100k....??

Question

http://uk.answers.yahoo.com/question/index;_ylt=AtQMGHtHoAqTP4usVqUnmdQgBgx.?qid=20061221070620AA3QnJ1

The question I asked a few days ago did not have enough details, so I am going to add a couple of things...
I just wanted to know whether by having 100k in the bank (invested in savings accounts that generate around £4000 a year) at the age of 33 with no kids I can consider myself wealthy...

I am not trying to boast I am just genuinely curious...
Thx 4 yr opinion...

Answer 1

Yes, you've done well. Have you sought any financial advice, though? I'm sure 100k could generate more than that.

Answer 2

If you can get by on 4000 or less a year, AND you are guaranteed your current interest rate, then your needs are forever met, and you are indeed wealthy!



However, living in a cardboard box and eating other people's scraps is no way to live, so either use that money to make more of an income (through real estate investments or funding your own business) or don't quit your day job!



For 33, you're doing great...you've got the foundation for something better. In your position, invest in real estate now, and keep doing it every time you pull additional equity from your investment properties. In 20 years, yes, you probably can be what most everyone would consider "wealthy".

Answer 3

If you have access to the capital, then yes you are "wealthy".

If you don't have access to the capital and you're having to exist on £4000 per year, you're not wealthy.



I guess 100k in the bank only getting 4% interest wouldn't qualify you as "independently wealthy" since you couldn't get by on just the interest, unless you're unnaturally frugal, so you'd need to dip into the capital to survive.



Personally if I had £100k to play with I'd try to do better than 4% per annum over all.



Cheers.

Answer 4

If you plan on retiring at 60 and this is your only savings; I would not classify myself as wealthy. At this rate, you are only receiving 4% return on your invesments. Assuming that you kept this untapped for the next 27 years you would only have $293939.56 and assuming that the cost of living never ncreases where you live; if you plan to live until you are 80 that gives you a grand amount of $14,000 per year in income.



I would rather take that money and invest it with a good broker and let them turn that into real money.

Answer 5

I can provide you a return of 13-15% . We invest in real estate market in india and as the market has been booming and will be booming for the next few years ,we can provide you a return of that % .

But we can't pay you every month ,instead will be paying after a full year cycle . Also if you wanna want to invest in higher amount i would like you to see the facilities and the business in india in person and then to invest .

Answer 6

To be honest I'd say you are better off than many!!! But the answer to your question is that you yourself should judge based on your living stardard: bills including mortgage and other financial comitments, if not stragling in paying them, then you are an average. But please, get married and have kids who are a blessings to a family. After starting paying creche, schools/meals extra petrol then you will notice how wealthy you are. From that stage you will think in investing to get more than just 4%. That is where you will contact people like myself on how to get a good return in short period of time on your investment. Interest? Add more details on your question and we talk.

Answer 7

It has taken me 14 years (since 1992) to save nearly £20,000. To me, this is a fortune - (a) because in 1987 I was wiped out financially and couldn't see how my life would ever get back on track and (b) because it's mine and not borrowed money. So, in answer to your question, yes I think you are rich from where I'm looking, but there are people with absolutely nothing in the bank and debts of £10,000 who might envy me! Depends where you're looking from, I suppose.

Answer 8

Yes. I would consider you wealthy. Do you have a life though or do you only save. If you only save, you have basically sold 15 years of your life for 100,000 or about 6,666 per year. If you have any more left to sell, i would like to buy a year, i will give you 10,000 so i can enjoy another year even though i have very little money in the bank!

Answer 9

You need to answer that question youself you might have all the money in this world and still not be rich being rich is determined by your lifestyle waht r ur expenses? do u have alot of credit out there? are u making more money or u just banking on the money saved ?e.t.c best of luck

Answer 10

I'd consider having 100k in the bank fairly wealthy.

Answer 11

If you were working and receiving an income from that also, then I would consider you wealthier, not necessarily wealthy! I have a substantial amount invested and still scrape to get by sometimes!

Answer 12

Not bad! Depends where you live on this planet.

If living in London where property prices have gone through the roof, you're not wealthy.

But if living in eastern Europe lets say Romania, you're a millionaire!!!! You could buy loads of property.

Answer 13

Having that much wasting away in the bank when so young makes me ill. You would be wealthy if had that working for you. Work on that vs idle musings.

Answer 14

I would have to say you have done really well....and if you also have a job than you are, in my opinion, very comfortable...

Answer 15

if it were me I would.