You don't seem to know what poor means. Genuinely poor people in the UK retire with no savings and no property. Average net assets, including property, at 65 are under £600k. A £500k fund at age 60 would allow you to retire with a drawdown income described by the PLSA as "comfortable"
Wealthy parents doesn't make you wealthy. A family can be poor but have well off parents. Most people have debt.
If you inherit £1,000,000 you become wealthy. Most people in Britain earn less than £40k/yr gross. £1M is well over 20 years of gross income.
1m runs out quickly, especially when spread between family.
Only if you spend it at rich person rates. You mentioned poor people. Poor people won't see £1M in their lifetime.
Yes they will. I don't think you realize how expensive it is to be poor. Rich people rarely have to spend any money ever. It's why they struggle to do something with their money. Poor people though are CONSTANTLY spending. Not on yachts. But on bills, food, and basic shit.
I'll explain again. Minimum wage is a tad under £24k/yr. To earn and spend £1000000 at that rate takes 40 years.
No one makes the minimum. Companies have it just above the minimum so when it goes up they're ahead. Even McDonald's doesn't offer the minimum. You have obviously never been poor. I have. Working multiple jobs to make ends meet is poverty standard. Let's say 2 jobs. So just under 20 years. 1/2
We have to do MORE work than the average person to make sure we dont go under that "bare minimum to live" line. Getting and losing 1m can EASILY be done within 15 years. Give a poor person a mill and if they're smart, they'll spend more and level up their living so life becomes less expensive.
Just to be clear, I intend to retire aged 60 with about £500k pension fund and a 3-bed house paid off. That is *way* more than most people retire on, yet significantly short of £1M.
Yeah so essentially you've never been poor. 💀 That's half a mill in pension. A married couple living low for the purpose of leaving more could easily give a million. With a family that's poor that mill will NOT go very far. It's not exactly "quit your job" money anymore.
The average pension pot of UK men in their 60s is £79,300 www.charles-stanley.co.uk/insights/com... A £1M makes you over 10× wealthier than that average. If 10× average is "poor" we have different definitions.