What is "Rich"?
26 March 2004, 07:39 PM
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What is "Rich"?
We were having a crack at work today about people with loads of cash and were wondering how much you`d have to have to be classed as "Rich". Does anybody know? is it £50k, £100K, 1 million?
26 March 2004, 07:49 PM
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Apparently if you have 30k of liquid assets ie cash in the bank, then you are in the 1 in 10 in the country who are classed as rich!!!
dave
dave
26 March 2004, 08:09 PM
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Originally Posted by Big Lee2
We were wondering how much you`d have to have to be classed as "Rich".
26 March 2004, 08:16 PM
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pmsl @ Brendan.
Depends on how you're defining rich, in this case we're talking about money in the bank, but unless the chappy tells you how much he's got, there's no sure way of knowing. I know a couple of very well off chaps, and if you met them in the pub you'd just think they were your average office worker, and not the usual stuck up toff type that is the 'stereotypical rich'
Depends on how you're defining rich, in this case we're talking about money in the bank, but unless the chappy tells you how much he's got, there's no sure way of knowing. I know a couple of very well off chaps, and if you met them in the pub you'd just think they were your average office worker, and not the usual stuck up toff type that is the 'stereotypical rich'
26 March 2004, 08:24 PM
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30k in the bank - strange definition - I know a guy who got made redundant today after 40 years in a factory - He got a settlement of 35k, which is now in a current account - I bet he laughs when i tell him he is now one of the rich 10%..... NOT.
On the other hand, one of the guys i work with is always completely broke by the end of the month - usually earns about 10-12k a month and buys another rental property every two months. He now has 26 - he plans to retire when he has 40 and has them paid for, but at this minute in time his portfolio is worth about 2 million with about 700k equity. Be he laughs when I tell him he isn't rich
On the other hand, one of the guys i work with is always completely broke by the end of the month - usually earns about 10-12k a month and buys another rental property every two months. He now has 26 - he plans to retire when he has 40 and has them paid for, but at this minute in time his portfolio is worth about 2 million with about 700k equity. Be he laughs when I tell him he isn't rich
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26 March 2004, 10:06 PM
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Tiggs - not everyone can be an IHT planner
I would see it as earning more money than you need/ more money than the wife can spend
actually - how do I delete the second option - it hasn't really any possibility of bieng reality
I would see it as earning more money than you need/ more money than the wife can spend
actually - how do I delete the second option - it hasn't really any possibility of bieng reality
27 March 2004, 01:40 AM
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Originally Posted by Big Lee2
We were having a crack at work today about people with loads of cash and were wondering how much you`d have to have to be classed as "Rich". Does anybody know? is it £50k, £100K, 1 million?
27 March 2004, 08:49 AM
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LOL @ Brendan, cheers mate I bet there`s more than 1 in 10 people on here that are "Rich" (£30k in the bank 
)
Fast bloke, I read that your mate gets £10,000 - £12,000 per month is that right?
I bet there`s more than 1 in 10 people on here that are "Rich" (£30k in the bank ) Fast bloke, I read that your mate gets £10,000 - £12,000 per month is that right?
27 March 2004, 08:53 AM
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Add up everything you have in assets and cash (house, car, cash in savings etc.)
Take away everythihng you owe (mortgage, finance, credit cards etc.)
Now if we all do this and you are in the top 10% in the country then you're rich.
either that or change your name to Richard.
Take away everythihng you owe (mortgage, finance, credit cards etc.)
Now if we all do this and you are in the top 10% in the country then you're rich.
either that or change your name to Richard.
27 March 2004, 06:11 PM
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Difficult to define really. When I worked at Coutts (about 7 years ago), their criteria for opening a basic bank account was a minimum income of £100K a year and £250K in liquid assets (i.e. not your primary property, but more likely a share portfolio or something similar). So I suppose this would be Coutts' definition of someone who was 'rich'. I'm sure that the criteria has changed over the last few years. To be honest, if you work in the City, it is not that uncommon to find people earning that kind of money.
However, that doesn't really prove a lot as they also had student accounts (anyone could open one, if they thought you had the potential to go on to earn £100K a year) and they were also the traditional bank for many army officers, who are certainly not earning that kind of money. They also had internal branches that were reserved for people who even Coutts would consider well off.
Based on what Dracoro has said then personally, I'm about £60K up - funny doesn't feel like it at the end of the month though
(and I certainly wouldn't class myself as rich).
Chris
However, that doesn't really prove a lot as they also had student accounts (anyone could open one, if they thought you had the potential to go on to earn £100K a year) and they were also the traditional bank for many army officers, who are certainly not earning that kind of money. They also had internal branches that were reserved for people who even Coutts would consider well off.
Based on what Dracoro has said then personally, I'm about £60K up - funny doesn't feel like it at the end of the month though
(and I certainly wouldn't class myself as rich).Chris
28 March 2004, 01:09 AM
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Apparently an old Roman merchant said you are rich if you can put up an army from the interest of your interest.
I couldn't even set up an army of toy soldiers that way
I couldn't even set up an army of toy soldiers that way