Money and How Much Do You Need
Rich and Poor we can not avoid Death
This is a perfect opportunity for you to start a low deposit money market/savings account (if you don't already have one...which, I suspect you don't). Also, with all your "wealth" and having all that you have...consider giving some of it to a needy cause so that other less fortunate can also benefit from your blessing...it will come back to you ten-fold.
i take home £1200ish a month.Is this enough to live on?i certainly can't afford a mortgage but need to move out sooner rather than later.can anyone advise,preferably from their own situation,on how much money you really need to live on your own.i know this question doesnt belong in this category but i figured i would get the best response from here.
if its just you on ya own, then yes you will deff manage on the money you are on......all you have to do is manage your finances correctly and dont waste money ob stuff ya dont need, be practical and that way you will have money to spare to enjoy once bills etc.. are paid, or to save even for the mortgage you want. good luck in life, you will make it
Well have you thought about renting for a while, you ca put down as little as £50 to start a mortgage which is anoth.It also depends on if your going to live on your own or with a partner of friend and how long your going to be in your house and how much electricty and water you will use.
This probablt isn't much help, but in my house my dad is the only one with income and he makes £2000 and theres 4 kids, so 6 altogether. So I think you're ok I think you can do it if your careful ofcourse it would depend on how much rent goes where your at. Where I live it would work, I just wouldn't be able to blow it.
I'm guessing that you've never had a job, else you'd know that you pay the IRS every two weeks or month or however often a pay day comes around. Federal taxes are withheld from everyones salary. In April of each year everyone files with the IRS and in fact many people get tax returns.
Those who haven't had enough tax with held from their checks have to pay at that time. And the IRS is the most relentless collection agency in the free world! Those people don't ever quit collecting from those who haven't paid taxes.
For the most part people who are on welfare are disabled although there certainly are some who are abusing the system. If that's what you want changed you do it by voting for people who want smaller government. Those would be Republicans.
The Labour manifesto pledges that it would raise income tax on those earning £80,000 a year or more, should it form the next government. The shadow chancellor, John McDonnell, says the party was asking the 5% of Britons who would be impacted by such tax increases to pay a bit more towards public services.
When McDonnell initially suggested tax increases for the rich in late April, it prompted a public discussion about how much an individual needs to earn a year to be considered “rich” when he put the definition at £70,000-£80,000.
Understanding where the British public think that “rich” and “poor” lie on the income scale is obviously important, as Labour have identified, towards working out how best to set income tax policy (as well as, say, in-work benefits policy). But it can also tell us a lot about British society, which is why YouGov has explored the public’s views on where the lines for rich and poor lie.
How much money do you need to earn a year to be considered rich?
When economists look at concepts around rich and poor, they will often talk about Britons in terms of “income deciles”. Simply put, they order the British public from those with the lowest incomes to those with the highest incomes and then divide the population into ten groups of equal size: the poorest 10% of people, the next poorest 10% of people, and so on until you get to the richest 10% of people.
Dividing up the public in this way means they can then tell you, for instance, what the average earnings of the poorest 10% of Britons are. YouGov asked the public whether or not a person earning the average amount in each income decile was rich, poor or neither.
Starting with those on the lowest income on the decile scale, the poorest 10% of Brits on average earn £8,600 a year. The research shows that 86% of Brits would say that earning that much means that you are poor, while just 6% would say they were neither rich nor poor.
By the time you hit the fifth income decile – those earning an average of £17,600 a year – the proportion of Brits thinking such a person is neither rich nor poor has overtaken the proportion who think they are simply poor (in this case, 55% and 33% respectively). At this point still only 3% of people would say someone earning this much money was rich.
It is not until you get to the tenth and final income decile – the richest 10% of Britons – that more people would say a person was rich than neither rich nor poor. Brits in this group make an average of £60,500, which is enough for 68% of people to say that they are rich.
How Much Money Do You Need To Be Rich?
Minimum wage: A person working full time on the minimum wage – or as it is now branded, the “National Living Wage” – and therefore earning £14,040 a year, is considered poor by 61% of Brits, and neither rich nor poor by 30% of Brits.
Living Wage: The “National Living Wage” is supposed to represent the minimum a person needs in order to get by in Britain, but many people dispute that it is enough. An alternative measure, calculated by the Living Wage Foundation and simply called the “Living Wage”, puts that figure at £16,478 a year. If a person were to be earning this amount annually, our results show that now only 41% of people would consider them poor, while 47% of people would consider them to be neither rich nor poor.
Average income: In 2015 the ONS calculated that the average annual income in the UK sat at £27,600. A person earning this much each year is overwhelmingly considered to be “neither rich nor poor” by the British public, at 72%. One in twenty Brits (5%) would consider such a person to be poor, whilst three times that figure (15%) would regard them as rich.
Higher (40%) taxpayers: Once a person’s income hits £45,001 they start paying the “Higher” tax rate of 40% on their earnings. Almost half (48%) of Brits say that someone in this tax bracket is rich. A further 41% would say that they are neither rich nor poor.
Additional (45%) taxpayers: The next and final tax bracket impacts those making £150,001 or more each year. This is known as the “Additional” income tax rate, and sees people paying tax of 45% on their earnings. Unsurprisingly, such individuals are seen as rich by the vast majority of Brits (86%, in fact).
How rich or poor do Britons consider themselves to be?
We also asked whether Brits considered themselves to be rich or poor. Overall, the majority (72%) think they are neither. Just over one in five Brits (22%) believe themselves to be poor, whilst just 4% think themselves rich. (A final 3% don’t know).
These are not objective measures of course – it may well be the case that many people who are technically poor do not consider themselves so because of the negative connotations associated with the term. In fact, the results show that only 37% of people earning less than £10,000 a year consider themselves poor (although this group will include pensioners and second earners with a wealthier partner).