715,000 Millionaires in UK - are you one of them?

ChesterDog

rich11 wrote: »

I have less than £16k in actual savings however I own 4 business' outright and I have 2 properties also outright so I am just about there

I go for a pint on Friday nights and always get ribbed by my mates 'Its ok for you you dont have to worry about money' I am there dressed at George from Asda they are there with their £300 shirts and £200 trainers drinking expensive shots looking forward to a 2 day bender.

I'm looking forward to 3 pints and a 6am start at work tomorrow

George at Asda? Luxury! You don't know how lucky you are. My wife makes our clothes out of old shoeboxes... :-)

Archi_Bald

OP, I sell high quality "I Am A Millionaire" badges. Various designs available. Special discounts for those who outed themselves as millionaires on the MSE forum, e.g. just £1 each for orders of more than 999,999. Hurry whilst stocks last.

Sample:

missyrichards

That made me calculate our net worth as I haven't done it for a while, definitely not a millionaire, yet.:rotfl:

kidmugsy

racing_blue wrote: »

Included is net property, net financial, physical and private (but not state) pension wealth

Excluding State Pension wealth means that the definition is a lie i.e. it has been adopted with intention to mislead. A quid from your OAP is identical to a quid from your occupational pension.

jimjames

rich11 wrote: »

I go for a pint on Friday nights and always get ribbed by my mates 'Its ok for you you dont have to worry about money' I am there dressed at George from Asda they are there with their £300 shirts and £200 trainers drinking expensive shots looking forward to a 2 day bender.

Exactly! Some people don't see the connection between their high spending levels and their lack of cash or savings. I might drive a £500 car but own 3 properties because I make different choices on where I spend my money.

atush

kidmugsy wrote: »

If you have FS pensions (and State Pension) do you multiply the annual pension by (say) 30 to attribute a capital value to it?

x20 I think, if pensions are included

jimjames

kidmugsy wrote: »

Excluding State Pension wealth means that the definition is a lie i.e. it has been adopted with intention to mislead. A quid from your OAP is identical to a quid from your occupational pension.

It is identical for income but not for the capital value. You can't pass on the value of your state pension, you can do with a private one.

atush

jimjames wrote: »

Based on that definition I'd expect a large number of technical millionaires. I'd guess that most of them certainly don't feel that rich as the money isn't easily accessible. It's not the same as having £1million in the bank.

With that definition we have been for some time, but it doesn't really make you feel wealthy. AS it isn't liquid. As we are too much % in property.

When we downsize, between us we will be in liquid terms w/o counting property.

But we live in an expensive place. So we wont be bathing in champers I assure you.

missyrichards

Our net worth is about £600k which is good I suppose, but I've only been concentrating on it for a couple of years. I feel like I'm getting more frugal and careful the more I think about money.:D

I wish in some ways I could go back to the old days when I just spent what I liked.:o

Pincher

Ever since I heard about Coutts, about 30 years ago, I had a bar to measure with. Simple, if I had an account with Coutts, I must have made it.

Amusingly, I got a job, had a few thousand to save, and Coutts was doing a PEP ( pre-ISA ). £6,000 , and I had a PEP with Coutts. Hurray, made it. I can now retire from life, and retreat to Tibet to meditate and ascend to a higher level of existence.

Sadly, there is a level II,

http://www.ft.com/cms/s/2/8f819d86-6a8d-11e0-a464-00144feab49a.html#axzz3k7sVR7Ct

"The bank is now asking for new customers to have investable assets of £1m plus, up from its previous guideline of £500,000 upwards, that can be placed with the bank straight away."

I have a suspicion it's actually £2million these days.

I thought it's a fairly objective bar.

Unfortunately, some guy I know says he dated this woman who whipped out a Coutts credit card, which she qualified not by having her own money, but because an ex-boyfriend sponsored her somehow.

Cheating Jezebel totally ruined my metric for self-worth.
Now I just want to become a toyboy, kept by Madonna.
I'm pretty sure she's older than me.