Can you define wealth?
Jan 27th 2011, 1:36 pm
#32
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Joined: Jul 2010
Location: Melbourne
Posts: 2,442
Re: Can you define wealth?
For Perth:
4x2 with a mortgage
2 newish cars
maybe a boat
private school fees
2 holidays a year - 1 longhaul
nice stuff in your house
not worrying about paying bills
not living month to month
modest debts
That's about it. May be different on the less affluent east coast.
4x2 with a mortgage
2 newish cars
maybe a boat
private school fees
2 holidays a year - 1 longhaul
nice stuff in your house
not worrying about paying bills
not living month to month
modest debts
That's about it. May be different on the less affluent east coast.
Jan 27th 2011, 1:37 pm
#34
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Joined: Jul 2007
Location: Sydney
Posts: 4,404
Re: Can you define wealth?
A massive mortgage could be a reason. But as I said, you can be wealthy on most salaries. Its about having the lifestyle suited to making you wealthy using the income you earn. A massive mortgage is a lifestyle choice that may or may not help you become wealthy.
Jan 27th 2011, 1:39 pm
#37
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Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Can you define wealth?
Exactly. $200k gives you a mortgage of $700k using the normal multiple of 3.5. With a deposit of about 10-15% that gives you a house price of, say, $800k. A lot of money, but in a lot of places will get you an average house.
As you say, it's all relative.
As you say, it's all relative.
Jan 27th 2011, 1:40 pm
#38
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Jan 27th 2011, 1:41 pm
#39
Account Closed
Joined: May 2006
Posts: 786
Re: Can you define wealth?
we have some backpackers next door that have become friends of ours..one of em asked the other if i was a millionaire.im not im skint but i suppose coming from the u.k to here,it may look like lots of us live a millionaires lifestyle..
.just goes to show that a working person can live the dream over here!!
.just goes to show that a working person can live the dream over here!!
Jan 27th 2011, 1:47 pm
#44
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Joined: Jul 2007
Location: Sydney
Posts: 4,404
Re: Can you define wealth?
It would be a pretty dark world if you were allowed to not pay tax. You'd have no roads, public transport, protection or even a right to work.
Jan 27th 2011, 1:49 pm
#45
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Joined: Jul 2010
Location: Melbourne
Posts: 2,442
Re: Can you define wealth?
There are many tax havens that seem to do OK without forcing the people to cough up.
