Just became a millionaire

Langtang

Ibrahim5 said:

jamesd said:

NannaH said:

Put this exact post on Mumsnet AIBU - I dare you 🤣

As well as possibly living in the SE of England. Nice earnings helps a lot with speed but only if you're not increasing spending as you increase the earnings.

The SE is where most of the UK's millionaires live, courtesy of housing values and the jobs paying enough to buy those homes then them inflating in real value over many decades. Doing it outside that area is more of a challenge.

Oh yes you don't get millionaires in the North. It's too grim. Get rich in the South and stay there please. I think some of them have moved to the Lake District pushing up property prices. Bad move. It's very grim there. Cold and rainy all the time. Best to stay down South where life is good.

You need to go much further "North" to find the Northern millionaires....

Flugelhorn

Ibrahim5 said:

jamesd said:

NannaH said:

Put this exact post on Mumsnet AIBU - I dare you 🤣

As well as possibly living in the SE of England. Nice earnings helps a lot with speed but only if you're not increasing spending as you increase the earnings.

The SE is where most of the UK's millionaires live, courtesy of housing values and the jobs paying enough to buy those homes then them inflating in real value over many decades. Doing it outside that area is more of a challenge.

Oh yes you don't get millionaires in the North. It's too grim. Get rich in the South and stay there please. I think some of them have moved to the Lake District pushing up property prices. Bad move. It's very grim there. Cold and rainy all the time. Best to stay down South where life is good.

It is cold and rainy and grim - 2 decades was enough, brought my dosh back  down to south west where the fuel bills are so much smaller 

Madrick

Flugelhorn said:

It is cold and rainy and grim - 2 decades was enough, brought my dosh back  down to south west where the fuel bills are so much smaller 

And sold your big coat 😂

Flugelhorn

  well I won't be buying a new one in a hurry 

Scrudgy

George Farthing, an expatriate British man living in America, was diagnosed as clinically depressed, tanked up on antidepressants, and scheduled for a controversial shock therapy when doctors realized he wasn’t depressed at all, he was just British!

Farthing, a man whose characteristic pessimism and gloomy perspective were interpreted as serious clinical depression, was led on a nightmare journey through the American psychiatric system. Doctors described Farthing as suffering from pervasive negative anticipation: a belief that everything will turn out for the worst, whether it’s trains arriving late, England’s chances of winning any national sports events, or his own prospects of getting ahead in life. The doctors reported that the satisfaction he seemed to get from his pessimism was particularly pathological.

“They put me on everything–lithium, Prozac, St. John’s wort,” Farthing says. “They even told me to sit in front of a big light for half an hour a day or I’d become suicidal. I kept telling them this was all pointless, and they said that was exactly the sort of attitude that got me here in the first place.”

Dr. Isaac Horney, a psychotherapist, explored Farthing’s family history and couldn’t believe his ears. Farthing spoke of growing up in a gray little town where it rained every day, of treeless streets lined with identical houses, and of passionately backing a football team that never won. Although Farthing had six months of therapy, he mainly wanted to talk about the weather. “I felt he wasn’t responding to therapy at all,” says Horney, who recommended electroconvulsive therapy.

Farthing takes up the story: “Hopeless case? I was all strapped down on the table, and they were about to put the rubber bit in my mouth when the psychiatric nurse picked up on my accent and said, ‘Oh my God, I think we’re making a terrible mistake!’ ” Identifying Farthing as British changed the diagnosis of clinical depression to rather quaint and charming. He was immediately discharged from the hospital with a selection of brightly colored leaflets and an I Love New York T-shirt.

A satirical piece reprinted from Living Lightly (Summer 2004), a quarterly magazine that covers people and organizations creating a positive and sustainable future; www.positivenews.org.uk.

Retireinten

My first thought is that your individual net wealth or for a couple? The two are very different. 

A few years older and we have over £1.1m in assets only IF I add in a value for my accrued and actuarially reduced DB at 60 (£15k annual pension x 20 +£21k lump sum =£321k).  So a long way from being individual millionaires. 

Retireinten

But I agree it is doable on decent salaries as opposed to just big salaries.  We are both basic rate tax payers, always have been and no plans to progress up the ladder.  Haven't always been the most frugal with money, husband is a bit of a spender too, but we always 'pay our future selves' before we commit to other spends. 

kimwp

I think it seems a bit show-off-ey to crow about accruing 1 million and say it's totally do-able when for a lot of folks it isn't. We all got to where we are by luck of who we were born to and resultant work ethic and financial starting point, people we came into contact with etc etc. For most people £90k+bonuses is megabucks.

bigfer

Four kids? Good luck with staying a millionaire......

Audaxer

Alexland said:

Prism said:

Just to be a little pedantic - you say my net worth, don't you mean our net worth? Having a million each and having a million shared are quite different.

My thinking is that to become millionaires we need to get to the point where our half of shared assets plus our individually held assets are for each of us worth at least a million.
Our house is shared and ISAs perfectly match but pensions differ, which we are part addressing in our long term contribution planning, but still it probably won't be until we reach around £2.4 million that my wife will herself be worth a million.

Surely if your shared joint assets are over 2 million, then you are both worth a million no matter who has the most? However another thought after reading your post - can someone of around 40 years old be classed as a millionaire if a significant part of that million is in a pension that they cannot access for years?