Do Britons Feel Rich Or Poor?

[moedo12]

Couple of interesting cases but some big reality checks needed for some, particularly these in my opinion,

Do Britons feel rich or poor?

If your household income is £1m a year, you're well-off, right? And if it's £17,000, you must be hard up? Not necessarily… We ask people living in Britain, from all walks of life, whether they feel rich or poor, with surprising results

The managing director, 34, London

Married to a freelance photographer, two children. Household income: £100-150,000. She earns £60,000; he can earn more, but it's variable. Have a mortgage on a six-bedroom home and rent out a flat worth £500,000. No savings.

Do you feel rich or poor? "Rich on paper – but in reality we're poor."

"What we are is the forgotten middle. By no means do we have a flash lifestyle. We went to the cinema the other day and spent £50. It was easy. You have two cinema tickets on a Friday night, you have a cheap meal; by the time you've bought yourself a drink and paid for parking, it's £50.

"We couldn't even afford to buy our home, just my husband and me; we had to buy with my brother-in-law. You're going to laugh now – it's a six-bedroom house, but that's because we took on a doer-upper. The mortgage is crippling – £2,600 a month. Once you've paid the mortgage, your nanny, bought food and fed everybody, there's really nothing left.

"A travel card is £112 a month. The commuter belts have become very expensive, too, so I'm not sure you gain anything by moving outside London. You feel like you're being swallowed up by the cost of daily existence.

"This is absolutely universal. I went out for dinner with a friend recently and we spent a lot of the evening talking about how difficult it was to make ends meet these days. Her husband's a banker; she doesn't work."

The businesswoman, 45, London

Rich/poor businesswoman

The businesswoman: 'During my first marriage I had a private plane, a house in Monaco, my Bentley. I will not expect anything less.'

Lives with her partner, a financial analyst, and her two children from a previous marriage. Household income: £1m a year. She owns a £3m business from which she takes £100,000 a year; he brings home £900,000 a year.

Do you feel rich or poor? "Rich, but it's not enough."

"I walked out of my first marriage and I had nothing. I had jewellery, so I pawned all that, and I taught yoga – that paid the school fees. The two things that for me were non-negotiable were that I was entitled to live the life I'd always led; and that the children were entitled to an education that was the best I could afford.

"During my first marriage, we made a lot as tax advisers. I had a private plane, a house in Monaco, a house in London. I had my Bentley; in fact, we had lots of cars. I can do it again; I will not expect anything less than that.

"I rent a very nice house; the children have piano lessons. But I feel that I just barely get by. I still worry. Can I afford this? I don't shop for myself at all. I don't know how much I'd have to have to feel comfortable to do that. I've put everything into the business.

"To me, money is a form of expression. I need nothing. Do I want? Hell, yes."

http://www.theguardian.com/money/2012/sep/14/do-britons-feel-rich-poor

Edited April 6, 2015 by moedo12

[righttoleech]

So why are you renting out a second property yesterday up despicable sacks of $hit?

[righttoleech]

You despicable etc

[renting til I die]

Wow...

"We had a cheese party, and one of the girls was talking about how she had spent £8 on a cheese and someone else had spent £3, and she found that really out of order. I didn't say anything at the time, but if you can afford to spend £8 on a cheese, that's fine for you!"

Got to worry about those important aspects of life! Instead of thinking it was out of order, she should have thought 'gezzzz, I'm a mug'

Edited April 6, 2015 by renting til I die

[winkie]

Not much money is needed to get by in life.....you feel rich when you have your health and independence, feel safe and secure with good trustworthy people around you, nobody that you need to impress......richness comes from sharing resources...... Rich people are only there to help keep others in riches.

[Dorkins]

My 1920s-born working class grandfather left school at 14. By 30 he was married with two children, a stay at home wife and had a secure tenancy on a newly built council semi where he and my grandmother lived until they passed away. He worked full time as a railway guard. He and his family used to take foreign holidays to visit relatives on the continent.

My girlfriend and I are about that age, we both work full time and both earn significantly more than both the local and national average salary. We are on 2 months' notice for a privately rented 1 bedroom flat. When the contract was last up for signing we tried to negotiate a 2 year contract but the landlady refused saying that she'd been advised it was better to keep things flexible in case something went wrong.

No doubt the ONS would tell me that my girlfriend and I are several times better off than my grandfather and his family were in the 1950s.

Edited April 6, 2015 by Dorkins

[Dorkins]

Not much money is needed to get by in life.....

Try telling your landlord that.

[winkie]

Try telling your landlord that.

High insecure rents help keep others rich........avoid renting from the wrong type of landlord, or question yourself who you are really working for.

[wish I could afford one]

Not much money is needed to get by in life.....you feel rich when you have your health and independence, feel safe and secure with good trustworthy people around you, nobody that you need to impress......richness comes from sharing resources...... Rich people are only there to help keep others in riches.

+1 to this. I've found that since I opted out of consumerism and any form of keeping up with the Jones's my health and well being sky rocketed. As you say to live a rich life doesn't take a lot of money. My FI strategy is heavily weighted towards getting the independence and security that you highlight. Once there my health and well being should step up another notch or two.

[shindigger]

Im struck by the savings to income levels. Some of them are pulling in a relative fortune, and have ****** all put by.

People should really be aware that they may not always have the sun on their back.

Some of these characters would be financially finished inside 6 months if they had a calamity in their lives.

Edited April 6, 2015 by shindigger

[Ultra Fox]

For me, both of these people sum up with what is wrong with modern life.

[shindigger]

For me, both of these people sum up with what is wrong with modern life.

There's plenty more to get revved up about in the full article.

[wish I could afford one]

Im struck by the savings to income levels. Some of them are pulling in a relative fortune, and have ****** all put by.

Exactly and in 40 years they'll be in the same place. Over the years I've continually worked to both increase earnings and simultaneously reduce spend. These people do exactly the opposite - increase earnings and then increase spend at an even faster rate leading to debt.

I scored a bit of flack when I first published this post which showed just how much of an effect high savings rates can have on your life taking us nicely back to winkie's point.

I'm now at the point where I save 55% of gross earnings. I'd say this has been one of the most profound discoveries that will allow me to retire early after less than 10 years from being just like "every other punter".

[wish I could afford one]

There's plenty more to get revved up about in the full article.

I think I'll pass. These people lead a life that I don't even have a tiny amount of interest in. Maslow teaches us that one first needs physiological, safety, love/belonging and esteem. Once we have that we can then go for self-actualisation. Nowhere that I'm aware does he say you need a 6 bed house, a BTL, a nanny, a plane, a house in Monaco or a sense of self entitlement that is so large you can't jump over it. Unbelievable.

[shindigger]

I think I'll pass. These people lead a life that I don't even have a tiny amount of interest in. Maslow teaches us that one first needs physiological, safety, love/belonging and esteem. Once we have that we can then go for self-actualisation. Nowhere that I'm aware does he say you need a 6 bed house, a BTL, a nanny, a plane, a house in Monaco or a sense of self entitlement that is so large you can't jump over it. Unbelievable.

Yes indeed. *tokes on pipe*

I like to see these scenarios written down though, just so i am always completely sure i don't need ANY of it.

[wish I could afford one]

Yes indeed. *tokes on pipe*

I like to see these scenarios written down though, just so i am always completely sure i don't need ANY of it.

I'm also sure I don't need any of it. Life really is too short. I've found that going in exactly the opposite direction to this glamorous herd life is surprisingly uplifting and fulfilling.

[LiveinHope]

I'm also sure I don't need any of it. Life really is too short. I've found that going in exactly the opposite direction to this glamorous herd life is surprisingly uplifting and fulfilling.

I enjoy not being part of the materialistic madness too.

I almost observe others as a different species, but thankfully, not as another race.

[wish I could afford one]

I enjoy not being part of the materialistic madness too.

I almost observe others as a different species, but thankfully, not as another race.

Once you head away from consumerism and materialistic wants you really do wonder what all the fuss was about. For the last 7 or so years the question I haven't been able to answer though is why don't more people do it? I know government and the corporate marketing machines really ram it all down our necks but the benefits of the other side are so positive that I struggle to see why it doesn't win out over all the words.

[LiveinHope]

Once you head away from consumerism and materialistic wants you really do wonder what all the fuss was about. For the last 7 or so years the question I haven't been able to answer though is why don't more people do it? I know government and the corporate marketing machines really ram it all down our necks but the benefits of the other side are so positive that I struggle to see why it doesn't win out over all the words.

Why don't others do it ? Because they don't have the imagination.

However, in my experience, despite their hoarding and exclusion of those that don't follow the mantra, they are nevertheless consumed by jealousy, as they feel that despite their materialistic lifestyle and all their toys, they don't seem as happy as people that have less.

[Executive Sadman]

For me, both of these people sum up with what is wrong with modern life.

Its the keeping up with the jones'es mentality.

In Sudan, man with nothing feels hard done by because his neighbour has a donkey, he only has his feet and sandals.

In Morocco, man feels hard done by because his neighbour has a moped, he only has a donkey.

In turkey, man feels hard done by because he only has a moped, his neighbour has a Ford Fiesta.

In Spain, man feels hard done by because he only has a Fiesta, neighbour has a mercedes.

In London, man feels hard done by because he only has a mercedes, neighbour has bentley and chauffer...and so on.

Isnt this what consumerism is all about? I almost felt like punching a mate of mine the other week (whose on a considerably higher salary than me, by a magnitude of about 5), got a very nice mid six figures inheritance, has a half million pound house and was also gifted a quarter of a million pound house to rent out by wifes dad...because he was moaning about how hard it is to survive, paying the gym membership (which he never uses), the full sky package (which he never uses), and how much the wife's horse is costing. He's just hit 30....refuses to come with me to wetherspoons to pay £2 a pint...insists we go next door and pay £4.50 a pint because the people are a better class or something.

Bear in mind we both grew up in similar circumstances, he was scrimping too in our university days, and now he's got the full Cheyrl Cole 'im alright jack attitude'

Oh, and like Cheyrl Cole, he's a labour voter...though shockingly enough doesnt work in the public sector (although being in pharma, perhaps most contracts come from the public sector)

[wish I could afford one]

Why don't others do it ? Because they don't have the imagination.

However, in my experience, despite their hoarding and exclusion of those that don't follow the mantra, they are nevertheless consumed by jealousy, as they feel that despite their materialistic lifestyle and all their toys, they don't seem as happy as people that have less.

That's the competitive keeping up with the Jones's bit coming through though isn't it. I've found that the sooner you realise that life is about self fulfilment/actualisation and not a competition of who has the bigger wil*y the better off one is because it leaves more time for what's really important.

[council dweller]

I live on amount equal to dole money (includes half my rent + ct) (£70)

Have a reserve of 50 to 70k.

Am I rich or poor?

I guess there comes a time when you don't have to answer that.

[wish I could afford one]

...

In Sudan, man with nothing feels hard done by because his neighbour has a donkey, he only has his feet and sandals.

In Morocco, man feels hard done by because his neighbour has a moped, he only has a donkey.

In turkey, man feels hard done by because he only has a moped, his neighbour has a Ford Fiesta.

In Spain, man feels hard done by because he only has a Fiesta, neighbour has a mercedes.

In London, man feels hard done by because he only has a mercedes, neighbour has bentley and chauffer...and so on.

...

Nice example demonstrating the life competition. It's a game others can have all to them self now.

[wish I could afford one]

I live on amount equal to dole money (includes half my rent + ct) (£70)

Have a reserve of 50 to 70k.

Am I rich or poor?

I guess there comes a time when you don't have to answer that.

The answer to the question is not relevant to life IMHO. It's certainly a question I'm not even interested in answering because it means nothing to me.

[billybong]

What you need is enough to eat and drink, warmth and shelter.

A private plane - so poor

The "guardian" should be ashamed to publish such an article.

Edited April 6, 2015 by billybong