How much would it take for you to earn before you felt rich?
According to a recent report, 2.5 million UK households earn Â£88,000 per year – more than 3 times the national average household income.
Yet 90% of these people do not class themselves as rich – they reckon being rich means earning Â£150,000 per household, with a paid off mortgage, owning more than 1 property as well as being able to send their kids to private school.
Of course, the problem here is that it’s all relative. I don’t feel rich, yet looking from here, if our household was earning Â£88,000 I think I would be very happy. For families on lower incomes, I’m sure they be very happy living on what me, my partner and kids live on.
And earning a certain amount each year doesn’t necessarily mean you’ll be financially secure. If your spending expands to meet your income, which I often think is the case, then you might have nice stuff and live an extravegant lifestyle, but you still might not have the financial stability of someone who watches their pennies.
Do you feel “rich”? How much do you think you need to be “well off”?