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Thread: Would you consider this to be a position of wealth?

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    xjay1234's Avatar
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    Would you consider this to be a position of wealth?

    So example after somebody pays ALL their outgoings each month.

    Mortgage, Gas Bill, Water Bill, Electric Bill, Car Insurance, Council Tax, Car Petrol, Car Payment, Groceries, Gyn Membership ^_^

    After paying all those outgoings are left with £600($995) for themself, would you say that person is wealthy?

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    Quote Originally Posted by xjay1234 View Post
    So example after somebody pays ALL their outgoings each month.

    Mortgage, Gas Bill, Water Bill, Electric Bill, Car Insurance, Council Tax, Car Petrol, Car Payment, Groceries, Gyn Membership ^_^

    After paying all those outgoings are left with £600($995) for themself, would you say that person is wealthy?
    Yes, especially if they're single.

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    Not if you have kids

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    Depends the country you live in. Not in America.

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    no children lol
    Quote Originally Posted by Mp859 View Post
    Not if you have kids

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    Quote Originally Posted by jesse4466 View Post
    Depends the country you live in. Not in America.
    $950 is not a lot of money in America?

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    The real measure of wealth is how much money you have.

    You don't own your own home or your own car in any event so it's irrelevant how much money you might have at the end of the month.
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    I would say especially in America, Where 1% owns 99% of the wealth. To have a thousand dollars left for yourself each month and pay all those bills and assuming that they have the latest technology as well and that would by default put them in the top 15-20%.. you CANT save that much paying those bills etc. if you make 70,000

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    My view is a little skewed perhaps. I'll gracefully bow out of the conversation.

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    Wealth, no. Comfortable, yes.

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    Yes of course having a hand in CAPITAL and PRODUCTION is wealth on an entirely different scale.

    Which is why some people choose to have a short Mortgage term of 10-15 years so they have serious residual income post Mortgage payments.

    Of course with that Mortgage payments would be much higher.

    But having a solid £600 (£950) for yourself each month after all outgoings and in a sensible career. I think that is a good position.

    knowing you can fly of anywhere and not have to worry about where to find the money.

    How I see it we all have to pay rent or Mortgage each month as we must live somewhere.

    It would be gorgeous to be able to pay for a brand new car outright, but not everybody is in that position =/

    I think in life it is about being comfortable, £600 for yourself I think is of comfort, a wise person would put at least 40% of that in a savings account.


    Quote Originally Posted by Back In Black View Post
    The real measure of wealth is how much money you have.

    You don't own your own home or your own car in any event so it's irrelevant how much money you might have at the end of the month.

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    Quote Originally Posted by JAB1 View Post
    Wealth, no. Comfortable, yes.
    But can that COMFORT be turned into wealth? I am sure it can.

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    Quote Originally Posted by jesse4466 View Post
    My view is a little skewed perhaps. I'll gracefully bow out of the conversation.
    Explain.

    Don't bow out.

    Is your chest high so to speak when it comes to spending money and the lifestyle you like?

    Is that why you feel $950 for yourself a month is not enough for you as an American?

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    Slightly more than 50% of Americans make less than 50,000 a year. 50,000 wouldn't be enough to pay those bills per year alone. They screw single people with taxes, and this person is saving 10,000+ per year and easily with all those payments. So i'd say annually, he's in the top 15-20%

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    Quote Originally Posted by xjay1234
    Explain. Don't bow out. Is your chest high so to speak when it comes to spending money and the lifestyle you like? Is that why you feel $950 for yourself a month is not enough for you as an American?
    Wealth is above being rich. Rich is having lots of disposable income and spending it constantly like water. You hear about the rich and how they go poor because they don't think like the wealthy. Wealth is about investing, long term, lifetimes of savings, having fortunes, inheritance, true assets, appreciation, etc. That is wealth first off. Second, an extra $950 a month wouldn't even be considered rich. What can you do with an extra $950 a month? Not much. If you are smart you will save it all. In 5 years you have 60k. While it's nice to have an extra $1,000 per month it's by no means defining the words rich or wealthy. Perhaps 'above average' would be more fitting term for Americans.

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    Quote Originally Posted by davidtheman100 View Post
    I would say especially in America, Where 1% owns 99% of the wealth. To have a thousand dollars left for yourself each month and pay all those bills and assuming that they have the latest technology as well and that would by default put them in the top 15-20%.. you CANT save that much paying those bills etc. if you make 70,000
    Yes, that is true the elite 1% of America their wealth is stupendous!

    Not hating on them because in a way a capitalist world makes you become a GO GETTER.

    What pi55es me off though is that elite 1% that don't pay the tax they should and then the middle class that are only on £23,000 AFTER TAX are getting squeezed!

    But if all boils on your Mortgage payments because as I said the the other user, some people would rather have a full 25 year Mortgage with cheap Mortgage of £500-£600 a month.

    Or have a short Mortgage payment of 13-15 years that is £900 a month.

    But most people would rather be comfortable their whole life,and have money left over like £600+ a month cos then you are laughing you can easily save that and put that into stock and have that grow even more.

    But yeah.....

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    Okay well you re right WEALTH is above RICH you are correct.

    The issue is in the west WE ALL ARE GUILTY OF IT! We are financially illiterate!

    We buy the latest iPhone, Latest Car, Latest iPad buying stuff only because it is available not because we need it! Not saying treating yourself is bad OF COURSE NOT but you know what I mean.

    So as a result a lot of people in the West are always in debt. And end up working to LIVE rather than living to WORK. All in the name of keeping up with the joneses.

    So back to what you said yes Bill Gates etc wealthy, but then average Joe that is on an average wage and can hold back £600($950) for themself each month after paying all their outgoing I think that person is wealthy in their own way wouldn't you say?

    Especially in today's time where people have to get emergency payday loans to meet certain regular bills.

    Now as I said to that other user if that person that holds back $950 (£600) a month was smart yes they would put that in savings and put that into stock of some sort or put at least 30 - 40% of that figure away and put that into capital.

    So I think you can agree with me that having that amount of money for yourself is a GREAT position to be in and then can end up being a FABULOUS position.

    Of course the idiot would blow it all off each month and goods that are not fully needed and then as a result won't have nothing of note to their name, except their house which they would own out right in 20+ years time lol.


    Quote Originally Posted by jesse4466 View Post
    Wealth is above being rich. Rich is having lots of disposable income and spending it constantly like water. You hear about the rich and how they go poor because they don't think like the wealthy. Wealth is about investing, long term, lifetimes of savings, having fortunes, inheritance, true assets, appreciation, etc. That is wealth first off. Second, an extra $950 a month wouldn't even be considered rich. What can you do with an extra $950 a month? Not much. If you are smart you will save it all. In 5 years you have 60k. While it's nice to have an extra $1,000 per month it's by no means defining the words rich or wealthy. Perhaps 'above average' would be more fitting term for Americans.

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    You are rambling on bro.

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    Quote Originally Posted by davidtheman100 View Post
    Slightly more than 50% of Americans make less than 50,000 a year. 50,000 wouldn't be enough to pay those bills per year alone. They screw single people with taxes, and this person is saving 10,000+ per year and easily with all those payments. So i'd say annually, he's in the top 15-20%
    Yes, depends as well with your Mortgage payment because that really is the chunk!

    In England of course we have Income Tax, National Insurance Tax and Student Loans Tax (for those that went Uni)

    Which is why when jobs are advertised i.e. £30,000 a year, I knock off at least £5,000+ because that is all going to be the instant tax crap.

    But yeah cool conversation =]

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    Quote Originally Posted by Mp859 View Post
    You are rambling on bro.
    I am just replying to the comments.

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    I would take the grand go to a casino and triple it.
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    haha Red or Black?

    Quote Originally Posted by diesel101 View Post
    I would take the grand go to a casino and triple it.

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    No, wealth is having no idea what you owe or what your monthly bills are or how much you have at the end of each month.

    You never have to ask how much something cost because you have people who do that for you.
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    Quote Originally Posted by xjay1234 View Post
    haha Red or Black?
    Always bet on Black!
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    I'd agree, that would define as comfortable.

    When it comes to the point you could purchase ANYTHING without having to borrow money, thats where I'd draw the line of being wealthy

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    Wealth to me means; so much money that I pretty much can't fail if I stay somewhat smart with it

    In the US I would say @ least 500k in free asset + a semi substantial income. Even this could be considered not enough depending on the debt to asset ratio.
    Last edited by < <Samson> >; 08-22-2014 at 05:09 PM.

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    Wealth to me is bill gates and those arab princes

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    You are speaking on these sky high celebrites that can go to these bars and get drinks without paying and even are GIVEN sports cars for FREE and they can pay for it!



    Quote Originally Posted by lovbyts View Post
    No, wealth is having no idea what you owe or what your monthly bills are or how much you have at the end of each month.

    You never have to ask how much something cost because you have people who do that for you.

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    Quote Originally Posted by Euroholic View Post
    Wealth to me is bill gates and those arab princes
    The Arab Prince, the world is drunk on the oil of Saudi Arabia. =] That is what makes the Saudi Arabian Kingdom wealthy.

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    Quote Originally Posted by < <Samson> > View Post
    Wealth to me means; so much money that I pretty much can't fail if I stay somewhat smart with it

    In the US I would say @ least 500k in free asset + a semi substantial income. Even this could be considered not enough depending on the debt to asset ratio.
    Good to be some what cash rich and asset okay =]

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    Quote Originally Posted by hawk14dl View Post
    I'd agree, that would define as comfortable.

    When it comes to the point you could purchase ANYTHING without having to borrow money, thats where I'd draw the line of being wealthy
    Depends what you want to purchase ^_^

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    For extended family members of the United Kingdom =]

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    Net monthly cash flow does not tell you anything about your wealth.

    What is your Net worth ( = your assets - your debt)? That's the important figure.

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    Quote Originally Posted by xjay1234 View Post
    You are speaking on these sky high celebrites that can go to these bars and get drinks without paying and even are GIVEN sports cars for FREE and they can pay for it!
    No, but I guess some of them would fall in that category. I'm speaking or either old school wealth that is inherited or people like Paul Allen, Gates or Coke brothers. That is wealthy.

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    Quote Originally Posted by lovbyts View Post
    No, but I guess some of them would fall in that category. I'm speaking or either old school wealth that is inherited or people like Paul Allen, Gates or Coke brothers. That is wealthy.
    Dont forget the cartels

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    ElChapo is wealthy

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    If you were wealthy, you would never be asking people if having $900 in your pocket at the end of the month is wealthy.

    And it's good that you have that bread though. I highly suggest you put that money in to your retirement fund. If your employer has a 401k (or whatever the UK's version of that is), I suggest you put in every penny that you're allowed. See $900 isn't really that much money, but if you put that in an investment account and compound that with $900 for every month you're working, at the end of your career, you will have a very nice nest egg.

    Most people spend everything they make and then some and when they should be retired, they can't so they keep working until death. If you live sensible and put away every dime you can, when you're ready to retire, you can. And to me, that's a better measurement of wealth then $900 at the end of the month.

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    Quote Originally Posted by xjay1234
    So example after somebody pays ALL their outgoings each month.

    Mortgage, Gas Bill, Water Bill, Electric Bill, Car Insurance, Council Tax, Car Petrol, Car Payment, Groceries, Gyn Membership ^_^

    After paying all those outgoings are left with £600($995) for themself, would you say that person is wealthy?
    Nope. Wealth defined by $$$ is short sighted. The wealthiest ppl I know don't have the biggest bank account.

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