To ask what people consider rich....

[Imoen]

I'm possibly going to be flamed but Im genuinely curious. I keep reading on thread about its ok for the "rich" or the rich are getting richer etc....

I've also had several conversations with friends/family and often the throw away comment is "its ok for you, you're rich".

Thing is, I don't think we are. To me rich is not having to worry about working again.

WE both have very very good salaries which I'm grateful for an I know we're lucky (me 90K, him 60K) and we have a mortgage on a 4 bed house worth 280K. (130K left to pay).

But I would not say we are "rich".

When you don't worry about money at all. I'd say rich is a minimum of £5m cash in the bank, property owned outright, investments etc.

only on MN would people in the top 2% of earners say oh we are not rich

yes you are objectively rich, in fact anyone in the top 10% is rich the top 1% is super rich ( Alan Sugar etc) billionaires are the 0.1%

Well off - no debts, no need of budgeting everything you buy or do.

Rich - above plus current and retirement years are covered without having to work anymore.

But then, I normally describe well off people rich, just a word people use more often I think.

I think that Breakers definition of rich was spot on - when cost is just not a factor in deciding what you want to purchase, be it holidays, schooling, housing, whatever.
It’s all comparative isn’t it? In my circles I’m about average. we are very comfortable, private schools, holiday home, London (main) home and two nice holidays a year but can grab another if time permits. Both have average cars and I don’t work.
However, no pools, Flashy cars or staff so certainly not rich. I would look at costs of things for sure.

My family view me and DH as rich, in so far as we can eat out, shop, buy clothes without checking bank account first.

I'm on £40k, he is on £20k, most of my family are in minimum wage jobs so it is actually a huge difference. We also live in the north and only have 10 years left on our mortgage so the repayments have dropped quite low now.

In the grand scheme of mumsnet we probably wouldn't be considered "rich" but we are certainly a lot more comfortable than a lot of people we know!

Also I think rich is totally relative to the standard of living you are used to!

We are comfortable. Our income is higher than yours but not as high as breakers. 2DC in private school and a mortgage. However, we are relatively asset rich as we have mortgage free rental properties and a low LTV on our home in London so seven figure equity. In a couple of years when the school fees and mortgage end then we will be very comfortable indeed. My family would consider us rich: many of the people we know would consider us average.

I think we are bloody lucky

For me being rich, would be not to work. Have millions and do what I want and never have to think about what I do.

Carol44

These threads drive me crazy, I am happy if I can put whatever I want in my supermarket trolley every week, eat out once a week, run a car and a home, go abroad twice a year. I do all this on £25k. You really don't NEED these mega salaries, I am happy with my lot.

HOW can you do that on 25K?
Average holiday for 4 is about 6k so if you do that twice that’s half of your salary already. Do you have children?
I can’t see how you can be comfortable and have holidays and a car on a family income of 25k, just not possible.

To be being rich is being able to buy/spend what you want without having to worry about checking the bank to see if you have enough.

I'm not on a high income at all (disability benefits actually) and I feel rich as I always have enough to cover all bills and anything I want. That's mostly because I want very little. My mother on the same income who has only roughly 30% of the bills I have feels poor as she wants much more.

You are rich.

I don’t see the point of this thread apart from annoying people who are struggling to live. Who cares if you are rich or not it is what your like as a person that counts. If someone thinks your rich smile gracefully and just keep in mind in there eyes compared to them maybe you are and think yourself lucky

Rich to me is when you make the annual list in the Sunday Times.

Count your blessings and enjoy it

It's always just relative to others. The main things that matter to me are feeling healthy (I'[ve only seen the GP once in 12 years and am just about always happy ) - that is greatest richness there is in my view. I always earn a fair bit and after 30 years of working full time have no mortgage which is a nice feeling now. i can afford anything I want but that's mostly because I don't have very expensive needs or tastes.

I would say I was quite well off based on my earnings (and I hope to work until I die).

Rich is never having to think of money at all-for any reason.Oddly those who are in this position usually think about money all the time!!
Assets are a better bet for total security(inherited, naturally) as with even a good job you may become disabled etc so your wealth is always conditional on a factor potentially beyond your control.

I think you are comfortable. Rich to me would be more income, more assets, the ability to have no concerns if you lose one income stream, assets you have to manage, more than one home if you want it and the finances to activity support charity etc.

just make more

Thanks, MorondelaFrontera, if only I had thought of that when I was struggling to pay rent.

I’d say rich is not having to work and never having to worry about money.

I think my husband and I probably are rich. We own a number of companies that have taken 15 years to build up from scratch to the level they are today. The companies are in an asset rich industry and worth in the region of £25m. We live in outer London (I grew up here) house is worth £1.2m, we bought it completely derelict and renovated it, doubled it in price but it now has a massive £750k mortgage that we borrowed to lend to the companies to buy commercial property and land. We could take this back and pay off the mortgage but redemption is massive and leaving the money in the company works better at the moment. We take about 250k per year in dividends, there’s more profits but we’re still building the companies and investing and don’t need anywhere near that much money to live. I work from home on my own small business but don’t have to work for money (it’s for fun while kids are in school). My husband goes into the office but doesn’t need to as the businesses pretty much run themselves these days but he’d get bored otherwise and has lots of future plans he still likes to work on. We employ over 100 people. We do have lots of holidays, my husband drives a Ferrari but I shop in Sainsbury’s, kids go to local state school, they don’t get everything they ask for, keep Christmas and birthdays at a normal level. My husband’s family went through a phase of telling the kids their dad is rich which I didn’t like as I want them to grow up knowing you have to work hard and play a role in society not have everything handed to you on a plate.

Imogen: I would put you in the 'rich' category. What do do you both do for a living to earn that much?

Yes, you're rich. And smug.

Some of my friends are rich (and here I mean "sold my company for £100m" type rich)

It's a source of fascination to me that none of them are frivolous with their spending and keep a close eye on it.

I suspect some people would consider me rich. Objectively I'm certainly doing well but there's certainly no sense of being able to throw cash away.

Op, I think what your family say about how the rich should pay more taxes would annoy me too. Who are these ‘rich’ exactly?? It’s clear from the lists here you will get a different answer depending on whom you ask.

The rich should pay more taxes is a line used by any lazy politician who wants to get more votes !!!

Well off When I had inheritance in my back account and I didn’t get upset if the car needed repairs or an appliance broke down or if I got a parking fine, we didn’t have holidays as kids were small and didn’t see the point and wanted to save money as it was a finite amount.... money now spent on childcare and fugal living so now no spare money after bills are paid frighted in case anything break down, at the moment have roof over head and food on table so not poor