How do you define wealth?

ohit

Student_of_£ wrote: »

How do you define wealth?

The number of days one can live their current lifestyle without the need to go to work.

racing_blue

The reality of wealth vs the feeling of wealth?

http://www.ons.gov.uk/ons/dcp171776_303450.pdf

Two observations from this publication:

A) 20% of households had wealth of over £610,600

only 51% of THOSE households contained at least one adult who strongly agreed with the statement "my income is enough to meet the cost of my everyday outgoings"

It seems to me that a lot of people ARE wealthy but don't FEEL wealthy - I don't understand that?

grey_gym_sock

the more ppl get, the more they spend. so they never have any more to spare. and then they feel trapped in their high-paid jobs (assuming that's where the money comes from - which it usually is), without which their "standard of living" would *fall* - which sounds awful, but isn't really.

YoungBusinessman

Its all about living withn your means. Then you will become wealthy when you can live withn your means with a passive income.

joe_mcclaine

I work with people who would consider themselves wealthy as they all have nicer postcodes than me, all drive newer cars than me and all take two holidays abroad.

Mortgages, loans and credit cards are why they see themselves as wealthy.

Today the grand total of ALL my debts in the World is £420.

I FEEL wealthy ... comparatively.

marathonic

joe_mcclaine wrote: »

I work with people who would consider themselves wealthy as they all have nicer postcodes than me, all drive newer cars than me and all take two holidays abroad.

Mortgages, loans and credit cards are why they see themselves as wealthy.

Today the grand total of ALL my debts in the World is £420.

I FEEL wealthy ... comparatively.

I think you are pigeon-holing people a little here. Gone are the days where people who are unable to afford repayments can release equity from their homes to buy brand new BMW's.

If someone nowadays is driving a car that you're jealous of, in most cases they will have been deemed able to afford it by the finance company (if they didn't buy it outright).

Kudos to you for being almost debt free but I wouldn't consider being debt free as a major achievement - we all start out that way and it takes very little effort or risk-taking to stay that way.

I'd say the chances of you knowing the true state of the finances of those you work with are slim - the stereo-typical person who uses debt to 'keep up with the joneses' doesn't boast about the debt they hold - nor do most people.