What are the markers of wealth these days?

freedominacup

I know a man whose business turned over north of €3,000,000,000 in 2016. He drives the first new car he ever bought which is now 12 years old. Tbf he could have bought the dealership just as easily at the time. His house would have been regarded as big when he built it but wouldn't raise any comment if it was built today.
Still works most days. Loves his gaa. Loves to go on holidays with the family. Never been seen in a tux much less on a society page. Has a couple of county council tenants as near neighbours and has the full range of other income types on his road also.

None of the kids or grandkids ever darkened the door of a private school. Gives very generously but very privately to local causes usually families in severe and sudden hardship. You'll never know unless a recipient or fundraiser let's it slip.

Wealth markers me hole. Purely an urban phenomenon.

dxhound2005

freedominacup wrote: »

I know a man whose business turned over north of €3,000,000,000 in 2016. He drives the first new car he ever bought which is now 12 years old. Tbf he could have bought the dealership just as easily at the time. His house would have been regarded as big when he built it but wouldn't raise any comment if it was built today.
Still works most days. Loves his gaa. Loves to go on holidays with the family. Never been seen in a tux much less on a society page. Has a couple of county council tenants as near neighbours and has the full range of other income types on his road also.

None of the kids or grandkids ever darkened the door of a private school. Gives very generously but very privately to local causes usually families in severe and sudden hardship. You'll never know unless a recipient or fundraiser let's it slip.

Wealth markers me hole. Purely an urban phenomenon.

I wonder does he know as much about you as you know about him.

Malayalam

dxhound2005 wrote: »

I wonder does he know as much about you as you know about him.

Observation is a democratic activity. We are all allowed to quietly and wisely do it.

dxhound2005

Malayalam wrote: »

Observation is a democratic activity. We are all allowed to quietly and wisely do it.

Indeed. And it must take very sharp observation to know that someone gives very privately to good causes.

ytpe2r5bxkn0c1

sbsquarepants wrote: »

I know you're retired now, but did you not have a mortgage?


(you can have mine if you want, I wouldn't like you to feel left out:D)

Of course we did. We went in to a building society, asked, gave our details, waited two weeks, and got our mortgage (5 times combined wages at over 12%). Went to the bank for a bridging loan, as we were building ourselves, they gave the loan there and then. 18 years later we had the mortgage cleared.
Credit Ratings did not exist. And it would appear from Beasty and others above that they still don't so the original post by klaz stating a good credit rating was the indicator of wealth is incorrect as it turns out.

beertons

Seeing someone do their weekly shopping in m&s.

donegaLroad

freedominacup wrote: »

I know a man whose business turned over north of €3,000,000,000 in 2016. He drives the first new car he ever bought which is now 12 years old. Tbf he could have bought the dealership just as easily at the time. His house would have been regarded as big when he built it but wouldn't raise any comment if it was built today.
Still works most days. Loves his gaa. Loves to go on holidays with the family. Never been seen in a tux much less on a society page. Has a couple of county council tenants as near neighbours and has the full range of other income types on his road also.

None of the kids or grandkids ever darkened the door of a private school. Gives very generously but very privately to local causes usually families in severe and sudden hardship. You'll never know unless a recipient or fundraiser let's it slip.

Wealth markers me hole. Purely an urban phenomenon.

I know an atourney in Toronto. He makes a lot of money, Im sure.. but he drives an 06 Toyota Corolla

freedominacup

dxhound2005 wrote: »

Indeed. And it must take very sharp observation to know that someone gives very privately to good causes.

I know of two. I'm assuming others.

freedominacup

dxhound2005 wrote: »

I wonder does he know as much about you as you know about him.

Probably. It's a small parish.

jr86

Wealth is a professional footballer like Jermaine Pennant leaving a car parked illegally racking up months' worth of parking tickets and completely forgetting they ever owned the car

Now that's proper wealth

sbsquarepants

jr86 wrote: »

Wealth is a professional footballer like Jermaine Pennant leaving a car parked illegally racking up months' worth of parking tickets and completely forgetting they ever owned the car

Now that's proper wealth

That's a wanker!

Even if you have all that money, why just piss it away like that? If you can forget how many cars you own, you're just an austentatious prick.

freedominacup wrote: »

I know a man whose business turned over north of €3,000,000,000 in 2016.

3 billion? :eek: Really?
There can't be too many of those around the place!

jr86

sbsquarepants wrote: »

That's a wanker!

Well yes he was/is a complete head banger, but sure being offered obscene money from an early age hardly helps

sbsquarepants

jr86 wrote: »

Well yes he was/is a complete head banger, but sure being offered obscene money from an early age hardly helps

It's crazy alright. Hard not to think the sun shines out of your arse I suppose when people are fighting for the right to give you an average persons life time wage every month or even every week!

Look at the transfers this week - I'm working for maybe 25 years now - Alexis Sanchez will make the bulk of everything I've earned in that time between now and this day next week - he'll have far surpassed it by this day fortnight!

Still - there's just no excuse for buying a car and forgetting all about it on the side of a road somewhere. Pennants a knob end!

begbysback

jr86 wrote: »

Wealth is a professional footballer like Jermaine Pennant leaving a car parked illegally racking up months' worth of parking tickets and completely forgetting they ever owned the car

Now that's proper wealth

Probably more an indication of a bad memory

Maximus Alexander

The Rape of Lucretia wrote: »

Cars are clearly the key indicator.

Everyone knows what the ranking is, brandwise, modelwise, cost, and mainly, year.

People with more expensive, bigger, more prestigious cars are distinctly more successful in life than those with lesser models. Its such a good indicator that it envelopes you completely, and people notice the car before they notice you the person.

In a instant you can mark out someone for what type of person they are, what they earn, how much taste or discernment they possess, and whether they are someone you should look up to and give respect (and if you are lower than them, aspire to be like), or whether you can look down on them giving yourself a seratonin boost and feel satisfied that you are at least better than that person.

Nothing else does the job for this controlling function in society better than the car.

I have a feeling that this post might be sarcastic, and my detector is broken. But I drive the oldest most bangerish car out of my peer group, whilst earning second most and having the least debt, so I don't think this holds.

Sleepy

I think retiring early must be the greatest marker of wealth in modern times.

Caliden

donegaLroad wrote: »

I know an atourney in Toronto. He makes a lot of money, Im sure.. but he drives an 06 Toyota Corolla

Cars to some people are just a mode of transport.

Others would prefer spending 10/20/30k on a several really nice holidays.

Real wealth doesn't flaunt it, they're almost embarrassed to be wealthy.

Anyone that talks about their material possessions more than likely isn't very wealthy.

cycle4fun

Sleepy wrote: »

I think retiring early must be the greatest marker of wealth in modern times.

Or retiring on a nice government public sector pension. Few can do it.

Steve F

cycle4fun wrote: »

Health is your wealth.

Would be nice to be time rich too, with teachers or lecturers holidays. Not many people have them.

Money and greed are the root of all evil, someone used to say.

Not quite.I think the the quote was "The Love of money is the root of all evil"

Boom_Bap

Owning a pair of these glasses

valoren

For me you are wealthy if;

You wake up tomorrow and decide that you are done with working. You make a decision to either no longer conduct your business operations nor show up for your job, basically, whatever you do to earn money through your labour you stop doing. Having the freedom to do that, where any assets you have and the passive income they produce can cover your expenses easily (your insurance, shopping, tax , holidays, car fuel etc). Money coming in from investments, interest, rent etc. You are seriously wealthy if you can do this with the 'interest on the interest'.

That's the freedom a wealthy person enjoys. That they still work or do business is for them not a necessity but a choice.
And typically their expenses aren't all that extravagant either, them being the frugal types. The best selling book 'The Millionaire Next Door' showed that it's usually those who don't look wealthy who are the real deal.

I had my own experience of that on a golf outing once. After the round we were chatting in the extended group. One man, 50 something, looked like everyone else. A polo shirt, chinos. He blended in. He was polite and chatty and then left after a while. I was then told if I knew who it was. Turns out he was the owner of a steel manufacturing company, a millionaire many times over but he looked like everyone else and didn't stand out with something like a gold rolex or anything that advertised or reflected his wealth. No doubt the man could sell his interests next week and live in the Maldives for the next few decades yet there he was having a laugh with his golfing friends, I suppose to him that was wealth in itself.

The Bishop Basher

Maximus Alexander wrote: »

I have a feeling that this post might be sarcastic, and my detector is broken. But I drive the oldest most bangerish car out of my peer group, whilst earning second most and having the least debt, so I don't think this holds.

I think it's probably true that a lot of people make assumptions about others financial position based on the car they drive but much of the time it's just an illusion..

In my experience old money, who have nothing to prove to anyone regarding their wealth, tend to drive older cars.

For me wealth is being happy and healthy, grateful and content with what i have.

It'd be lovely to not ever have to worry about bills again but equally i've seen how money changes people and I wouldn't want that either.

Oh and my wise old mother always taught me, you can't put a price on a clear conscience..

valoren

Swanner wrote: »

I think it's probably true that a lot of people make assumptions about others financial position based on the car they drive but much of the time it's just an illusion..

In my experience old money, who have nothing to prove to anyone regarding their wealth, tend to drive older cars.

For me wealth is being happy and healthy, grateful and content with what i have.

It'd be lovely to not ever have to worry about bills again but equally i've seen how money changes people and I wouldn't want that either.

Oh and my wise old mother always taught me, you can't put a price on a clear conscience..

Agreed. If you see a Merc or a Land Rover that is old but in great condition, odds on that the owners are very wealthy.

smeal

I think nowadays the feeling of being “comfortable” as opposed to being rich is when you have easily accessible spare income. For example if you’re invited to a wedding you don’t have to think too hard about budgeting for a wedding gift or a hotel room or if there is a problem with your car you don’t get too stressed about having to fork out €200-€300 on a mechanic’s bill.

Unfortunately, not many people can realistically say the above (myself included). Most of us still live week to week.

Mtx

Owning houses

Permabear

This post has been deleted.

lcwill

I recommend to everyone to read The Millionaire Next Door.

eviltimeban

I know someone who is wealthy, worth about 10 million, and is under 50. Has a great family, nice house, down to earth. Doesn't show it off, has the same circle of friends they always did. Doesn't "work" per se, but runs a small activities-based business, obviously for the love of it rather than to make profit. They are seemingly happy, contented, and providing for their children and ensuring their future happiness.

That's wealth.

They do go on exotic looking holidays for sure, their house is bigger and more expensive than anything the average person has ever probably been inside, and they'll never have to work in an office or commute every morning to some job they have to do.

demanufactured

Fur coat, no knickers.
Driving a range rover

TechnoFreek

A Range Rover for the school run

wexandproud

Gavin Young Stereo wrote: »

Of course we did. We went in to a building society, asked, gave our details, waited two weeks, and got our mortgage (5 times combined wages at over 12%). Went to the bank for a bridging loan, as we were building ourselves, they gave the loan there and then. 18 years later we had the mortgage cleared.
Credit Ratings did not exist. And it would appear from Beasty and others above that they still don't so the original post by klaz stating a good credit rating was the indicator of wealth is incorrect as it turns out.

As beasty said , I don't think there is a credit rating as in the states but most if not all lenders can , and usually will do a ''credit check'' . I too out a very small business loan from the local credit union last year and the loans officer asked if i minded if they did a credit check We got talking and he said all banks , credit unions and finance companies have a system where they can check

Franz Von Peppercorn

Permabear wrote: »

This post had been deleted.

Very few rich physicists out there.

c68zapdsm5i1ru

It's really hard to tell anymore. A lot of people living in expensive areas and driving around in flash cars and going on six holidays a year are up to their eyes in debt, living on credit and stupidly trying to keep up with the Joneses. So the old indicators that someone was wealthy aren't necessarily accurate anymore.

Being able to afford the priority seating on the bus

:-)

TechnoFreek

TechnoFreek wrote: »

A Range Rover for the school run

School run? School run? There's no school run when your kids are in boarding school dear.

Steve F

smeal wrote: »

I think nowadays the feeling of being “comfortable” as opposed to being rich is when you have easily accessible spare income. For example if you’re invited to a wedding you don’t have to think too hard about budgeting for a wedding gift or a hotel room or if there is a problem with your car you don’t get too stressed about having to fork out €200-€300 on a mechanic’s bill.

Unfortunately, not many people can realistically say the above (myself included). Most of us still live week to week.

Day to day

Steve F

Julissa Echoing Scrooge wrote: »

It's really hard to tell anymore. A lot of people living in expensive areas and driving around in flash cars and going on six holidays a year are up to their eyes in debt, living on credit and stupidly trying to keep up with the Joneses. So the old indicators that someone was wealthy aren't necessarily accurate anymore.

Yep...nailed it
You can end this thread here

ToddyDoody

Just not having to worry about money is a sign of wealth.

namloc1980

In my line of work I regularly come across people who outwardly might be described as comfortable or well off. Nice house, regular holidays and new cars. Beneath the surface they're up to their eyes in credit card, personal loan, PCP and mortgage debt. Juggling it all in the background - literally paying off bills with a credit card. Using store cards to buy the best of new clothes etc. Eventually it catches up on them.

harry Bailey esq

[Deleted User] wrote: »

We have a Dyson cordless but are most definitely not rich

Not anymore anyways.. Are they any good? I've been getting pestered to obtain one lately.

Rumpy Pumpy

harry Bailey esq wrote: »

Not anymore anyways.. Are they any good? I've been getting pestered to obtain one lately.

Absolute rubbish, Harry. A triumph of slick marketing and regular special offers. Useless suction and extremely unreliable. Invest in a Nilfisk or Henry instead, and spent the considerable savings on porter.

Beasty

Mr.S wrote: »

A family member recently paid for his new car, in full, via credit card with no loans. Why? who knows.

If you pay off in full you keep your cash for up to 2 months and you probably get a ton of reward points on the card. It's probably the best way to pay if you have the credit limit.

The_Valeyard

Beasty wrote: »

If you pay off in full you keep your cash for up to 2 months and you probably get a ton of reward points on the card. It's probably the best way to pay if you have the credit limit.

Ooooooohhh interesting

sbsquarepants

Swanner wrote: »

In my experience old money, who have nothing to prove to anyone regarding their wealth, tend to drive older cars.

Today I learned that I come from old money.... so old in fact I can barely remember seeing it:D

Permabear

This post has been deleted.

harry Bailey esq

harry Bailey esq wrote: »

Not anymore anyways.. Are they any good? I've been getting pestered to obtain one lately.

It is a great yoke and very well designed but I would be happy with a Henry

Beasty

Beasty wrote: »

If you pay off in full you keep your cash for up to 2 months and you probably get a ton of reward points on the card. It's probably the best way to pay if you have the credit limit.

They got rid of rewards on ulster bank ones. Are there actually cards here giving any?

Eta: i see kbc are at least... Interesting

cantdecide

Luxxis wrote: »

It use to be Sky Digital.

Now its a Dyson cordless.

Here's a thorough review of the new one.

Spoiler: it's made of paper mache and hard cheese.

Warning: video contains atrocious language and casual racism from the start.

https://www.youtube.com/watch?v=NPTzNJMd19A

cantdecide

The thing about debt is that it's talked about in some black and white way. The reality is that lots of people who are heavily in debt have a portfolio of interests, some are wholly owned and some are mortgaged.

Folding debt into your life responsibly is a perfectly sound method of establishing valuable and necessary assets in your life. As long as assets are salable and the debt is less than the value of assets, you're winning. If over time you can separate personal wealth and capital wealth you're on the pig's back.

Even for a [cheapish] car, I reckon that if you can put down a third of the money, you're well ahead. Put down €3.5 for a €10k car you wish to hold onto and at any time you can walk away from it. If you pay it off, say over three years, you could replace it with another €10k car and put down half between a trade in and some more cash

redcup342

Wealth is all relative