How do you define wealth?

Student_of_£

I was looking at Barclays Wealth Management site and I noticed the minimum to save/invest of ~£5,000.
What is your definition of wealth?
My net worth is apparently ~£4k so in few months (according to Barclays) I might be wealthy enough to give them my business.

For me wealth is, of course, measured in financial terms. I am careful with my money, i like to see it grow and can on occasion be accused of being at least frugal if not tight. I prefer to call myself frugal / careful with money.
But of course my other definition goes beyond financial wealth, money isn't everything, you can't take it with you and although money can give you happiness/security you can but happiness.
I am happy to spend money on meals / trips / drinks with friends as this adds to the immaterial wealth of my life.
How do you define wealth?

Carl31

Wealth has many meanings, and is dependant on many factors

Eg. If you had a painting, valued by an expert at a million pounds, are you wealthy? Theoretically, yes however if you could not sell that painting and derive any benefit from it, what is its value?

I think wealth boils down to 2 things, holding something of value, and the ability to utilise that value to derive benefit.

mulronie

Wealth is relative; if wealth were absolute, £5k would make you as wealthy in Luxembourg as it would in Lesotho.

Plato: The greatest wealth is to live content with little

merlingrey

I would define wealthy as having enough money and possessions to survive 1 year+ without any work or business based income. And to own assets which increase the net total of both in any case.

The more years that stands true then the more wealthy you are.

Of course happiness and health are different beasts but it's fair to say that if you are hungry for long enough you will get both unhappy and unhealthy.

A second definition might be your innate ability to make the above definition stand true i.e your business skills, life skills and general approach, so even if you hit rock bottom you have the ability to pick yourself back up intuitively.

AlwaysLearnin

If you're happy, you're wealthy. Money has it's place, and it can certainly help, but too much emphasis can be put on it sometimes.

There's more to life...

mw2655

i think the usual definition of wealth is...

earning more than your wife's sister's husband...

atush

Whatever my idea of wealth is, it isn't 5K.

And 5K is cash isa territory, not Barclay's wealth territory.

redbuzzard

atush wrote: »

Whatever my idea of wealth is, it isn't 5K.

And 5K is cash isa territory, not Barclay's wealth territory.

Like a lot of things, it depends where you start from

Happy is happy. Weathy is wealthy.They can exist independently. Look at the misery the rich and famous often inflict on themselves.

Money doesn't matter unless you run out.

I've got to the stage where health feels more more important.

bugbyte_2

My definition of a wealthy person is someone who spends less than they earn, and appreciates what they have. Conversely, a poor person is someone who regularly spends more than they earn.

Someone once defined happiness as having achievable life goals, and unhappiness as someone who has unachievable life goals. Be careful what you aim for.

markwilkinson

Wealth can be calculated with an, erm, calculator.

My calculator could certainly come up with bigger numbers if we didnt spend so much on foreign holidays each year. Would I feel wealthier having some extra digits on that calculator? Doubt it!

Wealth isn't just a calculation, its also about the one and only time you have, breathing air.

quotememiserable

OP, you say your net worth is about £4k. Really? Net worth is total assets minus total debts, not just total savings.