How do you define wealth?

AlwaysLearnin

innovate wrote: »

If I am not mistaken, Halifax also do a 6% AER Reg Saver for children.

Yep. Plus a 3% saver

http://www.halifax.co.uk/savings/accounts/branch-accounts/

innovate

robatwork wrote: »

Oh and that "no strings" Lloyds one has a huge string - you need a Lloyds current account.

I don't consider that a string - opening a current account is a complete doddle. Some people on here have about 2 dozen current accounts....

You could even get 3% yourself with a Lloyds current account.

Dragonista

I think it's different for everyone. Personally it's about being able to fix the boiler if it break. Not having to "stress" about money per say.

FWIW I use a wealth management product with a minimum monthly deposit of around £300. I used an IFA for the best advice.

merlingrey

bitemebankers wrote: »

I'd define your wealth as simply a measure of your total assets, less your liabilities.

Wealthy, however, implies to me that you're better off than middle class, so, you'd have to be looking at wealth of at least £1m, plus.

Depends how you got your £1 million, if it was through skill then it is likely you'd be able to maintain that lifestyle, if it's through luck (like winning the lottery) then if you lost the money you'd not have any skill to get back to where you was.

Are lottery winners wealthy? no! they possess the utility value to become wealthy but if they was poor in mindset before (and they probably are otherwise why would they be doing lottery in the first place) then the poor management of money would probably carry on but just on a larger scale.

So they take out loans the same and eat into capital, do not live off income and so on until they are broke.

The lifespan of lottery winnings is 4-5 years on the main lottery statistically.

gallygirl

marathonic wrote: »

Wealthy: When the income from additional investments is sufficient to cover expenses, i.e. you could leave your job if you so wished

That's what I would say wealthy is. When passive (or minimal input) investment income can support your lifestyle. Obviously then it's very subjective - someone used to an expensive lifestyle would need much more passive income.

Looking ahead to retirement, a friend's parents & in laws were from different backgrounds. One had struggled in low paid jobs and retired with small pensions (putting a small lump sum into savings) plus state pension. Because they had always had a low income and lived frugally, suddenly they felt rich. Free bus passes meant they could pack a picnic and go out every day. They had savings to fall back on if there was a big bill, but frugal habits meant they never had to touch them. The others had always had a far higher standard of living. On retirement, with state pension and larger private pension, they felt impoverished as they had no money left after shopping in M&S and Waitrose and putting money aside for their next new car. It's not just income, but income less expenses.

Glastoun wrote: »

Income is how much you put into your mouth.

Spending is how much comes out the other end.

Wealth is the size of your stomach.

Wealthy is when your stomach is big enough to balance your hobbies on it.

Love this :rotfl:.

bitemebankers

merlingrey wrote: »

Are lottery winners wealthy? no! they possess the utility value to become wealthy but if they was poor in mindset before (and they probably are otherwise why would they be doing lottery in the first place) then the poor management of money would probably carry on but just on a larger scale.

Your blind criticism of lottery winners might count for something if you weren't borderline illiterate.

rich11

bitemebankers wrote: »

Your blind criticism of lottery winners might count for something if you weren't borderline illiterate.

How much did you win biteme?

Jegersmart

Wealth=happiness/contentedness

Nothing else makes sense imho.

J

Pitchshifter

To me, wealth is defined purely by the weight of the solid gold bullion I carry around with me. When it reaches a level where I am struggling to walk and my average pace slows to less than 0.5 miles per hour, that is the exact moment I consider myself wealthy,
My current average walking speed is 0.6 mph so the drag coefficient of my gold haul does not make me a wealthy person. Yesterday it was a different story, because I was weighed down to such an extent that my pace was 0.49 mph and I was wealthy beyond my wildest dreams!
Unfortunately I needed to get somewhere just slightly faster and had to purchase a small hand cart with some of my gold, my wealth has dwindled as my speed increased beyond my personal wealth/speed threshold.
Wealth is most certainly a heavy burden, I'd steer clear of it if I were you.

If money is your thing, you can use that to buy gold, at the moment it costs £30,530 per kg. Each kilogram slows the average persons walking pace by 0.25mph. An unburdened average person walks at 2mph, so in order to become wealthy they need to gain £183,180 and buy solid gold (at todays prices).

gadgetmind

Pitchshifter wrote: »

When it reaches a level where I am struggling to walk and my average pace slows to less than 0.5 miles per hour, that is the exact moment I consider myself wealthy,

A guy at work bought a high-end carbon fibre road bike with titanium twiddly bits. He was right proud and never shut up about how light and fast it was. On and on he went, well beyond what's polite.

Being his mates, we poured 100g of lead shot into his seat tube each and every day and then shook the bike so it settled well. It was weeks before he noticed and even longer before he worked out why his kerb weight was way out of spec.

The moral of this story is that you need to check your pockets carefully just in case your mates have filled your pockets with lead and spent your gold on beer.