Question for the wealthiest 10%... how?

gadgetmind

racing_blue wrote: »

Belonging to the wealthiest 10% of households required total wealth greater than £967,000.

Does that include primary residence?

Either way, in my case it's been buy creating, growing and selling companies. Some of this was down to ability but there was also the matter of somehow blundering into technology sectors that then went on to go ballistic. I'd put the latter down to ability but I'd then have to explain why I'm not sure what the next huge growth area is!

3D printers?

In real terms, I joined "the club" as you call it by age 30.

innovate

racing_blue wrote: »

Point taken, however I'm pretty confindent that the households with the top 10% of wealth can choose a standard of life that I would find comfortable! It's a financial goal of sorts. I think perhaps a less fickle goal than "an income of £30k PA in retirement" and perhaps more measurable than "a detached house somewhere leafy near Waitrose"? Just musing, not really thought this right through

Not sure I did get my point over.

What I was trying to say is that in order to be, or to feel, "wealthy", I do not have to compare myself with other people (many of whom will have vastly more assets than I will ever attain; but many will have a lot less, too) . I just need to feel content with my own life and circumstances. I am saying this from a position of having accumulated what would probably be considered the top percentile of "ONS wealth", if their definition of wealth is what I think it might be. But I don't need any ONS or other statistics to compare myself with - - - I was happy with my lot long before I heard of that ONS report, and my happiness-meter shows no movement because of it.

Some people can feel content with very little money/assets, others need loads of it, and yet another category of people need to show they have loads of it. Whatever turns you on, whatever makes you happy.

Fitting into an ill-defined ONS category would definitely not be one of my life ambitions - but as above, whatever turns you on, whatever makes you happy.

atush

I have been facinated by the scope of 3d printers for years now. In a scientific sense, as this interest me. I guess I should have invested lol.

And yes, we make it mostly by main residence/pensions, but we own other properties too, one of which has more than doubled in value after costs not to mention cash and investments. But as I said, it was mostly accidental in that we needed a big house, moved to a new place, I found a barn and converted it. I suspect, everyone thought I was mad at the time. In fact, it was so long ago now I suspect it is time to renovate it and spend mega bucks on it. See if i can pay someone to tile the bathrooms this time?

And I don't feel wealthy at all.

mulronie

Cliched though it is, often by being in the right place at the right time - whether on purpose or by accident. Two main ways come to mind:

1. Buy assets low, sell high. Add in the magical power of leverage, and you have a recipe for wealth. Most did this with property, but it works for any asset provided the price moves in the right way. The really fortunate bought in the right (i.e. unfashionable) places at the right time (e.g. my godparents bought in SW4, in the wake of the Brixton Riots, on the salary of 2 teachers and sold a few years back for £1.8m - who thinks it was two twenty-something teachers who bought it off them?)

2. Create an asset. Would you rather have a job that paid you £50k, or a own business that earned £50k? Think carefully. I've seen countless small businesses sold after the owners wanted out. I've never seen someone sell their old job.

StevieJ

I should imagine the equivalent value of a Final Salary pension based on a reasonable wage would make a fair dint into that £1 million.

Glen_Clark

Most wealth comes through inheritance.
Her Unelected Majesty The Queen, Duke of Westminster etc stand as an example to us all that however clever you are, and however hard you work, you will never be as wealthy as those who have inherited it.
If you are not going to inherit, and money is that important, your best chance is to emigrate .
Maybe thats not the answer you wanted.
But its true.

innovate

StevieJ wrote: »

I should imagine the equivalent value of a Final Salary pension based on a reasonable wage would make a fair dint into that £1 million.

on a final salary pension, you'd probably not start counting below £1m

StevieJ

Glen_Clark wrote: »

Most wealth comes through inheritance.
Her Unelected Majesty The Queen, Duke of Westminster etc stand as an example to us all that however clever you are, and however hard you work, you will never be as wealthy as those who have inherited it.
If you are not going to inherit, and money is that important, your best chance is to emigrate .
Maybe thats not the answer you wanted.
But its true.

I should imagine people like Bill Gates, Richard Branson and Alan Sugar could have something to say about that as opposed to those of the old order who have to show 'common tourists' around their properties to make ends meet

innovate

StevieJ wrote: »

I should imagine people like Bill Gates, Richard Branson and Alan Sugar could have something to say about that as opposed to those of the old order who have to show 'common tourists' around their properties to make ends meet

The one thing those guys probably had in common is that they probably never spent more than a nano-second about the fortunes of Her Majesty or any other Order Of Money. And they probably still don't.

They just singularly focused on their own beliefs and business plans.

Like thousands of others did, too. But most of these "others" can still walk down their local High Street without a gaggle of security guards, and they don't figure in the Daily Mail when they sneeze. So which one of them is wealthier?

gadgetmind

Glen_Clark wrote: »

Most wealth comes through inheritance.

1) Reference please.
2) !!!!!! shouldn't people pass money onto future generations rather than having HMG confiscate it to fund their latest vote-winning projects?

I'd rather donate my money to a charity than give it to HMRC to fritter away. In fact, I'd rather make a big heap of cash and burn it!