I watched Kathy Burke: Money Talks last night, I find money and the social impact of wealth fascinating. Purely on monetary terms (inc. assets and income) what do you see as being rich? To me, I would say over £2mil in assets and cash.
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I think it is relative .
Someone elderly with the same assets as a young parent gets to keep more of their assets for themselves, whereas younger adults tend to need to spend more of theirs .
I think there is a geographical difference too.
Someone elderly with the same assets as a young parent gets to keep more of their assets for themselves, whereas younger adults tend to need to spend more of theirs .
I think there is a geographical difference too.
I think not ever worrying about paying the mortgage/rent or bills, having enough income from investments not to have to work, having private healthcare and education, nice cars, afford expensive clothes, jewellery, beauty treatments or cosmetic/dental treatments or surgery, travelling and staying in the best hotels.
Might sound cliched but for me I think it would be having family, friends, a safe place to sleep and enough money to buy what you wanted without having to think twice.
Having enough money through property/ business or investments to live the life you want so that you don’t have to work for someone else. Obviously you get different levels of rich , those wowrth a few million , those worth millions and those worth 100 mill plus . Also you need to think how leveraged someone is aswell, someone living in a 2 million pound house may ‘appear rich’ but could be heavily mortgaged and have flash cars on the tick, leaving not much money left to actually live on.
Guarantee you majority of people on Instagram are not as rich as they look
Real wealth comes from the heart, the people you love, the friends you make along the way, the memories you reply when you’re 90 and fondly looking at your grandchildren thinking they have it all to come,
Real wealth can’t be bought,
It can only be found and stored in the heart, and shared with those we hold dear.
BAHAHAHAHAHA, sorry I had to, you KNOW someone is gonna come out with something like this
Real wealth can’t be bought,
It can only be found and stored in the heart, and shared with those we hold dear.
BAHAHAHAHAHA, sorry I had to, you KNOW someone is gonna come out with something like this
Enough money to dive in it like a porpoise, burrow through it like a gopher and to toss it up and let it hit you on the head.
I was actually just thinking about this today because I saw a girl shopping around at some fancy department store earlier this afternoon. She had two massive Chanel shopping bags (more than likely carrying bags / shoes), was carrying the classic flap and was dressed all black. She was literally holding those two huge bags like this (OK, this is not a shopping bag, but you get the idea).
While some people may envy someone who can buy various luxury bags and items, for me, this is not it. These Chanels / Hermes / LV bags are not the bags of the "elite" like they used to because they've become so popular that people are willing to get into debt to get one. Besides, given the amount of fakes out there, carrying a Chanel bag isn't proof to anyone you've made it. It screams nouveau riche. Same goes with those people who think their Tesla is a testament to their success.
For me being rich is a mix of various things:
- Financial freedom: Being able to pay your bills / rent without even thinking about it or worrying about what you'd do if something were to happen (sickness, temporary loss of income etc..). It's being able to be secure in the idea that you're financially safe no matter the circumstances because you've a) saved enough money b) you've made wise investment moves.
- Owning property: Being able to own your own property and have another one (or a couple) that you're renting out to generate some extra-revenue.
- Legacy: Knowing that the day you leave this earth, you will have accumulated enough wealth to secure your dependents or family or whoever you want to leave your money to.
- Financial acumen: There is a difference between being rich and appearing rich. Of course, there are tons of nouveau riche who purchase luxury bags / shoes / entertainment items to plaster them all over, but truly rich people (we're talking old money), generally like to stick to classics, certainly know the value of money and remain conservative with frivolous purchases. It's understanding where your money goes and making a sound distinction between assets and liabilities (people love cars and boats, but those ultimately depreciate in value - maybe not boats maintained, but cars certainly). Rich people don't spend their money on luxury items they're going to eventually write-off for whatever reason. Truly rich people increase their assets while faux-rich people increase their liabilities.
- Ego: A truly rich person is secure within who they are to the point where they don't need to buy fancy items or eat at Michelin rated restaurants on the daily to prove to others they've made it. They don't need other people to validate them because they know they are wealthy.
Rich is £10+million with assets. I don't think being a millionaire is being rich anymore.
God knows. I know it's said a fair bit, but I believe that health is wealth, and along with it a good family and social structure. I think I'd actually like to live like a modern day hunter gatherer. That lifestyle holds an appeal. With money comes a lot of possessions, and things are pretty pointless in the grand scheme of things. Modern day hunter gatherers in Africa build their home from scratch, then maintain it. They don't have the stress of money worries. Their stress comes from trying to find food and drink to survive. Maybe that has always been the way we should be living.
Couldnt agree with this more, people with real riches don’t need to show off as they are content enough with actually being rich. I remember once going to a department store and I got completely ignored too because I wasn’t in designer things by the sales assistants
so sacked it off and went to maccies.
Simply not having to worry about money. To make it through month to month without a second thought of making it stretch. Im on minimum wage at the moment, and one of my directors takes home 6k a month and I genuinely cannot fathom what that would be like.
That said, its so very true that the more you earn, the more you spend.
That said, its so very true that the more you earn, the more you spend.
In my view, it's someone who never has to worry about money - they have enough for what they need.
They don't have a set amount of money of investments ... because that of course would vary depending on where you live, among other things ... but they would be mortgage- or rent-free, free of all debts, and able to live well within their means.
They don't have a set amount of money of investments ... because that of course would vary depending on where you live, among other things ... but they would be mortgage- or rent-free, free of all debts, and able to live well within their means.
Those people who own manor houses in the countryside. They must be rich as heck.
The upkeep on them is huge. Unless they have cash flowing then they become a money pit. this is why so many are now owned by the state.
Just having things doesn't make you rich. I would be considered poor by many but I have everything I need and don't owe anyone a penny.
Yeah that's true. I was reading about this old guy who owned a big estate in the countryside. He had no children, so decided to pass on his estate to the gardener who he had befriended over the years. The gardener is only in his early 30s too, I think. That's gotta feel great for the gardener, how fortunate is that.