Topgun wrote:
Quote:
Are you saying I'm wealthy?
Hi Big Nev,
Let's review the details you provided & see the impression it creates;
1. Owner of a house free from a mortgage, definitely an asset.
2. Owner of an apartment you claim to be a millstone, but is viewed as an asset, however much it has depreciated. Current value undeclared, but let's assume not less than say £60,000?
3. Receiving a pension "slightly above the threshold to pay tax", not too shabby!
4. Assets paid for "after 30 years of hard work", hardly an above average length of time. Im guessing you retired in early middle age?
5. Rainy-day fund declared of £10,000 in cash. Not stated, but assumed this is attracting interest?
6. Sufficient income to be able to afford declared recent trip to America, hardly a cheap option.
So compared to the average Joe, in answer to your question Big Nev, I'd say you were relatively wealthy IMHO.
Let's answer your points TopGun
1. Mortgage free after paying it off over 30 years
2. Apartment also bought with a mortgage whilst working
3. The tax threshold is £11500 so just above makes it less than the average earnings in UK and less than I would get if I was on minimum wage!
4. The assets were paid for over a 30 year mortgage term, I actually worked for 43 years.
5. The rainy day fund includes current account balance...no interest, and bank deposit at an enormous 0.5% interest. Funded mainly by the lump sum paid when drawing pension down.
6. American trip saved and scrimped for over the last 3 years. Even people on benefits take foreign holidays. I wouldn't say that spending £2500 was extravagant for 2 people after 3 years saving.
So if you call that wealthy you must be very badly off. I pity you.