Apparently I'm a millionaire

[Flatheads]

Which goes to show its nothing special anymore?

I live in the SE, in house I bought 20 years ago, have been employed all my life, but in fairly ordinary lower/middle management jobs and have the pension schemes that go along side them, plus some savings.

My current household income is c. £45k, which I live very comfortably on, but definitely not "like a millionaire"

And yet apparently I am, as my net assets are £1m+

We bought our house in “The North” for £900k. The previous owner had bought it for £170k in 2009. So plenty of people in the big cities in the north have benefited from house price rises just as much as those in the SE.

And yet apparently I am, as my net assets are £1m+

I mean … what did you think it meant?

Or they could take out a retirement mortgage and maintain the right to stay in their house till they die while freeing up the cash to live the life of Riley. But they choose not to do that, presumably because they'd rather hold on to their asset value to pass on to you when they die.

I'm not sure why people are making this so complicated. A millionaire is simply someone whose net worth equals a million currency units or more. Net worth is a simple established term meaning total assets minus total liabilities. Total assets includes one's own house. Why wouldn't it?

Being a millionaire has nothing to do with what you choose to DO with that million, or what lifestyle you choose to lead.

😂

Just wait until Keir Starmer, 'the Granny harmer' comes after your imagined riches...

Definitely depends on regional area….in NW my 1870s semi is worth £340k …..same house in London would be worth over £1m….guessing both households would lead a similar lifestyle ….but on paper the London householders will be millionaires

Have you seen how much we have to pay for Mungo and Petalchunk to learn the wok-drum this year?

The jokers are out tonight🤡

Don't be ridiculous. I live in London. 2 million is a bloody massive house unless you're in one of the super rich areas like Kensington.

Yeah, if you've got a million you only need buy a pack of gum to not be one anymore. It seems meaningless as a measure of extreme wealth. In London in zone two if you've property with two bedrooms plus then you'll be knocking on the door of a million easily. A two bed flat in my area regularly goes for £1.5m. it's ridiculous and weird. People just want somewhere to live. Not to have this hollow status of wealth that isn't even that helpful. Obviously people in this position are luckier than most.
But it does seem mad.

Makes me think the 0.5% p.a. value of your house council tax isn't such a bad idea after all.

Out of interest, do you work in the public sector?

For the record, I couldn’t retire on £5m it isn’t enough for me, personally.

I agree, no point retiring on anything less than £20m.

I bought my house for 40k Euros 10 years ago - i live in ireland. I'm told it's now worth over 200k. Haven't two cents to rub together but I feel bloody lucky that I'm not paying huge rent or facing eviction or unable to find a single room to live in, like most of my peers (mid 30s). Homeowners are lucky folk 😀

Well, if I wasn’t a communist before reading this thread I certainly am now

I have to ask whether you’ve seen Daniel Foxx’s videos, where he plays a pair of pretentious mothers battling it out over whose children came out with the most profound utterances!

Not seen, will look up though!

I'm in a similar position to OP.
Sadly, many parents of friends have died recently but I'm very struck by the huge sums that my friends are inheriting.
I come from a v poor background, we were in rented rooms before being evicted and getting a council flat in the 60's and I've worked very hard since I was 15. I'm very proud and a bit stunned to be in this position.

I could totally retire on £5 million. Tbh £350k could pretty much buy my house, car, pension and every worldly possession I own. I’m pretty sure I could cheerfully retire on an income of 40k a year if it adjusts for inflation.

Nothing special? Bloody hell. I live in a rented council flat and have 5 grand total in the bank. And that's STILL more than a lot of people.

To say a million is nothing special is a bit 🤨

Well there you go.

I suppose it depends how much stuff you want, how badly you want it, how you feel about your job and what else you want to be doing with your time.

Our home is worth over 1.5 million and have another million in retirement funds. Don’t feel like millionaires though as you have to live somewhere.

that said, our house is on a large block of land with a separate detached granny flat. So we could sell it and buy an ordinary house for $1 million and keep the change. But I love my house and don’t want to leave.

A) £2m in London is either a decent sized house or a big house in most parts of london

b) she said she has net assets of £10m. Therefore £10m could be released by selling the houses and clearing the mortgages and that’s what would be left.

that is not a level of wealth to be commenting you can’t afford a new car or a holiday. It is a choice.

Me too.

In inner London 2 million buys you a smallish 4-5 bed with a small garden. If you want a big house you need 3-5 million. Houses in Kensington are 10-30 million.