'Are you a millionaire?' poll discussion.

jojonic

Im dubious that 68 MSEs think they fall into the P (debts over £1M) category... this cant be right can it?

Im putting myself in J, I dont own a house, my rented home is fully furnished so all I own is a couple of cars (cheapies) and clothes / kids toys / kitchen stuff etc.You can see my liabilities below.

Heres hoping Im back in the black by the end of the year!

Casanova

I guess this mainly shows that in material terms, you are likely to be quite wealthy if you bought a house over 10 years ago...

RRatchet

As some others have else pointed out that even if by luck or hard work you are in the A or B category it does not necesarily mean that you have any more disposable than those in lower groups. It does however give you much more security should your job/circumstances go "belly up" as you have assets to sell. We for instance have reasonably valuable assests ie a farm but a very small income (asset rich/cash poor).

nirajn123

Technically, personal net worth is calculated as assets - liabilities, and does not include the house you live in, age is an important factor too. 20K debt at the age of 20 is not quite same as 20K debt at 55. Hence the data seems to bit pointless to me.

relaxtwotribes

Dippychick wrote: »

Whats the point of this?

Clever marketing trick to glean information?!

Hardly worth it. Market researchers will tell you that most people lie when asked this sort of question.

So, it's A for me.:rotfl:

Sequeena

I vote for I

claire21

I am an A - inherited, and would give it all away to have my parents back

Dazmo74

Plasticman wrote: »

Cheeky monkey! I'm a B and am only 38! Just lucky that I bought a place to live at a time when property was relatively cheap and now have over £200k in equity in the house. Not that it's any use to me, because you can't get a family home for less than £250k where I live......

Not sure how to value my pension pot though as it's a final salary company pension and I only know the value at retirement?????

old_grouser wrote: »

Correspondents are probably right that most of the As and Bs are getting on a bit - which raises the question, incidentally, of how you'd value a pension as opposed to a pension pot - at 20xannual pension?
Old Grouser

I am right at the upper end of B, but into A if you include pension pot. I'm 36, hopefully not 'getting on bit'! It may sound impressive, but living in an expensive area of the country and being on the property ladder since '97 with a few moves and a handful of buy-to-lets behind me, well over £600k of this is down to the increase in property values, ease of borrowing and low interest rates. Somehow I don't feel that wealthy thanks to recent increased living costs, reduced income and assets tied-up in bricks & mortar. I think the survey is a little flawed though... some of the bands are too wide and it is not clear how married people or pension funds should be dealt with...

cw18

Done some calculations (ignoring pension pots), and I'm just into option 'C' - so (given the wide band of that one, which I agree seems too much) I don't see the pensions taking me above it .... so I guess my vote is pretty accurate in there

I'm 44 (wouldn't count myself as 'old', though the kids class me as a dinosaur ), and only there due to not having to share the pot (widowed) after we'd both bought our first properties pre-boom (late 86 & early 87), then moved from our first joint property to a larger/more expensive one in 2002 (just before prices rocketed again).

dougz_2

jojonic wrote: »

Im dubious that 68 MSEs think they fall into the P (debts over £1M) category... this cant be right can it?

Ditto. How is that possible?