Just became a millionaire



  • Albermarle
    Albermarle Forumite Posts: 18,846
    10,000 Posts Fifth Anniversary Name Dropper
    Audaxer said:
    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?
    There are numerous different definitions of what is a millionaire .
    In popular culture it does not mean a Million in assets , or even two Million . It means a Million in cash/spare money that you can blow on fast cars, yachts etc if you want to 
  • justcheckin
    justcheckin Forumite Posts: 114
    Fifth Anniversary 10 Posts
    Agree with Albermarle. 

    The numbers which you describe are great OP and if you keep your standard of living fairly modest you can retire early and live comfortably.

    Unfortunately, so few people understand how little a million pounds buys you (especially if a fair chunk of it is tied up in your principal dwelling) that all saying this is going to achieve is everyone else in the pub thinking the drinks are on you, when they aren't.

    You are doing really well with your savings, and congratulations  :)
  • zagfles
    zagfles Forumite Posts: 19,853
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    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 
    South west gets more rainfall than the north east. It is warmer though. But personally I prefer cold and dry to warm and wet.

  • MallyGirl
    MallyGirl Forumite, Senior Ambassador Posts: 6,319
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    Senior Ambassador
    We are here or hereabouts - I need half the house equity, OH doesn't. South East house prices have undoubtedly helped.

    The point about stretching is really important. I started ramping up the exercise a bit as part of operation "Retire Early in a fit state to enjoy it". I now run once or twice a week, do a basic stretch class and a harder yoga/Pilates class each week and fit in the odd swim here and there on top of the daily dog walk. Looking around the yoga class there are some very flexible people - I am not yet one of them as a result of starting at 54. Touching toes is easy but anything involving sitting crossed legs is dire :blush:

    I am naturally more frugal and OH isn't but that is why he leaves all the finance to me. If we go to town he is all 'let's have a coffee' and I am all 'there's a kettle and a coffee machine at home'. I usually prevail. We do still like our gadgets though and the phrase 'fast car arms race' did appear in the best man's speech at our wedding.

    Much of it is luck - I happen to be good at something that pays quite well. I have friends who are brilliant and passionate about their work but it just doesn't pay a lot. They are happy in their jobs which is good as early retirement just wouldn't be possible.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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    All views are my own and not the official line of MoneySavingExpert.
  • Langtang
    Langtang Forumite Posts: 420
    Part of the Furniture 100 Posts Name Dropper Photogenic
    Scrudgy said:

    George Farthing, an expatriate British man living in America

    To turn the tables slightly.

    A rather audacious American Framer was speaking to his British counterpart.

    "You know, my farm is so big that it takes me 4 days to drive around it"

    "Yes" said the British farmer "I used to have a car like that, too"
    It'll be alright in the end. If it's not alright, it's not the end....
  • Albermarle
    Albermarle Forumite Posts: 18,846
    10,000 Posts Fifth Anniversary Name Dropper
    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!

    At least we have a good sense of humour ( if you discount the hate mobs on Twitter ) . Probably because we need it !
  • ex-pat_scot
    ex-pat_scot Forumite Posts: 673
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    "wealth" is rather subjective.
    Clearly depends on currency, for a start.
    Hard to measure, for another. I have no interest in the value of my house, save an estimate for insurance and mortgage purposes.  Equally, my extensive cycle fleet is worth a lot more as a collection of parts than as complete bikes.
    FInancial wealth can be complicated - CETV can be a poor proxy for the true value of a DB, for example.

    I view my "wealth" in terms of:
    - access to savings. Do I have enough to cover the bills, pay for emergencies and not to worry about dealing with unexpected challenges?
    - stable income. Do I have enough coming in to comfortably provide for my family, our needs, and most of our wants?
    - health. Am i spending enough time on essential maintenance, including exercise, diet, rest and mental resilience?
    - family. Are they resilient, supported and loved?
    - retirement. Do I have (or will I have) sufficient to generate a comfortable later life for us?

    Obviously I can measure my salary, and can monitor the retirement funds.  
    The one figure I track is the pension, and that is what  I see as my "wealth" in its simplest terms. It's what I will be able to spend.
  • Anonymous101
    Anonymous101 Forumite Posts: 1,866
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Surely when people refer to "millionaires" they mean net worth?

    All the other definitions are measuring something else entirely. Liquid / illiquid assets, people's FI pots, Spending power, ISA / pension / cash balances etc etc are all far too subjective. The only objective measure has to be total net worth. Whether you plan on spending it or not is totally irrelevant.
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