Do you ever wonder what life would be like if you were rich?

April O Neill · 19-10-2013 12:49AM

FixdePitchmark wrote: »

You need to be earning 100k + to be comfortable in Ireland.

No you wouldn't.

Just to take one point in your example. Ireland is blessed with many, many excellent state schools.

And your calculation is off. A single person earning 70k a year would take home ~45k.

FixdePitchmark · 19-10-2013 12:51AM

Ush1 wrote: »

I know someone on that money an they got 165k loan, with 30k savings they bought a 3 bed semi in south dublin for 190k.

I assume the poster saying 35k was rich was joking though.

I don't think they should have got that much - you are back to the root of the problem here.

That person again is not even on the average industrial wage and they got 165 K

They should have got 90 K using the age old 2.5 times income.

Was it a couple.

Maybe it was even one of these 30 / 40 year things.

Anyway - seems like the game is back on.

Ush1 · 19-10-2013 12:54AM

FixdePitchmark wrote: »

I don't think they should have got that much - you are back to the root of the problem here.

That person again is not even on the average industrial wage and they got 165 K

They should have got 90 K using the age old 2.5 times income.

Was it a couple.

Maybe it was even one of these 30 / 40 year things.

Anyway - seems like the game is back on.

A couple is paying bills but one person approved mortgage. No game, it's very sustainable.

FixdePitchmark · 19-10-2013 12:59AM

April O Neill wrote: »

No you wouldn't.

Just to take one point in your example. Ireland is blessed with many, many excellent state schools.

But 4 years by 2 kids is at least 40 K to go to Uni.

We are talking about rich here, education is a small cost when you think most houses in good areas in Dublin are over 400 K - some up to 700 K

That is a mortgage of over 1500 euro before you start. To service the house alone is 36 K before tax earnings.

Keep two cars going 10 K
Kids about 20 K a year (Creche or nanny etc)
Holidays 10 K +
All other outgoing
Eating out
Entertainment.

I wouldn't consider anybody rich if they can't do all above and go to New York or London just to shop or go to a show.

I'm just saying above is not unusual in large parts of Dublin.

anncoates · 19-10-2013 12:59AM

The problem is that saying you are comfortable on a specific wage threshold is ambiguous.

Does it mean that the wage is not big enough to cover mortgage, holidays, socializing, savings and so on.

Or does it means that it is sufficient to preserve a particular range of lifestyle choices that are important to you: private school, house in a narrow range of areas, a certain amount of lifestyle expenditure and so on.

Also depends on your family (if any) size too.

FixdePitchmark · 19-10-2013 01:01AM

Ush1 wrote: »

A couple is paying bills but one person approved mortgage. No game, it's very sustainable.

well that is one we will never forget.

So you are saying he got 5 times his gross - IMO that is wrong. It was the birth of the global problem we have.

Ush1 · 19-10-2013 01:01AM

My definition of rich is having a comfortable life without ever having to work again. House paid, cars paid etc...

Ush1 · 19-10-2013 01:03AM

FixdePitchmark wrote: »

well that is one we will never forget.

Tell me what's wrong with it? I don't know where you're getting 2.5 times your salary from. I bought last year and was offered a lot more than that also.

FixdePitchmark · 19-10-2013 01:08AM

Ush1 wrote: »

Tell me what's wrong with it? I don't know where you're getting 2.5 times your salary from. I bought last year and was offered a lot more than that also.

So he is paying about 800 euro a month and only earning just over 2500.

That means - everything else has to come from 1700 euro -I'm just saying , well done - but that will be very hard.

Ush1 · 19-10-2013 01:10AM

FixdePitchmark wrote: »

So he is paying about 800 euro a month and only earning just over 2500.

That means - everything else has to come from 1700 euro -I'm just saying , well done - but that will be very hard.

1700 is plenty for a month!

He probably won't be having lobster every week but he certainly won't struggle in any way.

Point is 35k is plenty enough to own a house.

April O Neill · 19-10-2013 01:15AM

FixdePitchmark wrote: »

But 4 years by 2 kids is at least 40 K to go to Uni.

We are talking about rich here, education is a small cost when you think most houses in good areas in Dublin are over 400 K - some up to 700 K

That is a mortgage of over 1500 euro before you start. To service the house alone is 36 K before tax earnings.

Well, firstly, many students work.

Secondly, we don't all have a hard on for house ownership.

With renting, you don't have mortgage interest, maintenance etc. so even if your rent payment is the same monthly amount as your mortgage principal, you still have more money in your pocket.

FixdePitchmark · 19-10-2013 01:15AM

Ush1 wrote: »

1700 is plenty for a month!

He probably won't be having lobster every week but he certainly won't struggle in any way.

Point is 35k is plenty enough to own a house.

Then he is not rich if he can't have lobster.

If you think 1700 is enough to run a house, and have some sort of life a holiday whatever, it isn't.

Sure food alone will be near 200 for a family of 4.

Maybe he doesn't want a car ?

kids ?

whatever - but I think 35 K on that scale of mortgage will be hard. Haven't even paid for insurance - power - heating - tv.

God forbid a mobile phone
Internet.

Anyway , a bit of a digress - it is not rich.

FixdePitchmark · 19-10-2013 01:18AM

April O Neill wrote: »

Well, firstly, many students work.

Secondly, we don't all have a hard on for house ownership.

With renting, you don't have mortgage interest, maintenance etc. so even if your rent payment is the same monthly amount as your mortgage principal, you still have more money in your pocket.

Sorry - the topic is about being Rich.

I don't think anybody who is rich , does not aspire to have a house.

We are not saying people on here are rich. We are saying what rich people are or what their life is like.

They do have lobster
They do have a house
they do - do the things I said
they even buy a bloody boat. Who the hell would have a hard on for a boat - but they do. Nothing wrong with it, if they do - because they are rich.

April O Neill · 19-10-2013 01:21AM

FixdePitchmark wrote: »

Sorry - the topic is about being Rich.

And you said you need 100k+ to be comfortable.

I don't put 'comfortable' and 'rich' in the same category. You should have been a bit clearer on what you meant.

FixdePitchmark · 19-10-2013 01:22AM

donegal__road wrote: »

Irishman Mark Boyle has lived in Bristol for the last 5 years without using money in any form.

https://www.youtube.com/watch?v=OVB-5Br5pVU

Idiot:rolleyes:

Ush1 · 19-10-2013 01:22AM

FixdePitchmark wrote: »

Then he is not rich if he can't have lobster.

If you think 1700 is enough to run a house, and have some sort of life a holiday whatever, it isn't.

Sure food alone will be near 200 for a family of 4.

Maybe he doesn't want a car ?

kids ?

whatever - but I think 35 K on that scale of mortgage will be hard. Haven't even paid for insurance - power - heating - tv.

God forbid a mobile phone
Internet.

Anyway , a bit of a digress - it is not rich.

You're shifting goalposts with family etc.. you could live just fine and own a house. I didn't say it was rich.

Femme_Fatale · 19-10-2013 01:24AM

FixdePitchmark wrote: »

God forbid a mobile phone

No that's pretty basic now.

FixdePitchmark · 19-10-2013 01:28AM

April O Neill wrote: »

And you said you need 100k+ to be comfortable.

I don't put 'comfortable' and 'rich' in the same category. You should have been a bit clearer on what you meant.

Comfortable was in the context of the thread.

Anyway - it is all subjective.

But about 15 % of households have over 100 K coming in.

I'm just saying it is not a rare breed,

They can do all the things I said. Others can't - no real debate. Whatever makes you happy and all that.

What people call comfortable is another days work. But they can shop where they like and don't be rushing around LIDL in a panic to get to the queue.

Tom_Cruise · 19-10-2013 01:31AM

Femme_Fatale wrote: »

No that's pretty basic now.

You are right, a decent phone can be got for under 50 euros easily these days easily.

Its a once of payment, all you need is electricity to charge it.

FixdePitchmark · 19-10-2013 01:34AM

Tom_Cruise wrote: »

You are right, a decent phone can be got for under 50 euros easily these days easily.

Its a once of payment, all you need is electricity to charge it.

Rich so.

Real Rich people would have an I-Phone, the new one for whatever the hell it is 500 euro or whatever,

Would even go to New York for a little riot to get one. A bit of shopping , catch a show , few designer clothes. Because they are worth it like
.

April O Neill · 19-10-2013 01:59AM

FixdePitchmark wrote: »

They can do all the things I said. Others can't - no real debate. Whatever makes you happy and all that.

I know, right? Families on less than 100k a year can't go on decent holidays, live in decent housing, ever eat out and send their kids to college.

Oh wait, no, they can actually.

branie · 19-10-2013 02:07AM

I wouldn't have to work hard

WoollyRedHat · 19-10-2013 03:52AM

Temptamperu wrote: »

Or you can take heroin. Tasty tasty heroin.

I like to sprinkle it ony caviar on brown bread for lunch... yum.

Bullseye · 19-10-2013 09:23AM

What really pi$$es me off is the 50% tax rate, even if you earn 100k you aren't that well off. It makes me put in less effort to get promotions.

MonstaMash · 19-10-2013 09:31AM

Life would be good if I was rich...I'd have a fountain that dispensed Pale Ale & my own cuban cigar roller to roll my Philly Blunts on demand

19-10-2013 09:42AM

blindside88 wrote: »

Hardly....... I wouldn't consider myself rich unless I made at least 3 times that a year

I think each person's definition of rich, or comfortable, is very different. My idea would be

Comfortable - can cover all essential costs and have money left over for treats such as meals out and a holiday every year.
Rich - can afford a nice house (whether renting or buying), can shop at high street shops to buy new clothes whenever you want, buy high end groceries from fancy supermarkets on a weekly basis, can eat out pretty much as often as you want, basically don't really have to worry about money much at all.
Mega rich - multiple houses, fancy car, designer wardrobe, first class travel every time.

Most middle class Irish people I know seem to have a bit of a skewed idea (in my opinion) of what 'rich' is. I know a lot of people I'd consider rich who think they're normal and even complain about being skint.

Mr. CooL ICE · 19-10-2013 09:50AM

I'd probably have gotten tired of the smell of mahogany

Richard Hillman · 19-10-2013 09:55AM

if were of the super rich I would use my wealth to gain political influence and turn Ireland from a socialist country to a country that embraces success rather than punishing it.

Zen65 · 19-10-2013 10:02AM

Tom_Cruise wrote: »

Can i ask, when people say '35k' or '50k' a year is that after or before tax?

Salaries are quoted before tax.

A single person earning €35,000 would take home a bit over €2,200 per month.

Have a look at this cost-of-living table.

After rent (which would take about one-third of your net pay each month for an average, decent place). Add some comforts like health insurance, car insurance, fuel (electricity, gas, petrol) and you don't have a lot of spare cash for your weekly groceries & clothes. A restaurant meal for two in a 'mid-range' place would be a luxury that you could not do too often.

€35k is not rich. You can live comfortably on it, but you will not be putting a deposit on a house any time soon with it.

doolox · 19-10-2013 10:03AM

I don't mean physically hard work, which some people seem to enjoy if you take into account the number of people who go to the gym voluntarily and work up a sweat.

What it boils down to really is relationships with people you would not normally want to be with if money wasn't an issue. Also getting up earlier than you want and working when you are tired and unwell. Also being in places in a subservient position taking abuse from people because they are customers etc.

The heirarchical structure of most workplaces and the proliferation of dysfunctional personalities in positions of authority getting away with bully boy tactics because of high unemployment is also a factor.

To be independently rich would be a great thing. To be doing what you like all the time would also be a great thing.

Bob Geldof used to call it having "F**k off" money. It is one of the biggest attractions of being rich, but also one of the biggest dangers.

Do you ever wonder what life would be like if you were rich?

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