Big Lee

After having a discussion today at work about cash, lottery wins etc!, nobody knew how much cash you either earned pa or had saved or both to be classed as "well off". Is there a definition for this?

Sadly I don`t think I am

PG

if you are content with what you have and are comfortable then surely you are "well off"
Why should it need to be quantified ?

LG John

I don't think there is but I'd say to be comfortably well off you have to have no morgage or other debts and upwards of £50k in savings, etc. You are not 'rich' if you have those circumstances but I'd say you are well off

jods

Dunno really - I guess if you add up all your assets and deduct all your liabilities and you have a positive number that is a start. The bigger the number the better.

anything over £255K seems to be a point that NL think you should start to consider yourself well enough off to be regarded for additional duties when you throw a seven.

Big Lee

Oh no, please don`t go off on one about this PG , its just an "I wonder?" question, nowt serious.

davyboy

I imagine a lot of low earning families would consider people who just have a private house, a car, can afford to eat out once a month and holiday once a year to be well off.

LG John

It's funny that davy. I don't regard myself as well off at all yet I have a job, a £100,000 flat (with mortgage sadly) and a nice sports car (with loan sadly) but I can manage my payments/moneys effectively and enjoy a nice lifestyle. When my dad was my age he had nothing like that and neither did his dad when he was this age and so on. I new generations always expect more than the last.....

jods

Well if you are going down that road there are people who would think not living on the streets having to eat out of dustbins is posh.

In fact I'll bet there are people who would think it a miracle to find food in a dustbin.

Big Lee

Good one Davyboy, I suppose wherever you are on the money ladder there`s always someone more "well off " than you.

Seeing your point Saxoboy nowadays money is so easy to get, moreso than in our parents day. I think it`s more socially acceptable now to be in debt than to work & save then buy.

Markus

As said by dayboy, it's all relative.

What is "well off" to me? Let's see... Big house (5 or more bedrooms, with en-suite in each) plus swimming pool, 2 or 3 cars (luxury, sports or sporty SUV type thing, so for example, Merc 500SL, Impreza and RR Disco), a nice boat (? 32ft C&C or something similar). Quite a few holidays to rather nice exotic places every year. Enough money in the bank to sustain yourself and family for at least a year, at current comfort levels, without having to work.

skoosh

I would imagine that due to the fact that we're all reading and discussing this on an internet set site, probably in a nice cozy home, drinking a cool beer or warm coffee, listening to the tv under an electric light while gazing out at your beloved scooby that probably costs more to insure than most peoples monthly wage would mean that we are ALL well off............!!!!

Si...........skint AND well off.

CooperS

If you've got a job, clothes on your back and enough food

TopBanana

En-suit in *each*.... are you kidding?

TopBanana

Well off, to me at least, means you don't have to worry about money.

sti-04!!

My idea of well off would be no debt & at least 50k savings in the bank, with house & car paid.

IMHO

NotoriousREV

If I never had to work again I'd be happy

Jap2Scrap

I'd say well off is when your income exceeds your expenses, including luxuries, every month.

Simple as.

bigsinky

a while back (a few years now) when i was earning very little my mates and i reckoned that if you had 250k invested properly you could leave work and keep the same standard of living. i.e. live of the interest. try doin that now

bigsinky

expenses **** me don't start me. 600 quid for 4 race tyres, 550 for a nomex suit, 150 for a cheap open face helmet, 100 quid for fairy boots. jaysus H Christ it mounts up

LG John

That is what I said - looks like we agree on something after all

Markus

Nope. All depends on which country you live in

RRH

I have two beautiful daughters, a headcase (but loveable) son, and a marvellous wife, and reckon I'm well off.

feel free to puke in the bucket I left by the door on my way out.......

bigsinky

fairplay to ya m8. most men would envy you.

shaunywrx

You must be BLOODY well of to run a wife and two daughter's.

RRH

trying to keep money in the bank and although it ain't easy it is worth it. most of the time......

pslewis

If you don't have to think about where the money will come from to do what you want to do and what you want to have .............. then, finacially, you are well off.

However, you can be very well off if you are happy and content and have no money for things you would 'like' ..............

I have been in both places and also in a time/place where I had to sell my car to pay off my debts ..............

In my experience, its allways better to 'have' to work for something ..... and I have worked for everything I have

Pete

RRH

That's spot on Pete.

I'm in the fortunate position of having both, but appreciate that it may not last as I've experienced the sh itty end of the stick too, so am making the most of it while it lasts.

Simon

StickyMicky

simple but effective

NotoriousREV

Note in diary: pslewis talks perfect sense for a fleeting moment

TopBanana

Good point!