[Finance] What is 'rich' in 2023?

[CheeseRolls]

Assuming the three savers are able to afford a mortgage ( good that you've given them the chance to avoid commercial rents)

and good that they have been able to find good jobs in the local area, or where they can work from home. I mainly rented in my twenties as I moved around with jobs and then spent 20 years plus commuting to London five days a week. I wouldn't wish that on anyone, just as I don't wish the pressure of massive mortgage rate rises on anyone.

 

[Bakero]

China's figures are the ones that a little questionable. The economic miracle is there for everyone to see and undoubtedly 100s of millions have been lifted out of poverty. However, miracle performed, they're now a higher income country but their poverty line is still artificially low.

Not surprised that Spain and Italy's rates are slightly higher than the UKs, nor that the UK's is higher than Poland's. Britain is a crushingly expensive place to live for those on a low wage. Spain is cheaper for most things but incomes are lower and unemployment is very high in some regions.

On a related note, a recent report found that "British boys are 102nd and girls 96th (in the world for height at 5 years old), with the average five-year-old boy measuring 112.5cm and the average girl, 111.7cm"

In 1985 we were ranked 69th globally.

Nowadays, in Bulgaria, the average for a five-year-old boy is 121cm and a girl, 118cm. In the Netherlands, the average boy is 119.6cm and the average girl is 118.4cm tall. In France, 114.7cm and 113.6cm respectively. In Germany 114.8 and 113.3. Danish boys are on average 117.4cm tall, and Danish girls 118.1cm.

Britain's falling behind has been blamed on diet, NHS cuts and poverty. There's also been a resurgence in diseases like rickets and scurvy.

More here

 

[raymondo]

and good that they have been able to find good jobs in the local area, or where they can work from home. I mainly rented in my twenties as I moved around with jobs and then spent 20 years plus commuting to London five days a week. I wouldn't wish that on anyone, just as I don't wish the pressure of massive mortgage rate rises on anyone.

Yes, a local job or work from home has benefits. I worked in London for 12 years, renting in the suburbs and commuting in (horrid some mornings) - bought a small property in Essex when 27... with an even worse commute into Liverpool Street .
We helped our older son buy a one bed flat (Southend) when he was 23 - he has a decent job and still works from home 3 days a week. He's just renewing his mortgage (if only he'd taken my advice and got the 5 year fixed instead of the 2 year originally ). The increase is a hit for him but the last two salary increases will cover it - he's still better off than paying rental in that area.

 

[raymondo]

On a related note, a recent report found that "British boys are 102nd and girls 96th (in the world for height at 5 years old), with the average five-year-old boy measuring 112.5cm and the average girl, 111.7cm"

In 1985 we were ranked 69th globally.

Nowadays, in Bulgaria, the average for a five-year-old boy is 121cm and a girl, 118cm. In the Netherlands, the average boy is 119.6cm and the average girl is 118.4cm tall. In France, 114.7cm and 113.6cm respectively. In Germany 114.8 and 113.3. Danish boys are on average 117.4cm tall, and Danish girls 118.1cm.

Britain's falling behind has been blamed on diet, NHS cuts and poverty. There's also been a resurgence in diseases like rickets and scurvy.

More here

I've often assumed that their height in Netherlands is due to the enormous amount of milk they drink (it was free in the office staff canteen I frequented) and the amount of growth hormones fed to the cows

 

[Bakero]

I've often assumed that their height in Netherlands is due to the enormous amount of milk they drink (it was free in the office staff canteen I frequented) and the amount of growth hormones fed to the cows

Not sure about the growth hormones but the Dutch diet is certainly key.

The average North Korean is reputedly a few inches shorter than his counterpart in the South, despite the fact that genetically the 2 populations are the same.

 

[zefarelly]

Being rich is being able to do this in Waitrose.

30 years ago I remember getting a pay rise and going to M&S for any food I liked. I did indeed feel like I'd made it. Been full circle at least twice since!

For me its always been having a roof over my head and talbe on the food, without the worry of being able to provide it.

being able to splurge a bit of clothes/records is an enjoyable luxury.

the stark reality of of todays Britain is, if your not bobbing about in a dinghy mid channel or drifting alongside the wreck of the titanic, consider ytourself rich.

 

[zefarelly]

I've often assumed that their height in Netherlands is due to the enormous amount of milk they drink (it was free in the office staff canteen I frequented) and the amount of growth hormones fed to the cows

British kids are shrinking because austerity measures by tory scum have left them malnourished. YAY!

 

[Bakero]

30 years ago I remember getting a pay rise and going to M&S for any food I liked. I did indeed feel like I'd made it. Been full circle at least twice since!

For me its always been having a roof over my head and talbe on the food, without the worry of being able to provide it.

Now I'm Googling "talbe" to see if it's a Lebanese spice I haven't heard of.

 

[Herr Tubthumper]

30 years ago I remember getting a pay rise and going to M&S for any food I liked. I did indeed feel like I'd made it. Been full circle at least twice since!

For me its always been having a roof over my head and talbe on the food, without the worry of being able to provide it.

being able to splurge a bit of clothes/records is an enjoyable luxury.

the stark reality of of todays Britain is, if your not bobbing about in a dinghy mid channel or drifting alongside the wreck of the titanic, consider ytourself rich.

My “made it” moment was when I moved to Camden and was able to walk home from the Kentish Town Forum after a gig. It wasn’t a moment of feeling wealthy, more a moment that something which was important to me had come together.

 

[Weststander]

British kids are shrinking because austerity measures by tory scum have left them malnourished.

Or the effect of decades of eating shit, the majority of Brits are now overweight. McDonalds are rammed every opening hour, young folk live on horrendous and expensive bottled drinks of sugar.

 

[AlbionBro]

When living at home with my parents I was rich. When getting a missus I was poorer, when having kids I got poorer, when getting grand kids I got even poorer.

One thing I was rich in, was life.....that's all that matters isn't it?

 

[AlbionBro]

British kids are shrinking because austerity measures by tory scum have left them malnourished.

We all hate a Tory but not sure we can blame that one on them!

 

[Live by the sea]

Ha! Yes probably.

I read an article the other day suggesting you need £204K a year to have 2 kids in private school, couple of nice holidays and nice detached house now. That is insane. The idea of a Consultant Cardiologist, for example, being unable to have kids in private school, seems unbelievable somehow.

Most consultant cardiologists & other medical consultants that I have dealt with on behalf of friends split their time between nhs and private and earn a lot more than £200k a year . Closer to £400k I expect .

most of them seem to send their kids to what you would call a public school , ie. Brighton college , Hurstpierpoint College , Lancing College etc . They drive nice cars and live in detached houses worth around £1.8 - 2.5 m

This I’ve based on the 4 consultants I know and where they live. 3 live in Hove , 1 lives in Cuckfield . I appreciate it’s a small sample acc they are all in their late 40’s early 50’s so possibly younger ones are not as affluent .

 

[Live by the sea]

Rich to me is having a very large excess yearly after you’ve paid all your expenses and bills / mortgage etc .

So if you have bills of say £50k a year but earn £150k your cash rich .

However most people I know that earn £150k plus have several holidays a year and go out a lot theatre , mini breaks etc , restaurants. So there expenses are very close to their income , so their not rich cos they are spending on their lifestyle.

To have enough without worrying at all and still be rich maintaining a very good lifestyle with 2 kids etc you need to earn in my view nearer to £300-400k a year .

So

 

[Bakero]

Rich to me is having a very large excess yearly after you’ve paid all your expenses and bills / mortgage etc .

So if you have bills of say £50k a year but earn £150k your cash rich .

However most people I know that earn £150k plus have several holidays a year and go out a lot theatre , mini breaks etc , restaurants. So there expenses are very close to their income , so their not rich cos they are spending on their lifestyle.

To have enough without worrying at all and still be rich maintaining a very good lifestyle with 2 kids etc you need to earn in my view nearer to £300-400k a year .

So

Don't you think those earning 400k might fritter away their money too?

 

[beorhthelm]

On a related note, a recent report found that "British boys are 102nd and girls 96th (in the world for height at 5 years old), with the average five-year-old boy measuring 112.5cm and the average girl, 111.7cm"

In 1985 we were ranked 69th globally.

Nowadays, in Bulgaria, the average for a five-year-old boy is 121cm and a girl, 118cm. In the Netherlands, the average boy is 119.6cm and the average girl is 118.4cm tall. In France, 114.7cm and 113.6cm respectively. In Germany 114.8 and 113.3. Danish boys are on average 117.4cm tall, and Danish girls 118.1cm.

Britain's falling behind has been blamed on diet, NHS cuts and poverty. There's also been a resurgence in diseases like rickets and scurvy.

More here

there is a problem with education and attitudes that prioritise entertainment and leisure time over diet. while food is generationally cheap, people wont make simple meals themselves because say they dont know how or it takes too much time. then people excuse and reinforce their attitude by telling them food products are expensive. usually to make a political point, hence throwing in "NHS cuts" when NHS has nothing to do with what we eat.

 

[Live by the sea]

Don't you think those earning 400k might fritter away their money too?

Very true but it’s harder to do that on hols , restaurants etc unless you really go all out .

 

[Bakero]

Very true but it’s harder to do that on hols , restaurants etc unless you really go all out .

People always tend to adjust their budget to fit their income. Of course, at certain levels it'd take Brewster's Millions level commitment to burn through it all.

 

[Herr Tubthumper]

being able to splurge a bit of clothes/records is an enjoyable luxury.

Same here with vinyl and gig tickets.

 

[Bakero]

there is a problem with education and attitudes that prioritise entertainment and leisure time over diet. while food is generationally cheap, people wont make simple meals themselves because say they dont know how or it takes too much time. then people excuse and reinforce their attitude by telling them food products are expensive. usually to make a political point, hence throwing in "NHS cuts" when NHS has nothing to do with what we eat.

I'm not sure of the relevance of the NHS cuts but clearly this issue is not just that British kids are getting comparatively shorter due their feckless parents.