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This conversation comes up quite often, and most people I know have contingency plan just in case the have a million dollars, every last penny is accounted for in expenses. What do you consider wealthy?
I gauge wealth in how long someone can live without having to work. This could be savings, passive income sources etc.
In the UK we have what is called the 'Preme barometer' whereby if you earn over £24,000 a year, Preme's annual salary you are officially wealthy by UK standards.
In recent times there has been a move towards replacing the middle class with Preme class, a step above the average working man but not quite aristocracy.
It's the class all of us common folk aspire to get to.
£ 15,000,000, I would think you could do what you wanted, its what I call fuck off money.
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Originally Posted by Scrap
I'm only 5 zeroes away :cool:
enough to retire on and do fuck all - I reckon around 2 million at mo (thats sustaining a non-extravagant lifestyle but being comfortable)
savings pay fuck all with current interest rates mind
i dont think a million is enough to retire on now :-\
2.5 million with all substantial debts paid. Or a million with substantial other assets and all other debts paid.
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Originally Posted by boozeboxer
For me knowing with absolute certainty that there was a loving God and that I was going to heaven along with my family and friends.
If that was the case I'd be wealthy beyond measure and wouldn't care less about material gains in this mortal life.
Financially a million.
Emotionally, yes to what Bilbo said.
Over 10 mill these days.
If you can wake up and make your own mind up what your doing every day you are very well off.
If you wake up and your butler has your clothes laid out and your secretary has your day covered for you, you are stinkin wealthy.
Even so, if they havent love and happiness for the most part ,their health will be suffering on some level and they havent got as much as the people who have.
Also those who give freely truely do own what they give away.
The others how ever wealthy soon face loss.
I consider someone wealthy when they dont have to pay up debt, dont worry about having to pay bills next week, have a "visitor's" room in their house, basicaly they dont struggle financially.
Is that individual or household income? Either way, I'm wealthy by UK standards. Nice to know.Quote:
Originally Posted by Bilbo
I would think that $10,000,000 US with no debts whatsoever would be the golden number for me.
Andre, very true I agree well put.it wont let me give you one at the moment ;D
Well the £24,000 is Preme's individual income. But he almost certainly still lives at home with his mum so probably applies to household income too. I can't imagine a man as wealthy as Preme would suffer the indignity of having his mum being forced to work. :rolleyes:Quote:
Originally Posted by Formerly D@vid LeederIs that individual or household income? Either way, I'm wealthy by UK standards. Nice to know.Quote:
Originally Posted by Bilbo
If that is what Preme is earning then he's doing alright for his age. At least he is getting off his rear end and trying to make a living the honest way. Nothing wrong with it at all, give it a rest man! :rolleyes:Quote:
Originally Posted by BilboWell the £24,000 is Preme's individual income. But he almost certainly still lives at home with his mum so probably applies to household income too. I can't imagine a man as wealthy as Preme would suffer the indignity of having his mum being forced to work. :rolleyes:Quote:
Originally Posted by Formerly D@vid LeederIs that individual or household income? Either way, I'm wealthy by UK standards. Nice to know.Quote:
Originally Posted by Bilbo
I am far from wealthy, I'm quite comfortable though. I'm an educated young type and have saved my money quite wisely ever since being a debt laden young sod in the nation of epic consumerism. Mark TKO has the figure I'm most in tune with. I think 2 million pounds including assets is an ideal figure on which to get out of the rat race for good....and to live very well. You could do it on a million, but would need to exercise considerably more caution in your outgoings.
It's all relative, by most common UK standards I'm poor as my family live in social housing in what is apparently one of the most deprived areas in Western Europe. Yet by the standards of my local area I'm well off, my dad has his own business doing water maintenance (even if not a great earner probably about 18000 a year max), and my family pushed me towards education heavily, enough that I did very well, and have just started low-paying work experience at the European Parliament. I'll admit I'm no doubt a gigantic failure by mighty Preme's standards ;D. When I look at how some of my friends have lived I certainly feel wealthy, to me being wealthy is having the basics in life, food, shelter & enough to live comfortably, like not living in a flat with no central heatin & broken windows. I guess maybe as I get older things will change, but to me the thought of having £50,000 let alone £2m is wealthy.
I'd say a six figure income.
Several million in liquidity and good means of passive income. I consider wealthy a lot more than just comfortable. To me its the means to live a good lifestyle (toys, vacations etc) w/o worrying about saving or bills.
US$200k+ a year aint bad. That's livin' large.
i am fkin skint, but i got a wife & 2 kids, so i should never complain cos i got mates who earn like £60,000 a year but dont have what i have.
personally if i was on the money i used to be on i would be a very happy man but guess what i aint on that money, so the point of this post is absolutely nothing dont know why i am still typing:confused:
The ability to easily change your living circumstances if you want. Maybe you have a nice place in the country to go along with your house in the city. And you can easily live at either place. Or the ability to just pull up roots and go somewhere else if you no longer like where you are.