What is your idea of “wealth”?

[Somethingsgotthagive]

Leaving aside proper rich people with millions in the bank and in assets, what is your idea of a wealthy life?
I used to associate wealth with those with a lavish lifestyle and nice things, big houses etc and whilst this is certainly often the case for many wealthy people, I now see it from a different angle and think that someone owning a studio flat and a very old car can indeed be wealthier than someone on 6 figures salary but with a massive mortgage and kids in private school etc.
So for you, what is it that makes a person “wealthy”?

@MsCactus meant kindly, while you are doing very well and should be proud of your achievements please don’t fall into the trap of thinking of yourselves as wealthy. Thinking that way runs the risk of thinking you can just spend all of that income.

You have high incomes which is great, but if you are pouring all savings into the house you could just be one or two pay cheques from disaster. Please make sure you protect yourself with a savings buffer.

I associate it with assets owned outright. Investments etc. People who have huge mortgages, leased cars, debt etc are not wealthy. Just have access to credit.

Yes we have savings to cover out of work for say, six months - so I don't worry about finances. But we don't have enough for lavish holidays, nice car etc. Also of course we can always downsize our house if we want. So yes I don't worry about money, but don't consider us wealthy because of the cost of housing and childcare

Not really thinking/worrying about purchases in particular things like clothes
and
on X factor I always remember a contestant saying they wanted to buy their clothes in m and s as opposed to just looking in the window. That’s what I’d love too!!!

Wealthy means being financially independent. It’s about what assets you own, not how much you earn. If you need to work for a living, you’re not wealthy.

My definition is the same - it's not having to work or rely on money from others (e.g. parental handouts, state pensions etc) to sustain your lifestyle (which will vary according to wants and needs).

You're not rich until you can live on the interest on the interest.

If you and your family are all in good health and happy you're millionaires. No amount of money can buy that

Not entirely interest on interest.

With long term savings you've had for decades you can eventually skim off 4% without decreasing your savings if the economy/interest rates are stable. It's all about what your living costs are though.

Wealthy is not to worry about having to replace white goods or a boiler that may break down anytime and having the savings to replace it. If you need any type of work done in the house being able to pay for someone to do it for you. I have never been able to afford that. Not to worry when the car is going in for an MOT incase it fails. Not to worry about retiring.
Not to worry about your children wanting to go to university or getting married.

Enough money to pay all the bills with spare money for leisure activities every month, a year's worth of expenses in one savings account, general savings for emergencies, holidays etc in another and a good pension plan being paid into so early retirement without any drop in living standards is on the cards.

To me wealth is you have enough money to be comfortable even if you lost your job. Ie you don't actually need to work.

Being able to live comfortably and knowing that you will never have to worry about having enough money.

As Dickens writes:

'Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery'

No debt/things on HP

I know many people who want to appear wealthy who just have the most expensive things on HP or on credit.

I think it's being able to buy your way out of problems without sacrificing lifestyle.

Disabled child? buy a place in a special school/private tutor. Chronic illness? Buy in help, private hospital, fast track surgical treatment. Boiler/car/house exploded? Buy/rent another one until the insurance comes through. It's not having to compromise on getting the best standard of life you can have because of money.

We have a household income of about 80k but can't justify paying for a specialist school for our child. We could do it probably but it would mean sacrificing so much in the rest of our lives that the equation doesn't balance. Our future financial security is really important, more important because we have to factor in potentially having a dependent child for the foreseable.

That's not 'wealthier' - it's having more disposable income. If someone can afford all those things they are wealthy in my view.

By wealth, do you mean money? If so then I would say not living in fear of the next big bill. Being able to afford a week at Butlins every year and maybe 2 trips to the zoo and 1 trip to a theme park a year. To be able to buy what you want in the weekly shop at Tesco without worrying about money. To be able to buy clothes and a national trust membership without it having to be a birthday or Christmas present.

Non money related wealth. I am extremely wealthy. I have been happily married to the dc dad for 20 years. I have the dc without any fertility struggles. I am 42 and still have a grandparent.

Good health, good friends and emotional stability. Mortgage free in a nice area, money for any appliance or car breakdown as well as holidays, and treats. 100k in bank? Not me at all. Got the friends

True wealth is not needing to work and living off the interest and dividends of your money.

i still feel very comfortable financially. So that probably fits your definition of wealth. If I want to buy something, I buy it. If my child outgrows something, I can afford to replace it immediately. If the school asks for a crazy amount of money I can send it the next day. My desires are not extravagant so I rarely have to really think about my budget. If I were a different person and I cared about designer brands or fancy holidays it might be different, but I live pretty modestly so I have don’t really worry.

That to me is a good marker of financial privilege. Just that freedom to not think about money.

A tiny minority that are not taxed enough because the burden falls in the aspirational middle classes. Far from it people who have a mortgage for the family home even if in paper says it is worth millions are not wealthy. Even if earnings are in 6 figures salaries. However, someone who own a studio is also not wealthy even if they do not have mortgage. Let’s not kid ourselves.

Wealth to me means never having to worry about money, having millions in the bank, a private bank account, a large family seat etc etc

To me it's about financial security, so owning a home outright and having an income that covers your expenses that isn't dependent on you being healthy enough to work. The home and income don't need to be lavish but do need to be adequete and let you join in society.

We are wealthy (but not rich)

We don't have to worry about paying bills expected or unexpected.

We have 3/4 overseas trips a year

We have decent savings

Planning to retire at 60 after kids have finished university

Will be mortgage free by then too

Pensions and savings big enough to look forward to a fun and comfortable retirement.

I've been thinking about this and thought I would add that if you have confidence and believe in your own decisions then you are wealthy. Also I'm sure that you end up saving money like that. I wish I had the confidence to take my dc out of School for a term time holiday or even somewhere like legoland or softplay. Instead we just end up not going most of the time because the dc can't cope with crowds of people. Although next week the planets have aligned and all the dc at 3 different schools have the day off so we will be finally able to have a day out.

Also people whose family and friends are really supportive of them and happy when they do something a bit unusual that's usually frowned upon like having a baby at 15, or 50, or with a useless man or trying to make it as an actor, musician etc instead of getting a sensible job.