'Are you a millionaire?' poll discussion.

Former_MSE_Lawrence

Poll between 01-08 February 2010:

Are you a millionaire or an anti-millionaire?

To answer this question, take the total value of your assets (everything you own – house, savings, investments, business, car etc), THEN SUBTRACT your total outstanding debts (mortgage, credit cards etc).

A. Assets over £1,000,000 bigger than debts - 5% (767 votes)
B. Assets £250,000 - £999,999 bigger than debts - 22% (3565 votes)
C. Assets £100,000 - £249,999 bigger than debts - 20% (3233 votes)
D. Assets £50,000 - £99,999 bigger than debts - 9% (1528 votes)
E. Assets £30,000 - £49,999 bigger than debts - 5% (881 votes)
F. Assets £15,000 - £29,999 bigger than debts - 7% (1166 votes)
G. Assets £1,000 - £9,999 bigger than debts - 7% (1119 votes)
H. Assets £0 - £999 bigger than debts - 3% (526 votes)
I. Debts £0 - £999 bigger than assets - 2% (360 votes)
J. Debts £1,000 - £9,999 bigger than assets - 6% (949 votes)
K. Debts £10,000 - £29,999 bigger than assets - 5% (860 votes)
L. Debts £30,000 - £49,999 bigger than assets - 2% (274 votes)
M. Debts £50,000 - £99,999 bigger than assets - 3% (418 votes)
N. Debts £100,000 - £249,999 bigger than assets - 3% (439 votes)
O. Debts £250,000 - £999,999 bigger than assets - 1% (90 votes)
P. Debts over £1,000,000 bigger than assets - 1% (121 votes)

Total votes: 16296

Voting has now closed but you can still click click 'post reply' to discuss below. Thanks

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minerva_windsong

I voted K - assets of two grand in savings (going up all the time due to having no living expenses though) vs 20 grand of student loan.

FATBALLZ

I voted F, which was savings + pension fund minus student loan. Interesting that B and C seem to be so popular, no doubt this is the baby boom generation who have swallowed most of the countries wealth through house price inflation.

JEV_3

Just as a small pointer, when I first bought a house interest rates were in the 13% range. Slowly moving down to the 7%. We were only allowed to borrow 2.5 times first income plus second. Hence my focus in paying off the mortgage. Having worked hard to do so and saved to buy new goods. Also saved hard for my children's future the current rates that have been here now and look to stay make me wonder why I bothered and why I did not just get into huge debt. Only just technically a baby boomer and certainly not had the benefits of the previous post war generation. Neither have my parents with the oil crises and frozen pensions. The baby boomers who have made the most are a small elite who are now reaching 60 plus, the rest of us have struggled with multiple recessions etc.after so don't tar us all with the same brush.

wildthing01

haha - i simply dont have the numeracy skills to work this out! we have 2 houses, both mortgaged to about 60% of their value. focus is on getting mortgages paid off, and investing in more property, hence no savings, but childcare costs getting in way at the moment!

MSE_Martin

wildthing01 wrote: »

haha - i simply dont have the numeracy skills to work this out! we have 2 houses, both mortgaged to about 60% of their value. focus is on getting mortgages paid off, and investing in more property, hence no savings, but childcare costs getting in way at the moment!

As a very rough guide- add up the value of your houses - and halve it and you've a little more than that as assets

ceridwen

Hmmm...am I really?:rotfl:....as in I came in voting at B - just...:cool:

Well - that proves it - ie that I'm right in thinking I'm very good with money then I guess:) - to get into that position on the low salary I am on..

Can I apply to be a financial adviser now? - errr...well....I DO advise people I know on their finances...but it would be nice to get paid for it....

FATBALLZ

MSE_Martin wrote: »

As a very rough guide- add up the value of your houses - and halve it and you've a little more than that as assets

Unless he is married (which is sounds like he is), in which case he needs to half the value again.

Tojo_Ralph

MSE_Lawrence wrote: »

To answer this question, take the total value of your assets (everything you own – house, savings, investments, business, car etc), THEN SUBTRACT your total outstanding debts (mortgage, credit cards etc).

It would be worth pointing out that for those who are married, the figure needs to be halved.

cw18

I've no idea how to put a value on my pension funds ?!?!?!

3 of the 4 'pots' are final salary linked, though the AVCs connected to one of them isn't (but the latest statement for this was wrong - showed me as still paying in, but I haven't since 2006. Waiting on a corrected version, as the company have admitted there was a 'glitch' in the system!!!) The 4th is (I believe) a money purchase type, but I only paid into that for 15 months before being laid off - so pretty worthless is probably the best guess

Tojo_Ralph

wildthing01 wrote: »

I simply dont have the numeracy skills to work this out! we have 2 houses, both mortgaged to about 60% of their value.

MSE_Martin wrote: »

As a very rough guide- add up the value of your houses - and halve it and you've a little more than that as assets

If two properties are mortgaged to approx 60% of their value, the properties owner owns just 40% of the properties.

The rough calculation you recommend would have the property owner (wildthing01) believing they owned in excess of 50%.