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”?

Wealthy in no particular order

Good health
Family & friends
Freedom to do what you want
Food & a safe home
Time
Being able to enjoy life, however you wish
Ability to travel
Hope for the future

Wealth = Freedom
Gives you choices .

What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do.” -Bob Dylan

Agree with this 100% but, to know you have enough to do the same tomorrow, next week etc.

I think it’s a mix of almost total freedom, peace of mind and security/safety net/support system.

I wouldn’t consider myself wealthy in the financial sense (in that if you checked my bank account you would find out I had several thousands in savings but not enough to buy a brand new car outright for example) but in many ways I do find myself wealthy, but more as a comparison point to where I started and where I know a lot of people my age are at.

For example I am not yet 30 and:

• I am on a high salary (6 figures range)
• I am mortgage free (I own an humble 3 bedroom flat in a touristic city by the sea, in a sunny country not in the UK but in an humble neighborhood so very affordable.)
• I own my car outright (second hand)
• I have a tough but technically decent work life balance in that I work absolutely crazy hours for half of the year in exchange for not working the other half.
• I travel a lot, and usually don’t have to think about it at all/too much.

I have a small debt, I could clear out today if I needed to, but like I have said very little savings currently (mainly due to buying my flat).

So I feel wealthy in the sense that:

1- being mortgage free so early in life I know is something that will set me up for life (not having to worry about housing and mortgage repayments or rent if I lose my work is HUGE, and a massive peace of mind)

2- Not having to worry about bills generally, both due to my salary and also due to my low outgoings (I am naturally careful with money and don’t overspend) which I know is a massive privilege in the current economy and being mortgage-free does mean that my outgoings could be covered by a minimum wage job, which further brings me peace of mind.

3- I have been so far able to have the life I would like to live and create the work life balance that works for me and reach a lot of my goals and I have traveled a lot for my age (both due to work and in general).

I don’t feel wealthy in the sense that:

1- while I would be fine if I lost my job (as long as I found a minimum wage one at least), I wouldn’t currently be able to live off my saving for more than a few months at best.

2- while smaller purchases don’t need to be thought about, anything in the 500-1000€+ range still seem to me like it requires proper justification. I definitely don’t have an unlimited funds and I still need to think about finance to a fair extent and still need to save up for extra big purchases.

So I think it’s how you look at it. I would say I am likely more wealthy than most people my age. But I am also pretty cash poor and not wealthy enough that finances aren’t a worry at all or that financial decisions don’t need to be planned or thought-through.

I come from an extremely poor background though where food bank was our weekly shop and where there was technically no hope of someone like me having the life I currently have and THAT for me is wealth. Not having to worry about food, or housing or basic bills. Knowing I will be fine even if I lose my job. Feeling secured and safe.

I think it’s that feeling that most make me feel « wealthy », any lavish thing means nothing. I hate brands etc… and my background mean I actually spend a lot of time budgeting and making financial decisions that make sense to me and my finances in hope I further gain not wealth but full freedom to be and do what I want, to the point where finances really isn’t something I ever have to think about again (hopefully). Until then I am very aware that as comfortable as I might think I am right now or might feel, I could well end up back where I started if I chose to make poor choices and stop using common sense/critical thinking.

but overall the best wealth is being surrounded by the right people, in good health, feeling like you have very little to worry about and truly feeling like you are making the most out of life (and I don’t feel truly there yet).

It's all relative and will mean different things to different people but I consider us to be wealthy...
Don't know how much we spend on food and bills each month, have days out whenever we want to and don't think about it, have several UK breaks a year and two abroad, don't worry about money, have plenty in the bank for emergencies, have savings and investments.
However, I shop at Aldi sometimes, love Vinted, have a 10 year old car, love Poundland and cheapy shops, love a bargain too so...I certainly don't mean we are "we have a yacht" wealthy!!
Feel very fortunate, always.

For me it's no mortgage and a great pension plan. DH And I have decent income and we live well, but we can't afford a bigger place to live and we'll have to be very careful in retirement.

Personally I feel like someone is wealthy when I hear :

They get someone in. To decorate.etc.
Our cleaner
Can you get therapy

I grew up extremely poor and now I have enough money for my DS to do lots of activities, can afford a few holidays a year and could have a take out a couple of nights a week or go for a meal and not be struggling for money and that feels very wealthy to me.

Honestly? Not having to wonder whether you can afford kitchen towel!or not and being able to get some highlights down at the hairdressers now and then.

I’ve struggled to think how to word this but the best I can manage is I think people, celeb wise, like Tom cruise, George clooney, Helen mirren etc are wealthy.
but people like Jeff bezos and Elon musk are way past even a wealthy status, what would you even call them?

I think comfort is not having to worry about the food shop bill, or checking the price of clothes etc, I don’t think what their house looks
likes can determine this.

wealth would be maybe a few homes, holiday homes. They don’t need to work per day because income is generated off assets. Chauffeurs, gardeners, help at home etc. They pretty much do what they like daily and don’t have to worry about it.

Oh and I also think the wealthy don’t really know they are wealthy- when born into it that’s just their way of life. There was another thread on wealthy things you have heard, and examples were things like buying a hotel because they were stressed. Or a teen with wealthy parents shrugging off breaking a new iPhone because they would just buy another.

This is lovely to read. I hope you enjoy your retirement when it comes :)

Having enough is being wealthy - not having to decide between milk or bread is wealthy. Having more than one pair of shoes is wealthy. Deciding you want an ice-cream and getting it, is wealthy. Not having to wait to buy a washing machine, is wealthy. Not scrimping to go on a cruise, is wealthy. Wealth is relative.

It is one thing to be high earning (often with associated high expenditure) but there is another thing being financially free.

To me financial freedom is where someone could work because they enjoy it but don’t need the money. That is pretty rare really (I’m not counting a sahp here because often that is being done out of necessity re childcare costs). I am hoping that by the time I get to mid 50s working becomes a choice not a necessity. That would be freedom for me.

My husband went to university with someone whose parents bought her a flat in Notting Hill as a graduation present. That is massive wealth and freedom. She was able to move to London knowing she had a home, pick her flatmates, have the security of a home and no doubt gained a shed load of money on it as it was bought in the early 2000s. contrast that to most grads who do the move and are skint, often competing for rooms in dodgy flatshares and sometimes sofa surfing while they secure something. That to me epitomises wealth and advantage. She was never going to be living on beans and scrimping- that is an enormous degree of security she was given.

There is also an element of generational wealth for me. I had security of knowing I could always go home to my parents, will probably have an inheritance. I expect my children and their children will benefit from that even more than I did.