[Finance] What is 'rich' in 2023?

[RandyWanger]

This from the Institute for Fiscal Studies is a good and realistic measurer -- it takes housing costs into account.

Your household's income : Where do you fit in? | Institute for Fiscal Studies

When you think about your income, do you feel rich, poor, or just plain average? Find out where you lie in the UK income distribution.

ifs.org.uk

(I've done it for my family: we are in the first category in the poll above, but without housing factored in, in the wealthiest 40pc of people in the UK. Taking housing costs in we are slap bang in the middle)

Interesting this...

"You have a higher after housing cost income than around 95% of the population - equivalent to about 63.6 million individuals."
"As you can see, you are in the 10th decile group.
In conclusion, Your after housing cost income is so high that you lie beyond the far right hand side of the chart."

Me and the wife don't feel cash rich and it's our housing that's hurting th emost. This is only after the disastrous mini budget, our mortgage interest rate went through the roof and cost of greed crisis of propping up 4bn excess profits for the energy sector.

I'm sure Labour will do their best to further erode that feeling and applauded by their supporters.

 

[Machiavelli]

Isn't the key thing here that a high salary doesn't necessarily equal high wealth?

Having a high salary certainly gives someone a greater chance of enjoying higher wealth, but if you're earning £200k and spending it on stuff that has little-to-no long-term value then they're no wealthier than someone on £20k doing the same.

A lot of people adjust their spending patterns, conciously or otherwise, in line with their income.

Yeah, but that would mean that the lead an affluent lifestyle which some view to be a sign (or at least component part) of being rich.

 

[Machiavelli]

I can confirm I'm VERY mean

to so MANY on here, the poor little broflakes.

 

[Triggaaar]

I've just looked at the poll results.

36 of you think that a couple earning £800k per year are not rich.

What planet do you live on?

 

[Triggaaar]

I worked with literally dozens of people in that boat (and partly agree - there is a degree of being clueless in there). Not untypical for people in the city on decent six figure salaries to have two mortgages (big family house, plus their apartment in Canary Wharf as they stay there during the week working daft hours), two or more kids at private school (that's £100k of your gross income gone at a stroke), couple of flash cars on PCP and expensive holidays ('keeping up with the Joneses' mentality)..................and a bored partner at home during the week spending a fortune.

Yes, but they should feel wealthy.

 

[Triggaaar]

That's been a common route for many years, independent school then BHASVIC as the latter has a great 'success rate' too. Saves the family fortunes, the kids still get to Oxbridge or other Russell Group.

But why bother with the independent school in the first place? It's not difficult to get into BHASVIC

 

[Triggaaar]

Interesting this...

"You have a higher after housing cost income than around 95% of the population - equivalent to about 63.6 million individuals."
"As you can see, you are in the 10th decile group.
In conclusion, Your after housing cost income is so high that you lie beyond the far right hand side of the chart."

Congratulations on being rich

 

[dazzer6666]

Yes, but they should feel wealthy.

Nah…..they look up at the next person up the corporate ladder, the neighbour with the bigger house, the colleague with the newer car, the one that has better holidays…..and worry about their enormous mortgages and credit card bills.

 

[Triggaaar]

Nah…..they look up at the next person up the corporate ladder, the neighbour with the bigger house, the colleague with the newer car, the one that has better holidays…..and worry about their enormous mortgages and credit card bills.

As others have pointed out already, they're idiots.

 

[dazzer6666]

As others have pointed out already, they're idiots.

As I pointed out, I agree

 

[Weststander]

But why bother with the independent school in the first place? It's not difficult to get into BHASVIC

To give kids a huge academic boost, maximising their abilities in small classrooms age 5 to 16. Also a much greater extra curricular programme and often great sporting facilities. Another aspect I‘ve come across more than once is parents avoiding the rough n tumble, teachers disrupted in classes of 30 in Brighton and Hove schools. The age old expression many people say who went to my state comp is ”I did well at school despite the school”. LBC had an education expert on last year who gave the following summary about state schools.
20% of kids thrive
40% kind of in the middle
40% of kids privately hate their school days.

 

[Paulie Gualtieri]

Nothing says considerably richer than yaaaao than getting an appeal to overturn a custodial sentence within a week

 

[Triggaaar]

To give kids a huge academic boost, maximising their abilities in small classrooms age 5 to 16. Also a much greater extra curricular programme and often great sporting facilities. Another aspect I‘ve come across more than once is parents avoiding the rough n tumble, teachers disrupted in classes of 30 in Brighton and Hove schools. The age old expression many people say who went to my state comp is ”I did well at school despite the school”. LBC had an education expert on last year who gave the following summary about state schools.
20% of kids thrive
40% kind of in the middle
40% of kids privately hate their school days.

Fair enough. The kids I know did well in state school.

 

[Weststander]

Fair enough. The kids I know did well in state school.

I’m a state school product .

 

[LamieRobertson]

I’m a state school product .

are we going back to the use of a quill? Oh hang on I’m older than you

 

[Weststander]

are we going back to the use of a quill? Oh hang on I’m older than you

I was born much, much later than Spurs being champions. So young then .

 

[Commander]

Really? Maybe if you're single parent household living in central London.

Not sure how you would otherwise manage to spend 10k a month without feeling wealthy.

3 kids in private school is over £10K a month. Before you've even paid your mortgage.

Obviously it's all about what you want to spend your money on- you could be seriously cash rich on that kind of household income if you chose to be. But most people just adjust their lifestyle to their income as it goes up.

 

[Weststander]

3 kids in private school is over £10K a month. Before you've even paid your mortgage.

Obviously it's all about what you want to spend your money on- you could be seriously cash rich on that kind of household income if you chose to be. But most people just adjust their lifestyle to their income as it goes up.

Depends on the school, some excellent nurturing independent schools are far less than that.

 

[Commander]

Depends on the school, some excellent nurturing independent schools are far less than that.

I'm sure there are. But depends on where you live and what is available.

 

[Weststander]

I'm sure there are. But depends on where you live and what is available.

This conurbation and places always available.

Brighton College and Eton are unrepresentative of the sector.