[Finance] What is 'rich' in 2023?

[luge]

Going to be harsh here. Anyone earning £150k and whinging/angry about their plight, should put their house on the market or let it out, moving down the ladder for a period. They’re not lifers stuck with the dwelling.

There was NO guarantee that mortgage rates would remain at 2% forever. I reserve my sympathy for the millions really suffering.

I hold little sympathy with those on that figure too. However most people under 40 in the south east and london who own a house or flat will have a whopper mortgage because that is just what the market is/was.

When we lived in a shit part of London, 1.5 bed shit flats were going for a minimum 375k rising to about 500k for a two bed. That was your entry level purchase in zone 4.

 

[Guinness Boy]

Anyone borrowing 750k to buy a house will also be driving around in a top end car as will their spouse. They can get rid of them for a start to save some money. Perhaps their poor children might have to catch the bus to school for a while or, god forbid, walk. If they're not at boarding school of course.

Over simplified. 750k gets you two luxury dwellings in the best local area in County Durham and a flat in central London.

 

[Guinness Boy]

The way you lord it up on here anyone would think you are landed gentry.

The way you post anyone would think you're an old, banned poster with a chip on their shoulder who once pretended to be a traffic warden.

 

[warmleyseagull]

Ha! Yes probably.

I read an article the other day suggesting you need £204K a year to have 2 kids in private school, couple of nice holidays and nice detached house now. That is insane. The idea of a Consultant Cardiologist, for example, being unable to have kids in private school, seems unbelievable somehow.

Bank of Mum and Dad is often source of private school fees.

 

[warmleyseagull]

Confusion of income vs. wealth on this thread. It is perfectly possible to be rich on one and poor the other. Compare single person with £100k salary on the razz and exotic holidays but zero assets with someone living in £1m+ house on state pension. Who is richer?

 

[Guinness Boy]

Confusion of income vs. wealth on this thread. It is perfectly possible to be rich on one and poor the other. Compare single person with £100k salary on the razz and exotic holidays but zero assets with someone living in £1m+ house on state pension. Who is richer?

Yup.

Not to mention some horrendous misunderstandings of what class means, what wealth means, what the property market looks like, and the use of the Oxford comma.

 

[Herr Tubthumper]

The way you post anyone would think you're an old, banned poster with a chip on their shoulder who once pretended to be a traffic warden.

 

[Sheebo]

Genuine question… What do people think is a good wage for the South East, circumstances aside….

Would you say £50k-£60k a year is a decent wage for example?

 

[BevBHA]

Genuine question… What do people think is a good wage for the South East, circumstances aside….

Would you say £50k-£60k a year is a decent wage for example?

50k is around £3100 a month net take home. Circumstance dependant of course, let’s say a family. Cheapest 3 bed house for rent on Rightmove right now in Brighton/hove is £1800 per month. Take bills etc into account and there’s not a lot left for a 1 income household. However with a partner even on 20k a year I think it makes for a fairly comfortable lifestyle.

 

[Triggaaar]

I have always agreed with the George Orwell idea that class is based more on your values, beliefs and traditions than wealth. With this in mind I have always felt I’m working class.

You're definitely not working class, and George wouldn't class you as that either. You're more petty bourgeoisie

 

[dazzer6666]

Genuine question… What do people think is a good wage for the South East, circumstances aside….

Would you say £50k-£60k a year is a decent wage for example?

You can’t really put circumstances aside though - 50-60k for a 25 year old still living with their parents is great, but for a single-income family with a couple of kids, big mortgage or rent, car and say a 5kpa season ticket for their London commute which is very common in the SE things are probably very tight.

 

[Questions]

Bank of Mum and Dad is often source of private school fees.

The bank of mum and dad from a well to-do middle class family. I work for a couple who had all 3 at private school. It was crazy money

 

[Icy Gull]

You're definitely not working class, and George wouldn't class you as that either. You're more petty bourgeoisie

Well quite and dining in 1901 with a taste for champagne and having a man bag, whilst going to a concert once a week moves you well away from working class

 

[Triggaaar]

Well quite and dining in 1901 with a taste for champagne and having a man bag, whilst going to a concert once a week moves you well away from working class

His argument is that Orwell says it's based on your values etc, but (assuming he was referring to 84) Orwell didn't say that.

It seems popular to be working class and complain about the middle classes - Herr Tub wants to live the life of the wealthy while pretending to be a man of the people. It feels a bit distasteful really.

 

[BN9 BHA]

- 50-60k for a 25 year old still living with their parents is great,

Especially when they are paying some “housekeeping” and parents are saving it up to give them back when the finally move out.
They can’t afford to get on the property ladder these days, you have to feel sorry for the young people

 

[Herr Tubthumper]

His argument is that Orwell says it's based on your values etc, but (assuming he was referring to 84) Orwell didn't say that.

It seems popular to be working class and complain about the middle classes - Herr Tub wants to live the life of the wealthy while pretending to be a man of the people. It feels a bit distasteful really.

It’s from The Road To Wigan Pier, not 1984.

 

[Triggaaar]

It’s from The Road To Wigan Pier, not 1984.

Fair enough, I don't know it.

But seriously, you are definitely not working class.

 

[Live by the sea]

It’s different in this country to the States . I do think family , education level & your job all contribute towards your so called class level .

For example a family where both parents are degree educated , both professionals and send their kids to a private school are deemed as middle class .

A PL footballer who earns more money but isn’t degree educated and whose wife was a dancer or hair stylist is deemed working class despite sending their kids to the same private school .

 

[Triggaaar]

A PL footballer who earns more money but isn’t degree educated and whose wife was a dancer or hair stylist is deemed working class despite sending their kids to the same private school .

Classes are used by sociologists and governments etc to understand demographic opportunities etc. None of them would class a wealthy PL footballer and their family as working class.

 

[Weststander]

Genuine question… What do people think is a good wage for the South East, circumstances aside….

Would you say £50k-£60k a year is a decent wage for example?

Imho it depends on the household.

A couple, each on £40k plus in jobs they enjoy, can be good.

Whilst a single breadwinner earning £60k may be finding life a struggle.