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".

@utterflapdoodle I'm sure you didn't mean it to be, but I found your post quite upsetting.
All credit to you for working hard and earning an extremely healthy salary. But what is it that doesn't make you feel rich? Is it that you are spending what you earn? Are you not taking advantage of your current income to save, pay for a home, and protect yourself in case you ever had to live on a lower income or god forbid, be unable to work?
due to circumstances, I am the sole earner for my single parent family and earn just above the tax threshold - around £13K. I have earned more in the past - never more than £30k. I don't even consider myself particularly poor as I know there are a lot of people worse off than me - I can more or less afford what we need (not necessarily what we want!) without credit, by careful spending.
And if I don't consider myself poor, at such a disparity of income how can you NOT consider yourself rich?
I cannot agree with a definition of rich being the super-rich who don't need to work. That is a different category of rich. As is the top 1% of earners.

Maybe there is a continuum:

Super-rich
Wealthy
Well off
Comfortable
Get by
Struggling
Poor
Destitute

@Twillow I think you’ve touched on it there that it is all relative to your circumstances and what you’re used to. I think it’s ludicrous someone can earn 3 figures and not consider themselves rich - as I said earlier in the thread I earn £40k and feel absolutely loaded, because it’s more than my parents combined income has ever been in their entire lives. I can afford to live (rent) alone in London, save, go on holidays and buy myself treats, and I love my job which makes my life feel even more fulfilling. If I’d have grown up in a middle class family where everyone around us was lawyers and bankers earning over £100k, then I’d probably feel like the poor relation. But I think everyone should look outside their own bubble and be able to recognise where they sit on the scale of ‘normal’. The fact someone earning £250k can’t do that is quite worryingly blinkered tbh. I know I’m not rich in the generally accepted sense of the word, I know realistically I’m just above average and there is lots I can’t afford, but I recognise I’m luckier than than the thousands living in poverty

@Twillow No indeed I didn't mean to upset anyone. As the sole earner for your family I have every respect for you.

I don't spend more than I earn and I am saving and paying for a home but I am conscious that my lifestyle is dependent on my job. I suppose that's why I consider myself very well paid but not rich.

I wasn't brought up in a wealthy family and I feel very grateful for my good fortune financially. I know I'm comparing myself to the super rich not to the average person.

Also I think this thread proves there is no absolute definition of rich.

There no arguing with numbers for top 10%, 1%, 0.1 % etc. of wealth holders. That's statistical fact.

I think any individual person's idea of "rich" is more of a concept which is highly relative and depends on many factors such as your background and current financial situation.

@utterflap I still find it really hard you saying you are not rich I think it is actually a bit insulting to the other 99.7% of the population for you not to admit that you are rich just because you compare yourself to Alan Sugar the Queen Zuckerberg they are all super rich while you are just rich, surely your income allows you to have sustainable savings, a really good pension permanent health insurance ISA's investments etc which all provide a great deal of protection against life's curve balls

while no-one can insure against everything and anything there is no one that can be absolutely sure wealth will last a lifetime, amstrad could go bankrupt so could facebook, the queen could lose wealth in a revolution like her Russian several times removed cousins and it certainly does not guarantee no tragedy ( like boss of ASOS) who I feel very sorry for despite his wealth I don't think it assuages his and his wife's grief

I do think you can numerical define rich; the government certainly do when it comes to tax, it is 150K they also think above 100K is wealthy as you start losing personal allowance

When I was on 80K I knew I was rich I could pay for permanent health insurance for my own profession so if I got ill and could not work again I would have sufficient to live on until I retired though I would no longer be rich I would certainly be more than just managing
( I think PHI is capped at 50 % of pre taxed income) which for you would be 125K still a lot

14 million people in this country are described as living in poverty ( not all will be destitute) but that means on average every 5th person while you will need to pass about 130,000 people to meet someone with more than you of course the poor and the rich are not spread exactly evenly but it does give a good general idea

In terms of the English language rich probably does mean able to live on what you have saved or inherited rather than earn £100k after tax and most of that goes on your childcare and mortgage. That does not mean that we women on high incomes without savings are not well off and fortunate.
I would say someone on £200k beforet ax, £100k after tax is not rich in the sense of the person higher up whose husband is clearly rich having sold a business for £40m whose husband has £20m after tax in the bank.

was reading something interesting regarding wealth as opposed to rich it seems most people in finance regard wealth as more important as it is more sustainable so wealth is more to do with assets than income
so having a 400k house mortgage free with a 35K a year from pension fund eventually and a current income of 50K makes you more wealthy than someone with an income of 100K or even 200K but has a 90% mortgage though the 200K person is technically richer
so it seems to me that wealth is more desirable than riches

so the cash poor asset rich person is wealthy
but the cash rich asset poorer is just rich

and those of us that are cash poor and asset poor are just well....poor!

personally it's more than s wage- it's not having to worry about money, ie love mortgage, being physically and mentally fit and having a happy healthy family. i am greatful for this

@utterflapdoodle isnt it interesting that you earn more than 95% of people and don't consider yourself rich. And other rich people on here have said the same thing. I wonder what it is psychologically. I think people do know that they are rich, is it kind of you play it down so people dont jump at you with jealousy? Can you think about it psychologically? I am interested

Those who thing they aren’t rich are too busy looking at those who earn/have more.

Those who think they are rich are looking at those who are less well off.

It’s all relative.

The secret to feeling well off is to have a little bit more than those you hang around with.

The ability to use your debit card all month without worrying about your balance or lack of funds!!

Those who thing they aren’t rich are too busy looking at those who earn/have more.

or are just realistic and acknowledge that you are not rich if you depend on your pay-check at the end of the month.

This is exactly why some lottery winners are miserable: they win a couple of millions (which is fantastic, I take that), believe that it means they are "rich" so blow away a fortune on a mansion, a couple of luxury cars, amazing luxurious holidays and so on but 5 years down the line have lost everything.

Not many people would complain about winning a couple of millions, but it doesn't make you Abramovitch. You're only rich if you keep your current lifestyle and enjoy the windfall with treats.

I think you have to be approved to bank with Coutts.

@Jaimemei Interesting question about what is going on psychologically. For me I honestly don't think that deflecting jealousy is a factor.

It's a sad fact of human nature that we tend to compare ourselves to those who we think have more than us not less, however much we actually have. I think this happens to most people as their income increases. I'm not proud of it but it's an observable tendency. I've seen quite a few articles in the media about this subject like this one...

www.theatlantic.com/business/archive/2014/04/why-dont-the-1-percent-feel-rich/360061/

I recognise I have a very high income. No doubt about that. Up to the age of 35 or so my income was a bit above average but not much. If I knew then how much I would earn now, I'm 51, I would for sure consider that rich.

I suppose my definition of rich has changed. Now my definition isn't to do with income but with wealth. I do have some assets but not so much that I don't have to work any more. I think that's what it would take to make me feel rich.

The ability to use your debit card all month without worrying about your balance or lack of funds!!

Surely that’s just called good budgeting though 🙄 you don’t have to be loaded to do that.

Well no as you wouldn't have to budget that's the point.

I know won millions on the Euro Lottery. They are definitely rich. Very rich.

Someone who won

The secret to feeling well off is to have a little bit more than those you hang around with.

You've hit the nail on the head @tiredand

I read this in a newspaper a few years ago - some study found exactly what you said. People felt happy if they were a tiny bit better off than their mates.

I don't know really. I'd call us very comfortable not rich. I don't have to work (but I do - I'm self employed with my own business but I do it part time) , my DH works earning about 40k a year and our house is worth 500k ish. We have 450k invested

I didn't earn this though. I inherited most of it - apart from our house. So on the one hand, great! On the other hand not great because I lost both my parents. I know which I'd prefer the most

I am what others would call rich/wealthy.

But money doesn't mean anything to me, I would do anything right now to feel be happy.

Sorry to read that TFH. Hope things get better for you.

Compared to me you're rich. I'm a lone parent and earn £20k and I know I'm not even poor compared to a lot of people