Are you well off?

King of Kings

im comfortable at 40.

decent job pays well but we are a single income family so its gotta cover wife , 3 kids, 2 cars, mortgage.. it covers all i need.

i get out once a month and do gym/boxing few times a week.
kids do their activities.

prob need to be a little more frugal cos saving anything is proving to be difficult.

edit

apart from mortgage i am debt free so that pleases me.

garv123

PCP and finance for cars lets lots of people look well off these days, when really they haven't a pot to piss in.

Id rather own a 13/14 car than overpay for a new one monthly

Wanderer2010

No. I have a decent job but a good few outgoings so im just chipping away at that every month. I was poor growing up and it left a fairly serious mark on me when it comes to self esteem as I equated money with how worthy a person you are. Its only when I travelled to genuinely poor countries and to see through the absolute crap of keeping up with the Jones in this country that I can appreciate myself.

somefeen

Right now no. But I'm debt free and could potentially make 70 - 100k next year.
I never worked for much more than minimum wage so as far as I'm concerned I'm gonna be filthy stinking rich in about 6 months.

Hunchback

Definitely not well off. Although I do own a lovely house which only has teeny tiny mortgage repayments (couldn't rent a shoebox for the same).

I slaved in hospitality jobs for a decade when I went back to college to study law as a mature student in 2011. I had to (was fortunate enough to be able to) borrow enough money to supplement my income from waiting tables as I graduated and sought a training contract with a law firm.

I will finally qualify in 10 months time (after an 8 year process) and will prolly earn around the average industrial wage.

But no more waiting tables and it already feels more satisfying.

Lia_lia

I'm not well off, but would be "comfortable". I have a fairly well paid job (for my age), my rent is quite cheap for where I'm living. I have a pension, health insurance, save quite a lot, have shares through work, no loans. A big chunk of my money is spent on going on holiday. Went to Asia twice in the past 12 months and on 2 European holidays.

My car is 13 years old. The only money I've spend on it after buying it is on new tyres and a service every year. Great car, don't see the point on buying a newer one. Couldn't give sh*t what it looks like once it works. Once it's not a Nissan cube. :pac: I could buy a brand new one with my savings but would rather keep my savings for money towards a house some day. The majority of people I know with a brand new car have it on PCP finance. So they don't really own it. Wouldn't be for me!

MikeyTaylor

I am neither rich not poor. I am a son of two civil servants from the Northside.

somesoldiers

I earned over 80k basic last year, I never have a penny. I don’t smoke, drink seldom, don’t gamble or have any other vices. Haven’t been on holiday in a few years.

I do however have 3 “drains on income”, my wife and two sons. I was refused a morgage of 250k last year because of incapacity to repay based on being a single income family.
Wife started a new job a few weeks back, she got paid net €900 for two weeks on a basic of 42k, I actually give up!

Vestiapx

tempnam wrote: »

As the title says, are you well off? - i.e. are you comfortable, financially; do you have nice things like a big house, nice car, decent holidays every year, do you own property etc.?

If so, how did you get to your current situation?

Personally, I'm not. I have a very small modest house in a rough enough area, a small family, a car, and I work full time. Every month we cover all bills & expenses and then have a small amount left over until payday. We can't afford pensions, health insurance or to put much into savings.

I know a few people who seem to have a lot more in terms of disposable income, bigger house, etc. etc. But all these people seem to have received help along the way.

For example, one guy I know has a huge house outside Dublin on a big piece of land, has property in Ireland and UK, a decent job etc. - but he 'comes from money' - was sent to private boarding school and his family owned the land where he now lives. Other people I know are able to turn to their parents for help if they ever need it.

I'm aware that there are plenty of people worse off - homeless families etc. And i am grateful for the fact that I can provide a roof over my family's head.

So are you like me, or better or worse off?

I worked my ass off from the age of 12 to get where I am. I scrimped and saved and by 18 worked two jobs when not in education and one when I was. I also pushed every rule and boundary to the limit and took investment risks which sometimes cost me money.
A friend of my wife once commented to her “ isn’t your husband lucky to be where he is “ she told her that being married to a man who works 70-80 hour weeks is not as much fun as people think. I lost a bit in the crash but I’m probably comfortable by your definition.
We have two cars but they aren’t new and aren’t bought new don’t have paid tv and go out to dinner probably twice a month. There are investments made for the kids education. I don’t have a large disposable income but I’m in what I call a stable position as in if I lost my job I would be ok for a while and I don’t really worry about money.

Wanderer78

Wanderer78 wrote: »

Not really, but I've little interest in gathering wealth

You've plenty interest in seeing it taxed away from folk who have it though to provide the free house for all.

Wanderer78

Augeo wrote:

You've plenty interest in seeing it taxed away from folk who have it though to provide the free house for all.

I don't actually, the continual taxation of labour over capital is unsustainable, and is currently failing, oh we truly need to accept 'free' is an Orwellian word that's banded around a lot these days, there's effectively no such thing

Avatar MIA

garv123 wrote: »

PCP and finance for cars lets lots of people look well off these days, when really they haven't a pot to piss in.

They have a new car to piss in :pac:


Is this a version of reverse snobbery, 'I'd rather have an NCT required car...'

Charlie19

Yeah but not everyone on here plays for a PL winning football team.

Shenshen

I'd say we're comfortable. "Well off" is what other people call you, and other people looking just at our income would think we're struggling.

We're currently on one income (my husband has health issues and finding work right now isn't easy for him), so comparing us to the average income charts would place us well below the middle. Yet we don't really feel pinched. We both have cars (I chose to go electric 2 years ago, which does save a fortune in itself), both of us have motorbikes as well, with all associated costs of maintenance, tax and insurance.

Though I do suppose that we generally spend well below average. We switch gas and electricity providers regularly to get the best rates, we don't have pay TV but a satellite dish and Kodi box instead, we don't drink a lot of alcohol, we're both vegetarian and do most of our shopping in Lidl or Aldi. We do look after 4 cats, and would buy their food in specialist pet shops.
We're not big on going on holidays, I travel a good bit for work so when I do have time off I prefer to spend it at home rather than sitting around yet more airports and staying in yet more hotels.
What money we save, we tend to invest in improving our house. Next thing will be having solarvoltaic panels put on the roof, with a storage battery for usage at night.

So, to summarise, on a below-average income, but living comfortably and able to put money aside each months, after mortgage, bills, living expenses, etc.

I do sometimes wonder how we managed to spend all of that second income with nothing to show for it while we were still both employed.

M5

Avatar MIA wrote: »

Wealth, generally, doesn't mean happiness. Health, physical and mental, would have far greater impact on happiness I imagine.



So, you drive a nice car, it's fine, but you get used to it after a while and the thrill is fleeting.



As long as you're not short as per Dickens - Income per year €30,000, expenditure €29,950 equals happiness. Income per year €60,000, expenditure €60,050 equals misery. You become accustomed to your "wealth level".

It more comfortable crying in a Mercedes than a bike though!

Avatar MIA

M5 wrote: »

It more comfortable crying in a Mercedes than a bike though!

Not nearly as much fun though

Wibbs

I'm doing pretty OK, all things considered. Roof over my head. Food in the fridge. Have some nice mostly appreciating "stuff" too. No rent, loans or any of that. Zero debt, something I tried to avoid all my life. Can't rest easy owing money. I certainly can't rest easy if the debt involved isn't a way to ultimately gain an appreciating asset or longterm return. Hence I would never take a loan out on something like a new car, or anything that loses value the second I drive it off the forecourt or take it out of the shop*. I could never understand people buying into the "free credit" thing to buy stuff like TVs and phones etc. Sure, if your fridge gives up the ghost and you don't have the readies at hand, but "luxury" stuff? I get the dopamine hit and all that, but that doesn't last very long, but the direct debit does.

Oddly enough I learned that from the side of the family who actually had money and "old money" going back to the 1800's with it. Frugality was the order of the day. And when they spent money it was on stuff that lasted. Ever wonder why all those big gaffs in England owned by Lord and Lady Chinlesswonder-Inbreed have all those "antiques" going back centuries? They never threw anything out. It's not so long ago when working folks with less did the same. If we ignore the BS of being peddled "green" products all the time, that usually require "upgrading" or just expire in a product cycle, people were actually "greener" before all that.

I was more well off in the past, where I had all of the above and a fair chunk of change in savings and investments, but family and life stuff jumped into my path from nowhere and burnt through that in a scarily quick manner. Still and for all that and when I look at a fair few of my peers in thrall to banks, fretting over things I take(almost) for granted I'm bloody lucky indeed. When banks ring me it's to "offer" me "great deals", rather than to berate me for a payment a day out. A couple of weeks ago I was in my local bank and one of the staff put the talk on me and she asked me if I was interested in a car loan. When she asked how old my car was and I replied twenty years old, she nearly had an attack of the vapours at the thought. When she said with some concern that she was only five years older than my car, I said ah thanks for making me feel old. We actually went on to have a good convo on "value" and all that stuff.






*Even my old jalopy is worth more now than I paid for it, which is a hard trick to pull off with cars and more luck than judgement to be fair. I likely would have sold it on years ago save for the above life stuff that got in the way and it would long be recycled into manhole covers.

somefeen

There's truth in that wibbs. I realised a while ago that rich people actually handle their money better.
If you come from a poor background most of the time your attitude towards money is warped.

If you give €200 euro to someone who's barely scraping by they're likely to blow it on something.
I reckon its because that money won't make a difference in the long run so you may as well get some luxury out of it that you wouldn't afford otherwise and continue scraping.
You need to spend extra money as soon as you get it because otherwise it just gets absorbed by all the necessities.

With that ingrained in you, as soon as you start earning decent money its spend spend spend.

Cantona's Collars

What I found odd over the years was that there were always certain lads that I worked with who never seemed to have money. They'd be earning the same as me but we're living on their wits until the next payday.
I used to change my car regularly and have no problems doing it along with annual foreign holidays and weekends away on the tear,these fellas must have been burning their wages on a Friday night. None had any alcohol, gambling or other addictions but their money just disappeared. One lad I know has started a new job on double what he was previously earning and is still broke before the next payday.
I can pay my bills, keep a roof over my head and have money left over so I'm doing better than quite a few that I know.

Wibbs

somefeen wrote: »

With that ingrained in you, as soon as you start earning decent money its spend spend spend.

And understandably too SF. Like you say if you've eff all and a windfall drops in your lap... Many years ago I knew of a lad who won a couple of million on the Irish lottery. "Ordinary" working class bloke who naturally was ecstatic. Who wouldn't be? I'd be running through the streets naked, covered in honey, shouting "lick me peasants!" Blew almost all of it within five years with little to show for it. I remember chatting with him in the pub and trying to get it into his head that when "money" reaches a certain level it generates more money by virtue of its very existence, that he should leave the principle alone and leverage purchases against it and invest sensibly so that he'd have a helluva "wage" coming in and the winnings would remain there.

He just couldn't get that. It was something to be spent and something to show off. The latter isn't reserved for folks like you and me though, the stupidly rich can be worse for that. If you're so wealthy that you can buy near anything, exclusivity really kicks in. Hence auctions for fine art, watches, jewels, antiques, rare cars, etc, anything that is so rare nobody else can have it, can go to mad money. That need to say "I have this and you don't". It's a willie measuring competition. The difference being the extremely rich usually don't end up sleeping on benches to do it. Though a few have. Having known a few of said rich in my time, they can actually be more scatter brained. Triply so for the newly minted rich. That competitive streak and confidence and energy that got them to where they are, can also be their downfall.


FWIW what I have learned so far from life is that it is fleeting and all that willie waving and "stuff" and worry will be after you, and most of it will be thrown to the winds soon after you're gone. There are no pockets in a shroud and you don't see a moving van behind a hearse. I have seen that a few times in my life up close and personal. Only last year an elderly chap I knew passed away after a good innings. He had some nice kit and was worth a few bob and like us all had been at times worried about all that. Within a week of his death the house was being stripped for sale. Some of his things went to family and friends, but when his rellies advertised the rest of his stuff on Donedeal/Adverts, they had zero takers. The vast majority of his things ended up unwanted and destined for the dump(as the guys who did this stuff for a living said; mostly people don't want "old" stuff anymore). That's a sobering thought.

For me? Being "well off", beyond being able to feed, clothe and house you and yours, is far more about the "investments" and "returns" you get from friends, family and your wider community. And that's something we all can strive to earn.

Own my own house and drive a 2017 Dacia - yeah !! So I feel very well off .

Owning the house is the biggest thing, I can tighten my belt on everything else.

Cody montana

Am 35, own gaff (Inherited) but also renting, drive an old car.
I like to travel and own nice things, I’ve saved about 16 Grand so okay I think.
Funny thing is I had more money when I was in my early 20’s.

SEPT 23 1989

I have my health and my family around me

The older I get the more I realise that the ever changing numbers on a screen and on pieces of paper mean less and less

Beasty

Yes

DEFTLEFTHAND

Hapax Legomenon wrote: »

Nope. My most valuable asset is a ten-year-old car.

Luxury.

We used to have a wooden box with trolley wheels for transport.

Itssoeasy

I'm not the former queen mothers brothers level of paupery. Look up the phrase stoney broke that's where that comes from.

jimbobaloobob

Enjoying this thread. I earn far less than the minimal wage, self employed so no benefits possible
Time it would take to cease self employment would leave me penny less for too long to serve rents.
Go without many of the comforts like tv etc.
Rich in that every morning I experience the dawn chorus and every evening see the sun set.

screamer

I don't think having things is a mark of being "well off". Most new cars/ houses etc are all borrowed money.... There's no "well off" about it.

SEPT 23 1989

screamer wrote: »

I don't think having things is a mark of being "well off". Most new cars/ houses etc are all borrowed money.... There's no "well off" about it.

These things eventually own you not the other way around

feargale

Harry Palmr wrote: »

Well off is a capitalist construct.

If you read the thread through it should dawn on you that some people here have a deeper understanding of what it means to be well off than would, say, armchair revolutionaries.

Spencer Winterbotham

I am doing well. I took home €220K after tax in salary and about €70k in passive or as the government calls it "unearned" income in 2017.

It'll be quite a bit more this year.

I owe the bank about 1mil and have assets worth 2mil...

I come from a working class family and just found a lucrative niche by chance really.

I do however work constantly. I am in my late 30s and have no missus, never married and no kids.

A recent relationship has just ended and I am gutted. I am alone.

All I have is work....

I have all my life been very money orientated.... I thought It would make me happy but it has not.

I look at all my pals getting married with kids and they seem happy. I believe being a father is a part of the circle of life and that I am missing out.

I'm not even into material things... I just earn because I can and I am competitive.

I often look to others who have so much less than I do (resources) and and think if only I had what they had (family life) I would be happy.....

So.... there you go.

Atlantic Dawn

I could afford to make myself look numerous times more flash than I do but I've been through a number of redundancys and also stung buying cars at maximum depreciation level and have seen sense where what car you can buy outright for a few weeks wages is the way to go. I'm happy enough to know if I lost the job in the morning I could basically sit on my hole for a long time if needed.

jimbobaloobob

Spencer Winterbotham wrote: »

I am doing well. I took home €220K after tax in salary and about €70k in passive or as the government calls it "unearned" income in 2017.

It'll be quite a bit more this year.

I owe the bank about 1mil and have assets worth 2mil...

I come from a working class family and just found a lucrative niche by chance really.

I do however work constantly. I am in my late 30s and have no missus, never married and no kids.

A recent relationship has just ended and I am gutted. I am alone.

All I have is work....

I have all my life been very money orientated.... I thought It would make me happy but it has not.

I look at all my pals getting married with kids and they seem happy. I believe being a father is a part of the circle of life and that I am missing out.

I'm not even into material things... I just earn because I can and I am competitive.

I often look to others who have so much less than I do (resources) and and think if only I had what they had (family life) I would be happy.....

So.... there you go.

Seeing as you have the money thing mastered could you focus your competitiveness towards some of the things you feel you haven't achieved.
Interesting to read your post. Your annual income I haven't seen in 5-8 years work but I'm terrible at valuing my services.

screamer

Spencer Winterbotham wrote: »

I am doing well. I took home €220K after tax in salary and about €70k in passive or as the government calls it "unearned" income in 2017.

It'll be quite a bit more this year.

I owe the bank about 1mil and have assets worth 2mil...

I come from a working class family and just found a lucrative niche by chance really.

I do however work constantly. I am in my late 30s and have no missus, never married and no kids.

A recent relationship has just ended and I am gutted. I am alone.

All I have is work....

I have all my life been very money orientated.... I thought It would make me happy but it has not.

I look at all my pals getting married with kids and they seem happy. I believe being a father is a part of the circle of life and that I am missing out.

I'm not even into material things... I just earn because I can and I am competitive.

I often look to others who have so much less than I do (resources) and and think if only I had what they had (family life) I would be happy.....

So.... there you go.

That's pretty sad to read.... Money for sure is not the be all and the end all. You're obviously doing really well financially and hats off to you. Your post just reminds me the things that make us well off are intrinsically things that are priceless.... That cannot be bought.... Love, health, family etc. Maybe put some of your energy and focus into thinking about what you really need out of life, and with the drive that you have, I'd bet you'll be able to achieve it and more.

Rubberchikken

I have my family. My health. We own our home outright. We own our car, 7 years old and if it went missing tomorrow i couldnt care less. We owe no one anything. Im happy in my job. My kids are the best. So yes im well off.
I could survive without everything but my family and our health. Everything else is jam:)

PCeeeee

Spencer Winterbotham wrote: »

I am doing well. I took home €220K after tax in salary and about €70k in passive or as the government calls it "unearned" income in 2017.

It'll be quite a bit more this year.

I owe the bank about 1mil and have assets worth 2mil...

I come from a working class family and just found a lucrative niche by chance really.

I do however work constantly. I am in my late 30s and have no missus, never married and no kids.

A recent relationship has just ended and I am gutted. I am alone.

All I have is work....

I have all my life been very money orientated.... I thought It would make me happy but it has not.

I look at all my pals getting married with kids and they seem happy. I believe being a father is a part of the circle of life and that I am missing out.

I'm not even into material things... I just earn because I can and I am competitive.

I often look to others who have so much less than I do (resources) and and think if only I had what they had (family life) I would be happy.....

So.... there you go.

You're going grand. The rest will work out for you yet with a bit of luck.

Geuze

Average earnings are 45-46k.

After 20 years work, I now earn maybe 1.33 times average earnings.

Not great, is it?

My net wealth is 250-300k, just ok, but not very good.

Still, I'm an optimist, and I'm very lucky to live in Ireland.

Geuze

jimbobaloobob wrote: »

I earn far less than the minimal wage, self employed so no benefits possible

Note that although the media keep saying self-employed don't qualify for any welfare payments, this is wrong, they can apply for JSA like any employed person.

erica74

Spencer Winterbotham wrote: »

I look at all my pals getting married with kids and they seem happy. I believe being a father is a part of the circle of life and that I am missing out.

Do you want to be a father or do you just feel like you're missing out when you see your friends as fathers? Sometimes comparing ourselves isn't useful, it's how you feel that's important.

Spencer Winterbotham wrote: »

I often look to others who have so much less than I do (resources) and and think if only I had what they had (family life) I would be happy.....

So.... there you go.

I think you need to find what makes you happy. You've obviously made a success of yourself but it seems like you feel there's something missing, that something may be marriage and/or children, neither or both.

rickis tache

I am.......if you have feck all yourself.....but not if your minted.

No big loans I.e. mortgage.
No big assets I.e. house.
few euro saved. 20kplus
wife 2 kids


feck all in the fridge mind....must pop to shop.

whatever99

Question for those who have their mortgage paid off - how did you do it, if you’re under, say, 45/50? Did you buy your house at 20? Started with a tiny mortgage? Pumped all your money into paying it off?

It just seems like a potentially huge sum to have paid off early in life, I’m guessing the average mortgage is €250,000? Depending on where you live, of course! Would obviously be a lot more in somewhere like Dublin or the other cities.

AVFC.Stephen

I have 2 mortgages. 2 kids, twins on the way married a year, a 13 year old car. 1 property in Ireland and the other rented in Spain. I don't feel well off and if I did I wouldn't be doing 6 day weeks and worried about where the money is gonna come from when the twins arrive.

But in saying that. I'm generally happy and get out for a pint too once a week. Sometimes we go out for dinner too....

If I was to base how well off I am on material, I would say I'm on par with my salary.

If I'm to base how well off I am with family and wife. I'm loaded

Roger_007

Being 'well off' is a relative term. By world standards everyone in Ireland is well off. Also when I compare the standard of living that I have to what my parents had, I am 'relatively' well off.
I would consider that anyone who has enough to feed, clothe and house themselves and their families without undue hardship is well off. Anything more than that is bonus.
We sometimes forget that we are fortunate to live in a part of the world where the vast majority of people enjoy a standard of living that is very good compared to the world as a whole and compared to times not long ago.

passatman86

Well I have a pregnant wife and 2 lovely kids , nice car + we have some savings but what has me bothered more than anything is we have to move out of our rented house we called home the last 7 years and do you think we can get anywhere.. no not a chance I have viewed and wanted upwards of 25 houses and applied for in around 130 to view and no luck.. in 2018 I have anything I could wish for except a home as we move out in a few weeks and no luck in finding somewhere

AVFC.Stephen

passatman86 wrote: »

Well I have a pregnant wife and 2 lovely kids , nice car + we have some savings but what has me bothered more than anything is we have to move out of our rented house we called home the last 7 years and do you think we can get anywhere.. no not a chance I have viewed and wanted upwards of 25 houses and applied for in around 130 to view and no luck.. in 2018 I have anything I could wish for except a home as we move out in a few weeks and no luck in finding somewhere

Not to pry. But what are you gonna do? Is moving back to your/her folks an option

Avatar MIA

Is this an Irish thing?


Reading through the threads, cars seem to define Irish people.


I'm doing okay because I don't have a flash car (unlike spendthrifts that evidently buy on finance).


Or, 'I'm doing okay, got a nice car...'


I wonder is this shared in other countries or do they have other markers of success/frugalness.

ford2600

screamer wrote: »

That's pretty sad to read.... Money for sure is not the be all and the end all. You're obviously doing really well financially and hats off to you. Your post just reminds me the things that make us well off are intrinsically things that are priceless.... That cannot be bought.... Love, health, family etc. Maybe put some of your energy and focus into thinking about what you really need out of life, and with the drive that you have, I'd bet you'll be able to achieve it and more.

I've seen a lot of bachelor farmers accumulate huge wealth but never learn to enjoy money.

Recently a neighbour died; land worth 4 million plus with similar levels of cash. For the last 20 years the amount of talk about who would get what he had was staggering.

He lived a miserable enough life; but while he is pushing up daisys there are a lot of people now enjoying his money.

The man who inherited farm seems destined to repeat his mistakes.

I'm pretty comfortable but the things in life which give me most joy are almost entirely free;playing with my 1yr old son, time spent with my wife, time with siblings and friends, swimming in the ocean, walking in woods.

Learning to live in the now and appreciate it; forget about mistakes of past and worries of future is probably greatest gift you can give yourself.

passatman86

AVFC.Stephen wrote: »

Not to pry. But what are you gonna do? Is moving back to your/her folks an option

My parents house full , her parents home full and 4 hours away. We are looking at all options north/south dublin, moving out of dublin, going into hotels, I tried surrounding county's.
Ive been to view houses and there would be upwards of 70 people waiting to get in, ive been at the viewings and heard people say Im a solicitor,doctor,teacher all walks of life - its hard to compete

AVFC.Stephen

passatman86 wrote: »

My parents house full , her parents home full and 4 hours away. We are looking at all options north/south dublin, moving out of dublin, going into hotels, I tried surrounding county's.
Ive been to view houses and there would be upwards of 70 people waiting to get in, ive been at the viewings and heard people say Im a solicitor,doctor,teacher all walks of life - its hard to compete

600 houses are nearly built in Navan with more on the way.... Dublin is nuts, we had to move out due to the rent was so steep.

Grueller

whatever99 wrote: »

Question for those who have their mortgage paid off - how did you do it, if you’re under, say, 45/50? Did you buy your house at 20? Started with a tiny mortgage? Pumped all your money into paying it off?

It just seems like a potentially huge sum to have paid off early in life, I’m guessing the average mortgage is €250,000? Depending on where you live, of course! Would obviously be a lot more in somewhere like Dublin or the other cities.

Started it at 22. Paid every extra euro I could off when I could. I built my own house using a lot of my own labour on a site I owned outright. Mortgage was 220 ish. I hate travelling or being away for more than 3/4 days at a time. I don't smoke and drink very little. Never owned a jeep under 6 years old. I also earn a high 5 figure salary which helps. I cleared the last of it at 35.

Thing is, it was a big goal for 13 years to clear it, but now that its clear it makes no difference to me. I save the money every month but I already had saved a few sheckles here and there.

I am married with two kids and getting to that goal has really hit it home to me that they are the important things.