What level of salary makes you rich

[fowler9]

After last months holiday I would feel rich if I had a tenner. Ha ha. That said all my expenses are covered for the next week and a half.

 

[Bromley boy]

In actual fact I used the example of a semi in a decent area, both in London and the East Midlands. Owning a three bed semi in a decent area 30 minutes from the centre of London is not what I would call "doing rather nicely for yourself". All I've done is be realistic in terms of a decent family home in a decent area, both here in the SE and further north.

I think someone owning a 3 bed semi in a “decent” area (which in the smart bits of Richmond, Clapham etc. would now be well over £1m), particularly if they’ve owned for a few years, is going to be doing pretty well given this property’s value will have increased at a far higher rate than your cheaper comparator property.

Everything else being equal, someone owning such a property in london for the last 10-15 years is likely to be a few hundred thousand better off through capital increase alone than someone owning the same property in a cheaper area of the country.

The London owner will now have the equity to downsize to a mortgage free property, take a pay cut etc. should they choose to. This is probably a lot closer to a useful working definition of being “rich” than looking at someone’s income alone.

 

[Bevan Price]

You may have lots of money - but does it make you happy ? Or does too much money just encourage greed and wasteful spending on things you don't really need, use once or twice and then put away in some cupboard. You can be rich but miserable, or poor but happy. "Money can't buy me love" (Beatles).

As others say - there is no simple answer to the question. For basic living needs - home, food, etc., - you need more wages /salary to be "rich" in somewhere like London than in places with less unaffordable housing.

 

[Zamracene749]

This really. It's all relative.

 

[Barn]

You may have lots of money - but does it make you happy ?

Money doesn't make a person happy, but lack of money can make a person sad.