in luxury.
BlueMerchant · 16/04/2019 13:19
Poor to me is worrying about electricity bill, not having money for school trips and days out to the cinema/ to eat out. No car. No holidays in this country. No sky subscription/phone contracts. Struggling to buy school uniform,/shoes. Unable to replace items easily.
Rich to me is lots of disposable income. Cars, holidays, luxuries like designer clothes/ jewellery. Shopping trips. Visits to attractions.
CoisNaFarraige · 16/04/2019 13:21
It depends on your area and your outgoings. You could be very comfortable on 30k a year if you owned yr own place near yr work.
So depends. I feel rich and also poor 🤣🤔
mrswife2kidsandadog · 16/04/2019 16:52
There's not really an "in the middle " in the UK either is there . Your either rich or poor x
Jsmith99 · 16/04/2019 18:44
Rich means having complete financial independence as a result of ownership of substantial assets, therefore not needing to work for a living.
Poor means not having enough money for life’s essentials, eg basic housing, heating, lighting, clothing food etc. It does NOT mean being unable to afford branded trainers or the latest iPhone.
TeacupDrama · 16/04/2019 21:27
I think it is more nuanced than rich or poor as most people are neither
leaving aside absolute poverty which is very rare in UK ie not enough to keep yourself alive
poor is not enough money to provide basics food shelter warmth clothes so there is no money left at the end of the month no savings and a boiler breaking down is a huge worry definitely under 17-20K per year ( 20K might be OK if you own your home outright)
Rich I don't think means having a yacht and private jet but I do think it means having your own home where the mortgage is paid off or easily affordable, being able to privately educate your children have 2-3 holidays and 2 cars, it means having a cushion of substantial savings or assets that can be liquified without compromising lifestyle, unexpected bills like boilers windows needing replacing is not a worry it means having a decent pension this is probably less than 3% of UK population as probably requires household income of over 250K annually
most people are either just above poor or doing OK ie they have enough for bills days out presents they can afford a phone etc but holidays and cars need careful budgeting they shop carefully they may have a few thousand saved and secure accommodation ( between 20-50K possibly 60K in London ) this is what the majority of the population are in a few thousand either side of average household income
Comfortable is below rich and what is most higher rate taxpayers are approx 20+K more than average income)
enough to afford a decent house even if high mortgage payments make them feel not much left at the end of the month, they could downsize to release more cash (those that are poor can't downsize) they have a car holidays savings and a pension , they probably can't afford multiple foreign holidays a year or private education really big things need budgeting but day to day finances are not a worry this I would say is a large spread of incomes from about 50k-250K but this is less than 20% of UK population
if you own your own home outright you can probably be comfortable on 30k+ depending on area of country
RussellSprout · 17/04/2019 10:46
I disagree that you're either rich or poor. I like to think of myself as middling. Enough money for the basics and some treats, never go without, so not poor, but definitely not rich either.
elliejjtiny · 17/04/2019 10:55
Poor is when you have to use a foodbank. Rich is when you earn too much to get tax credits/universal credit/housing benefit
Butterflyone1 · 18/04/2019 13:34
I also disagree that there is only rich and poor.
I would class myself as comfortable. I own my home and have a LTV of 31%, after all my bills (inc travel and food) are paid I have roughly £800-£1000 disposable income each month.
If I want to book a holiday, I do and pay it outright. I've booked a trip to Dubai and Marrakesh both this week with no issues.
However, I don't see myself as Rich. I still have to think about money, I still am careful and always try and find a bargain.
To me being rich would be having zero financial worries. It would mean not having to think twice about spending money or indeed if some emergency happened that you have to pay out for.
I think only millionaires have that luxury.
cleomummy · 18/04/2019 14:06
Poor is struggling to pay for essentials, going hungry and watching every penny.
Rich- to me is not haven't to worry about money and having whatever you want whenever you want it not on hire purchase. Having a big disposable income and having a few £000s holiday without saving or budgeting. I know several people like this.
I agree there are a huge middle who seem rich to the poor but aren't rich as they have a budget for the month, they save up for holidays and things they want. They have a decent amount of disposable income but not so much that they don't have to think about what they are buying.
To comment on this thread you need to create a Mumsnet account.