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What do you have to earn to be rich?

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    #32
    andekwarhola
    Registered Users Posts: 4,638 ✭✭✭andekwarhola


    I'm sure I read once that a household income of 75-85k would put you in the 20th percentile nationally which I was a bit surprised at but I do think, anecdotally at least, that there is a tendency on boards a) to underestimate how many people are on low to modest incomes and b) how much is required to live in Dublin.

    Obviously in terms of the last point, there's so many variables like joint income, having kids, mortgage vs rent, lifestyle to consider, not to mention what you define as living comfortably.


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    #33
    Ficheall
    Registered Users Posts: 9,027 ✭✭✭Ficheall


    Beasty wrote: »
    Damn! I'm going to be down to fairly well off when I drop my hours again later this year:(
    Arah, sure you only squandered most of it on the SSF anyway.


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    #34
    Ginger83
    Registered Users Posts: 3,470 ✭✭✭Ginger83


    Pooinloo wrote: »
    That's basically what the thread is asking you to do

    Poor on your list but very comfortable in reality


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    #35
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    Pooinloo wrote: »
    Not talking about legacy wealth, but what income brackets correspond to being rich/poor in Dublin? I'd say by household it's something like this:

    Dole - 30k: Poor
    30k - 55k: Sort of poor
    55k-75k: lower middle
    75k-90k: middle of the pack
    90k-115k: upper middle
    115k-170k: fairly well off
    170k+: rich

    Our combined income has us in the "rich" bracket... Certainly don't feel like it tho.


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    #36
    SEPT 23 1989
    Registered Users Posts: 43,028 ✭✭✭✭SEPT 23 1989


    I am in the middle but are we better off lifestyle wise than our parents thirty years ago who were earning nothing like that


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    #37
    fishy_fishy
    Registered Users Posts: 452 ✭✭fishy_fishy


    The average industrial wage for full time workers is around 57k, isnt it? Would have said that any household in the 95-125k region was pretty average so.

    Which seems like it should be a lot, but try paying rent, childcare, commuting costs, bills etc whilst living in Dublin and it just isn't.


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    #38
    Maewyn Succat
    Registered Users Posts: 506 ✭✭✭Maewyn Succat


    Beasty wrote: »
    later this year:(

    Tomorrow?


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    #39
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    It really is a silly question. I'm rich but my bank balance in almost zero at the moment.

    I've no debt.
    I've a paid for house.
    2 paid for cars, one 2015 one 2019.
    My partner works part time cause it gives her something to do.
    Between us we have the time to raise our children ourselves.
    I think rich is having options. If you need two working to pay for the home you cant really afford and have strangers raising your kids just to look better than your friends(or as good) then you are poor.


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    #40
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    fishy_fishy wrote: »
    The average industrial wage for full time workers is around 57k, isnt it? Would have said that any household in the 95-125k region was pretty average so.

    Which seems like it should be a lot, but try paying rent, childcare, commuting costs, bills etc whilst living in Dublin and it just isn't.
    47 I think but its skewed. The median is lower and better represents things.


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    #41
    anewme
    Registered Users Posts: 11,904 ✭✭✭✭anewme


    iamtony wrote: »
    If you need two working to pay for the home you cant really afford and have strangers raising your kids just to look better than your friends(or as good) then you are poor.

    I think that's a bit harsh.

    A lot of couples have to both work and have strangers raising their kids to have ANY hope of buying ANY home these days. Nothing to do with looking better than others.

    Timing and circumstances have a lot to do with things.


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    #42
    Dakota Dan
    Registered Users Posts: 3,764 ✭✭✭Dakota Dan


    Pooinloo wrote: »
    Per household

    How many in the household? You start with a single person in the title and change it to suit your replies


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    #43
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    anewme wrote: »
    I think that's a bit harsh.

    A lot of couples have to both work and have strangers raising their kids to have ANY hope of buying their home these days. Nothing to do with looking better than others.

    Timing and circumstances have a lot to do with things.
    Yeah ok maybe a bit harsh, lots of people are forced into this situation. But lots are not, you will see lots with 2 new cars in the drive way and a nice house and dropping the kids to creche at 7am. I see it all the time in my profession I dont mean to tar everyone with the same brush but these are the real poor people of our society in my opinion.


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    #44
    mcgragger
    Registered Users Posts: 441 ✭✭mcgragger


    CageWager wrote: »
    Someone on 55k can have considerably more disposable income than someone on 170k. Its all relative to lifestyle, debt, expectations, responsibilities.

    I would tend to think a single person on about 55-60k would be able to afford a very comfortable lifestyle if they are reasonably sensible with their money.

    My old boss was on 130k and couldnt afford a monthly trip to Nandos because when he was young in his 30s and earning decent money he bought a big mortgage a house in Spain and went on expensive holidays. He also worked close to his home.

    Now 20 years later hes working in Dublin and paying his rent. Hes paying two mortgages. His 3 kids are in college and his wife is arthritic and can't work. My old boss is probably on similar money now (were still in touch ) but hes bleeding money left right and centre. Not rich.
    Probably should be financially independent at his age (mid fifties) given his income over the years but there you go.

    Im on about 80k and have a really low mortgage as I saved like a madman before mortgage application..... because my old boss was giving me good advice. Am i rich? No but im very very comfortable thankfully.
    My mortgage is down to 8 years left. Will be done 2 years before im 50. Blessed.

    Compared to my old boss Im rich but compared to a friend that won 500k on lotto plus I'm a pauper.

    Its all relative


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    #45
    Strumms
    Registered Users Posts: 24,955 ✭✭✭✭Strumms


    Pooinloo wrote: »

    Dole - 30k: Poor
    30k - 55k: Sort of poor
    55k-75k: lower middle
    75k-90k: middle of the pack
    90k-115k: upper middle
    115k-170k: fairly well off
    170k+: rich

    Big question is... how many people are in the household..

    If a couple say have an apartment, paying 1200 a month thats 14,000 per annum...

    Say both work full time, earning 38,000 a year...

    That’s around 54,600 net income after tax, between them.

    Take the 14,000 in rent or mortgage repayments that’s leaving 40,000 net disposable income....

    Between them after rent that’s about 3330 net disposable income per month..


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    #46
    The J Stands for Jay
    Registered Users Posts: 5,693 ✭✭✭The J Stands for Jay


    To answer the thread title, without referring to the content: money.


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    #47
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    There's no magic number that brings you into the financially rich category. It depends on age, location, family responsibilities or commitments, mortgage situation etc. It you have enough for all your needs and wants then you are well off; anything surplus to that is being rich.


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    #48
    Atlantic Dawn
    Registered Users Posts: 81,737 ✭✭✭✭Atlantic Dawn
    M


    For me it would be to have €10k left each month from my salary after all monthly expenses had been covered, that would be the baseline.


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    #49
    anewme
    Registered Users Posts: 11,904 ✭✭✭✭anewme


    For me, its having at least 50k there as rainy day back up.

    If your boiler goes, if you want to paint the house, if you want to go on a spontaneous holiday, it if a surprise bargain comes up.


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    #50
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    anewme wrote: »
    For me, its having at least 50k there as rainy day back up.

    If your boiler goes, if you want to paint the house, if you want to go on a spontaneous holiday, it if a surprise bargain comes up.

    50k as a rainy day fund would be standard for many people, hardly close to "rich"?


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    #51
    fishy_fishy
    Registered Users Posts: 452 ✭✭fishy_fishy


    Strumms wrote: »
    Big question is... how many people are in the household..

    If a couple say have an apartment, paying 1200 a month thats 14,000 per annum...

    Say both work full time, earning 38,000 a year...

    That’s around 54,600 net income after tax, between them.

    Take the 14,000 in rent or mortgage repayments that’s leaving 40,000 net disposable income....

    Between them after rent that’s about 3330 net disposable income per month..

    Rent on a family home in Dublin is more lile 2500pm. So take 30,000 in rent, leaving sweet FA after bills.


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    #52
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


    anewme wrote: »
    For me, its having at least 50k there as rainy day back up.

    If your boiler goes, if you want to paint the house, if you want to go on a spontaneous holiday, it if a surprise bargain comes up.
    that number is my goal before I'm 40(37 now) funny enough and your dead right, that is what stops all the financial stress and worry. The funny thing is a lot of rich people live very basic lifestyles and are happy because they have this financial independence.
    At a certain point you just realise looking good for others isn't doing anything positive for you and not having the financial worries most people do is the goal to being rich.


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    #53
    anewme
    Registered Users Posts: 11,904 ✭✭✭✭anewme


    Mad_maxx wrote: »
    50k as a rainy day fund would be standard for many people, hardly close to "rich"?

    I said "for me".

    And if they have 50k thst you don t need sitting there just in case, it's fair to say you are financially very comfortable.


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    #54
    iamtony
    Registered Users Posts: 3,801 ✭✭✭iamtony


      Mad_maxx wrote: »
      50k as a rainy day fund would be standard for many people, hardly close to "rich"?

      The figure of people living paycheck to paycheck in the US is something like 92% I'm guessing ireland isn't far off that so when you say many, you dont mean most have 50k in the bank, more like, maybe 100,000 and many of these are older.


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      #55
      saabsaab
      Registered Users Posts: 7,843 ✭✭✭saabsaab


      Rich would mean that you have well in excess of all commitments re family costs etc. and replacement of any modern devices that may break or wear out probably nobody on PAYE. I'd say somewhere in excess of 500k p.a. at least to be rich. It is relative to an extent.


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      #56
      riclad
      Registered Users Posts: 8,184 ✭✭✭riclad


      You are rich ,when you can afford to buy a large house, where you want to,
      with one or 2 cars. without getting a mortgage.
      You can go on holiday, you can afford to buy luxury item,s .
      you have savings and a pension plan.
      You do not have to pay rent to anyone.


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      #57
      con___manx1
      Registered Users Posts: 1,474 ✭✭✭con___manx1


      antimatterx wrote: »
      One year in as a software engineer, I'm making 32K. I'm in the fortunate position where I can save 75% of my income.

      Do u ever have any fun? What are u saving for?


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      #58
      iamtony
      Registered Users Posts: 3,801 ✭✭✭iamtony


      saabsaab wrote: »
      Rich would mean that you have well in excess of all commitments re family costs etc. and replacement of any modern devices that may break or wear out probably nobody on PAYE. I'd say somewhere in excess of 500k p.a. at least to be rich. It is relative to an extent.
      That's called **** you money:pac:


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      #59
      iamtony
      Registered Users Posts: 3,801 ✭✭✭iamtony


      con___manx1 wrote: »
      Do u ever have any fun? What are u saving for?
      financial security which is actually more fun than getting a new car on pcp funny enough.


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      #60
      arybvtcw0eolkf
      Closed Accounts Posts: 24,878 ✭✭✭✭arybvtcw0eolkf


      Guess I'm sorta poor by the OP, but then my mortage is paid off as are my car loan, my bike loan and two college fee's.

      I can afford to go for a pint whenever I want, I'm hardly starving and while I still work hard, long hours I enjoy my time off too.

      The kids are grown up so I've no package tours with a young family to budget for, but whenever myself and my daughter see cheap flights I can take a city break and not worry about the cost too much.

      Does that sound like I'm sorta poor given my wages is far less than €55k per annum OP?


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      #61
      themouthpiece
      Closed Accounts Posts: 108 ✭✭themouthpiece


      Currently 32 earning 58K a year with a 10% bonus and living at home with the parents. I am not living in Dublin. I am single and have no intention of ever getting a mortgage unless I get married. Definitely not falling into that mortgage trap as a single person. I don't drive a flashy new car. I have a 2010 1.6 TDI and its flying. Hasn't given me one ounce of trouble. Fools and their money are soon parted.

      I have 3700 euro going into my bank account every month(Including Bonus). I have more money than I know what to do with. No loans, No bills etc. (Bar paying the elec, phone, oil, 50% of food bill for the parents, 50% property tax, 50% insurance).

      I'm lucky at home as my parents have the down stairs and I have the upstairs so separate bathroom, separate living room. I did live with friends for about five years paying 350 a month for a room but we soon went our separate ways, women etc. I'm not going to travel 30 miles away to live with strangers and be away from my home time for the sake of it. What's the point?


      I could go anywhere in the world if I wanted to every single month.

      I would consider myself rich but as soon as i can retire I will.


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